Top brewer Sabeco reports 23% decline in Q3 profits
Vietnam’s leading beer maker Sabeco, owned by Thailand's ThaiBev, has reported an after-tax profit of VND1.07 trillion ($43.7 million) in the third quarter of 2023, down 23% year-on-year.
The company, which holds about 40% of the beer market in Vietnam, recorded net revenue of VND7.4 trillion ($301 million) in the period, a decrease of over 11%, according to its Q3 financial statement.
Sabeco blamed the lower revenue and profit on fierce competition from international beer brands, lower consumer demand due to the adverse impacts of economic instabilities, and rising raw material costs, while sales and corporate management costs had slightly decreased.
In Q3, the firm's revenue from financial activities expanded 31.3% to more than VND373 billion ($15.17 million), mainly thanks to increased bank deposit interest.

Saigon Beer - a product of Sabeco. Photo courtesy of the company.
In the first nine months of the year, Sabeco recorded net revenue of VND21.94 trillion ($892.6 million) and after-tax profit of nearly VND3.3 billion ($134,260), down 12% and 25.7% over the same period last year, respectively.
For 2023, Sabeco has set net revenue and post-tax profit targets of VND40.27 trillion ($1.72 billion) and VND5.78 trillion ($246.2 million), up 15.1% and 5% year-on-year, respectively.
Over the nine months, the company fulfilled 54.5% of the year's revenue plan and 57% of the year's after-tax profit target.
As of September 30, Sabeco’s total assets had reached VND33.43 trillion ($1.36 billion), including VND22.4 trillion ($911.3 million) of cash and bank deposits. Its total liabilities were VND6.9 trillion ($280.7 million), down 30% from the beginning of the year.
Sabeco is listed on the Ho Chi Minh Stock Exchange (HoSE) as SAB. Closing the Friday session, the stock fell 4.68% from the previous day to VND63,100 ($2.57) per share, marking its strongest decline in one month. During the one-month period, SAB decreased by more than 16.3%.
The code has lost 28% compared to its "peak" of VND88,000 ($3.58) per share in mid-September. Compared to the beginning of the year, it has declined 24%, hitting its lowest level since April 2020.
In addition to Sabeco, many other brewers also recorded a decline in profits in the first nine months of 2023.
Habeco Hai Phong Brewery JSC reported a loss of VND9.2 billion ($374.3 million), as compared to a profit of nearly VND4 billion ($162,730) in the same period last year.
Saigon-Hanoi Beer JSC saw profit after tax drop from VND47 billion ($1.91 million) in the same period last year to VND36 billion ($1.46 million), while Hanoi-Hai Duong Beer JSC posted post-tax profit of VND7.2 billion ($292,920), down 30% year-on-year.
Vietnam’s leading broker Saigon Securities (SSI) forecast low revenue growth of F&B companies in 2023 as the trend of cutting spending continues. It expected Sabeco to achieve year-on-year net revenue and net profit growth of 13% and 5.3%, respectively, this year.
- Read More
What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?
NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.
Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7
Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026
Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.
Industries - Tue, September 16, 2025 | 3:54 pm GMT+7
Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex
A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.
Industries - Tue, September 16, 2025 | 2:44 pm GMT+7
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital
The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.
Economy - Mon, September 15, 2025 | 2:20 pm GMT+7
Agribank introduces sizable $4.17 bln preferential credit package
Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.
Companies - Mon, September 15, 2025 | 1:32 pm GMT+7