Sabeco Eager to Join with VCCI in Advancing Sustainable Business

9:12:24 AM | 11/19/2023

Mr. Nguyen Quang Vinh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), recently convened a meeting with Mr. Lester Tan Teck Chuan, General Director of Saigon Beer-Alcohol-Beverage Corporation (Sabeco) at the VCCI Head Office in Hanoi. The purpose of this meeting was to facilitate the exchange of specific information and to lay the foundation for future collaborative endeavors.

Mr. Nguyen Quang Vinh,  Vice President of VCCI, extends a gift to Mr. Lester Tan Teck Chuan, General Director of Sabeco

During the guest reception meeting, Mr. Vinh noted that VCCI is commemorating its 60th anniversary of establishment this year. Serving as the national representative body for nearly 200,000 member companies and nearly 50 business associations across the country, VCCI's role extends beyond representing Vietnam's companies; it also maintains longstanding partnerships with foreign-invested businesses. Over the years, VCCI has played a pivotal role in advocating for numerous recommendations related to legislation, business and investment climate enhancement, trade promotion, and other pertinent matters, all aimed at fostering a more open and inviting investment environment for businesses.

VCCI has also fostered collaborations with various domestic and international companies and associations within the food and beverage sector.

Vinh further emphasized that Sabeco has the opportunity to actively engage as a member of the Vietnam Business Council for Sustainable Development (VBCSD) under the auspices of VCCI. On an annual basis, VBCSD conducts a range of activities, including the Vietnam Corporate Sustainability Forum and the Corporate Sustainability Index (CSI) Program, which aim to concretize sustainability initiatives for businesses while evaluating and acknowledging the most sustainable companies in Vietnam. This aligns with Vietnam's broader objective of striving toward net-zero emissions by mid-century, a goal that numerous businesses are actively pursuing.

Mr. Lester Tan Teck Chuan extended his congratulations to VCCI for reaching the milestone of 60 years of development and expressed his keen interest in bolstering cooperation with VCCI in the foreseeable future. He specifically cited ongoing matters on land, taxation, and business expansion as areas where collaboration could be especially fruitful. As a beverage producer, Sabeco is resolute in adhering to sustainability standards and is eager to partner with VCCI in advancing sustainable development for businesses. He also expressed the hope that Sabeco could collaborate with VCCI in organizing forums and seminars, and expanding connections and business relationships with other stakeholders in the food and beverage sector.

It's worth noting that Sabeco, presently a subsidiary of the ThaiBev Group based in Thailand following the acquisition of a 53.6% stake valued at US$4.8 billion in December 2017, represents a notable milestone in mergers and acquisitions within the past decade. According to its 2022 financial statement, Sabeco reported a net revenue of VND34,979 billion and a remarkable net profit of VND5,500 billion, marking a 32% and 40% year-on-year increase, respectively. According to a study conducted by NielsenIQ Vietnam, the Bia Saigon brand led the beer market share by volume as of August 2023.

By Anh Mai, Vietnam Business Forum