### SABECO’s Strategic Milestone in Vietnam’s Beverage Industry
The Vietnam M&A Forum recently announced a significant recognition for SABECO, highlighting its acquisition of a controlling stake in Sabibeco as one of the year’s most transformational strategic deals in the country’s beverage industry. This accolade comes following a thorough evaluation by an independent selection panel, underscoring the deal’s potential to reshape the competitive landscape of Vietnam’s beer sector.
### Details of the Acquisition
SABECO’s acquisition involved nearly 38 million Sabibeco shares, equating to 65 percent of the company’s total stake, including shares owned by related shareholders. The transaction, valued at more than VND 830 billion (approximately $31.9 million), concluded on December 27, 2024. This pivotal move not only boosts SABECO’s operational scale but also enhances resource optimization and solidifies its position as a market leader.
### A Signature Strategic Acquisition
Sabibeco, prior to the acquisition, was perceived as a company with substantial production potential hindered by structural inefficiencies. The brewer operated six factories with a combined capacity of around 600 million liters, yet recorded consistent losses from 2020 to 2024, amassing deficits exceeding VND 538 billion. For SABECO, acquiring Sabibeco aligned perfectly with its long-term vision of enhancing production capabilities and market reach.
In 2022, SABECO began assessing Sabibeco’s assets and exploring restructuring possibilities. This strategic evaluation aimed to integrate Sabibeco into its network, thereby increasing total production capacity, unlocking economies of scale, and streamlining the supply chain. By consolidating key facilities, SABECO intended to fortify its national footprint, particularly in regions where Sabibeco’s plants could act as strategic production centers.
### Navigating Complex Legal and Regulatory Hurdles
The acquisition represented a full-scale transformational endeavor, necessitating meticulous planning and execution. With 276 individual shareholders involved, the negotiation and tender offer process presented unique challenges. Vietcap Securities JSC emerged as a crucial player, offering advisory services to ensure the transaction’s success. Since 2022, they collaborated with SABECO to devise a comprehensive acquisition strategy, navigate legal requirements, and optimize the deal structure.
One major hurdle was Sabibeco’s status as a public company without a formal stock market listing. This situation complicated valuation and compliance. Vietcap proposed measures to mitigate legal risks, culminating in Sabibeco’s successful registration for trading on the UPCoM exchange by the end of 2023, paving the way for a transparent and compliant public tender offer.
### Execution and Coordination
Following Sabibeco’s registration, Vietcap served as the tender offer agent, facilitating SABECO’s acquisition from diverse shareholders. This complex, multi-stage process was completed by December 2024, with an 18-month timeline marked by extensive coordination among stakeholders and regulatory bodies.
The advisory team emphasized that a rigorous approach ensured compliance, transparency, and effective execution, crucial for a transaction encompassing such a broad shareholder base.
### Transformational Restructuring
Immediately after acquiring Sabibeco, SABECO launched a comprehensive restructuring initiative. The plan aimed to consolidate production systems, enhance operational efficiencies, standardize governance, and implement strict cost controls. This restructuring led to a significant increase in SABECO’s production capacity, establishing it as the largest beer manufacturer in Vietnam.
The integration quickly showed results. Sabibeco transitioned from losses to profitability, recording VND 108 billion (approximately $4.3 million) in earnings within the first nine months of 2025, a striking turnaround from a loss of VND 76.5 billion in the same period the previous year. For SABECO, the acquisition enhanced efficiency, with consolidated net profit margins rising from 15.3 to 18.1 percent.
### Recognizing Industry Transformation
The turnaround of Sabibeco is noted as one of the remarkable success stories within Vietnam’s beverage industry. This strategic acquisition not only highlights SABECO’s operational capabilities but also illustrates its aptitude for recognizing and nurturing long-term investment potential.
### Extensive Regulatory Compliance
Executing this transaction required navigating a labyrinth of regulatory requirements. SABECO and Sabibeco had to achieve multiple milestones, including registering Sabibeco as a public company, securing UPCoM listing, gaining approval for economic concentration, and conducting a compliant public tender offer. Each phase demanded intricate procedures and coordination among various agencies, reflecting the sophisticated planning underlying the transaction.
The organizing committee, during the awards ceremony, underscored that the 1.5-year-long transaction showcased SABECO’s methodical approach to scale expansion through strategic M&A activities, reinforcing its commitment to sustainable business practices and value creation.
### A Benchmark for Future Transactions
As the restructuring of Sabibeco progresses, SABECO is projected to reap the benefits of expanded production capacity, enhanced operational costs, and a fortified leadership position in Vietnam’s beer market. This acquisition stands as one of the most impactful M&A ventures in the industry, setting a precedent for future strategic acquisitions in Vietnam.
With this prestigious award, SABECO’s journey through thoughtful M&As has been validated, marking a significant milestone in its growth path and inspiring other domestic enterprises aiming for value-driven expansion.
### Highlighting the M&A Forum’s Role
The Vietnam M&A Forum serves as an essential platform for dealmakers, investors, and corporate leaders, celebrating outstanding M&A deals and strategies. In 2025, the forum acknowledged 14 enterprises for their extraordinary transactions, emphasizing the evolving landscape of M&A in Vietnam. SABECO’s recognition positions it as a leader in driving transformative business restructuring, reflecting the growing sophistication of the country’s M&A environment.
### A Testament to Strategic Foresight
Industry experts view the award as a confirmation of SABECO’s strategic foresight, illustrating how Vietnamese enterprises increasingly leverage M&A to enhance operational efficiency, optimize assets, and create sustainable long-term value. The Sabibeco acquisition exemplifies a forward-thinking approach to business growth in an ever-competitive market.