The Halico Hanoi Liquor JSC, the producer of Hanoi Vodka, has reported mounting losses.
The firm achieved net revenue of VND22.80 billion in the period.
In the first three quarters of this year, Halico earned VND73.90 billion and recorded an aggregate loss of VND5.60 billion.
Last year, the company reported a loss of VND16.63 billion.
Explaining their continuous losses, the 125-year-old industry giant pointed to plunging alcohol consumption due to the economic downturn and increased costs related to supply chains.
Facing rising losses, the company's management board did not take a salary during the third quarter while the members of the board of directors only received a total payment of over VND 565.80 million.
Halico aims to earn VND215 billion in 2023. The company plans to restore traditional markets?? don't know what you mean by ’traditional market’? and find new export countries, focusing on Asia and Europe, as well as markets for 70 and 90-degree alcohol products and hand sanitisers.
Diageo, one of the world's largest alcohol producers, spent VND1,800 billion to acquire 45.57 percent of Halico in 2011.
The Halico plant was originally built by the French in 1898.