First Read: Vietnam Beer Sector "Vietnam beer production volume: Double-..."

研报英文原文证据摘录

First Read: Vietnam Beer Sector "Vietnam beer production volume: Double-..."

Global Research

12 May 2026ab

First Read

EquitiesVietnam Beer Sector

Vietnam beer production volume: Double-digit Vietnam

growth momentum continued in April Food & Beverage

Permada Darmono

Analyst

permada.darmono@ubs.com

Early indicator for sustainable growth in Q226 +65-6495 3137

According to data from Vietnam's National Statistics Office (NSO), preliminary beer Sanjeet Aujla

production reached 1,544 million liters in 4M26, representing a 16% YoY increase and Analyst

exceeding pre-COVID levels by roughly 4%. Additionally, production in April 2026 alone sanjeet.aujla@ubs.com

is estimated at 417 million liters, showing a 4% MoM increase and a 17% YoY rise, +44-20-7567 4529

suggesting limited impact from ongoing Middle East tensions. For comparison, actual Alex Manoonpol

beer production in Mar-26 amounted to 400 million liters, reflecting a 14% YoY growth Analyst

and a 5% increase compared to the previously reported preliminary figure. Further alex.manoonpol@ubs.com

details are presented in Figures 1. +662-613 5770

Trang Nguyen

What have the major brewers been saying about the market recently? Analyst

In the recent earnings call this week, Sabeco management described the current trang-za.nguyen@ubs.com

consumption environment as "cautious," reflecting shifts post-COVID. The company +65-6495 2495

recently launched the 250ml 333 Pilsner "Cheers Pack" in May 2026, received positive Ella Hong

feedback with margins comparable to 330ml cans, enhancing its affordability and Associate Analyst

market reach amid the down-trading sentiment. Both Heineken and Carlsberg delivered ella.hong@ubs.com

strong growth in Vietnam helped by good TET festive period. Heineken's underlying +44-20-7568 3972