Vietnam: Habeco expects profits to fall to 10-year low this year

The producer of Hanoi Beer expects sales to be badly hit by the Covid-19 pandemic this year and profits to fall to a 10-year low as a result, VnExpress International reported on April 12.

The Hanoi Beer Alcohol and Beverage Jsc (Habeco) forecasts post-tax profits of VND255 billion ($11 million), down 59 percent from 2020.

Habeco said in a report that tourism companies, hotels and restaurants continue to suffer due to Covid-19, and this would directly cause a decrease in consumption of alcoholic beverages.

Another difficulty it cited was the rising competition with many brewers introducing new products in the popular market segment in which Habeco mainly operates.

But it said it would strive to maintain its position as one of the biggest brewers in the northern and central regions.