26th August 2026
After a difficult few years, 15 of 17 listed breweries and alcohol companies post higher profits in Vietnam for the first half of the year
Vietnam’s beer market returned to growth in the first half of 2026, with stronger consumption, improved margins and renewed premiumisation, providing a more encouraging picture for brewers after several difficult years. Among 17 listed beer and alcohol companies reporting second-quarter results, 15 recorded higher first-half profits than a year earlier and five moved from losses into profit, according to a report by Tuoi Tre News.
Sabeco and Habeco dominated the listed sector, generating combined net revenue of VND18.1 trillion (US$694 million), up 10.2%, while after-tax profit climbed 25.6% to VND2.8 trillion.
Sabeco was the largest performer, with first-half net revenue rising 5.8% to VND13.35 trillion and after-tax profit increasing by more than 20% to around VND 2.5trillion. Lower malt and rice costs, price increases implemented in April and May, and a gross margin improvement from 34.2% to almost 38% helped profitability.
There were also encouraging signs in distribution. Sabeco said B2C e-commerce gross merchandise value increased 109% year on year through June, including 214% growth in its near-premium segment. The brewer became the leading beer supplier on Shopee and Lazada and ranked first among beer companies in Vietnam’s modern-trade channel in April. Saigon Beer also remained the country’s largest beer brand by volume, according to research cited by management.
Habeco produced an even stronger percentage improvement, with first-half revenue increasing around 25% to VND4.77 trillion and after-tax profit rising 73% to VND311 billion. Second-quarter sales were its highest in almost nine years. The brewer has simultaneously been modernising its portfolio, including new sleek-can formats for Bia Hanoi and a refreshed Hanoi Premium identity aimed at younger, more premium-oriented consumers.
Heineken Vietnam, which is not captured in the Vietnamese listed-company figures, also delivered a strong performance, saying that its Vietnamese operation achieved record market share in both on- and off-premise channels in the overall beer category, which grew by around the mid-single digits. Heineken Silver, in particular, had an exceptionally strong half, while Tiger returned to volume growth led by the less-bitter, more sessionable Tiger Crystal.
The broad rebound has been attributed partly to prolonged hot weather and a strong festive season, but the results also suggest reassuring trends for craft brewers. Premiumisation remained resilient; consumers are responding to smoother and more sessionable beers; and modern retail and e-commerce are becoming increasingly important alongside traditional distribution.
Whether the rebound will continue remains uncertain, however. Vietnam’s beer excise tax remains at 65% during 2026 but will rise to 70% from January 2027 and increase progressively to 90% by 2031, creating pressure for further price hikes.
Source: Asia Brewers Network
