Saigon Beer-Alcohol-Beverage Joint Stock Corporation (SABECO) has been honoured by the Ministry of Finance and the General Department of Taxation for its efforts to overcome difficulties and make great contributions to the state budget during the period 2020–2022.
A conference praising 'Outstanding taxpayers for the period 2020–2022' was organized on October 20 by the Ministry of Finance and the General Department of Taxation to honor businesses with great contributions to budget revenue amid global economic challenges during the COVID-19 pandemic.
Minister of Finance Ho Duc Phoc and Director General of the General Department of Taxation Mai Xuan Thanh congratulate SABECO at the conference, praising 'Outstanding taxpayers for the period 2020-2022'.
SABECO passed rigid evaluation criteria for good tax compliance and significant contributions to the state budget. According to the General Department of Taxation, SABECO contributed more than VND11 trillion to the state budget in the reviewed period, one of the highest in the group of beverage manufacturers.
At the conference, Minister of Finance Ho Duc Phoc appreciated SABECO and other businesses for their positive contributions to the state budget during the period 2020–2022, especially their realistic, effective, and timely support in preventing the spread of the pandemic, contributing to the socio-economic development.
With the motto of business development coupled with sustainability, during the pandemic, SABECO joined hands with the Vietnamese Government to support workers, employees, and small businesses affected by COVID-19, while at the same time providing medical equipment for front-line medical forces through campaigns such as 'Rise with Vietnam', 'Community Care', and 'Collecting a Million Star' in 2020 and 2021.
Overcoming difficulties in a challenging economic context
SABECO aims to increase its position in the domestic market and reach out to the international market in 2023 and beyond In the photo is a bottle production line at SABECO.
During the period 2020–2022, the world economic and political situation faced lots of challenges. In fact, global production and business activities were seriously affected by the outbreak and prolonged pandemic.
However, SABECO managed to achieve the after-tax profits of VND5,500 billion in 2022, an increase of 40% compared to 2021. Gross profit margin continued to improve from 28.8% to a record high of 30%, despite rising input costs.
The impressive results reflected SABECO's persistent resilience and strong recovery after the COVID-19 pandemic. Currently, the corporation is maintaining jobs for about 13,000 direct workers and thousands of indirect workers throughout the system.
In 2023, SABECO targeted the revenue of VND40,272 billion and profit after tax of VND5,775 billion, up 15.1% and 5%, respectively, over the same period last year. Accordingly, SABECO has continued to push its transformation process, focusing all its efforts on strengthening its position in the domestic market and reaching out to the international market through sales and marketing strategies, developing product portfolio, strengthening market distribution capacity, and continuing to improve supply and production efficiency, as well as digitalizing business processes throughout the SABECO system.