Vietnam: Beer consumption still raising rapidly
Vietnam’s government will raise the special consumption tax on beer to 65 per cent this year from 60 per cent last year, according to the Vietnam Beer Alcohol Beverage Association, VietNamNet Bridge reported on January 16.
Last year’s result is approaching the 4.1-billion-liter target set for 2020 in a master plan approved by the Ministry of Industry and Trade. Beer consumption per capita was nearly 43 litres, it is reported.
The beer-loving Vietnamese market is set to continue growing at least through 2035, when sales are projected to hit 5.5 billion litres, or 52 litres per capita.
Vietnam has been a bright spot on the global beer map over the past decade. The country ranked eighth among the biggest beer-consuming markets in Asia in 2008 then saw its ranking rise to third in 2016, following only Japan and China.
“Vietnam will be the market to watch,” Euromonitor said in a report last July on the beer market in the Asia-Pacific region. “Thanks to the strong street consumption culture and rapid urbanization, Vietnam is forecast to see the largest volume growth over 2016-2021.”
This growth rate, driven by a young population and rising incomes, has enticed international beer producers. Thai Beverage, owned by Thai tycoon Charoen Sirivadhanabhakdi, paid a whopping $4.84 billion for a 53.6 per cent stake in the Saigon Beer Alcohol Beverage Corp. (Sabeco) in a December auction. The acquisition in the century-old brewer is expected to help it expand its footing in Vietnam as well as in the Southeast Asian region.
Sabeco remains the top brewer in Vietnam, selling 1.73 billion litres last year, up 8 per cent against 2016. The sales helped it earn a net profit of VND4.82 trillion ($212.5 million), up 4 per cent.
Thai Beverage has announced an intention to help Sabeco increase its local market share to 50 per cent from 40 per cent-plus now.
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