Ministry of Finance recognises SABECO's outstanding budget contributions

October 22, 2023 | 17:18
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By ensuring the dual mission of profitability and sustainability Saigon Beer-Alcohol-Beverage Corporation has been honoured for its contribution to the budget during the pandemic peak in Vietnam.
Ministry of Finance recognises SABECO's outstanding budget contributions
A representative of SABECO, Tran Nguyen Trung received a certificate of merit for its contribution to the budget during 2020-2022

The company, known as SABECO, is one of 138 businesses commended by the Ministry of Finance and General Department of Taxation for its tax contributions during 2020-2022.

Minister of Finance Ho Duc Phoc said at the commendation ceremony on October 20 that, in 2020-2022 during the prolonged COVID-19 restrictions, the domestic and export markets were both narrowed and business activities were seriously affected. Therefore, the companies were praised as those for making positive contributions to state budget revenues during the period.

The companies were recognised for complying fully with tax laws, making a major contribution to the state budget in their field, and implementing digital transformation programmes effectively.

This accolade is evidence of SABECO’s positive business results during difficult times and recognition for its positive contributions to the development of the economy, society, and sustainable development in Vietnam that SABECO has pursued over the years.

The pandemic has caused major disruptions to the business sector, but SABECO leaders have set out a vision with flexible policies to navigate the turbulent times of the global health crisis. It has made efforts to maintain business continuity as well as employment for its employees. At the same time, the company also provides support for its partners in its supply chain.

The initiative not only reflects the company’s commitment to communities where Sabeco operates, but also to its ecosystem of subsidiaries and suppliers as the aid programme is a part of Sabeco’s efforts to help relevant stakeholders sustain businesses and ensure stable work for employees in these difficult circumstances.

SABECO considers the pandemic to be a case of fire proves gold, adversity proves men. The more difficult the pandemic became, the harder SABECO has fought to get closer to consumers, providing peace of mind when it comes to pricing, supplies, and meeting consumer needs

Another factor that contributes to SABECO’s resilience during the crisis is its human resources. The company is proud to have built a skilled, professional, and dedicated labour force that is experienced in responding to changing production models. Thus, business continuity planning was activated system-wide just when it was needed to ensure operation and maintain jobs for employees.

SABECO believes that the success of each employee is a brick to build the overall success of the enterprise and the country. With their steadfastness and relentless efforts, they bring many positive changes to the surrounding communities and themselves.

With its efforts, SABECO closed 2022 with a series of prestigious domestic and international awards. They included the Vietnam Glory Award for its practical contributions to the country's socioeconomic development through initiatives around sustainable development; an Asia-Pacific Enterprise Award for fostering the constituting of sustainable entrepreneurial growth in Vietnam; and honours at the Asia Beer Championship 2022 and Top 50 Best Listed Companies.

Also last year, SABECO made a record profit after tax. The company recorded a near 33 per cent increase in net revenue and a 40 per cent increase in net profit compared to 2021, despite the impact of the pandemic as well as fluctuations in the domestic market.

Ministry of Finance recognises SABECO's outstanding budget contributions

The company is continuing with specific actions associated with its sustainable development strategy surrounding the four pillars of country, culture, conservation, and consumption, aiming to become into a “citizen enterprise” with international competitiveness and representing the pride of Vietnam.

With extensive experience in the market, along with suitable strategies in terms of investment, business, and creating value for the community, SABECO is expected to continue to be a factor in promoting the market and contributing to manufacturing industry recovery.

With 148 years of brewing history, SABECO boasts 26 breweries and 11 trading subsidiaries and has a nationwide distribution network of thousands of retailers. Its brands in Vietnam include Bia Lac Viet, Bia Saigon Chill, Bia 333, Bia Saigon Special, Bia Saigon Export, Bia Saigon Lager, and Bia Saigon Gold.

2023 to be lucrative for SABECO 2023 to be lucrative for SABECO

Saigon Beer-Alcohol-Beverage Corporation (SABECO) has just released the agenda for its 2023 AGM, which will be conducted in Ho Chi Minh City on April 27, where the firm plans to announce a share issue at a ratio of 1:1.

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More than 300 young businesses and rural youth have found support for their startup models through a series of training programmes jointly organised by the Ho Chi Minh Communist Youth Union and Saigon Beer-Alcohol-Beverage Corporation.

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Increasingly, companies across Vietnam are embracing corporate responsibility, sustainability, and building community relations. The presence of names such as Samsung, PetroVietnam, Sabeco, BRG, SeABank, Vingroup, Sun Group, Coninco, Kinderworld, and Gelex in community activities over the years is obvious.

By Nguyen Thu

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