Vietnam's leading brewer Sabeco targets 8% growth in 2025 net profit amid tough competition

By Hai Yen
Sat, April 5, 2025 | 11:31 am GMT+7

Ho Chi Minh City-based brewer Sabeco, controlled by Thai Beverage, aims to achieve a net profit of VND4.83 trillion ($187.37 million) this year, an 8% increase year-on-year, despite intense competition in Vietnam’s beer market.

Sabeco (HoSE: SAB) targets excise tax-included income of nearly VND44.82 trillion ($1.74 billion) in 2025, up 9% year-on-year. However, it expects net revenue to decline by 1% to VND31.64 trillion ($1.23 billion).

Sabeco’s Saigon Special-branded beer cans on display at a supermarket in Hanoi. Photo by The Investor/Minh Tuan.

Sabeco’s Saigon Special-branded beer cans on display at a supermarket in Hanoi. Photo by The Investor/Minh Tuan.

In its 2025 business plan, which is expected to be presented at the AGM on April 24, Sabeco noted that consumers are becoming increasingly health-conscious, with a growing preference for low-alcohol and non-alcoholic beers. In addition, competition remains fierce between domestic and foreign brewers seeking to expand their market share.

In addition, alcoholic beverages in Vietnam are subject to three types of taxes: import tax (5-80% depending on FTAs), value-added tax (10%), and excise taxes (65%). Despite this, the Vietnamese beer market has strong potential and growth opportunities, the company noted.

This year, the brewer plans to distribute an expected VND6.41 trillion ($248.52 million) in cash dividends at a rate of 50%, up by 15% from last year. The company has already paid a 20% dividend and will distribute the remaining 30% on July 31.

In 2024, Sabeco earned a net profit of VND4.49 trillion ($174.19 million) on a revenue of VND31.87 trillion ($1.24 billion), up 5.6% and 4.6% year-on-year, respectively.

As of the end of 2024, Sabeco’s total assets stood at VND33.4 trillion ($1.33 billion), a 2% decrease from early 2024. The company reported liabilities of VND9 trillion ($358.8 million), owners’ equity of VND24.43 trillion ($974.36 million), and retained earnings of VND9.21 trillion ($367.5 million).

Currently, Sabeco’s largest shareholder is ThaiBev-owned Vietnam Beverage Company Limited, which holds a 53.6% stake in the biggest brewer in Vietnam. Since acquiring Sabeco in late 2017, the Thai firm has collected VND12.03 trillion ($479.67 million) in dividend payouts, equivalent to 11% of its initial investment.

Sabeco shares closed Friday at VND43,350 ($1.68) each.

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