In the structure of the Vietnamese beverage industry, beer continues to hold an undeniable core role. According to the Vietnam Beer – Alcohol – Beverage Association (VBA), the beer industry contributes approximately 3/4 of the total over 60,000 trillion VND in industry-wide tax revenue to the budget. However, the period 2024–2025 is witnessing unprecedented pressures: consumer demand has stagnated due to regulations on alcohol content and the approaching special consumption tax schedule. Statistics show that beer and beverage production in 2024 decreased by over 9%, with inventory increasing continuously – a phenomenon unusual compared to the previous period of hot growth. In this context, major players like Sabeco and Habeco have quickly changed their strategies: shifting from expanding production to optimizing costs and maintaining profit margins. The business results for the first nine months of 2025 clearly reflect this adaptation. Sabeco, despite recording a revenue decrease ...