Domestic brewers offer realistic market expectations

As Vietnam's leading brewers head into their April general meetings, early disclosures suggest a shared theme of cautious growth expectations, reflecting a market that is evolving structurally rather than expanding in volume.

- By Nha Phuong

Ahead of its AGM on April 23, Saigon Beer-Alcohol-Beverage Corporation (SABECO) has set a 2026 revenue target of $1.16 billion and post-tax profit of $197.5 million, representing increases of 12 and 8 per cent, respectively, compared to the previous year. The targets come after a year in which performance diverged between top-line and bottom-line results.

Last year, SABECO recorded revenues of $1.04 billion, down 19 per cent on-year, while post-tax profit edged up around 2 per cent to $182.8 million. The company fulfilled approximately 82 per cent of its revenue target and 94 per cent of its profit plan.

This divergence reflects a broader shift in Vietnam's beer market, where demand dynamics and consumption patterns have changed. Growth is no longer driven primarily by volume, with increasing emphasis placed on product segmentation, premiumisation, and modern trade channels.

For producers such as SABECO, this has meant a gradual recalibration of strategy. The company has indicated it will continue restructuring its distribution network and developing new products. These initiatives are being implemented in phases, with their impact expected to materialise progressively over time rather than immediately.