The Saigon Beer - Alcohol - Beverage Corporation (Sabeco) announced the appointment of a new senior leader at its recent annual general meeting (AGM).

Mr. Lester Tan Teck Chuan has been appointed General Director of Sabeco effective from October 1, 2023.

Mr. Chuan is currently Chief Beer Business Thailand at Thai Beverage PLC, a role he assumed in 2020. He will succeed Mr. Bennett Neo Gim Siong, who will complete his five-year term as General Director and return to the head office at the end of September.

“I would like to take this opportunity to thank Mr. Siong for his sterling contributions to Sabeco during his five-year tenure as General Director,” said AGM Chairman and Board Member Mr. Michael Chye. “The transformation journey spearheaded by Mr. Siong since 2018, progressing from Phase 1 to now Phase 2, leaves Sabeco on a sound footing for sustainable success. Some of the initiatives kick-started by Mr. Siong, including the relaunch of the Bia Saigon and 333 brands in 2019, the launch of the new mass premium Bia Saigon Chill in 2020, Sabeco 4.0, performance-based salary restructuring, brewery expansion projects, and recent brewery acquisitions were instrumental in the transformational success of Sabeco, building a solid foundation for further success.”

Mr. Chye also noted that Mr. Siong is a great supporter of CSR and has championed many activities, notably the “Rise with Vietnam” relay in 2020, where Sabeco dedicated its 145th anniversary celebratory efforts to helping with vulnerabilities during the Covid-19 pandemic by joining hands with the government. “Mr. Siong will continue to lead Sabeco until the end of September and ensure a smooth transition to Mr. Chuan,” he added.

Sabeco reported record performance in 2022 at the AGM, with after-tax profits growing 40 per cent to VND5.5 trillion ($239 million).

It has set a revenue target this year of VND40.272 trillion ($1.7 billion) and after-tax profit of VND5.775 trillion ($251 million), 15.1 per cent and 5 per cent year-on-year increases, respectively.

Sabeco will continue to step up its transformation journey with greater focus, to improve its position in the domestic market and expand its penetration internationally through strategic efforts in sales and marketing activities, developing a stronger product portfolio, and strengthening its route to market and distribution, while continuing to drive production and supply chain efficiencies and digitizing business processes within Sabeco.

Together with its business development objectives and action plans, Sabeco will continue to reinforce its 4Cs sustainable development commitment, which includes driving ESG initiatives that are in line with its corporate goals and Vietnam’s national strategies. It is committed to continuing its effort as a proud, prominent, and responsible corporate citizen to support its ambition to bring out the best of Vietnam.

Mr. Chye said the business environment remains challenging with various uncertainties driven by the global economy and unpredictable and fierce competition. “However, we remain committed to investing in opportunities that drive long-term growth and increase shareholder returns,” he added. “This will enable us to reward our shareholders with dividends that are sustainable and in line with the company’s long-term growth prospects.”