According to the company’s latest financial report, revenue from Vietnam reached 3.87 billion Danish kroner, equivalent to about VND 15.7 trillion (around USD 620 million). The result made Vietnam the group’s sixth-largest market by revenue, alongside Denmark, Norway, Poland, Sweden and France.
Despite the strong sales, the company recorded a loss of 199 million kroner in Vietnam, equivalent to about VND 808 billion (around USD 32 million). In contrast, other markets remained profitable, with Denmark reporting profits of 981 million kroner, Norway 623 million kroner and Poland 313 million kroner.
Carlsberg entered the Vietnamese market in 1993 by establishing the Southeast Asia Brewery joint venture in Hanoi, becoming one of the first Danish companies to invest in the country.
The brewer owns several brands in Vietnam, including Carlsberg, Tuborg, 1664 Blanc, Halida, Huda and Somersby. The company has previously described itself as the fourth-largest brewer in Vietnam.
Vietnam is also one of the group’s largest labour markets, with 1,681 employees, ranking third globally after Denmark with 2,224 staff and Poland with 1,747.
Carlsberg’s continued investment in Vietnam reflects the country’s position as one of the world’s major beer-consuming markets. According to market analysis firm Expert Market Research, Vietnam’s beer market was valued at around USD 10.17 billion in 2025, the largest in the region.
The Vietnamese beer market is estimated to reach approximately USD 10.17 billion in 2025 (Photo: DT).
The report forecasts further growth in the coming years, driven by the expansion of the middle class and increasingly diverse consumer preferences.
Vietnam’s beer industry has also become a competitive arena for international brewers. Through its controlling stake in Saigon Beer Alcohol Beverage Corporation, Thai conglomerate ThaiBev is seeking to capitalise on the multi-billion-dollar market.
However, the sector is facing mounting challenges. Beer consumption has slowed following stricter drink-driving regulations, while competition is intensifying and costs are rising, particularly as special consumption tax on beer is expected to increase significantly from 2026.
Last year, Sabeco reported revenue of VND 25.9 trillion (about USD 1 billion), down roughly VND 6 trillion from 2024.
The company said the decline was mainly due to weaker consumption amid intense competition, as well as the impact of natural disasters, flooding and seasonal factors, including the earlier timing of the Lunar New Year holiday in 2025.
