Vietnam Beer NielsenIQ update "May industry update: Heineken still growing ..."

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Vietnam Beer NielsenIQ update "May industry update: Heineken still growing ..."

Global Research

29 June 2026ab

Vietnam Beer NielsenIQ update Equities

GlobalMay industry update: Heineken still growing

double-digit 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 2025 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 slowed to +3.6% in May after +8.5% in +44-20-7901 6849

April, implying Q2 to date +5.9% broadly in line with Q1 +6.1%. Last month, Alex Manoonpol

Heineken's CFO continued to sound upbeat about industry trends (link), and their share Analyst

gains. The industry continues to premuimise, lead by Heineken, with super premium alex.manoonpol@ubs.com

volumes +35% in Q2 (v Q1 +38%), and the premium segment accelerating to +15% +662-613 5770

(from +8% in Q1), whilst mainstream is slightly declining (Q2 -1.4% in line with Q1). Trang Nguyen

Industry price/mix has improved +6.7% in Q2 from +4.9%, as headline pricing has Analyst

accelerated, but also brand mix is contributing +3.5%. Investors have been nervous trang-za.nguyen@ubs.com

about demand trends given higher energy costs following the outbreak of the Middle +65-6495 2495

East conflict; however, continuation of current trends should support upside risk to