14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

Vietnam trade ministry refutes rumors of repurchasing Sabeco stake from Thaibev

Nguyen Tung - Le Nam

Jun 04, 2020 / 12:41 PM

False and groundless rumor could have severe impacts on enterprises’ credibility and Vietnam’s business environment, said Vice Minister of Industry and Trade Do Thang Hai.

The Ministry of Industry and Trade (MoIT) does not intend to repurchase its stake in Saigon Beer Alcohol Beverage Corporation (Sabeco) from Vietnam Beverage Company, a local unit of Thaibev, according to Vice Minister Do Thang Hai.

Vietnam trade ministry has refuted rumors of repurchasing Sabeco stake from Thaibev.

There have been rumors that Thailand-based Thaibev is looking for potential buyers for Sabeco, including Budweiser or Sapporo, while the MoIT was said to have offered price of VND130,000 (US$5.6) per share, 38.4% lower than the market price at the close on June 3, to repurchase the entire stake it had previously sold to Thaibev in late 2017.

Vice Minister Hai said after initial success in containing the Covid-19 pandemic, Vietnam has now shifted its focus on economic recovery.

During this process, the government has been providing supporting policies for enterprises to resume their operations. In this regard, Vietnam has been widely seen as a potential investment destination for foreign investors, Hai stressed.

“False and unfounded rumor could have severe impacts on enterprises’ credibility and Vietnam’s business environment, and could affect the economy,” Hai added.

Currently, the MoIT and Vietnam Beverage own 36% and 53.59% stakes in Sabeco, respectively. The latter acquired Sabeco’s 53.59% stake in a deal worth nearly US$5 billion, Vietnam’s record deal in state divestment to date.

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