ThaiBev's FY2025 Vietnam earnings drops 14% on weak demand, strict drink driving rule

Thailand’s largest beverage firm Thai Beverage (ThaiBev) earned a revenue of THB50.15 billion ($1.59 billion) in Vietnam in fiscal year 2025 ending September 30, 2025, down 14% year-on-year.

According to ThaiBev’s financial statements, Vietnam is its second-biggest market, only behind home market Thailand with THB217.39 billion ($6.9 billion).

Its global sales revenue fell 2.1% year-on-year to THB333.29 billion ($10.57 billion). Vietnam accounted for 15% of the total.

The Thai giant attributed the Vietnam business decline to weak domestic consumption and regulatory measures, including the zero-tolerance driving rule under Decree 100.

ThaiBev, known for indirectly holding a 53.59% stake in Vietnamese major brewer Sabeco (HoSE: SAB), reported that the revenue in Vietnam was constituted by beer sales at THB50.148 billion or $1.59 billion (down 14% year-on-year) and spirits sales flat at THB2 billion.

ThaiBev’s popular beer brands are Chang (Change Beer), Archa, Federbrau, Bia Saigon (Saigon Beer), and 333. The latter two are Vietnamese brands. Last December, Sabeco and related entities completed the acquisition of a 65% stake in Saigon Binh Tay Beer JSC (Sabibeco), making the local brewer a subsidiary.

According to Sabeco's Q3/2025 eanings report, the firm posted VND4.34 trillion ($137.66 million) in beer sales in the first nine months of last year, down 12% year-on-year and making up 93% of its total revenue.

It earned VND3.45 trillion ($141.4 million) in net profit during the nine-month period, down 1% and completing 71% of the 2025 target.

SAB shares ended down 1.21% to VND49,000 ($1.56) each on Wednesday.