Vietnam denies reports it is buying back brewery stake from Thai firm

Vietnam’s Ministry of Industry and Trade said it has no intention of reacquiring stakes in the country’s largest brewer, Sabeco, as rumored.

June 04, 2020 | 15:26

	Rumors on stake sale of brewer Sabeco: ThaiBev denies
	Culture Trip cites 11 reasons to visit Ho Chi Minh city
	Bui Vien, Sai Gon's backpacker street bustling again [Photos]

vietnam denies reports it is buying back brewery stake from thai firm

A person holds a Saigon Special bottle in Hanoi. Photo by Shutterstock/NATTHAMATE.

Deputy Minister Do Thang Hai made the clarification in a statement on Wednesday after Internet rumors claimed ThaiBev, the Thai owner of Saigon Beer Alcohol Beverage Corporation, wants to sell its 53.59 percent stake at VND130,000 ($5.6) a share.

The Sabeco stock closed at VND180,000 ($7.7) on Wednesday.

The spread of incorrect information causes severe damage to the reputation of businesses as well as the business environment in Vietnam, where all efforts are being made to revive the economy amid the coronavirus pandemic, he said.

ThaiBev, one of Asia’s largest beverage companies, spent nearly $5 billion in 2017 to acquire the stake in Sabeco from the ministry, which retains 36 percent.

The Thai giant too recently denied reports that it is planning to sell Sabeco, saying Vietnam remains a core market.

In December last year ThaiBev denied rumors it was selling shares of Sabeco to brewer Budweiser APAC.

Sabeco, which has a market cap of VND113 trillion ($4.9 billion), recorded a seven-year low profit of VND720 billion ($31 million) in the first quarter, which it said was caused by "unexpected pandemic effects."

Finance industry dominates Forbes' Vietnam list of top 50 listed firms

Banking, securities and insurance firms dominate Forbes Vietnam’s 2020 list of top 50 listed firms with 10 representatives.

Despite Covid-19, Vietnam Government reaffirms determination to overcome challenges

On the Cabinet meeting Tuesday, Prime Minister Nguyen Xuan Phuc reaffirmed the Government’s strong determination not to shrink from difficulties caused by the COVID-19 pandemic.

Vietnam property firms gear up for the post pandemic recovery

After a period of hibernation, in early May 2020, real estate businesses have started to return to the competitive race after Covid-19 pandemic at ease. ...

Vnexpress