Vietnam Beer NielsenIQ update "Strong start to Q2, Heineken's strong share ..."

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Vietnam Beer NielsenIQ update "Strong start to Q2, Heineken's strong share ..."

Global Research

8 June 2026ab

Vietnam Beer NielsenIQ update Equities

GlobalStrong start to Q2, Heineken's strong share

gains continue Beverage

Sanjeet Aujla

Analyst

sanjeet.aujla@ubs.com

Vietnam Beer NielsenIQ data +44-20-7567 4529

We track NielsenIQ data for the Vietnam beer industry, which we estimate covers c65% Permada Darmono

of the market (both on- and off-trade channels), and is the best available measure of Analyst

underlying industry and company demand trends. Vietnam represents c5%/9% of 2024 permada.darmono@ubs.com

net sales/EBIT for Heineken; c22%/16% net sales/EBIT for Thai Beverage through its +65-6495 3137

local subsidiary Sabeco; and c2% net sales for Carlsberg. Arnaud Autier

Associate Analyst

Strong start to Q2 arnaud.autier@ubs.com

Per Nielsen, Vietnam beer industry volumes were +8.5% in April following March +29% +44-20-7901 6849

and overall Q1 +6.1%. At the UBS consumer conference in March, Heineken's Alex Manoonpol

CFO commented in a fireside chat the initial signs of TET have been positive, and at its Analyst

recent AGM Sabeco outlined its 2026 business plan to deliver +12% net sales. Earlier alex.manoonpol@ubs.com

this week (link), Heineken's CFO continued to sound upbeat about industry trends, and +662-613 5770

their share gains. Importantly, all segments of the industry are now growing, but Trang Nguyen

premiumisation remains strong, with super-premium volumes +36% (Q1 +38% v Q4 Analyst

+48%). The premium segment is back to growth with April +15% (Q1 +8%/ Q4 -3.5%). trang-za.nguyen@ubs.com

Mainstream has turned positive in April with volumes +1.9% (Q1 -1.4% / Q4 -3%). +65-6495 2495

Industry price/mix has improved to +6.1% in April (Q1 +4.9%), with headline pricing