Vietnam Beer Stocks Surge on H1 2026 Profit Growth, Sabeco Leads

Overview

In H1 2026, 15 of 17 listed Vietnamese beer and alcohol companies reported higher profits, with Sabeco (SAB) and Habeco (BHN) leading the recovery. Hot weather and price adjustments boosted sales, while input costs for malt and rice remained favorable. The sector’s two largest players accounted for 91% of the industry’s market capitalization on Vietnamese exchanges.

Key Facts

• Sabeco (SAB) reported H1 2026 net profit of VND 2,489 billion, up 21.4% year-on-year, the highest first-half profit since 2022.
• Sabeco’s H1 revenue reached VND 13,345 billion, up 5.8%, with gross margin improving to 38.7% from 36%.
• Habeco (BHN) achieved H1 revenue of VND 4,765 billion, up 24.9%, and net profit of VND 311 billion, up 73.2% — the highest since 2018.
• Combined revenue of Sabeco and Habeco in H1 was VND 18,110 billion, up 10.2%, with net profit of VND 2,800 billion, up 25.6%.
• Bia Sài Gòn - Sông Lam (BSL) saw net profit surge to VND 52.8 billion, 9.1 times the VND 5.8 billion in the same period last year.
• Bia Hà Nội - Thanh Hóa (THB) swung to a profit of VND 2.9 billion from a loss of VND 4.4 billion.
• Hà Nội Liquor and Beverage (HNR) reported a loss of VND 1.9 billion, with accumulated losses reaching VND 473.3 billion by end-June.

What Happened

The Vietnam Beer-Alcohol-Beverage Association reported that production and consumption volumes in H1 2026 increased year-on-year, driven by prolonged hot weather and corporate adaptation efforts. However, the recovery was uneven across beer, spirits, and soft drinks segments.

Sabeco attributed its Q2 revenue growth to price adjustments in April and May 2026, while gross profit improved due to favorable malt and rice costs. Selling expenses rose 25.9% to VND 1,154 billion in Q2, and administrative costs increased 6.8% to VND 256 billion, partially offsetting gains.

Habeco cited favorable weather, market development programs, and stronger sales efforts. Its Q2 financial revenue reached VND 73.7 billion due to higher deposit interest rates.

Market Context

Sabeco (HOSE: SAB) closed at VND 46,800 on August 20, 2026, while Habeco (HNX: BHN) closed at VND 29,650. The sector’s recovery comes after a prolonged downturn, with Sabeco’s H1 profit at its highest since 2022. The broader Vietnamese market has shown resilience, but the beer sector faces a looming tax hike: from January 1, 2027, excise tax on beer and spirits above 20% ABV will rise by 5 percentage points annually, reaching 90% by 2031.

Strategic Significance

The strong H1 results signal a cyclical recovery for Vietnam’s beer industry, driven by weather and pricing power. Sabeco’s ability to raise prices and improve margins despite higher selling costs suggests a robust brand and distribution network. However, the scheduled excise tax increases from 2027 will pressure volumes and margins, making cost control and premiumization critical. Investors should monitor how companies adapt to the tax trajectory, as well as potential consolidation among smaller players.

What to Watch

• Q3 2026 earnings reports from Sabeco and Habeco to see if growth momentum continues.
• Implementation of the new excise tax law and any government guidance on transition measures.
• Input cost trends for malt and rice, which directly impact gross margins.
• Market share shifts between Sabeco, Habeco, and smaller regional brewers.
• Any dividend or capital allocation announcements from Sabeco and Habeco.