2020ar - en

4 Content SABECO ANNUAL REPORT 2020 5
CONTENT
01 SABECO INTRODUCTION 02 OPERATION REPORT

REPORT OF THE BOARD OF DIRECTORS 56
GENERAL INFORMATION 07
REPORT OF THE AUDIT COMMITTEE 62
SHARE INFORMATION AND SHAREHOLDER STRUCTURE 10
REPORT OF THE BOARD OF MANAGEMENT 64
VISION – MISSION – CORE VALUES 12
2021 OUTLOOK 72
CHAIRMAN’S MESSAGE 14
03
GENERAL DIRECTOR’S MESSAGE 16
2020 FINANCIAL HIGHLIGHTS 18

CORPORATE GOVERNANCE
2020 AWARDS 19
REPORT ON CORPORATE GOVERNANCE 76
KEY MILESTONES 20
RISK MANAGEMENT 90
2020 JOURNEY 24
INVESTOR RELATIONS 96
PRODUCT PORTFOLIO 28
04
BUSINESS LOCATIONS 30
ORGANIZATIONAL CHART 32
SUSTAINABLE DEVELOPMENT REPORT
LIST OF SUBSIDIARIES, ASSOCIATES, AND JOINT VENTURES 34
OVERVIEW 101
PROFILES OF THE BOARD OF DIRECTORS AND THE MANAGEMENT 40
SUSTAINABLE DEVELOPMENT INDICATORS 102
DEVELOPMENT PLANNING 50
SUSTAINABLE DEVELOPMENT STRATEGIES 104
KEY RISKS 52
STAKEHOLDER ENGAGEMENT 109
KEY HIGHLIGHTS OF SUSTAINABLE DEVELOPMENT 113
05 AUDITED CONSOLIDATED FINANCIAL STATEMENTS 128

6 General Information SABECO ANNUAL REPORT 2020 7
ABBREVIATIONS GENERAL INFORMATION
ABV Alcohol by Volume
AC Audit Committee
AGM Annual General Meeting of Shareholders

Corporate Name TONG CONG TY CO PHAN BIA – RUOU – NUOC GIAI KHAT SAI GON
BCP Business Continuity Plan
BOD/The Board The Board of Directors

English Name SAIGON BEER – ALCOHOL – BEVERAGE CORPORATION
BOM/The Management The Board of Management
CSR Corporate Social Responsibility
DMS Distribution Management System Abbreviated Name SABECO
EGM Extraordinary General Meeting of Shareholders
FS Financial Statements Charter Capital VND6,412,811,860,000
G&A General and Administrative
GDP Gross Domestic Product Legal Representatives Mr. Koh Poh Tiong – Chairman of the Board of Directors
Mr. Neo Gim Siong Bennett – General Director
HOSE Ho Chi Minh Stock Exchange
IA Internal Audit
IFRS International Financial Reporting Standards Registered Office 187 Nguyen Chi Thanh, Ward 12, District 5, Ho Chi Minh City, Vietnam
IR Investor Relations
IT Information Technology Head Office 5th Floor, Vincom Center, 72 Le Thanh Ton, Ben Nghe Ward, District 1,
Ho Chi Minh City, Vietnam
MOIT Ministry of Industry and Trade
Q Quarter
QCVN Vietnamese Standards Telephone (+84) 28 3829 4081 - 3829 4083 - 3829 6342
R&D Research and Development
ROA Return on Assets Fax (+84) 028 3829 6856
ROE Return on Equity
RPT Related Party Transaction Email sabeco@sabeco.com.vn

SATRACO Sai Gon Beer Trading Company Limited
SSC State Securities Commission of Vietnam Website https://www.sabeco.com.vn

SABECO/The Corporation Saigon Beer – Alcohol – Beverage Corporation
SFA Sales Force Automation

Enterprise Registration 0300583659 issued by Ho Chi Minh City Department of Planning
TMS Transportation Management System Certificate and Investment on April 17, 2008. The 10 th amendment was made on
May 18, 2020
VAS Vietnamese Accounting Standards
VBA Vietnam Beer Alcohol Beverage Association
VCCI Vietnam Chamber of Commerce and Industry Business Lines Producing and selling beer, alcohol, and other beverages
VGCL Vietnam General Confederation of Labor
VND Vietnamese Dong
WMS Warehouse Management System

8 SABECO Introduction SABECO ANNUAL REPORT 2020 9
10 Share information and Shareholder structure SABECO ANNUAL REPORT 2020 11
SHARE INFORMATION AND

SHAREHOLDER STRUCTURE
Shareholder Structure As of December 1, 2020
Number of shares Proportional ownership (%) Number of shareholders
Major Shareholders 574,519,134 89.5893% 2

Stock Symbol Stock Type Stock Exchange Charter Capital
• State Capital Investment Corporation 230,876,547 36.0024% 1
SAB Common stock Ho Chi Minh Stock Exchange VND6,412,811,860,000
• Vietnam Beverage Company Limited 343,642,587 53.5869% 1
Other shareholders 66,762,052 10.4107% 2,970

Outstanding Shares Treasury Shares Par Value Trading Start Date
• Domestic 5,871,042 0.9155% 2,260
641,281,186 shares None VND10,000 per share December 6, 2016
» Institutional 1,759,982 0.2744% 2,216
» Individual 4,111,060 0.6411% 44

Change in Charter Capital Transaction of Treasury Shares
• Foreign 60,891,010 9.4952% 710
None None
» Institutional 337,790 0.0527% 538
» Individual 60,554,000 9.4425% 172
TOTAL 641,281,186 100.0000% 2,972
Price Movements of SAB vs VN-Index SAB VN - Index Trading Volume of SAB
4,500,000
250.0 1150.0
4,000,000
1100.0
230.0
1050.0 3,500,000
210.0 1000.0
3,000,000
950.0
190.0
SAB Price
VN-Index
2,500,000
900.0
170.0
850.0 2,000,000
150.0 800.0
1,500,000
750.0
130.0 1,000,000
700.0
110.0 650.0 500,000
01/2020 02/2020 03/2020 04/2020 05/2020 06/2020 07/2020 08/2020 09/2020 10/2020 11/2020 12/2020 0
01/2020 02/2020 03/2020 04/2020 05/2020 06/2020 07/2020 08/2020 09/2020 10/2020 11/2020 12/2020
12 Vision - Mission - Core values SABECO ANNUAL REPORT 2020 13
VISION – MISSION – CORE VALUES
Vision 2025 Mission

Develop SABECO to become the leading beverage group in Vietnam, • Develop Vietnam’s beverage industry to keep pace with • Satisfy and meet the needs of beverages under the
the world. international food safety standards “Food hygiene and safety
having firm foothold in regional and international markets. and environmental protection”.
• Promote the culinary culture of Vietnamese people.
• Fulfill obligations to the State on the basis of transparency
• Improve the quality of life by providing high quality, safe and in business.
healthy beverages.
• Actively participate in community activities.
• Bring practical benefits to shareholders, customers,
partners, employees and society. • Ensure the development towards international integration.
Core Values
HERITAGE BRAND SOCIAL RESPONSIBILITY
CONTINUOUS COHERENCE COOPERATION FOR

IMPROVEMENT DEVELOPMENT
14 Chairman’s message SABECO ANNUAL REPORT 2020 15
CHAIRMAN’S MESSAGE
Dear Shareholders,
2020 was an extraordinarily difficult and challenging year for the world in general due to the global Covid-19
pandemic. Many businesses were shut down due to the lockdowns and movement control measures imposed to
curb the spread of the coronavirus, resulting in people losing their jobs. However, the good news is Covid-19 has
been outstandingly well managed by the Vietnamese government throughout the year. As you may have been
aware, Vietnam has been called the next “Asian Miracle” and “Rising Star” by various reputable media sources
and is now among top GDP growth countries in 2020 which are on the road to economic recovery much more
quickly than many others. This recognition not only reflects the Vietnamese government’s capability to handle 2020 was an extraordinarily difficult
crisis situations, but also demonstrates the real strength, solidarity, and resilience of the Vietnamese people.
and challenging year for the world
In response to the unprecedented challenges, SABECO Board of Directors and the Management took immediate in general due to the global Covid-19
actions to mitigate the Corporation’s operational risks and damages while ensuring business performance
and safety for all employees. In addition, SABECO also launched various initiatives to protect and improve pandemic. However, the good news
the Corporation’s business performance against the impact of the lingering fake news, imitation beers and is Covid-19 has been outstandingly
unfair practices from competitors, as well as the impact from Decree 100. Given the business results which
were announced recently, I am proud to say that we have survived 2020 and even exceeded expectations. We well managed by the Vietnamese
did so by standing together, fighting together, looking after each other, and the most important thing is we
government throughout the year.
did not give up. I sincerely hope that 2021 will be a much better year as effective vaccines become widely and
readily available. Knowing SABECO people, I have great confidence that we can ride the tide and continue to
seize very opportunity and grow the business.
Lastly, I would like to take this opportunity to acknowledge and appreciate the excellent performance, the
courage, and ceaseless efforts of our Board members as well as all SABECO Management and staff who have
been under great pressure. On behalf of the Board, I would also like to extend my heartfelt thanks to our valued
Shareholders, valued Customers, and valued Partners for your unwavering support and sterling contributions
to the Corporation’s recovery. We look forward to continuing to work closely with all stakeholders to build
SABECO from strength to strength in the years to come.
Yours faithfully,
Koh Poh Tiong

Chairman of the Board of Directors
16 General Director’s message SABECO ANNUAL REPORT 2020 17
GENERAL DIRECTOR’S MESSAGE
Dear Shareholders,
If you have to describe the color of 2020, what would it be? Most people would probably say “grey”, as a result
of the deadly Covid-19 outbreak along with its social distancing measures, socioeconomic decline, and natural
disasters caused by climate change and global warming.
For SABECO, we saw hope, opportunities, compassion, and a lot more than just grey in 2020. We saw “red” with
our launch of Bia Lac Viet, the true Vietnamese beer for the Vietnamese people, as part of the Corporation’s 145th
anniversary campaign. We saw “blue” with the launch of Bia Saigon Chill, which was a new mass premium beer
produced with deep cold-filtered technology at -2oC. We saw “gold” with our relaunch of Bia Saigon Gold with
its attractive limited-edition gold bar packaging. Apart from these product launches, we also demonstrated our
CSR commitment, including the “Rise with Vietnam” relay that raised funds to support workers in need during
this challenging year. We also installed solar systems in breweries to do our part in using renewable energy.
Despite a difficult 2020, where we reported a lower profit after tax of VND4,937 billion, or 8% down from
the previous year, SABECO managed to surpass its approved business plan by VND1,685 billion or 52%. This
If you have to describe the excellent result was achieved by driving the Corporation’s top line, while pursuing cost efficiencies and savings
color of 2020, what would it be? from energy consumption, joint procurement of raw materials, transportation, and packaging.
For SABECO, we saw hope, In 2021, we will continue to drive the growth of our brands through improving brand awareness, distribution,
opportunities, compassion, and a and consumption. Further margin improvements will be pursued through the implementation of SABECO 4.0
by transforming our ways of work, focusing on centralization, simplification and standardizing our processes.
lot more than just “grey” in 2020. We also continue to drive operational and cost excellence, using our “Best Trading Company Award” and
“Best Brewery Award” platforms. In terms of people, we plan to engage, motivate, and upskill our employees
to maximize their potential.
2021 will continue to be tough, but with hope of more substantial recovery in the late part of the year. Under
the wise guidance from the Board of Directors, the relentless efforts of the Management and all employees, and
SABECO’s enduring spirit of never giving up, I strongly believe that we will usher in a brighter 2021. Together
we will rise and overcome any challenges, as no diamonds can be found without pressure.
Yours faithfully,
Neo Gim Siong Bennett

General Director
18 2020 Financial highlights SABECO ANNUAL REPORT 2020 19
2020 FINANCIAL HIGHLIGHTS 2020 AWARDS
NET SALES (Billion VND) PROFIT AFTER TAX (Billion VND)
40,000 6,000
37,899 5,370
35,949
4,949 4,937
4,403
34,193
35,000 4,500
3,252
30,000 3,000
27,961
25,000 1,500
23,800
20,000 0
2017 2018 2019 2020 Plan 2020 2017 2018 2019 2020 Plan 2020
↑ 17.5%
compared to 2020 plan
26.2%
compared to 2019
↑ 51.8%
compared to 2020 plan
8.1%
compared to 2019
TOTAL ASSETS (Billion VND) OWNER’S EQUITY (Billion VND)
RANKED 6TH
27,375 21,215
26,962
28,000 22,000
20,076
Vietnam’s Top 50 Best Vietnam’s Top 15 Best Performing
23,500
22,367
19,000
Listed Companies in 2020 Listed Companies from 2017 – 2019
22,014
Forbes Vietnam Vietnam Chamber of Commerce and
16,112
Industry (VCCI)
19,000 16,000
14,421
14,500 13,000 RANKED 4TH RANKED 33RD
10,000 10,000 Vietnam’s Top 50 Vietnam’s Top 50 Best Performing

2017 2018 2019 2020 2017 2018 2019 2020
Leading Brands in 2020 Companies in 2019
↑ 1.5%
compared to 2019
↑ 5.7%
compared to 2019
Forbes Vietnam Nhip Cau Dau Tu Magazine
& Thien Viet Securities
20 Key milestones SABECO ANNUAL REPORT 2020 21
KEY MILESTONES 1992

1989
The launch of Saigon Lager bottles.
In February 1992, Saigon Beer Brewery completely installed

The launch of 333 Export cans. and put into operation a new brewing line with a capacity of
1985 In October 1989, 333 Export
30,000 bottles/hour and started using plastic tanks instead
of wooden ones. At the same time, 450ml beer bottles with
cans were produced with the
The launch of Saigon Export cans. a better-looking and more durable design were launched to
1977
size of 330ml.
replace the old size of 500ml.
In October 1985, Saigon Beer
The establishment of Saigon Beer Brewery installed the first canning
Brewery. production line in Vietnam and
1875 On May 17, 1977, the Minister of Food

launched Saigon Export cans with
the size of 330ml as part of the
A small beer workshop was set up by and Foodstuff issued the Decision No. Saigon Premium Export brand.
Mr. Victor Larue, a Frenchman in Saigon. 845/LTTP to place the BGI Company
Brewer y under management of
In 1910, the workshop was then
developed into a complete brewery,
the Southern Brewery Company.
From June 1, 1977, the brewery was 2008
specialized in producing beer, beverages renamed as Saigon Beer Brewery.
and ice. In September 1927, the brewery The establishment of Saigon Beer - Alcohol
was officially incorporated into the - Beverage Corporation as a joint stock
French BGI system.
2003 company through equitization.
The establishment of Saigon Beer – Cu Chi

The establishment of Saigon Beer - Alcohol - Brewery, which was the most modern brewery
Beverage Corporation (SABECO). in Southeast Asia.
2000 Saigon Beer - Alcohol - Beverage Corporation (SABECO) SABECO was awarded the Labor Hero of the
was established with new subsidiaries of Binh Tay Renovation Period.
The launch of Saigon Special Liquor Company, Chuong Duong Beverages Company,
1996 bottles. Phu Tho Glass Company and Saigon Beer - Alcohol -
Beverage Trading Company.
In July 2000, 330ml Saigon Special
1993
The launch of Saigon Export bottles.
bottles were launched with a
In June 1996, Saigon Export bottles signature design of green glass
were initially produced for export bottle for high-income consumers.
Changing from Saigon Beer Brewery to
Saigon Beer Company.
purposes, yet due to the increasing
domestic demand, these 355ml bottles 2020
Saigon Beer Brewery became Saigon
Beer Company after merging with Saigon
were then sold in the domestic market.
2019 SABECO’s 145th anniversary.
Ice Factory, Beer - Alcohol Mechanical Bia Saigon and 333 relaunches. SABECO celebrated its 145th anniversary
2018
Factory and Da Kai Mineral Water Factory. with various initiatives throughout the
In August 2019, SABECO relaunched year, including the “Rise with Vietnam”
Bia Saigon brand including Bia Saigon replay, brand-new launches of Bia
The change in structure of Special, Bia Saigon Lager and Bia Lac Viet and Bia Saigon Chill, and the
2017 managerial organization of

SABECO.
Saigon Export. redesigned Bia Saigon Gold.
2016 The launch of Saigon Gold cans.

A u di t C o m mi t te e w a s
In December 2019, SABECO relaunched
333 cans.
2010 Listing on HOSE. SABECO launched Saigon Gold cans with the size of 330ml and
5% ABV, which represented the most premium beer of SABECO
established to replace the
Board of Supervisors.
and were produced in limited quantities.
SABECO achieved an
annual beer consumption MOIT successfully sold 53.59% of SABECO shares to Vietnam
rate of 1 billion liters. Beverage Company Limited and continues to hold 36%
of shares.
22 145 years Rise with Vietnam SABECO ANNUAL REPORT 2020 23
24 2020 Journey SABECO ANNUAL REPORT 2020 25
2020 JOURNEY
MARCH 2020 SEPTEMBER 2020

03 09
Implementing the Business Continuity Plan (BCP) “Rise with Vietnam” Relay
Due to the rapid increase of Covid-19 cases together with new regulations of social As part of the 145th anniversary campaign of SABECO, the Corporation, in collaboration with
distancing by the government, the Management decided to carry out BCP for the whole the Vietnam General Confederation of Labor, officially announced the “Rise with Vietnam”
group of companies to ensure safety and well-being for all employees as well as mitigate relay to raise funds to support Vietnamese workers who were affected by the Covid-19
impacts of the pandemic on business operations. A number of solutions were suggested, pandemic. In particular, a team of runners was selected to complete the Heritage Relay
including employees being split into two teams in which each team took turns working from of 1,875km, spanning from Ha Long Bay to Ho Chi Minh City, and continue with the Future
home and at the office for 14 days alternatively, and most of the meetings were conducted Relay of 145km to Can Tho City, thereby symbolizing SABECO’s 145-year history of rising
online via video conference. with Vietnam from its establishment in 1875. The donations would then be set aside as a
relief effort for affected households by typhoon and flood in the Central region as well as
JUNE 2020 06 gifted to fellow Vietnamese workers in need before Lunar New Year of 2021.
Launching Bia Lac Viet – The “Optimistic Beer of Vietnam”
SABECO introduced a new brand named Bia Lac Viet to celebrate the
Corporation’s 145th anniversary and honor traditional values. The beer was
crafted with Vietnamese recipes, developed by Vietnamese brewers, and
for the Vietnamese people. The Vietnamese history and culture were clearly
imprinted on the product’s packaging, along with the country’s national flag
as well as majestic symbols of the ancient Vietnamese people, representing
the true Vietnamese beer. As a result, the product has helped SABECO spread
positive values, optimism, and patriotism among Vietnamese consumers.
Signing Ceremony of the SABECO 4.0 Project
SABECO announced its recent launch of the digital transformation project

called SABECO 4.0 during the contract signing ceremony with KPMG Vietnam,
a reputable consultancy firm. The project was a strategic investment in the
transformation process of SABECO, aiming to optimize, standardize, and
automate the way of working across all entities in order to strengthen the
Corporation’s leading position in Vietnam as well as enhance competitive
advantages in international markets.
Inauguration Ceremony of the New Canning Line at Saigon Beer -

Quang Ngai Brewery
Sai Gon – Quang Ngai Beer Joint Stock Company officially inaugurated and put
into use its new canning line with a capacity of up to 60,000 cans/hour and a
total investment of VND650 billion accordingly, completing the first phase of
the brewery expansion project for the 2019 – 2021 period. The whole canning
line, which was imported from Germany, integrated various advanced and
highly automated functions, thereby optimizing production costs, improving
business efficiency and operations, as well as meeting the increasing demand
in the Central region.
26 2020 Journey SABECO ANNUAL REPORT 2020 27
OCTOBER 2020 DECEMBER 2020

10 12
Launching Bia Saigon Chill – “-2 Degree Chill”
Bia Saigon Chill was officially introduced as a new member of Bia Saigon brands,
targeting the sub-premium market. With its exclusive cold filtered technique at an Groundbreaking Ceremony of the Capacity Expansion Project at Saigon Beer
extremely low temperature of -2oC, Bia Saigon Chill has not only brought out the most - Quang Ngai Brewery
refreshing and cool taste but also preserved the distinguished aroma of brewer’s yeast.
The ceremony was held at Quang Phu Industrial Park, Quang Ngai Province, with the
The product was dressed in a trendy blue outfit highlighted by the signature rising
presence of Quang Ngai provincial leaders, representatives of SABECO Management,
dragon, demonstrating a breath of youth and modern air with two variants including
Saigon Beer - Quang Ngai Brewery, and employees. It was the next phase of the expansion
the high-neck glass bottle and premium tall can, and hence differentiated itself from
project at Saigon Beer - Quang Ngai Brewery for the period of 2019 – 2021, in which SABECO
the rest of Bia Saigon products. In addition, Big Daddy and Emily, a talented couple
would increase the brewery’s capacity to 250 million liters per year to ensure optimization
of underground singers, officially became the brand ambassadors of Bia Saigon Chill.
and efficiency in business operations through upgrading the existing infrastructure and
Following successful Bia Saigon relaunches, the launch of Bia Saigon Chill has once again
investing in equipment, employees’ capability and performance. The project has reflected
proven SABECO’s understanding of consumers’ demand and interests.
the Corporation’s commitments to promoting long-term and sustainable development as
well as creating jobs for local communities.
Implementing Transportation Management

System (TMS)
Transportation Management System (TMS), which

was a key project of SATRACO’s Supply Chain 4.0 and
part of SABECO 4.0, was officially rolled out. TMS
was a specialized management software developed
on the basis of 4.0 technological architecture
by Smar tlog to manage projects efficiently
and optimize products transportation across
the network.
Implementing the DMS – SFA Project
SABECO officially signed a contract with FPT Software Ho Chi Minh Company Limited to roll
out the DMS – SFA project for the period of 2020 – 2021. Being part of the comprehensive
development plan of SABECO 4.0, the first phase of project was aimed to improve business
processes through DMS and SFA software solutions, thereby minimizing manual works as
well as optimizing sales and distribution throughout the system.
28 Product portfolio SABECO ANNUAL REPORT 2020 29
PRODUCT PORTFOLIO
Beer Non-alcoholic drinks
Sa Xi Chuong Duong Nam Phuong Aloe Vera Soda Bottled Drinking Water
Bird’s Nest Aloe Vera Chuong Duong Chuong Duong Chuong Duong
Alcoholic drinks
Bia Saigon Gold Bia Saigon Chill Bia Saigon Special De Nep Binh Tay Rice Liquor Nang Huong Rice Liquor Feel Cocktail
Bia Saigon Export Bia Saigon Lager Bia Lac Viet 333 Napoleon Brandy De Binh Tay Rice Liquor Caravelle Red Rhum Vina Vodka Special
30 Business locations SABECO ANNUAL REPORT 2020 31
BUSINESS LOCATIONS
BREWERIES NETWORK DISTRIBUTION NETWORK
01 master trading
10 regional trading
600,000+
company companies
63 provinces and
cities in Vietnam 35 countries
overseas
outlets
Hanoi
Hoang Sa
26 Breweries in
Vietnam Danang
TOTAL PRODUCTION CAPACITY
2.2 billion liters

per year No.
1
Company Name
Northern Sai Gon Beer Trading Joint Stock Company Hanoi

Location
2 Sai Gon Beer Bac Trung Bo Trading Joint Stock Company Nghe An
3 Sai Gon Beer Center Trading Joint Stock Company Ho Chi Minh City
4 Saigon Beer Mien Trung Trading Joint Stock Company Da Nang
5 Sai Gon Beer Tay Nguyen Trading Joint Stock Company Dak Lak
6 Saigon Beer Nam Trung Bo Trading Joint Stock Company Khanh Hoa
Truong Sa
HCM city 7 Sai Gon Beer Eastern Trading Joint Stock Company Binh Duong
Phu Quoc 8 Saigon Song Tien Beer Trading Joint Stock Company Vinh Long
9 Saigon Song Hau Beer Trading Joint Stock Company Can Tho
10 Sai Gon Beer Northeast Trading Joint Stock Company Quang Ninh
32 Organizational chart SABECO ANNUAL REPORT 2020 33
ORGANIZATIONAL CHART
GENERAL MEETING OF SHAREHOLDERS
AUDIT COMMITTEE BOARD OF DIRECTORS
INTERNAL AUDIT DEPARTMENT BOARD OF MANAGEMENT BOD OFFICE
CORPORATE MANAGEMENT SYSTEM

SALES DEPT. CORPORATE OFFICE
COMMUNICATION DEPT. ASSURANCE FUNCTION
MARKETING DEPT. FINANCE DEPT. LEGAL DEPT. INTERNAL CONTROL DEPT.
ACCOUNTING DEPT. PROCUREMENT DEPT. HUMAN CAPITAL DEPT. PLANNING DEPT.
SAIGON BEER - SAIGON BEER - CU CHI

INVESTMENT DEPT. IT DEPT.
NGUYEN CHI THANH BREWERY BREWERY
TECHNICAL DEPT. QUALITY CONTROL DEPT.

SUBSIDIARIES, ASSOCIATES AND
JOINT VENTURES
34 List of Subsidiaries, Associates, and Joint Ventures SABECO ANNUAL REPORT 2020 35
LIST OF SUBSIDIARIES, ASSOCIATES,

AND JOINT VENTURES
26
Subsidiaries
18
Associates and Joint Ventures
SUBSIDIARIES
Charter Capital % of Voting % of

No. Name Type of Business Address
(VND) Right Ownership
1 Sai Gon Beer Trading Company Limited Trade beer, alcohol and beverages 12 Dong Du Street, Ben Nghe Ward, District 1, Ho Chi Minh City 700,000,000,000 100.00% 100.00%
Manufacturing equipments used in food manufacturing,

2 Sa Be Co Mechanical Co., Ltd 215 Dao Duy Tu, Ward 6, District 10, Ho Chi Minh City 59,365,663,690 100.00% 100.00%
install and maintain machinery system and equipment
Producing and trading beer, yeasty malt, mineral water, 12th Kilometer of bypass Ha Tinh City, Thach Tan Commune,
3 Sai Gon - Ha Tinh Beer One Member Company Limited 120,000,000,000 100.00% 100.00%
bottled purified water Thach Ham District, Ha Tinh Province
4 Saigon Beer Company Limited Wholesale of beer, alcohol and beverages 187 Nguyen Chi Thanh, Ward 12, District 5, Ho Chi Minh City 10,000,000 100.00% 100.00%
5 Saigon Beer Group Company Limited Wholesale of beer, alcohol and beverages 187 Nguyen Chi Thanh, Ward 12, District 5, Ho Chi Minh City 10,000,000 100.00% 100.00%
Trading beer, alcohol and beverages; providing Dong Vinh Small Industrial Zone, Dong Vinh Ward, Vinh City,
6 Sai Gon Beer Bac Trung Bo Trading Joint Stock Company 40,000,000,000 95.07% 95.07%
transportation and warehousing services Nghe An Province
Wholesale of beer, alcohol drinks; wholesale of non-

5th - 6th Floor, Lion Tower, 29 Nguyen Khac Nhu, Co Giang Ward,
7 Saigon Beer Center Trading Joint Stock Company alcohol drinks, wholesale of other chemicals, alcohol 90,000,000,000 94.45% 94.45%
District 1, Ho Chi Minh City
trading packaging; providing cargo transportation by car
8 Binh Tay Liquor Joint Stock Company Producing and trading alcohol 621 Pham Van Chi, Ward 7, District 6, Ho Chi Minh City 140,000,000,000 93.47% 93.32%
Trading beer, alcohol and beverages; providing No. 7 1st Street, An Don Industrial Zone, An Hai Bac Ward,
9 Saigon Beer Mien Trung Trading Joint Stock Company 60,000,000,000 91.24% 91.24%
warehousing and cargo transportation by car services Son Tra District, Da Nang City
Trading beer, alcohol and beverages; providing cargo 46/19 D1 Street, Binh Phu Zone, Binh Chuan Ward, Thuan An Town,
10 Sai Gon Beer Eastern Trading Joint Stock Company 40,210,000,000 90.68% 90.68%
transportation by road and waterway services Binh Duong Province
Trading beer, alcohol and beverages; providing No. 2A Cai Lan Industrial Zone, Bai Chay Ward, Ha Long City,
11 Sai Gon Beer Northeast Trading Joint Stock Company 40,000,000,000 90.45% 90.45%
warehousing and cargo transportation services Quang Ninh Province

Trading beer, alcohol and beverages; providing 1 Highway, Dien Phu Commune, Dien Khanh District,
12 Saigon Beer Nam Trung Bo Trading Joint Stock Company 60,000,000,000 90.14% 90.14%
warehousing and cargo transportation services Khanh Hoa Province
Trading beer, alcohol and beverages; providing Lot CN-01-05 Ninh Hiep Industrial Zone, Ninh Hiep Ward,
13 Northern Sai Gon Beer Trading Joint Stock Company 40,000,000,000 90.00% 90.00%
transportation and warehousing services Gia Lam District, Ha Noi City
Trading beer, alcohol and beverages; providing Tan Vinh Thuan Hamlet, Tan Ngai Commune, Vinh Long City,
14 Saigon Song Tien Beer Trading Joint Stock Company 40,000,000,000 90.00% 90.00%
warehousing and cargo transportation by road services Vinh Long Province
Trading beer, alcohol and beverages; providing cargo No. I5 - 25, 26 Vo Nguyen Giap Street, Phu Thu Ward, Cai Rang
15 Saigon Song Hau Beer Trading Joint Stock Company 40,290,000,000 90.00% 90.00%
transportation by road and waterway services District, Can Tho City
Trading beer, alcohol and beverages; providing 190 Nguyen Van Linh Street, Ea Tu Commune, Buon Ma Thuot City,
16 Sai Gon Beer Tay Nguyen Trading Joint Stock Company 39,761,600,000 90.00% 90.00%
warehousing and transportation services Dak Lak Province
Producing and trading tin lid ring and metal packaging,

17 Sai Gon Beer Packaging Joint Stock Company 621 Pham Van Chi, Ward 7, District 6, Ho Chi Minh City 71,770,160,000 76.81% 76.81%
packaging for food and beverage industry
Producing and trading beer and beverages; importing and Block 1, Hung Dao Commune, Hung Nguyen District,
18 Saigon - Songlam Beer Joint Stock Company 450,000,000,000 68.78% 68.78%
exporting related materials Nghe An Province
Quang Phu Industrial Zone, Quang Phu Ward, Quang Ngai City,
19 Sai Gon - Quang Ngai Beer Joint Stock Company Producing and trading beer 450,000,000,000 66.56% 66.56%
Quang Ngai Province
Producing and trading beverages, canned foods

20 Chuong Duong Beverages Joint Stock Company 606 Vo Van Kiet Street, Cau Kho Ward, District 1, Ho Chi Minh City 85,000,000,000 62.06% 62.06%
and accessories
21 Sai Gon - Dong Xuan Beer Alcohol Joint Stock Company Producing and trading beer, alcohol and soft drinks Zone 6, Thanh Ba Town, Thanh Ba District, Phu Tho Province 30,000,000,000 56.24% 55.90%
54 Phan Dang Luu Street, Truong Thi Ward, Vinh City,

22 Saigon - Nghetinh Beer Joint Stock Company Producing and trading beer, alcohol and beverages 105,000,000,000 54.73% 54.73%
Nghe An Province
Lot CN5, Loc Son Industrial Park, Loc Son Ward, Bao Loc City,
23 Saigon – Lamdong Beer Joint Stock Company Producing and trading beer, alcohol and beverages 200,000,000,000 52.91% 52.91%
Lam Dong Province
Producing and trading beer and beverages, importing and Lot A2 - CN8, Tu Liem Industrial Zone, Phuong Canh Ward,
24 Sai Gon - Ha Noi Beer Corporation 180,000,000,000 52.11% 52.11%
exporting related materials Nam Tu Liem District, Ha Noi City
Tra Noc Industrial Zone, Tra Noc Ward, Binh Thuy District,
25 Western - Sai Gon Beer Joint Stock Company Producing and trading beer 145,000,000,000 51.00% 51.00%
Can Tho City
Producing and trading beer, yeasty malt, mineral water, Lot S An Nghiep Industrial Zone, An Hiep Commune, Chau Thanh
26 Saigon Soc Trang Beer One Member Limited Company 200,000,000,000 100.00% 51.00%
bottled purified water District, Soc Trang Province
ASSOCIATES AND JOINT VENTURES

Producing and trading alcohol and alcohol - related

1 Vietnam Spirits and Wine LTD. 621 Pham Van Chi, Ward 7, District 6, Ho Chi Minh City 65,461,973,000 45.00% 45.00%
products
2 Truong Sa Food - Food Business Joint Stock Company Producing argicultural products and foods 6A, Truong Sa Road, Ward 17, Binh Thanh District, Ho Chi Minh City 17,700,000,000 38.98% 38.62%
San Miguel Yamamura Phu Tho Packaging Company 1 Le Van Khuong Street, Hiep Thanh Ward, District 12, H
3 Manufacturing and trading metal packaging 51,882,792,000 35.00% 35.00%
Limited o Chi Minh City
Producing and trading beer, alcohol, beverages and 1 Nguyen Van Linh, Tan An Ward, Buon Ma Thuot City, Dak Lak
4 Sai Gon - Mien Trung Beer Joint Stock Company 298,466,480,000 32.41% 32.40%
spare parts Province
Trung Ha Industrial Zone, Hong Da Commune, Tam Nong District,

5 Saigon - Phutho Beer Joint Stock Company Producing and trading beer, alcohol and beverages 125,000,000,000 33.85% 30.84%
Phu Tho Province
6 Crown Beverage Cans Saigon Limited Manufacturing aluminium cans Ha Noi Highway, Hiep Phu Ward, District 9, Ho Chi Minh City 256,369,900,000 30.00% 30.00%
Room 11.1, Floor 11, REE Building No. 9, Doan Van Bo St, Ward 12,
7 Malaya - Vietnam Glass Limited Manufacturing glass products 322,209,160,000 30.00% 30.00%
District 4, Ho Chi Minh City
8 Tan Thanh Investment Trading Company Limited Construction and real estates 66 Tan Thanh Street, Ward 12, District 5, Ho Chi Minh City 250,000,000,000 29.00% 29.00%
Thanh Nam Consultant Investment - Engineering And Providing consulting construction and designing
9 50A Bui Thi Xuan Street, Ben Thanh Ward, District 1, Ho Chi Minh City 1,400,000,000 28.57% 28.57%
Technology Transfer Joint Stock Company services
Producing and trading beer, alcohol and beverages, Lot 22, Tra Noc 1 Industrial Zone, Tra Noc Ward, Binh Thuy District,
10 Saigon Tay Do Beer - Beverage Joint Stock Company 200,000,000,000 34.92% 27.62%
soya milk and fruit juice Can Tho City
Mechanical and Industrial Construction Manufacturing, installing machinery, bridges and roads
11 929 - 931 1A Highway, Thoi An Ward, District 12, Ho Chi Minh City 35,999,480,000 26.00% 26.00%
Joint Stock Company and industrial construction products
Producing and trading beer, alcohol, beverages and Dien Phu industrial section, Dien Phu Commune, Dien Khanh District,
12 Sai Gon - Khanh Hoa Beer Joint Stock Company 100,000,000,000 26.00% 26.00%
spare parts Khanh Hoa Province
Providing office building leasingand managements

13 Me Linh Point Limited 2 Ngo Duc Ke, Ben Nghe Ward, District 1, Ho Chi Minh City 221,066,150,400 25.00% 25.00%
services
Producing, processing and trading food, beverages, 08 Nam Ky Khoi Nghia Street, Nguyen Thai Binh Ward, District 1,
14 Saigon Binh Tay Beer Group Joint Stock Company 875,245,360,000 22.18% 21.80%
beer and alcohol drinks Ho Chi Minh City
Tan Vinh Thuan Hamlet, Tan Ngai Commune, Vinh Long City,
15 Sai Gon - Vinh Long Beer Joint Stock Company Producing and trading beer, alcohol and beverages 150,000,000,000 20.00% 20.00%
Vinh Long Province
Producing and trading beer, alcohol, beverages and D1-D2 Street, Thanh Loc Industrial Zone, Thanh Loc Commune,
16 Sai Gon - Kien Giang Beer Joint Stock Company 115,000,000,000 20.00% 20.00%
spare parts Chau Thanh District, Kien Giang Province
Phuoc Hau Hamlet, An Phuoc Commune, Chau Thanh District,

17 Saigon – Bentre Beer Joint Stock Company Producing and trading beer, alcohol and beverages 100,000,000,000 20.00% 20.00%
Ben Tre Province
Lot B5, Tra Kha Industrial Zone, Ward 8, Bac Lieu City,
18 Saigon - Baclieu Beer Joint Stock Company Producing and trading beer, alcohol and beverages 120,120,000,000 20.00% 10.20%
Bac Lieu Province
40 Profiles of the Board of Directors and the Management SABECO ANNUAL REPORT 2020 41
PROFILES OF THE BOARD OF

DIRECTORS AND THE MANAGEMENT
MR. KOH POH TIONG MR. PRAMOAD PHORNPRAPHA
Chairman of the Board of Directors Independent Director

Chairman of the Audit Committee
Year of birth: 1946 • Independent Director, Great Eastern Life Assurance Year of birth: 1966 • Audit Committee/Independent Director, Univanich Palm
Nationality: Singaporean (Malaysia) Berhad and Great Eastern General Insurance Nationality: Thai Oil Public Company Limited
Date of first appointment: April 23, 2018 (Malaysia) Berhad Date of first appointment: July 21, 2018 • Independent Director/Member - Audit Committee,
Date of last re-election: July 21, 2018 • Chairman/Chairman - Sustainability and Risk Management Thai Summit Harness Public Company Limited
Committee, BeerCo Limited • Chairman, Talaypu Natural Products Co., Ltd
Academic and Professional Qualifications • Lead Independent Director/Member - Audit and Risk Academic and Professional Qualifications • Managing Partner/Director, Claris Co., Ltd
• Bachelor of Science, University of Singapore, Singapore Committee/Member - Nomination and Compensation • Bachelor of Science in Electrical Engineering (Honors), • Director, Claris EA Co., Ltd
Committee, Raffles Medical Group Ltd Northwestern University, USA • Director, Danpundao Co., Ltd
Work Experiences • Chairman, Singapore Kindness Movement • MBA in Marketing (Honors), J.L. Kellogg Graduate School of • Independent Director, Food and Beverage United Co., Ltd
Current positions include: • Chairman, Times Publishing Limited Management, Northwestern University, USA • Managing Director, myDNA Co., Ltd
• Chairman/Chairman - Nominating Committee/ Member • MPA in Business and Government (Honors), J.F. Kennedy • Director, EcoFuture Co., Ltd
- Audit and Risk Management Committee/Member - Past positions include: School of Government, Harvard University, USA • Director, PLandscape Co., Ltd
Remuneration Committee/Member - Project Development • Director/Member - Audit Committee/Chairman - Strategy • Director, Plim369 Co., Ltd
Committee, Bukit Sembawang Estates Limited Working Group/Member - Investment Review Working Work Experiences • Director, Plimboonluck Co., Ltd
• Director/Chairman - Remuneration Committee/Member Group, The Great Eastern Life Assurance Company Limited Current positions include: • Director, Pornmit Co., Ltd
- Audit Committee/Member - Nominating Committee/ • Director/Member - Executive Committee/Chairman - • Independent Director/Chairman - Nomination and • Director, The Conservatory Company Limited
Member - Risk Management Committee/Member - Market Nominating Committee/Member - Remuneration and Remuneration Committee/Member - Corporate • Managing Director, Wanwarin and Associate Co., Ltd
Sustainability and Strategy Committee, Delfi Limited Human Resource Committee, SATS Ltd Governance Committee, Amarin Printing and Publishing
• Director and Adviser of the Board/Chairman - Executive • Director/Member - Remuneration Committee, United Public Company Limited Past positions include:
Committee/Chairman - Sustainability and Risk Engineers Ltd • Independent Director/Member - Corporate Governance • Partner/Managing Director, The Boston Consulting Group
Management Committee, Fraser and Neave Limited • Chairman, National Kidney Foundation Committee/Member - Nominating and Remuneration • Director, Progress Watch Company Limited
• Chairman, Yunnan Yulinquan Liquor Co., Ltd Committee/Member - Sustainability and Risk Management
Committee, Sermsuk Public Company Limited
• Director, BevCo Limited (Hong Kong)

• Director, BevCo Limited
• Director, Chang Beer Company Limited
• Director, Chang Beer UK Limited
• Director, Chang Holding Co., Ltd
• Director, Chang International Co., Ltd
• Non-Executive Director, DECCO 235
• Alternate Director, Fraser and Neave, Limited
• Director, F&N Retail Connection Co., Ltd
• Director, Havi Food Distribution (Thailand) Co., Ltd
• Director, Havi Logistics (Thailand) Limited
• Non-Executive Director, Heritas Capital Management Pte Ltd
• Non-Executive Director, IMC Pan Asia Alliance Corporation
• Director, InterBev (Singapore) Limited
• Director, InterBev (Singapore) 2019 Limited
• Director, International Beverage Holdings Limited
• Director, International Beverage Holdings (Singapore)
Pte Limited
• Director, International Beverage Holdings (UK) Limited
MR. NGUYEN TIEN VY MS. TRAN KIM NGA MR. MICHAEL CHYE HIN FAH
• Director, International Beverage Trading (Hong Kong) Limited
Independent Director Member of the Board of Directors Member of the Board of Directors • Director, International Breweries Limited
Member of the Audit Committee Member of the Audit Committee • Director, InterF&B Pte Ltd
• Director, Inver House Distillers Limited
Year of birth: 1955 Year of birth: 1961 Year of birth: 1959 • Director, Inver House Distillers (ROI) Limited
Nationality: Vietnamese Nationality: Vietnamese Nationality: Singaporean • Non-Executive Director, Marketing Magic Pte Ltd
Date of first appointment: July 21, 2018 Date of first appointment: May 9, 2018 Date of first appointment: July 21, 2018 • Director, Max Asia Food and Beverage (Thailand) Co., Ltd
Date of last re-election: July 21, 2018 • Director, Grand Royal Group International Company Limited
• Director, Myanmar Supply Chain and Marketing Services
Academic and Professional Qualifications Academic and Professional Qualifications Academic and Professional Qualifications Company Limited
• Master of Laws • Bachelor of Foreign Language • Bachelor of Business Studies with First Class Honors in • Non-Executive Director, Prudence Holdings Limited
• Bachelor of Business Administrative - Commerce Accounting and Finance, Massey University, New Zealand • Director, Siam Breweries Limited
Work Experiences • Master of Business Studies with Distinction in Accounting • Director, So Water Company Limited
Current positions include: Work Experiences and Finance, Massey University, New Zealand • Director, Super Brands Company Pte Ltd
• Independent Member, Vietnam Engine and Agricultural Current positions include: • Fellow of the Institute of Singapore Chartered Accountants • Director, Super Beer Brands Limited
Machinery Corporation - JSC • Director/Legal Representative, B - S MART Co., Ltd • Associate Member of the Institute of Chartered Secretaries • Director, Thai Breweries Limited
• Independent Lawyer, Hanoi Bar Association • Member of the Members’ Council/Corporate Development and Administrators • Legal representative/General Director, Vietnam Beverage
• Vice Chairman, Vietnam Beer - Alcohol – Beverage Director, MM Mega Market Vietnam Co., Ltd • Member of the Singapore Institute of Directors Company Limited
Association • Director, SAS - CTAMAD • Associate Member of Chartered Secretaries Institute of • Legal representative/Chairman of Board of Management,
• Director, Victory Link Co., Ltd Singapore Vietnam F&B Alliance Investment Joint Stock Company
Past positions include: • Director, Lina Investment Company Limited • Director, Wellwater Limited
• Chairman, Vietnam Association for Responsible • Chairman, Phu Thai Food Vietnam Limited Work Experiences
Drinking (VARD) • Chairman, Phu Thai Central Vietnam One Member Limited Current positions include: Past positions include:
• Advisor of the Board of Directors, Vietnam • Chairman, Phu Thai Food North Limited • Non-Executive Director, Vietnam Dairy Products Joint • Director, Sermsuk Beverage Co., Ltd
Electrical Equipment Joint Stock Corporation • General Director/Legal Representative, Vietnam Beverage Stock Company • Director, Sermsuk Holdings Co., Ltd
• Director, Vietnam Electrical Equipment Company Limited • Director, Alliance Asia Investment Private Limited • Director, Sermsuk Public Company Limited
Joint Stock Corporation • General Director/Legal Representative, Vietnam F&B • Director, Alliance Strategic Investments Pte Ltd • Director, Wrangyer Beverage (2008) Company Limited
• Member, Board of Enterprise Renovation and Alliance Investment Joint Stock Company • Director, Asia Breweries Limited • Director, CAC Co., Ltd
Development, Ministry of Industry and Ministry of • Chief Representative, BJC Resident Representative Office • Director, ASM International Limited • Executive Vice President of Finance and Accounting Group/
Industry and Trade. in Ho Chi Minh City • Director, Beer Chang International Limited Deputy Group CFO/Chief Finance Officer – International
• Director, Legal Department, Ministry of Industry • General Director/Legal Representative, TBC Ball Beverage • Director, BeerCo Limited (Hong Kong) Business, Thai Beverage Public Company Limited
• Chief of Office, Ministry of Industry Can Vietnam Company Limited • Director, BeerCo Limited (Singapore) • Director, International Beverage Trading Limited
• Chief of Office, Ministry of Industry and Trade
• Director, The Planning Department of Ministry of Past positions include:
Industry and Trade • Business Development Manager, BJC Resident in Hanoi
MR. NGUYEN TIEN DUNG MR. LUONG THANH HAI MR. NEO GIM SIONG BENNETT MR. TEO HONG KENG
Member of the Board of Directors Member of the Board of Directors General Director Deputy General Director in charge of Accounting, Finance
and other support functions
Year of birth: 1973 Year of birth: 1964 Year of birth: 1969 Year of birth: 1972
Nationality: Vietnamese Nationality: Vietnamese Nationality: Singaporean Nationality: Singaporean
Date of first appointment: July 21, 2018 Date of first appointment: July 21, 2018 Date of first appointment: August 1, 2018 Date of first appointment: May 9, 2018
Academic and Professional Qualifications Academic and Professional Qualifications Academic and Professional Qualifications Academic and Professional Qualifications
• Bachelor of Finance - Credit • PhD of Economics • Bachelor of Engineering in Mechanical and Production, • Bachelor of Accountancy Degree, Nanyang Technological
• Certificate of Chief Accountant Training Nanyang Technological University, Singapore University, Singapore
• Master of Finance - Banking Work Experiences • Insead Business School (Fountainbleu - France) - Heineken • Insead Business School (Fountainbleu - France) - Heineken
Current positions include: International Senior Management Course International Senior Management Course 2015
Work Experiences • Capital Representative, State Capital and Investment • SEM Singapore Executive Program, Tsinghua University, • Member of Institute of Singapore Chartered Accountants (ISCA)
Current positions include: Corporation Beijing, China
• Chairman, Sai Gon Beer Trading Company Limited Work Experiences
• Chairman, Saigon - Nghetinh Beer Joint Stock Company Past positions include: Work Experiences Current positions include:
• Chairman, Saigon - Songlam Beer Joint Stock Company • Chairman, Sai Gon Beer Tay Nguyen Trading Current positions include: • Chairman, Saigon Song Tien Beer Trading Joint
• Chairman, Sai Gon - Dong Xuan Beer Alcohol Joint Joint Stock Company • Chairman, Saigon Song Hau Beer Trading Joint Stock Company
Stock Company • Chairman, Saigon Beer Nam Trung Bo Trading Stock Company • Chairman, Sai Gon - Quang Ngai Beer Joint Stock Company
• Capital Representative, State Capital and Joint Stock Company • Chairman, Chuong Duong Beverages Joint Stock Company • Chairman, Saigon - Lamdong Beer Joint Stock Company
Investment Corporation • Chairman, Saigon Beer Center Trading • Chairman, Western - Sai Gon Beer Joint Stock Company • Chairman, Saigon Beer Group Company Limited
Joint Stock Company • Chairman, Sai Gon Beer Company Limited • Director, Sai Gon - Kien Giang Beer Joint Stock Company
Past positions include: • Deputy General Director, Sai Gon Beer Trading • Chairman, Me Linh Point Limited
• Chief Accountant, Saigon Beer – Alcohol – Beverage Company Limited • Chairman, Malaya – Vietnam Glass Limited Past positions include:
Corporation • Managing Director, Sai Gon Beer Trading Company Limited • Director, Ebenezer NDT Service Pte Ltd • Finance Director (base in Kuala Lumpur), Heineken
• Director, Binh Tay Liquor Joint Stock Company • Director, Saigon Beer Center Trading Joint Stock Company • Director, Koi Marine Engineering Services Pte Ltd Malaysia Sdn Bhd
• Head of Sales and Distribution Department, Sai Gon Beer • Board Member, National Kidney Foundation (Singapore) • Finance Director (base in Singapore), Asia Pacific Breweries
Trading Company Limited (Singapore) Pte Ltd
• Head of Sales Department, Saigon Beer – Alcohol – Past positions include: • Head of Finance (base in Phnom Phenh), Cambodia
Beverage Corporation • CEO - Food, Fraser and Neave Limited Brewery Limited
• CEO, YCH Group
• CEO - Marine, EMAS Offshore Services Pte Ltd
• Regional Director, Asia Pacific Breweries Ltd (Singapore)
• General Director, ExxonMobil Unique (Vietnam) Co., Ltd
MR. NG KUAN NGEE MELVYN MR. LAM DU AN MR. HOANG DAO HIEP MR. TRAN NGUYEN TRUNG
Deputy General Director in charge of Sales Deputy General Director in charge of Technology - Production Deputy General Director in charge of Marketing Chief Accountant
Year of birth: 1969 Year of birth: 1967 Year of birth: 1973 Year of birth: 1967
Nationality: Singaporean Nationality: Vietnamese Nationality: Vietnamese Nationality: Vietnamese
Date of first appointment: May 9, 2018 Date of first appointment: October 18, 2017 Date of first appointment: October 1, 2018 Date of first appointment: September 1, 2018
Date of termination: February 28, 2021
Academic and Professional Qualifications Academic and Professional Qualifications Academic and Professional Qualifications
• Bachelor of Business in Marketing, Monash University, • Mechanical Engineer, University of Technology Academic and Professional Qualifications • Bachelor of Economics
Australia • Bachelor of Arts in Exterior and Interior Design, Hanoi
Work Experiences University of Industrial Fine Arts Work Experiences
Work Experiences Current positions include: • Certificate of Peak Performance Organization (PPO) of Current positions include:
Current positions include: • Director, Saigon Beer - Nguyen Chi Thanh Brewery Saatchi & Saatchi Worldwide • Chairman, Saigon Soc Trang Beer One Member
• Chairman, Saigon Beer Center Trading • Chairman, Sai Gon - Ha Noi Beer Corporation • Certificate of Accelerated Leadership Development Limited Company
Joint Stock Company • Chairman, Sa Be Co Mechanical CO., LTD Program (ALDP) of Carlsberg Group • Director, Saigon - Baclieu Beer Joint Stock Company
• Chairman, Sai Gon Beer Tay Nguyen Trading • Chairman, Sai Gon - Mien Trung Beer Joint Stock Company • Director, Sai Gon - Quang Ngai Beer Joint Stock Company
Joint Stock Company • Director, Sai Gon - Vinh Long Beer Joint Stock Company Work Experiences • Director, Western - Sai Gon Beer Joint Stock Company
• Chairman, Sai Gon Beer Northeast Trading Current positions include: • Chief Accountant, Saigon Beer Company Limited
Joint Stock Company Past positions include: • Chairman, Sai Gon Beer Eastern Trading Joint • Chief Accountant, Saigon Beer Group Company Limited
• Chairman, Sai Gon - Ha Tinh Beer One Member • Director, Sai Gon - Vinh Long Beer Joint Stock Company Stock Company • Member of Board of Supervisors, Saigon Beer Center
Company Limited • Project Manager of plant construction of Saigon Beer - Trading Joint Stock Company
Bac Lieu Brewery Past positions include:
Past positions include: • Project Manager of plant construction of Saigon Beer - • Managing Director, Saatchi & Saatchi Vietnam Past positions include:
• Area Business Director Asia, Warsteiner International KG Vinh Long Brewery • Managing Director, MSL Group Vietnam • Deputy Chief Accountant, Saigon Beer – Alcohol – Beverage
(Singapore) • Marketing Director, Lao Brewery (LBC) Corporation
• General Manager, Heineken Asia Pacific Brewery • Marketing Director, Carlsberg Indochina • Head of Board of Supervisors, Saigon Beer Center Trading
(Guangzhou) Joint Stock Company
• Commercial Director, Hainan Asia Pacific Brewery • Head of Board of Supervisors, Sai Gon - Kien Giang Beer
• Marketing Manager, Riche Monde (Moet-Hennessy) Pte Ltd Joint Stock Company
• Head of Board of Supervisors, Sai Gon - Quang Ngai Beer
Joint Stock Company
MR. NGUYEN HOANG GIANG
General Director - SATRACO
Year of birth: 1966 • Project management - IKEA ASEA training

Nationality: Vietnamese • IKEA Supply chain training
Date of first appointment: August 6, 2018 • Leadership - IKEA global training
• Inventory management - IKEA global training
Academic and Professional Qualifications • Art of Sales, Dale Carnegie
• Navigation Engineer, University of Vietnam Maritime, • Leadership skill, Dale Carnegie
Hai Phong, Vietnam
• Program on Investment Appraisal (Distinction), In-service Work Experiences
Training College and Harvard Institute for Int’l Development, Current positions include:
Ho Chi Minh City, Vietnam • Chairman, Sai Gon Beer Bac Trung Bo Trading
• Course on Shipping and Port Management (Excellent Joint Stock Company
Certificate), Shipping Transport College/Int’l Maritime • Chairman, Bia Saigon Mien Trung Trading
Transport Academy Rotterdam Holland Joint Stock Company
• Customer service and operation practice, P&O Nedlloyd • Chairman, Saigon – Phutho Beer Joint Stock Company
Singapore Office
• Refresher course of Shipping and Port Management, Past positions include:
Vietnam Maritime/Int’l Maritime Transport Academy • CEO, Vinafco Joint Stock Company
• Document and revenue system, P&O Nedlloyd • Regional Logistic Manager of South East Asia Area, IKEA
Singapore Office Trading South East Asia Area
• Course on Finance operation and customer service, • National Manager Customer Service and Operations, Toll
P&O Nedlloyd Singapore Office Vietnam Limited
• Soft skills training on negotiation, project management
and leadership
50 Development Planning SABECO ANNUAL REPORT 2020 51
DEVELOPMENT PLANNING
SABECO has continued to boost business activities towards

effectiveness and sustainability to affirm its market leading position.
Points of Focus
SALES BRANDS EXPENSES BOARD AND MANAGEMENT ACTIVITIES
• Secure the domestic market, boost exports, and • Review brand positioning • Simplify organizational structure • Internationalize management activities by
penetrate into new markets. applying international practices, in which
• Develop brand architecture • Strict control of expenses the Board plays a strategic role while the
• Diversify distribution channels, improve capacity Management is responsible for operation and
• Conduct brand health measurements • Share services across the system and joint
and operational efficiency of the distribution management.
procurements within the Corporation’s group of
system.
companies
PRODUCTION SUPPLY CHAIN PERSONNEL IT
• Ensure and improve products quality • Rationalize warehouses and transportation • Build employees engagement and give priority to • Transform the Corporation’s way of working by
human capital applying IT - SABECO 4.0.
• Enhance the efficiency of breweries • Optimize route planning
• Promote open and transparent communications
• Increase management capacity and rationalize • Improve delivery services
production and consumption areas. • Develop policies to manage and evaluate work
effectiveness
• Strengthen employees’ performances through

annual training programs
• Implement a performance-based salary structure

52 Key Risks SABECO ANNUAL REPORT 2020 53
KEY RISKS
RAW MATERIAL RISKS EXCHANGE RATE RISKS

The Covid-19 outbreak has plunged the world into an • Proceeding with advance procurements of cans and malt at The fluctuation of exchange rate might directly affect the cost In addition, the U.S. Department of Treasury has labeled
unprecedented crisis, not to mention the trade war has also the right time to mitigate price fluctuations. of imported raw materials and SABECO’s profit. However, given Vietnam a currency manipulator, accusing it of improperly
brought adverse impacts on the global economy. These factors positive macroeconomic prospects and a policy of stabilizing intervening in foreign exchange markets to advantage its own
have significantly affected the demand and consumption habits, • Maintaining sources of supply from multiple suppliers to the domestic currency (expected to fluctuate within 1% per exports. Despite bandying about the accusation for some time,
leading to price increases of some raw materials, especially minimize risks of inputs’ shortage and ensure reasonable year) maintained by the State Bank of Vietnam, the risks of this marks the first time that the U.S. government has officially
aluminum and ocean freight charges in Q4 2020. prices. exchange rate for SABECO have been lessened. applied that label to the country, a designation that will now
require it to enter into negotiations with the U.S. government
In response to those aforementioned impacts, SABECO has • Preparing supply in response to a sudden decrease or and the International Monetary Fund to address the situation.
taken advantages in purchasing as follows: increase in demand due to the Covid-19 blockade.
• Improving packaging to lower costs and minimize impacts

on the environment.
PRODUCTION RISKS ENVIRONMENTAL RISKS POLICY RISKS

Due to the impacts from Covid-19 and Decree 100, the Floods caused by prolonged storms in the Central region directly 2020 – 2021 has been a challenging period for businesses and • Due to the global Covid-19 pandemic, the government
production volume was fluctuated. Besides, the implementation affected the production of some breweries under SABECO’s there are many factors that have a strong impact on the beer has taken drastic measures to mitigate health risks for
of BCP during social distancing periods also somewhat affected system. In addition, the Corporation also faced risks of climate industry, including SABECO who has been directly impacted by all citizens, including instructing people to stay at home,
the production and employment of workers. However, SABECO change and saline water sources in the Mekong Delta region. changes from government policies and regulations in response avoid public gatherings, suspend entertaining activities
and its breweries managed to come up with backup solutions Since 2010, SABECO has prepared countermeasures for different to specific socioeconomic situations as follows: and festivals, as well as closing down all non-essential
to resume at 100% production capacity right after the social scenarios of climate change as follows: services such as restaurants, karaoke bars, and night
distancing period ended. • Law No. 44/2019/QH14 on Prevention and Fighting Against clubs to prevent the spreading of Covid-19. As a result,
• Breweries, which were built from 2010, have adopted the the Negative Effects of Alcohol, effective from January on-trade channels of SABECO were significantly affected,
RO water treatment technology with membranes imported 1, 2020, has prohibited drunk driving/riding with zero thus further driving down the Corporation’s revenue and
from the U.S. tolerance for any amount of alcohol content in blood or profit. Even though the Covid-19 situation in Vietnam has
breath. This has had a huge impact on beer and liquor been well managed by the government, SABECO should
• All breweries have utilized BIOMASS boilers (rice husks, consumption behaviors in Vietnam, as well as sales volume proactively prepare back-up plans for different scenarios.
sawdust, leaves, etc.) to minimize greenhouse gas of the beer industry in general and SABECO in particular.
emissions. • The Vietnamese government has also amended and issued
• Decree No. 100/2019/ND-CP on Penalties for Road Traffic legal documents to further improve the country’s legal
and Rail Transport Offences, effective from January 1, framework, such as the Law on Enterprises No. 59/2020/
MARKET RISKS 2020, has included strong and strict law enforcements in QH14, Law on Securities No. 54/2019/QH14, Decree No.
order to reduce the number of traffic accidents caused by 155/2020/ND-CP, and Decree No. 156/2020/ND-CP. These
One of the most significant market challenges is the competition In addition, the current consumption trend has seen many irresponsible drinking. However, this would also lead to a new regulations have set out requirements for SABECO to
with well branded and financially capable competitors from changes, such as the movement into mass premium beer significant decline in beer and liquor consumption. review and amend its internal regulations system to better
overseas, who possess vast international experience and products as a result of the increasing average income. Besides, respond to the current legal framework, thereby improving
expertise. They have continued to invest heavily in marketing consumers have been increasingly concerned about health • Decree No. 24/2020/ND-CP, effective from February 24, production and consumption, increasing revenue and
and sales activities to capture more market share, not to safety, so they tend to consume more non-alcohol and healthy 2020, has introduced stricter regulations on alcohol profit, and solidifying the Corporation’s leading position
mention the competition from domestic players and imitation beverage products. These may lead to a change in competitive advertising, including governing advertising for alcohol in the market.
products. The mainstream segment, which has always been dynamics in the beer market. Despite being the leader in of less than 15% ABV and beer, restricting the use of
one of the Corporation’s strengths, has therefore faced intense Vietnam market, SABECO has come up with plans to counter actors drinking alcohol in cinematographic, theatrical
competition recently. this market risk by improving product quality, promoting R&D and television works, as well as taking measures to
to diversify the Corporation’s product portfolio, and further prevent people under 18 from accessing information and
strengthening Bia Saigon brand. buying alcohol.
54 Operation report SABECO ANNUAL REPORT 2020 55
56 Report of the Board of Directors SABECO ANNUAL REPORT 2020 57
REPORT OF THE BOARD OF DIRECTORS
ASSESSMENT OF 2020 PERFORMANCE • According to the General Statistics Office of Vietnam (GSO), • According to the report presented at the meeting of National
Vietnam’s economy continues to show the recovery efforts. Assembly of Vietnam, Vietnam ranks first (1st) in Southeast
Economic growth in Q3 2020 reached 2.62% after only 0.39% Asia, and third (3rd) in Asia, next to China and Japan in terms
in Q2 2020, compared with 3.68% in Q1. The economic growth of annual beer consumption. These ranks reflect the market
rate in 2020 was 2.91%. Vietnam is one of the few countries attractiveness which comprises almost 98 million people in
OVERVIEW 2020 is a year full of fluctuations for both the in the world that did not forecast an economic recession, but 2020 per report of the GSO, drawing participations from a
the expected growth in 2020 is much lower than the pre-crisis variety of leading beer companies around the world.
world and the Vietnamese economy. forecast of 6-7%.
• While Covid-19 causes short-term impact, Law on Alcohol
• Vietnam is witnessing rapid changes in population and social Harm Prevention has a long-term impact. Decree No.100 of
structure. Vietnam’s population grew to around 96.5 million Government, issued on December 30, 2019, imposed heavy
Macroeconomics by 2019 (from about 60 million in 1986) and is expected to penalties for using a vehicle on the road under the influence
grow to 120 million by 2050. of alcohol. Moreover, Decree No.24 of Government, issued on
• The global COVID-19 pandemic affected all socio-economic in all stages of the process of production - distribution - February 24, 2020, introduces stricter regulations on alcohol
aspects of the countries in the world. Major economies face exchange - consumption linked on the world level fell into • Vietnam economy had been growing rapidly with increasing advertising, specifically including (1) governing advertising for
the worst and deepest recession in many decades. paralysis. Global trade stagnated, a wave of corporate GDP, increasing per capita income and increasing alcohol below 15% and beer, (2) restricting the use of actors
bankruptcy spread around the world. GDP growth, the urbanization. Population is also growing and amongst drinking alcohol in cinematographic, theatrical and television
• According to the latest report of the International Labor broadest measure of economic activity, has thus fallen to the youngest in the region. These factors will drive the works and (3) taking measures to prevent under 18 from
Organization (ILO) under United Nations Organization (UN), record lows in many economies. consumption demand and support future growth for the accessing, accessing information and buying wine.
assessing the impact of the COVID-19 pandemic on the world beer industry in Vietnam.
of work, the serious loss of working hours caused by the • According to the United Nations Conference on Trade and
pandemic has resulted in the huge decline in the employment Development (UNCTAD) in the newly released report, global
income of workers around the world. Foreign Direct Investment (FDI) may decline by 30-40% in the
period 2020-2021, mainly due to the decline in cross-border BUSINESS PERFORMANCE IN 2020
• The rapid spread of COVID-19, forcing countries to impose investment and merger and acquisition (M&A) activities in
border closure and safe-distancing measures to combat the whole world. According to World Trade Organization (WTO), In 2020, the Board of Directors operated in accordance with the law, the Corporation’s Charter, and relevant regulations
pandemic, caused a global supply chain disruption, resulting global trade volume decreased 9.2% in 2020. and delivered commendable results as follows:
Net Sales (Billion VND) Profit After Tax (Billion VND)
Vietnamese Economy and Beer Market

40,000 6,000 4,937
37,899 5,370
35,000 4,5000
3,252
30,000 27,961 3,000
2020 is an unprecedented year with many

25,000 23,800 1,500
opportunities and challenges for the market in
general, beer industry in particular, but “smooth 20,000 0
sea never made a skilled sailor”. 2019 2020 Plan 2020 2019 2020 Plan 2020
Earnings and Dividend The accomplishments from disciplined execution across all business areas include strong earnings
and sustainable dividend payouts, in which our strong operational performance allowed a dividend
payment of up to 35% of par value to shareholders, thereby meeting the plan approved at the 2020 AGM.
THE BOARD OF DIRECTORS’ ACTIVITIES IN 2020
04
In 2020, the Board of SABECO held four (04) physical and online meetings and Business transactions between SABECO and its related persons
to facilitate the implementation of company strategic plans and to supervise
physical and the business activities of SABECO and its group of companies. All RPTs occurred were subject to strict reviews and approval processes by following the pre-defined approval matrix according to
online meetings SABECO’s Charter. AC then reviewed and discussed with the Independent Auditor and the Management in regard to any complex
Apart from regular BOD meetings, the Board also approved resolutions and unusual related party transactions if necessary and required.
through circular for urgent business decisions.
Members of the Board and the Management were required to disclose to the Board whether they directly, indirectly or on behalf
of third parties, had a material interest in any transaction or matter which directly affected the Corporation. The Board must
Remuneration Performance Assessment of the Board and Committees ensure that transactions between related parties were carried out on normal commercial terms and no harm to the interests of
the Corporation.
Remuneration for Board members was approved in the 2020 In response to SABECO’s expanding operating scale, business
AGM. Hence, they received this amount in accordance with the activities have to be adjusted regularly to adapt to complex Excluding those transactions between companies within SABECO group, the RPTs are as follows:
Corporation’s regulations and policies. market conditions and changes in the economic environment.
Therefore, BOD members have been working with the highest
sense of responsibility, developing their leadership capacity
to pursue SABECO’s sustainable development for the interests Company Name Transaction Detail Board’s approval
of shareholders.
TBC Ball Beverage Can Buying cans Resolution No. 81/2019/NQ-HDQT dated August 19, 2019
Vietnam Company Limited
Activities of Committees
• The AC reviewed FS, SABECO’s system of internal controls,

and RPTs which might lead to conflict of interest, supervising Consultant services Resolution No. 08/2020/NQ-HDQT dated January 20, 2020
Me Linh Point Limited
compliance and fraud prevention, overseeing and
evaluating internal audit performance in accordance with
the International Standards for the Professional Practice
of Internal Auditing, and approving audit plans as well as
assessing independent auditing services.
Self - assessment of the Board
• Mr. Nguyen Tien Vy, an Independent Director, oversaw human
resources activities and ensured remuneration policies were As required by Government regarding implementation of As per the results, in 2020, the overall rating was “met
in accordance with the law and the Corporation’s Charter Securities Law, as well as based on SABECO’s Charter, the expectation”. The Board operated in accordance with Law
and relevant regulations in order to support the Board on Vietnam Corporate Governance code and best practice and and SABECO’s Charter aiming at the positive results for the
these matters. In this connection, prior to consideration of other recommended assessment structured by renowned corporation. The instructions under the Board’s authority
the Board, he reviewed and put forward to the Corporation consulting firms, the Board performance review by Independent regarding governance, strategic supervision, master plans of
certain recommendations related to human resources Directors was conducted by circulation per seven (07) action, risk management, annual budgets, nomination and
including, but not limited to, the organizational structure assessment criteria such as (1) Board Composition, (2) Strategy remuneration have been executed professionally. Besides,
and the appointment of senior executives of SABECO and and Performance, (3) Board risk management and internal the Board has ensured adequate communications with
its group of companies. Furthermore, in 2020, on behalf controls, (4) Information management, (5) Board procedures, shareholders, investors, regulators and general public by
of the Board, Mr. Nguyen Tien Vy provided consultation, (6) Top management performance and succession planning, (7) pursuing a transparent and effective disclosure policy. The
and supported the Management on the communication of Director development. Assessment form is to use questionnaires suggestions of the Board for performance improvement have
the salary and remuneration structure for the personnel with a 5-level rating scale. been noted for implementation in 2020.
appointed by the Corporation to be representatives of
SABECO at subsidiaries and associates.
Supervision and Assessment of the Management Production and Supply Chain Activities
Based on the Corporation’s Charter and relevant regulations, BOD resolutions are then delegated to the Management for execution • Maintained highest standards for product quality by • Invested in R&D activities and applied innovative
to be in line with the Corporation’s business plan. improving procurement process of raw materials and technologies to diversify product portfolio, improve
production process. product quality and reduced manufacturing costs. The
The Board adheres to the development goals and orientations approved by the AGM in making decisions and offering solutions brewery’s operational procedures are centered on health,
to specific issues. • Closely monitored price movement of raw materials and the environment and sustainable development.
ensure timely purchasing of production materials to
Summary of the Board’s supervising activities are outlined below: optimize production costs. • Restructured warehousing processes and network,
developed transportation roadmap and progressively
• Enhanced efficiency and capabilities for supply chain optimized transport activities, centralized the operation
Organizational Structure within SABECO system. of long-range transpor t; diversified methods of
transportation and ensured adequate supply during
• Strengthened quality management, machinery and peak occasions.
Applied new salary structure from the Launched the implementation of Digital equipment management programs, improved expertise
parent company to trading subsidiaries. transformation of project “SABECO 4.0” aiming to and training for workers to ensure quality and food safety. • Officially rolled out TMS and WMS which were vital parts of
optimize, standardize and automate the way of the SABECO 4.0 project.
working across all SABECO breweries and trading • Managed research and beer analysis activities at testing
Restructured the organization chart of companies nationwide in order to strengthen laboratories of the Corporation’s system, developed
trading subsidiaries. SABECO’s market leadership in the Vietnam documentation, maintained and improved the laboratory
Beer Market. management system ISO 17025:2005.
Sales and Marketing Activities Investment Activities Human Resources Activities
• Reviewed product portfolio and market share tracking. • Launching Bia Lac Viet - the real Vietnamese beer to fully • Ensured compliance with the Law and SABECO’s regulations • Reviewed and developed the Corporation’s structure to
reference the nationalistic symbol, as well as reinforce during implementation of capital investment projects. streamline organization and increase effectiveness of
• Satisfied customer’s requirements and needs in each Vietnamese traditions and values and update it for the business management and operation by reviewing the
market segment. future journey. • Invested in projects for expansion of production capacity functions and duties of various sections of the corporation,
in order to meet business needs. subsidiaries and standardizing job descriptions to properly
• Monitored and guided the sales support programs to increase • Launched Bia Saigon Chill with the formula of cold evaluate staff capabilities.
effectiveness and ensure consistency throughout the system fermentation -2oC - the newest addition to the Bia Saigon • Inauguration of new canning line at Saigon Beer - Quang
for achievement of targeted sales volume. family, aiming at affirming the strategic vision and showing Ngai Brewery for expansion plan to meet the growing • Strengthened the management structure by combining
the internal strength of a brand that has a long history of demand in Quang Ngai and the Central region of the international management experience, understanding
• Focused on key distributors and distribution channels to 145 – years development – the proud of Vietnam Vietnamese market. It also represents SABECO’s continued of local practices and network and to further develop
meet market demand, taking into consideration the pricing commitments in long-term business development and expertise throughout the organization.
strategies and market competitiveness. • Changed the packaging design for Bia Saigon Gold using contributions to sustainable development of local societies.
gold metal as a main color which presents for extravagance,
• Focused on strengthening its key market segment, wealth, riches as well as bright and cheerful.
the popular and sub-premium product lines, to create Subsidiaries, Associates, and Joint Ventures’ Activities
momentum before targetting the premium segment.
• As of December 31, 2020, SABECO has 26 subsidiaries with over 50% of ownership, 18 associates and joint ventures.
• Developed a strategy to drive sales through stimulating sales
to consumers (such as “Win gold - Share gold” promotion for • Most of SABECO’s subsidiaries and associates in main business activities (beer manufacturing and trading) and supporting
Bia Saigon Lager, “Share lucky, life up like Dragon” promotion industries (packaging, transportation, mechanical) had recorded positive results despite of being impacted by COVID-19
for Bia Saigon Export and etc.) pandemic, thereby improving returns on SABECO’s capital investment.
62 Report of the Audit Committee SABECO ANNUAL REPORT 2020 63
REPORT OF THE AUDIT COMMITTEE

OVERSIGHT OF The AC would supervise the effectiveness of SABECO’s internal controls to prevent fraud
and ensure compliance with the law and the Corporation’s charter and regulations.
COMPLIANCE AND
Initially, the AC would focus on the efficiency of internal audit and risk management
The Audit Committee under the Board of SABECO comprises three Directors as follows: FRAUD PREVENTION systems. The AC reviewed SABECO’s internal control system every quarter based on
the audit report of IA Department. The report included recommendations to improve
some internal controls so that the Corporation’s business operations would be
Mr. Pramoad Phornprapha Mr. Nguyen Tien Vy Mr. Michael Chye Hin Fah adequate, effective, and appropriate.
Independent Director Independent Director Member of the Board

Chairman of the AC Member of the AC Member of the AC OVERSIGHT OF The AC has oversight of the Corporation’s internal audit activities, including approving
the annual audit plan, evaluating internal audit performance, ensuring that the IA
INTERNAL AUDIT Department independently performed its duties by having it report directly to the
AC and providing advice to be in accordance with the International Standards for the
Professional Practice of Internal Auditing and the approved audit plan. The AC found
During the fiscal year ended December 31, 2020, the AC held four meetings and each committee member’s attendance is presented that the internal audit activities had achieved established goals and plans.
in the Corporate Governance Report in the Annual Report. The proceedings from each AC meeting were reported to the Board
and summarized as follows:
REVIEW OF FINANCIAL STATEMENTS

The AC had reviewed quarterly, semi-annual, and annual FS before the Management submitted them to the Board, and then to
shareholders at the AGM, or for public release as required by the law, and assessed whether they were presented fairly, completely,
and timely in accordance with current accounting standards and regulations, and legal requirements. For 2020, the result of the
review showed that:
• Quarterly and annual FS were prepared and disclosed • No material errors were found regarding accounting
in accordance with current accounting standards estimates (provisions, goodwill valuation, etc.).
and regulations.
• Some comments in the management letter to improve
• Although it is not required by the law, Q1 2020 and Q3 2020 SABECO’s internal control system, which were made
FS were reviewed by the Independent Auditor, who helped by the Independent Auditor, have been reviewed and
improve the reliability and credibility of the reports before considered by the AC as not having significant impact on
being disclosed. the FS preparation and disclosure. The AC also agreed
with Management and relevant stakeholders on measures
• There were no major changes in accounting policies, for improvement.
accounting standards, or tax policies during the year,
which had material impact on the financial position and OVERSIGHT OF The AC found that the proposed 2020 audit plan and its implementation by the
financial statements. INDEPENDENT Independent Auditor were suitable to meet the Corporation’s requirements in terms of
scope, objectives, methodology, and timeline while ensuring the auditing service quality
AUDITING SERVICES
and independence with no conflict of interest.
REVIEW OF RELATED PARTY TRANSACTIONS
In implementing the 2020 audit plan, KPMG successfully fulfilled its tasks as the
The AC reviewed RPTs that SABECO had entered into, which might lead to conflicts of interest. Such transactions were undertaken Independent Auditor and met the AC’s expectations, and ensured the reliability and
on an arm’s length basis, reasonably, on standard commercial terms and in the best interest of the Corporation with appropriate integrity of the financial statements disclosed to shareholders and relevant stakeholders.
approval procedures, including information being disclosed sufficiently, accurately, and completely.
For the financial year 2021, the Board will submit the proposal of selecting an
independent auditing firm to the AGM for approval.
64 Report of the Board of Management SABECO ANNUAL REPORT 2020 65
REPORT OF THE BOARD OF MANAGEMENT

EVALUATION OF 2020 BUSINESS PERFORMANCE CONSOLIDATED FINANCIAL INDICATORS
2020 was an incredibly tough year for SABECO. After struggling with the fake news that SABECO was a Chinese company circulated
from late 2019, the Corporation had to confront with the government’s implementation of Decree 100 in January 2020 which Financial Ratio Unit 2019 2020
introduced a zero-tolerance policy and heavy penalties for drunk driving/riding. While SABECO gradually recovered from those
twin headwinds, the Covid-19 pandemic emerged and brought about adverse impacts on the Corporation’s top and bottom lines. Growth ratio
Fortunately, with Covid-19 being well managed and effectively contained by the Vietnamese government, Vietnam is on its course
Net sales 5.4% -26.2%
to economic recovery much more quickly than many other countries, and so are SABECO’s business activities.
Gross profit 18.1% -11.0%
SALES PERFORMANCE Net profit % 22.0% -8.1%
Total asset 20.5% 1.5%

Net Sales (Billion VND) In 2020, sales volume was lower than 2019 due to the impacts of
lingering fake news, Covid-19, Decree 100 and prolonged storms Equity 24.6% 5.7%
and floods. Facing those difficulties and challenges, SABECO
managed to adjust the business strategy, switching its focus to Liquidity ratio
30,000 27,961 off-trade channels and promotional activities. The Corporation
Current ratio 3.15 3.77
also launched two new brands, Bia Lac Viet and Bia Saigon Chill,
25,000
which have received favorable feedback from consumers thus far. Quick ratio Time 2.81 3.45
20,000 Cash ratio 2.71 3.34

NET SALES
15,000 Turnover ratio
8,052 Net sales reached VND27,961 billion, a 26% decrease compared to
7,135 7,865 Inventory turnover ratio 13.49 10.53
10,000 2019 due to lower volume that was partially off-set by the increase
4,909 of selling price in the period.
5,000 Receivable turnover ratio 188.66 246.37
Time
GROSS PROFIT Payable turnover ratio 12.73 9.54
0
1Q20 2Q20 3Q20 4Q20 FY20 Total asset turnover ratio 1.54 1.03
The gross profit margin was 11% below last year as a result of a
decrease in net sales. However, it was partially off-set by raw Operating profitability ratio
material and packaging cost savings, and reduced overhead
costs, as well as transportation cost savings. Gross margin 25.2% 30.4%
Profit After Tax (Billion VND)
Net margin 14.2% 17.7%
OPERATING EXPENSES
ROE 29.7% 23.9%
G&A expenses were VND702 billion and decreased by 33%
6,000 compared to 2019 due to one-off provision made for investment ROA % 21.8% 18.2%
4,937
5,000 in a real estate associate last year. Selling expenses was VND2,859
Cost of goods sold/Net sales 74.8% 69.6%
billion, lower than 2019 by 4.8% due to fully depreciation of
4,000 most of bottles. Even though there were more marketing and G&A expenses/Net sales 2.8% 2.5%
3,000 promotional activities, SABECO implemented various measures
Selling expenses/ Net sales 7.9% 10.2%
1,534 on cost savings to help reduce the impact of lower net sales.
2,000 1,470
1,216
Risk ratio
1,000 717 PROFIT AFTER TAX
Debt Equity Ratio 0.36 0.32
0 Time
Profit after tax reached VND4,937 billion, decreased by
1Q20 2Q20 3Q20 4Q20 FY20 Interest Coverage Ratio 197.25 106.42
8.1% compared to 2019, resulting from lower gross profit.
However, it was 51.8% higher than annual plan approved by AGM.
ASSETS 2020 HIGHLIGHT

As of December 31,2020, total assets reached VND27,375 billion, increased by VND413 SALES
billion compared to last year.
In 2020, SABECO remained its focus on brand visibility with signages at points of
Specifically, the current assets slightly increased by VND348 billion, mainly coming consumption, point of sale displays, and brand promotion by promoter agents.
from the increase in term deposit, partially off-setted by the decrease of cash and cash
27,375 billion VND

equivalent and inventories balance. The inventories balance as of December 2019 was
higher due to stock-up for Tet in January 2020 while this year Tet was in February 2021
as well as better management of stock.
Both Decree 100 and Covid-19 have slowed down the Corporation’s business as well
as caused tremendous changes in consumer behavior with consumers moving to off-
premise and modern trade. As a result, various initiatives were executed to maintain
VND413 BILLION
business operations and quickly adapt to the new consumption trend. Resources
The fixed assets decreased by VND90 billion as assets were being depreciated that in on-trade premises were redeployed to off-trade premises to enhance modern
was off-setted by the increase of fixed assets recognition at Saigon Beer – Quang Ngai trade channels as well as online platforms. In addition, home delivery service was
Brewery and Saigon Beer – Lam Dong Brewery for canning line as well as Saigon Beer - launched to help facilitate consumers with at-home consumption during social
Nguyen Chi Thanh Brewery for beer filtration system. Long-term investment increased distancing periods.
by VND188 billion due to higher profit sharing from joint venture and associates.
SABECO also strengthened its brand portfolio by introducing two new products,
ROA and ROE were lower than last year mainly due to lower profit after tax in 2020. Bia Lac Viet and Bia Saigon Chill, in mainstream segment and mass premium
segment respectively.
LIABILITIES Besides, numerous national and regional promotions were successfully launched for
Bia Saigon Lager, Bia Saigon Export and 333, along with hundreds of mobile “Saigon
As of December 31,2020, liabilities were VND6,160 billion, decreased by VND726 billion Nights” being implemented across the country.
6,160
billion VND
compared to last year mainly from the payment timing difference for trade account
payable as well as the decrease of associates payable.
VND726 BILLION The debt equity ratio decreased from 0.36 in 2019 to 0.32 in 2020 while the current
ratio increased from 3.15 to 3.77, thus reflecting SABECO’s low gearing and liquidity.
OWNER’S EQUITY
21,215
billion VND As of December 31,2020, equity were VND21,215 billion, increased by VND1,139 billion,
VND1,139 BILLION as a result of profit for the period but off-setted by more dividend payment (35% of
2019 dividend and 20% of advance payment of 2020 dividend).
INVESTMENT IN SUBSIDIARIES, ASSOCIATES, AND JOINT VENTURES
As of December 31, 2020, SABECO wholly owned 5 companies, 21

subsidiaries with more than 50% ownership, and 18 associates
and joint ventures.
SABECO’s subsidiaries, associates, and joint ventures, who

operated in the beer business (e.g., beer production and
sales) and those in related businesses (e.g., packaging and
mechanics), achieved positive results in overall, thereby
contributing to the Corporation’s profit and increasing its
effectiveness in capital investments.
SUPPLY CHAIN Warehouse Management System (WMS) completely rolled out at the end of June 2020. This
system provided real-time inventory visibility, thereby improving operational efficiency,
reducing operational errors, improving warehouse services, and lowering operational costs.
Besides, Transportation Management System (TMS) was officially launched in December 2020.
The utilization of TMS together with WMS would allow tracking of real-time inventory throughout
the system, facilitating SATRACO’s staff in planning for transportation. Activities across the
supply chain would also be monitored and controlled more effectively through a comprehensive
management system, which can optimize transportation costs, improve capacity, as well as
provide a platform for better coordination between warehouses, transportation, trading
companies, and sales force. The project not only made economic sense in production and
business activities of SABECO and SATRACO, but also raised the competitiveness of member
companies and partners in the Corporation’s supply chain.
PRODUCTION
In 2020, the Production Management Software was put into use to help reporting data become more timely, accurate, and objective,
thereby ensuring quick and convenient management and execution.
In addition, SABECO has invested in the following projects:
BRAND INVESTMENT
Despite being heavily impacted by Covid-19 and Decree 100, SABECO

has continued to focus on research and development of new products
to meet the diverse needs of consumers, thereby increasing brand JUNE 2020 AUGUST 2020 JANUARY 2021
loyalty in the domestic market. In celebration of its 145th anniversary,
the Corporation launched Bia Lac Viet to be the true Vietnamese beer, Improving the wastewater Outdoor yard and roofing for the Installing rooftop solar panels
rising with the country and Vietnamese people. The launch of Bia Lac treatment system for phosphorus general warehouse at Saigon at Saigon Beer – Cu Chi Brewery,
Viet has helped SABECO expand its product portfolio and compete and color treatment at Saigon Beer – Cu Chi Brewery, which was expecting to be put into use by
further in the mainstream segment. Beer – Cu Chi Brewery, which was put into use in August 2020. January 2021.
put into use in June 2020.
Another remarkable highlight was the launch of Bia Saigon Chill, a new
member of Bia Saigon family, using innovative cold filtered techniques
at -2oC to preserve the refreshing taste with spectacular packaging. The
launch of Bia Saigon Chill has demonstrated the Corporation’s efforts In order to expand breweries and meeting the increasing Apart from upgrading the infrastructure, investing in equipment,
in upgrading its Bia Saigon image and premiumizing its portfolio. demand in the Central area, SABECO started its brewery and developing employees’ capability, the project also focused
Within a short period of time since being launched, Bia Saigon Chill expansion project at Saigon Beer – Quang Ngai Brewery by on sustainable development factors such as introducing the
has quickly attracted a lot of consumers’ interests and consistently putting into use a new canning line with a total capacity of up A-grade wastewater treatment system and utilizing green
received favorable feedback on packaging and flavor. to 60,000 cans/hour, completing the first phase of investment energy for more savings. Through this project, the Corporation
at Saigon Beer – Quang Ngai Brewery for the 2019 – 2021 has emphasized its commitment to contributing to long-term
In addition, to celebrate Lunar New Year 2021, SABECO relaunched period. As for the next steps, SABECO would increase the sustainable development of local areas where SABECO is
its Bia Saigon Gold in a limited edition pack, in the shape and color production capacity of Saigon Beer – Quang Ngai Brewery currently operating.
of a shining gold bar, representing wealth and prosperity. The 18-can to 250 million litters/year to achieve economies of scale.
cartons were perfect Tet gift that consumer can give to their beloved
families, friends and clients.
COST
INTERNAL AWARDS
Facing the complex situation of Covid-19 which posed great
challenges to the resilience and survival of all enterprises,
cost savings and waste reduction were top priorities. In 2020, • Not to cut costs on “critical” items. For the first time, the Corporation established “The Best Trading Company Award” and “The Best Brewery Awards”
SABECO continued to harness savings on raw materials (e.g., in order to honor the best performers annually as well as encourage continuous improvement.
• Spend wisely on “must-haves”.
malt and hops), packaging and transportation costs. In addition,
the Corporation was also diligent in lowering production • Cut or defer “nice-to-haves”.
overhead costs at breweries and strictly adopted the following
principles for the purpose of prudent cost management:
PEOPLE
In 2020, SABECO continued to restructure functional departments to well manage the overall human capital, also rolled out the
new performance-based salary structure for trading companies and applied performance evaluation for all employees for the
purpose of creating a fair and competitive working environment. Moreover, the Corporation not only amended its current personnel
policies but also worked with the labor union to introduce more reasonable and favorable terms to employees.
SABECO 4.0
The digital transformation project, i.e., SABECO 4.0, was officially activated in June 2020 with KPMG Vietnam being the project’s
management and consultancy firm. SABECO 4.0 has always been a strategic transformative initiative to optimize, standardize, and
automate the way of working across all entities in order to improve efficiency and productivity, thereby affirming SABECO’s leading
position in Vietnam’s beer market. This project has also been in line with the government’s digital transformation encouragement THE BEST TRADING COMPANY AWARD THE BEST BREWERY AWARD
of Industry 4.0 to ensure that Vietnam would be able to leverage on the coming opportunities. At the current phase, the Corporation
would focus on transforming sales and distribution models, including: Sai Gon Beer Eastern Trading Joint Saigon Beer – Lam Dong Brewery
• Developing comprehensive business solutions to help
Stock Company
SABECO achieve its business targets.
• Standardizing sales processes to be in line with domestic and

international standards.
Volume Growth Safety, Health, Environment
• Applying a synchronized sales solution.
• Monitoring operations and forecasting based on big data.
• Operational training for the new system.
Market Share Growth Production Excellence

In December 2020, SABECO signed a contract with FPT Software
Ho Chi Minh Company Limited to implement the DMS – SFA
solution, which helped optimize sales processes, efficiently
facilitated the interaction and coordination between the sales
team and distributors, thereby improving the competitiveness
and capabilities of the sales team as well as raising the quality
of both products and services for customers. The project is
expected to be deployed nationwide in early Q2 2021. Productivity Cost Management
72 2021 Outlook SABECO ANNUAL REPORT 2020 73
2021 OUTLOOK
MACROECONOMICS OVERVIEW AND THE BEER MARKET IN 2021
OVERVIEW
• According to Resolution of the National Assembly on the socio-
• Vietnam’s open trade network makes it an attractive
economic development plan in 2021, the GDP growth target
destination for foreign direct investments. Nevertheless,
of 2021 is 6%, the average GDP per capita is about 3,700 USD/
this also makes Vietnam vulnerable to slowing global
person and the average consumer price index is 4%.
demand, which may affect Vietnam’s exports. However,
• The Government closely monitors and focuses on with the implementation of structural and fiscal reforms
analyzing, evaluating and forecasting the international and in recent years, Vietnam would still be able to meet growth
domestic situation to proactively prepare plans, scenarios, expectations in key sectors.
measures and policies to promptly and effectively respond
to variables, great movement and new problems arise; • With the newly amended Enterprise Law, Investment
continuing to take effective measures to prevent and reduce Law, Securities Law and other regulations to enhance 2021 PLANNING
damages from the Covid-19 pandemic and other diseases; transparency in the investing environment, especially for
strengthening propaganda, raising awareness of epidemic foreign investors, Vietnam hopes to make the stock market’s In spite of major challenges from the the Covid-19 pandemic and Decree No. 100/2019/NĐ-CP dated December 30, 2019 on
prevention and control, absolutely not subjective, lose guard size equal to the country’s GDP in 2021. Larger market prohibiting drunk driving, the innovation that will be the driving force for economic growth in 2021 is the stabilization of production
against epidemics. capitalization would help Vietnam move from a frontier and business segments that exploit domestic consumption with the growing purchasing power of millions of Vietnamese because
market to an emerging market. the Government of Vietnam has good disease controls and the world has successfully studied, researched and rolled out the
Covid-19 pandemic vaccine.
The Board provides guidance in the following areas:

• Focusing on radical reforms to increase investment and
BEER MARKET IN 2021 • Implementing resolutions of the General Meeting of operational efficiencies and reducing costs, thereby increasing
Shareholders including achieving 2021 business plan. productivity.
• The Vietnam beer industry suffered significantly as a result introduced tighter restrictions on marketing and advertising
from these two unprecedented incidents - Covid-19 and for beer and imposed heavy penalties for operating a vehicle • Focusing resources on branding and marketing activities, • Focusing on E-commerce and the on-off premise channels
restricted laws. on the road under the influence of alcohol without any including developing brand positioning, production and according to the global trend.
allowance of legal limit. distribution strategies to meet market needs, professional
• The Covid-19 pandemic has also adversely affected tourism distribution network restructuring and effective supporting • Adopting the renewable, solar energy systems for cost-
through travel restrictions, disrupted supply chain and • The trend of consuming mass premium beer brands will channels and product segments control. effectiveness and reduce effects of climate change.
business operations and dampened economic and social continue to grow over the long run. However, potential
activities, resulting in measures to contain the spread by the consumers’ downtrading may have an impact on 2021 • Maintaining the domestic market and reaching out to the • Committing to a sustainable development model revolving
closure of bars, pubs, karaoke and night clubs in numerous sales due to their income being affected by the lingering international market. around four key objectives: Consumption, Conservation,
provinces throughout Vietnam. The beer production and Covid-19 pandemic. Country and Culture encompassing social activities,
trading industry will also face problems and risks such as • Promoting research and development initiatives to improve community support and environmental protection programs.
lower beer consumption if the Covid-19 pandemic is not • The competition continues to be stiff with every beer product quality and new product offerings.
completely controlled in 2021 along with the increase in the manufacturer vying for higher market share. • Leveraging both local and international expertise to preserve
price of raw materials. • Applying SABECO 4.0 digital system in administrative and SABECO values and the Corporation’s brands while constantly
• Alcoholic beverages in Vietnam are subject to 3 taxes: import business activities for SABECO and its group of companies. adapting to the dynamic market with its ever-changing
• The industry continues to be confronted with the tax (from 5-80% depending on the type of FTA), value added business environment.
implementation of Decree No. 100/2019/NĐ-CP dated tax - VAT (10%) and special consumption tax - SST (increase • Enhancing capabilities and efficiency of SABECO’s supply
December 30, 2019 which was effective in January 2020, and from 50% to 65% in 2018). chain system. • Improving corporate governance practices by adopting
Decree No. 24/2020/NĐ-CP dated February 24, 2020 which the recently issued Vietnam Corporate Governance Code of
• Integrating effective methods of human resources Best Practices and applying advanced international standards
management and applying the Key Performance Indicators to efficiently leverage SABECO values and strengths, thereby
(KPI) reward system. building strong relations and trust among shareholders
and investors.
74 Corporate Governance SABECO ANNUAL REPORT 2020 75
76 Report on Corporate Governance SABECO ANNUAL REPORT 2020 77
REPORT ON CORPORATE GOVERNANCE

For the fiscal year ended December 31, 2020, all members of the Board fully participated in four Board meetings,
RESPONSIBILITIES OF THE BOARD OF DIRECTORS which were organized via video conference due to the complex situation of Covid-19.
No. of BOD Meetings

No. Member of the Board of Directors % Attendance
Attended
PRINCIPLE 1 Establishing clear roles, responsibilities, and commitments
of the Board 1 Mr. Koh Poh Tiong 4/4 100%
2 Mr. Pramoad Phornprapha 4/4 100%
3 Mr. Nguyen Tien Vy 4/4 100%
4 Mr. Michael Chye Hin Fah 4/4 100%
5 Ms. Tran Kim Nga 4/4 100%
6 Mr. Nguyen Tien Dung 4/4 100%
7 Mr. Luong Thanh Hai 4/4 100%
In addition to those video conference meetings above, the Board also discussed and voted by circulation on a number of business
matters throughout the year. As of December 31, 2020, the Board issued 115 resolutions in total.
In 2018, the AGM approved changes of SABECO’s organizational structure, in which the Corporation’s governance model now
includes the General Meeting of Shareholders, the Board of Directors, General Director, and Audit Committee under the Board List of 2020 resolutions:
of Directors. The Board has overseen the Corporation’s businesses and affairs in accordance with shareholders’ resolutions
and applicable laws ever since. The Board must always carry out reasonable business judgments and act in good faith for the
Corporation’s best interest. No. Resolution Date Content
As of December 31, 2020, the Board included the following members: 1 01/2020/NQ-HĐQT 09/01/2020 Approved 2020 budget plan
1 Mr. Koh Poh Tiong • Chairman of the Board Approved proposal on appointment of personnel at San Miguel
2 02/2020/NQ-HĐQT 09/01/2020
Yamamura Phu Tho Packaging Company Limited
• Independent Director
2 Mr. Pramoad Phornprapha
• Chairman of the AC 3 03/2020/NQ-HĐQT 13/01/2020 Approved the written opinion of shareholders of OCB
• Independent Director Approved the 2nd advance dividend payment of 2019 in cash of
3 Mr. Nguyen Tien Vy 4 04/2020/NQ-HĐQT 13/01/2020
• Member of the AC Sal Gon - Ha Noi Beer Corporation
• Member of the Board Approved proposal to increase 2019 dividend at Saigon - Bentre
4 Mr. Michael Chye Hin Fah 5 05/2020/NQ-HĐQT 13/01/2020
• Member of the AC Beer Joint Stock Company
5 Ms. Tran Kim Nga • Member of the Board 6 06/2020/NQ-HĐQT 20/01/2020 Approved the organization of 2020 AGM of SABECO
6 Mr. Nguyen Tien Dung • Member of the Board

7 07/2020/NQ-HĐQT 20/01/2020 Approved the prepayment of 2019 dividend in cash of SABECO
7 Mr. Luong Thanh Hai • Member of the Board
Approved the proposal on engagement of Me Linh Point Limited
8 08/2020/NQ-HĐQT 20/01/2020
to advise on Land matters
The Board has recognized its crucial duties to administer and the Corporation’s business objectives. The Board has Appr oved proposal on appointment of personnel at Sai Gon -
SABECO businesses and oversee operations in the best also been responsible for determining SABECO’s vision and 9 09/2020/NQ-HĐQT 06/02/2020
Khanh Hoa Beer Joint Stock Company
interest of the Corporation. This includes the administration business strategies, monitoring the Management’s performance
Abstained proposals of Sai Gon Binh Tay Beer Trading and
of subsidiaries to be in line with the Corporation’s core in accordance with the Corporation’s policies, and reporting 10 10/2020/NQ-HĐQT 14/02/2020
Service Co., Ltd
business plans to ensure legal compliance and commitment financial statements and general information to shareholders
to shareholders’ resolutions, relevant laws and regulations, and investors in an accurate and timely manner.
No. Resolution Date Content No. Resolution Date Content
Approved proposal on appointment of personnel at Me Linh Point

11 11/2020/NQ-HĐQT 19/02/2020 Approved proposal of the Management regarding the bonus funds
Limited
34 34/2020/NQ-HĐQT 07/05/2020 for non-full-time BOD members and Supervisory Board Members
Approved proposal of SABECO Management regarding the matters at subsidiaries and associates
12 12/2020/NQ-HĐQT 24/02/2020
at Saigon - Nghetinh Beer Joint Stock Company
Approved proposal of SABECO Management regarding the land Approved the proposal of Saigon - Lamdong Beer Joint Stock
13 13/2020/NQ-HĐQT 04/03/2020 35 35/2020/NQ-HĐQT 07/05/2020
matters at Sai Gon - Khanh Hoa Beer Joint Stock Company Company
Approved the content s to vote at Saigon Song Hau Beer Trading Approved draft of wages and labor productivity bonus regulations
14 14/2020/NQ-HĐQT 07/03/2020 36 36/2020/NQ-HĐQT 11/05/2020
Joint Stock Company' s AGM in 2020 of Sai Gon - Khanh Hoa Beer Joint Stock Company
Approved the contents to vote at Weste rn - Saigon Beer Joint Stock 37 37/2020/NQ-HĐQT 13/05/2020 Approved the dates of 2020 AGM of SABECO
15 15/2020/NQ-HĐQT 07/03/2020
Company 's AGM in 2020
Approved to sign contracts to buy can from TBC - Ball Beverage Can Approved the amendment of an article regarding Key Account
16 16/2020/NQ-HĐQT 11/03/2020 38 38/2020/NQ-HĐQT 14/05/2020
Vietnam Ltd. (TBC Ball) for 2021 Channel of the Sales Policy
Approved the contents to vote at Sai Gon - Mien Trung Beer Joint 39 39/2020/NQ-HĐQT 22/05/2020 Approved the selling price of Saigon Lac Viet Beer product
17 17/2020/NQ-HĐQT 13/03/2020
Stock Company 's AGM in 2020 (th e 1st time)
Approved to cancel the AGM record date on 23/03/2020 and to Approved the proposal on personnel matters at Chuong Duong
18 18/2020/NQ-HĐQT 16/03/2020 40 40/2020/NQ-HĐQT 27/05/2020 Beverages Joint Stock Company and Sai Gon - Quang Ngai Beer
postpone the 2020 AGM of SABECO
Joint Stock Company
Approved the contents to vote at Saigon Beer Center Trading Joint
19 19/2020/NQ-HĐQT 17/03/2020 Approved the adjustment of remuneration for non-full -time
Stock Company' s AGM in 2020 41 41/2020/NQ-HĐQT 27/05/2020
Members of BOD and BOS at subsidiaries and associates
Approved the content s to vote at Sai Gon - Mien Trung Beer Joint
20 20/2020/NQ-HĐQT 18/03/2020 Approved the contents to vote at Sai Gon - Mien Trung Beer Joint
Stock Company 's AGM in 2020 (th e 2nd time) 42 42/2020/NQ-HĐQT 01/06/2020
Stock Company’s AGM in 2020
Approved the content s to vote at PVI Joint Stock Company's AGM
21 21/2020/NQ-HĐQT 19/03/2020
in 2020 43 43/2020/NQ-HĐQT 01/06/2020 Approved the 2020 AGM’s documents of SABECO (the 1st time)
Approved proposal on personnel matt er at Malaya - Vietnam Glass
22 22/2020/NQ-HĐQT 31/03/2020 Approved the contents to vote at Sai Gon - Khanh Hoa Beer Joint
Limited 44 44/2020/NQ-HĐQT 04/06/2020
23 23/2020/NQ-HĐQT 03/04/2020 Approved the draft of Activity Report of the Audit Committee in 2019 Approved the adjustment on selling - buying price of Saigon Beer
45 45/2020/NQ-HĐQT 05/06/2020
product
Approved proposal to amend Charter of Malaya - Vietnam
24 24/2020/NQ-HĐQT 07/04/2020 Approved the contents to vote at Sai Gon Beer Packaging Joint
Glass Limited 46 46/2020/NQ-HĐQT 08/06/2020
25 25/2020/NQ-HĐQT 08/04/2020 Approved the draft of audited Financial Statements 2019 of SABECO Approved the contents to vote at Saigon - Bentre Beer Joint Stock
47 47/2020/NQ-HĐQT 09/06/2020
Company’s AGM in 2020
Approved the draft of report of the Board of Directors for 2019
26 26/2020/NQ-HĐQT 08/04/2020 Approved the contents to vote at Bia Saigon Mien Trung Trading
performance and 2020 orientation 48 48/2020/NQ-HĐQT 09/06/2020
Joint Stock Company’s AGM in 2020
27 27/2020/NQ-HĐQT 10/04/2020 Approved SABECO 4.0 project Approved the contents to vote at Sai Gon - Dong Xuan Beer Alcohol
49 49/2020/NQ-HĐQT 09/06/2020
Joint Stock Company’s AGM in 2020 (the 1st time)
28 28/2020/NQ-HĐQT 14/04/2020 Approved the revised 2020 budget plan of SABECO Approved the contents to vote at Sai Gon - Vinh Long Beer Joint
50 50/2020/NQ-HĐQT 09/06/2020
Approved the draft of internal regulations of Sai Gon - Khanh Hoa
29 29/2020/NQ-HĐQT 15/04/2020 Approved the proposal on personnel matter at Sai Gon Beer Tay
Beer Joint Stock Company 51 51/2020/NQ-HĐQT 09/06/2020
Nguyen Trading Joint Stock Company
Approved in principle the matter related to strengthening
30 30/2020/NQ-HĐQT 16/04/2020 Approved the contents to vote at Sai Gon Beer Bac Trung Bo Trading
management and improving operational of the trading companies 52 52/2020/NQ-HĐQT 11/06/2020
Approved the settlement of salary, remuneration, bonus in 2019 of
31 31/2020/NQ-HĐQT 20/04/2020 Approved the contents to vote at Saigon Song Tien Beer Trading
the BOD and the Audit Committee 53 53/2020/NQ-HĐQT 11/06/2020
32 32/2020/NQ-HĐQT 28/04/2020 Approved the project 145Y Approved the contents to vote at Saigon - Nghetinh Beer Joint Stock
54 54/2020/NQ-HĐQT 11/06/2020
Company’s AGM in 2020
Approved the selection of the independent auditor for the fiscal year
33 33/2020/NQ-HĐQT 28/04/2020 2020 for SABECO and its group of companies (this will be presented Approved the contents to vote at Saigon - Songlam Beer Joint Stock
55 55/2020/NQ-HĐQT 11/06/2020
at AGM for approval) Company’s AGM in 2020
No. Resolution Date Content No. Resolution Date Content
Approved the contents to vote at Saigon - Baclieu Beer Joint Stock Approved proposal on appointment of personnel as member of
56 56/2020/NQ-HĐQT 11/06/2020
Company’s AGM in 2020 79 79/2020/NQ-HĐQT 27/06/2020 Supervisory Board in Dai Viet Securities Joint Stock Company for
Approved the content to vote at Sai Gon - Dong Xuan Beer Alcohol the term 2020 -2025
57 57/2020/NQ-HĐQT 11/06/2020
Joint Stock Company’s AGM in 2020 (the 2nd time) Approved the contents to vote at Orient Commercial Joint Stock
80 80/2020/NQ-HĐQT 29/06/2020
Approved the contents to vote at Sai Gon - Ha Noi Beer Corporation’s Bank's AGM in 2020
58 58/2020/NQ-HĐQT 15/06/2020
AGM in 2020 Approved proposal on personnel matter at Bia Saigon Mien Trung
81 82/2020/NQ-HĐQT 01/07/2020
Approved the contents to vote at Sai Gon Beer Eastern Trading Joint Trading Joint Stock Company
59 59/2020/NQ-HĐQT 15/06/2020
Stock Company's AGM in 2020 Approved deferring effective dates of new remuneration and
Approved the contents to vote at Binh Tay Liquor Joint Stock remuneration payment centralization to SABECO for SABECO's
60 60/2020/NQ-HĐQT 17/06/2020 82 83/2020/NQ-HĐQT 09/07/2020
Company's AGM in 2020 capital representatives at enterprises with SABECO's capital
contribution
61 61/2020/NQ-HĐQT 17/06/2020 Approved the 2020 AGM' s Documents of SABECO (the 2"d time) Approved the review and audit service fee for the year 2020 of
83 84/2020/NQ-HĐQT 09/07/2020
SABECO and its group of companies
Approved the contents to vote at Sai Gon - Quang Ngai Beer Joint
62 62/2020/NQ-HĐQT 18/06/2020 Approved the contents to vote at Saigon Binh Tay Group Joint Stock
Stock Company's AGM in 2020 84 85/2020/NQ-HĐQT 21/07/2020
Company's AGM in 2020
Approved the contents to vote at Saigon - Phutho Beer Joint Stock
63 63/2020/NQ-HĐQT 18/06/2020
Company's AGM in 2020 85 86/2020/NQ-HĐQT 03/08/2020 Approved the draft of Information Security and Confidentiality Policy
Approved the contents to vote at Chuong Duong Beverages Joint
64 64/2020/NQ-HĐQT 18/06/2020
Stock Company's AGM in 2020 86 87/2020/NQ-HĐQT 03/08/2020 Approved the renewal of office rental at Vincom Center
Approved the contents to vote at Saigon - Lamdong Beer Joint Stock
65 65/2020/NQ-HĐQT 18/06/2020 Approved proposal on personnel matter at Sai Gon Beer Trading
Company's AGM in 2020 87 88/2020/NQ-HĐQT 03/08/2020
Company Limited
Approved the proposal of the Management regarding remuneration
66 66/2020/NQ-HĐQT 18/06/2020
payment for representatives 88 89/2020/NQ-HĐQT 11/08/2020 Approved the selling - buying price of SABECO's export products
Approved the contents to vote at Sai Gon - Kien Giang Beer Joint
67 67/2020/NQ-HĐQT 19/06/2020 Approved the selling - buying price of SABECO's domestic beer
products
Approved the contents to vote at Saigon Tay Do Beer - Beverage
68 68/2020/NQ-HĐQT 19/06/2020 Approved the contents to vote of Capital Representative at Sai Gon
Joint Stock Company's AGM in 2020 90 91/2020/NQ-HĐQT 24/08/2020
packaging Group Joint Stock Company
69 69/2020/NQ-HĐQT 21/06/2020 Approved the adjustment on 2020 AGM's documents of SABECO Approved the audited half year Financial Statements 2020 of
91 92/2020/NQ-HĐQT 27/08/2020
SABECO
Approved the contents to vote at Sai Gon Beer Tay Nguyen Trading
70 70/2020/NQ-HĐQT 22/06/2020
Joint Stock Company's AGM in 2020 92 93/2020/NQ-HĐQT 31/08/2020 Approved in principle to launch new products
Approved the contents to vote at Saigon Beer Nam Trung Bo Trading
71 71/2020/NQ-HĐQT 23/06/2020 Approved supplementing the business line of Saigon Beer Center
Trading Joint Stock Company
Approved the regarding contents to vote at Saigon Song Hau Beer
72 72/2020/NQ-HĐQT 23/06/2020 Approved the credit terms and credit monitoring process for
Trading Joint Stock Company's EGM in 2020 94 95/2020/NQ-HĐQT 10/09/2020
export buyer
Approved the contents to vote at Saigon Beer Center Trading Joint
73 73/2020/NQ-HĐQT 23/06/2020
Stock Company's EGM in 2020 95 96/2020/NQ-HĐQT 11/09/2020 Approved Y2019 additional bonus for subsidiaries
Approved to elect Ms. Tran Kim Nga to be the chairperson of 2020
74 74/2020/NQ-HĐQT 23/06/2020
AGM of SABECO 96 97/2020/NQ-HĐQT 11/09/2020 Approved the selling - buying price of Bia Saigon Chill products
Approved the contents to vote at Sai Gon Beer Northeast Trading
75 75/2020/NQ-HĐQT 24/06/2020 Approved the contents to vote of Capital Representative at
Investment Construction J.S Corporation
Approved the contents to vote at Dai Viet Securities Joint Stock
76 76/2020/NQ-HĐQT 25/06/2020 Approved the contents to vote at Saigon Beer Transportation Joint
Company's AGM in 2020 98 99/2020/NQ-HĐQT 14/09/2020
Stock Company's AGM in 2020
Approved the contents to vote at Saigon - Dong Ha Tourism Joint
77 77/2020/NQ-HĐQT 25/06/2020 Approved the contents to vote for Shareholders' written opinion of
PVI Joint Stock Company
Approved the contents to vote at Northern Sai Gon Beer Trading
78 78/2020/NQ-HĐQT 25/06/2020 100 101/2020/NQ-HĐQT 29/09/2020 Approved the procedures related to business lines
Joint Stock Company's AGM in 2020
No. Resolution Date Content PRINCIPLE 2

Establishing a Competent and Professional Board
Approved proposal on personnel matter at Tan Thanh Investment
Trading Company Limited, Mechanical and Industrial Construction
101 102/2020/NQ-HĐQT 29/09/2020 Joint Stock Company, Sai Gon Beer Packaging Joint Stock Company, The Board represents a diversified and broad range of All members of the Board are non-executive Directors who
Malaya - Vietnam Glass Limited, Saigon - Phu Tho Beer Joint Stock viewpoints, expertise, skills, and competencies in order to possess necessary qualifications to effectively participate
Company provide effective leadership and oversight for the Corporation. in securing business objectives, independent judgments on
The Board currently includes four Vietnamese, two corporate affairs, and carrying out proper checks and balances.
Approved the contents to vote at Saigon Packaging Group Joint Singaporeans, and one Thai. The Board seeks to maintain an
102 103/2020/NQ-HĐQT 09/10/2020
Stock Company's AGM in 2020 appropriate balance of expertise, skills, and attributes among Pursuant to assigned functions of the Board of Directors
Approved the finalization of the completed project regarding Directors, including relevant core competencies in areas such Office, an independent department under SABECO’s Board of
103 104/2020/NQ-HĐQT 19/10/2020 "Investment in Beer filtration system in technology without using as accounting, finance, legal, trading, industry knowledge, and Directors, the rights and obligations of such person in charge of
filter aid capacity of 300hl/h at Saigon - Nguyen Chi Thanh Brewery" strategic planning. corporate governance are currently implemented by the
Approved proposal on amendments made to the Charter of Sai Gon Board of Directors Office.
104 105/2020/NQ-HĐQT 19/10/2020
Beer Packaging Joint Stock Company
Approved Y2020 remuneration payment for non-full-time members
of Board of Directors, Board of Supervisors, Council Members and
105 106/2020/NQ-HĐQT 19/10/2020
Inspectors at subsidiaries and associates with SABECO's capital
contribution
PRINCIPLE 3
106 107/2020/NQ-HĐQT 29/10/2020 Approved the selling- buying price of Bia Saigon Gold products Ensuring Effective Board Leadership and Independence
Approved Proposal In relation to remuneration policies for the
107 108/2020/NQ-HĐQT 29/10/2020
Board of Directors and Management of SABECO
The Board has endeavored to exercise objective and
108 109/2020/NQ-HĐQT 12/11/2020 Approved the dividend payment in advance of 2020 in cash independent judgments on all corporate affairs. Board
members have never served as paid consultants or advisors to
Approved the principles and the operation policies of Saigon Beer the Corporation.
109 110/2020/NQ-HĐQT 19/11/2020 Group one - member limited liability company to delay Key Accounts
channel Two members of the Board are Independent Directors, including
Approved proposal on personnel matter at Chuong Duong Mr. Pramoad Phornprapha and Mr. Nguyen Tien Vy, who have
110 111/2020/NQ-HĐQT 26/11/2020
Beverages Joint Stock Company been on board for less than five years and possess necessary
Approved the contents to vote at PVI Joint Stock Company's EGM qualifications and full eligibility to hold such positions.
111 112/2020/NQ-HĐQT 11/12/2020
in 2020
In addition, the Chairman of the Board and the General Director
Approved the contents to vote at Saigon - Dong Ha Tourism Joint
112 113/2020/NQ-HĐQT 11/12/2020 are not the same person to ensure appropriate checks and
Stock Company's EGM in 2020
balances, accountability, and greater capacity for the Board to
Approved the contents to vote at Dai Viet Securities Joint Stock
113 114/2020/NQ-HĐQT 21/12/2020 make independent decisions.
Company's EGM in 2020
114 115/2020/NQ-HĐQT 30/12/2020 Approved the additional headcount of SABECO
115 116/2020/NQ-HĐQT 31/12/2020 Approved the selling - buying price of SABECO's export beer products
PRINCIPLE 4 PRINCIPLE 6
Establishing Board Committees Establishing and Maintaining an Ethical Corporate Culture
The Board has set up specialized sub-committees to help the Board fulfill its inherent functions and avoid any conflicts of interest. A Code of Business Conduct and Ethics formalizing ethical values has been an important tool to instill an ethical corporate culture
that pervades throughout the Corporation. The main responsibility is to create and design a Code of Business Conduct and Ethics
The Board established the AC which consisted of three non-executive Board members, of whom two out of three members, which is suitable to the needs of the Corporation and its organizational culture. Currently at SABECO, the Board has assigned
including the Chairman of AC, are Independent Directors. All AC members have sufficient knowledge in terms of internal audit, relevant departments to draft the Code of Business Conduct and Ethics which is expected to be put into practice by 2021.
IFRS and VAS accounting standards, compliance, financial reporting and control. The roles and responsibilities of AC are covered
in a separate Charter which has been approved by the Board. The authorities, compositions, and working procedures specified
in the AC Charter have been developed as a practical benchmark to measure and evaluate AC performance.
In addition, Mr. Nguyen Tien Vy, who is an Independent Director, has been assigned to be in charge of activities on human resources
and remuneration in accordance with the law, Charter, and relevant regulations to oversee the appointment of key personnel
within SABECO group of companies, and other key matters related to human resources.
Other sub-committees of the Board would be established in the future if necessary.
PRINCIPLE 5
Ensuring Effective Board Performance
The determination of levels and pay grades for members of the Board and the Management has been based on SABECO’s business
performance, fulfillment of duties and responsibilities, as well as individual performance and compliance with applicable laws.
Remuneration packages for the Board and the Management of SABECO for the year ended December 31, 2020 are presented in the
form of percentage breakdown which includes the following categories: (1) Salary; (2) Remuneration; and (3) Bonus paid based on
the Corporation’s performance.
Name Position Salary Remuneration Bonus Total
THE BOARD OF DIRECTORS

CONTROL ENVIRONMENT
Mr. Koh Poh Tiong (*) Chairman of the Board - - - -
Mr. Pramoad Phornprapha Independent Director - 100% - 100%
Mr. Nguyen Tien Vy Independent Director - 100% - 100% PRINCIPLE 7
Establishing a Sound Risk Management and Control Environment
Mr. Michael Chye Hin Fah Member of the Board - 100% - 100%
Ms. Tran Kim Nga Member of the Board - 100% - 100%
The Board has recognized its responsibility to ensure a sound In addition, the AC provides the Board with recommendations
Mr. Nguyen Tien Dung Member of the Board 85% - 15% 100%
system of risk management and internal control to safeguard in respect of selecting the Independent Auditor, as well as
Mr. Luong Thanh Hai Member of the Board 74% 13% 13% 100% shareholders’ investments and the Corporation’s assets. engagement fees and overall terms of services to be provided
THE BOARD OF MANAGEMENT by the Independent Auditor. During SABECO AGM 2020,
The Board established the IA Department which provides shareholders approved the Board’s proposal of selecting KPMG
Mr. Neo Gim Siong Bennett General Director 82% - 18% 100%
objective assurance and consultancy in order to add value Vietnam to be the Independent Auditor for the Corporation’s
Mr. Teo Hong Keng Deputy General Director 83% - 17% 100% and improve the Corporation’s operations. IA authorities, FS for the fiscal year of 2020 and all relevant periods as
Mr. Ng Kuan Ngee Melvyn Deputy General Director 83% - 17% 100% compositions, remunerations, annual budgets, working deemed necessary. Moreover, all SABECO’s subsidiaries and
processes and other relevant matters have been regulated in some of its associates also opted for KPMG Vietnam as the
Mr. Lam Du An Deputy General Director 83% - 17% 100%
a separate Charter which has been approved by the AC. The IA Independent Auditor.
Mr. Hoang Dao Hiep Deputy General Director 81% - 19% 100% Director, who is a senior executive of the Corporation but not a
Mr. Tran Nguyen Trung Chief Accountant 84% - 16% 100% member of the Management, has directly reported to AC. The
appointment of IA Director was also approved by AC.
(*) Mr. Koh Poh Tiong - Chairman of the Board, waived his remuneration.
DISCLOSURE AND TRANSPARENCY SHAREHOLDER RIGHTS
PRINCIPLE 8 PRINCIPLE 9 Establishing a Framework for the Effective Exercise

Strengthening Disclosure Practices of Shareholders’ Rights
SABECO has ensured adequate communications with Given approved deadline extensions for disclosing FS for the SHAREHOLDERS’ RIGHTS
shareholders, investors, regulators, and the general public by fiscal year of 2020, all quarterly FS were published within 30
committing to a transparent and effective disclosure policy. days after the end of each quarter. Meanwhile, the audited 1H20 SABECO has acknowledged and respected the rights of shareholders, who are the Corporation’s owners.
FS were published within 60 days after the end of Q2, whereas
The published information has followed regulations of listed the audited FY20 FS were published within 100 days after the The Corporation has ensured equal and fair treatments towards every shareholder through its accurate, transparent, and timely
companies. SABECO has always published information in two end of the fiscal year. SABECO has always complied with all disclosure of information. SABECO has also paid great attention to the sufficiency of information disclosure so that shareholders
languages: Vietnamese and English, and usually after trading information disclosure deadlines in 2020, not to mention other would be able to make well-informed decisions at the AGM, including casting their votes and expressing their opinions on the
hours. The Corporation’s disclosure system has guaranteed fair extraordinary disclosures made within 24 hours of issuance. Corporation’s changes, proposals, and the election of members for the Board.
access to information for shareholders, investors, and other
stakeholders, yet has not supported any abuse of internal
information or insider trading. CONDUCTING THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
In 2020, due to the complex situation of Covid-19, the Board Board members and the Management were available to address
decided to extend the AGM date to June 30, 2020 instead of shareholders’ concerns at the meeting. The Corporation’s
April 21, 2020 as originally planned according to the acceptance Independent Auditor, KPMG Vietnam, also participated to
Information Disclosure Latest Deadline by the Law Actual Disclosure Date
of Department of Planning and Investment of Ho Chi Minh share their auditing preparations and contents of these audited
City. The Annual General Meeting of Shareholders was held in reports. During the meeting, shareholders were encouraged
accordance with the agenda listed in those invitation letters sent to make inquiries and express their opinions as well as
Q1 2020 Financial Statements Apr 30, 2020 Apr 29, 2020
out to shareholders no less than 10 days prior to the meeting, offer recommendations.
not to mention a complete package of AGM documents was fully
provided in advance. SABECO also posted all relevant information Minutes of the AGM were accurately and completely recorded in
Q2 2020 Financial Statements Jul 30, 2020 Jul 29, 2020 on HOSE’s and SABECO’s websites so that shareholders could have a timely manner as required by the law, then disclosed together
easy access and enough time to carefully study those documents. with the AGM resolution to SSC, HOSE, and posted on SABECO’s
website within 24 hours after the AGM ended, and eventually
Audited 1H20 Financial Statements Aug 29, 2020 Aug 28, 2020 At AGM 2020, foreign Board members attended via video sent to shareholders via post within 15 days after the AGM ended,
conference due to travel restrictions, whereas Vietnamese thereby ensuring full compliance with current laws and regulations.
Q3 2020 Financial Statements Oct 30, 2020 Oct 29, 2020

DIVIDEND PAYOUT
Year Payment type Payout ratio

Q4 2020 Financial Statements Jan 30, 2021 Jan 27, 2021
2014 By cash 25%
2015 By cash 30%

Audited FY20 Financial Statements Apr 10, 2021 Apr 5, 2021
2016 By cash 30%
2017 By cash 35%

2020 Annual Report Apr 30, 2021 Apr 20, 2021
2018 By cash 50%
2019 By cash 35%
After disclosing quarterly FS, SABECO usually organized meetings for investors and analysts to have the opportunities for direct 2020 By cash 35% (*)
conversations with the Management to address related concerns. In 2020, these meetings have been shifted from face-to-face to
online platform due to the complex situation of Covid-19. SABECO paid all declared dividends within six months from the date of AGM.
(*) In 2020, the Board decided to pay cash dividend in advance, including the first payment of 20% in December 2020 and the
second payment of 15% in March 2021.
ALL SHAREHOLDERS SHALL BE TREATED EQUALLY SHARE TRANSACTIONS
Share transactions of internal persons: None Share transactions of related persons: None
Shareholders’ votes have been on a
“one share, one vote” basis. All rights
pertaining to each class of shares were Name Position Number of Shares Owned Percentage
also publicly disclosed. In addition,
AGM materials such as invitation
letters, documents, minutes, and the
resolution, were provided in both
Mr. Koh Poh Tiong Chairman of the Board - 0%
Vietnamese and in English to facilitate
all shareholders including foreigners.
Mr. Pramoad Phornprapha Independent Director - 0%
Mr. Nguyen Tien Vy Independent Director - 0%
Mr. Michael Chye Hin Fah Member of the Board - 0%
Ms. Tran Kim Nga Member of the Board - 0%
Mr. Nguyen Tien Dung Member of the Board 100 0%
Mr. Luong Thanh Hai Member of the Board - 0%
BUSINESS TRANSACTIONS BETWEEN SABECO AND ITS RELATED PERSONS THE BOARD OF MANAGEMENT
All RPTs occurred were subject to strict reviews and approval Members of the Board and the Management were required to Mr. Neo Gim Siong Bennett General Director - 0%
processes by following the pre-defined approval matrix under disclose to the Board whether they directly, indirectly, or on
SABECO Charter. The Audit Committee then reviewed and behalf of third parties, had material interests in any transactions Mr. Teo Hong Keng Deputy General Director - 0%
discussed with the Independent Auditor and the Management or matters which directly affected the Corporation. The Board
in regard to any complex and unusual RPTs if necessary and must ensure that transactions between related parties were Mr. Ng Kuan Ngee Melvyn Deputy General Director - 0%
required. carried out on normal commercial terms and no harm to the
interests of the Corporation. Mr. Lam Du An Deputy General Director - 0%
Excluding those transactions among SABECO group of companies, there were RPTs as follows: Mr. Hoang Dao Hiep Deputy General Director - 0%
Mr. Tran Nguyen Trung Chief Accountant 1,700 0.0003%

Company Name Transaction Detail Board’s approval
TBC Ball Beverage Can Buying cans Resolution No. 81/2019/NQ-HDQT dated August 19, 2019
Vietnam Company Limited
PRINCIPLE 10
Building Effective Stakeholder Engagements
Consultant services Resolution No. 08/2020/NQ-HDQT dated January 20, 2020 The Board has always considered and taken into account all stakeholders’ interests, who would be affected by the Corporation’s
Me Linh Point Limited
operations and decisions. The Board has also ensured that the Corporation would respect all legitimate interests and rights of
stakeholders as established by the law or contractual commitments. The Board has already come up with interactive plans for
different stakeholders, in hopes of demonstrating the Corporation’s commitments to stakeholder engagements in the Code of
Conduct. In order to do that, SABECO would adopt a transparent and publicly accessible communication procedure which allows
the Corporation to: (i) receive and acknowledge communication from external stakeholders; (ii) recognize issues and come up
with responses; and (iii) provide relevant documents if necessary.
90 Risk Management SABECO ANNUAL REPORT 2020 91
RISK MANAGEMENT
THE PURPOSE OF RISK MANAGEMENT EVALUATION OF RISK MANAGEMENT
METHODS
Through identifying and assessing risks, control measures would be provided to manage potential opportunities effectively
as well as prevent and mitigate damages incurred at the lowest level, including: • Organize a management structure with relevant functions • Apply technologies to enhance ef f icienc y and
to execute the workflow appropriately and professionally. improve productivity.
• Strengthen coordination and cross-checking to minimize • Organize evaluation programs, internal controls, and internal
risks when making decisions and performing works. audits to review the compliance as well as the effectiveness
Develop standards of the system.
Contribute to the Minimize errors in all Minimize damages • Establish a system of internal rules and regulations as the
to control and effective allocation activities of SABECO. arising in cases basis for implementing activities as well as review, revise, • Apply management standards of ISO 9000, ISO 14000,
implement plans and use of SABECO’s where risks cannot and update them to facilitate internal and external changes. ISO 22000, ISO 17025, ISO 50000 throughout the entire
consistently. resources. be prevented. SABECO system.
• Establish a manual of authority system to ensure
systematization in the management process of SABECO. • Develop the BCP as well as preparations such as fire drills,
environmental troubleshooting, etc., to improve risks
• Enhance performance through processes, guidelines, and
forecasting and responses to emergencies.
training programs as per the annual plan.
• Assist in decision making, planning, and prioritizing work based on the knowledge of business activities, opportunities,
and challenges.
RISK IDENTIFICATION AND ANALYSIS PARTICIPATION IN RISK MANAGEMENT
• Protect intellectual properties with respect to images, trademarks, tradenames, industrial designs, copyrights,
and make good use of intellectual property assets.
• Optimize operational efficiency and enhance competitive advantages. At the present, risks have been identified through: Currently, the participation in risk control of relevant units has
been assigned in relation to their functions and tasks. All units
• Periodical data reporting and tools such as the accounting have been involved in the process with different roles which
software. could be divided into three groups as follows:
• The analysis of management system on Quality – Food Safety
– Environment of SABECO. In 2020, SABECO evaluated its EXECUTION
management system on Quality – Food Safety – Environment
at all breweries.
Units/individuals, who directly perform, will
• Performing internal audits to assess the compliance of control risks related to their works and ensure
current rules, regulations, and processes. expected outcomes.
INSPECTION
Units/individuals, who are assigned with

inspection and control, will carry out inspections
to ensure works as planned.
COORDINATION AND PLANNING
Units/individuals, who are assigned to

coordinate and participate in the decision
making and implementation processes upon
their functions.
COMMON RISKS
INTERNAL MANAGEMENT RISKS

Factors involved in risk control processes:
Incomplete internal management of synchronized policies and vertical entities, resulting in various risks
in sales activities, cost management, cash flow, transportation, and warehouse management.
HUMAN TECHNOLOGY SYSTEM OF REGULATIONS

AND PROCEDURES
LEGAL AND COMPLIANCE RISKS

Specific risks as follows:
Contractual disputes, violations of legal requirements on corporate governance (e.g., information
disclosures, RPTs, appointments of related persons), lack of compliance in performance; lack of law
acknowledgement, copyright and trademark disputes, violations of conformity announcement and
MARKET RISKS regulations in advertising and promotion.
In addition, legal regulations have imposed higher requirements on the food and beverage business,
Brand positioning, intense competition, cross-territory sales, and risk of losing market share. including regulations related to the production and trading of beer and alcoholic beverages. The law on
prevention of alcoholic beverage harms was passed to grant the State more control in the field of alcoholic
beverage management and to mitigate harmful effects of beer and alcoholic beverages. Therefore, SABECO
had to review its internal regulations to comply with the law as well as disseminate law acknowledgement
to all employees to limit law violations.
PRODUCTION RISKS
Defective products, broken equipment, labor accidents, inappropriate production planning,

food safety and environmental incidents.
OTHER RISKS
The imbalance between production and consumption by region, work stagnation due to lack
of coordination and poor performance.
FINANCIAL RISKS
Slow account receivables collection, high costs, violations of tax regulations. OVERALL ASSESSMENT ON RISK MANAGEMENT
• The Management has received awareness trainings on their • Risk identification has not been implemented in
responsibilities of risk management. The risk management a comprehensive and systematic way.
competencies should be further trained.
• The IA Department, who works directly under the AC, is
• The full assessment has only been carried out on production currently in charge of SABECO internal audit coverage
DATA MANAGEMENT RISKS
and trade activities. in terms of corporate governance, compliance, risk
management and internal control processes, as well as any
Inaccurate and delayed information, and information leakage. • Information technology has been applied in a number of significant issues which may arise from the audit reviews and
fields to improve work efficiency and control. the Management’s responses and actions.
MEASURES TO PREVENT AND MINIMIZE RISKS ACTION PLANS FOR 2021
Risk management should be considered as one of the top priorities which needs to be improved further
in the following years. SABECO has taken measures to prevent and minimize risks as follows:
PRINCIPLES
Risk management The Management would Risk control measures The risk management
should be implemented direct and appoint should be established system should be AMEND AND COMPLETE CONDUCT TRAININGS ON
thoroughly and persons in charge of on the principle of established with the INTERNAL REGULATIONS LEGAL DOCUMENTS AND
consistently for the risk management in prevention and linked use of information INTERNAL REGULATIONS
entire system. each area. to the Corporation’s technology and efficient
value chain. working procedures.
MAIN SOLUTIONS
• Appoint personnel for risk management and assessment as well as inspection and ORGANIZE PERIODIC ADDRESS RISKS AND PROVIDE
supervision in the entire system.
ASSESSMENTS RELATED MITIGATIONS
• Finalize internal governance documents including risk management policies,
disseminate and train relevant people for implementation.
• Develop a comprehensive risk management system with regular and periodic

assessment plans, establish an information management system and grant access
to relevant personnel to review the operational information in order to detect and
timely prevent potential risks, which would be a basis for:
»» Organize a system of risk identification and analysis.
»» Develop standards and uniform risk assessment methods.
»» Organize risk identification, analyze, classify, and develop a risk matrix to

provide appropriate management measures.
»» Establish and implement risk control measures.
»» Establish plans and organize internal evaluation and control programs.

96 Investor Relations SABECO ANNUAL REPORT 2020 97
INVESTOR RELATIONS
In 2020, SABECO has continued to focus on strengthening and expanding IR functions to STRENGTHEN THE RELATIONSHIP WITH INVESTORS THROUGH
ensure benefits for shareholders and meet the increasing demand of engagement from COMMUNICATION AND COORDINATION
domestic and international investors.
In 2020, SABECO IR Department proactively communicated and provide them with official updates and valuable insights on
ENSURE TRANSPARENCY, FAIRNESS, to investors and interested parties, including receiving the Corporation’s current activities and strategies, as well as the
and responding promptly to inquiries of shareholders and opportunities to have direct conversations with the Management
AND BENEFITS FOR SHAREHOLDERS investors through various channels such as phone calls, to address related concerns. Besides, feedback and comments
emails, and investor meetings. Many other interactive of attendees for each Investor Briefing were collected for future
initiatives such as press releases, analyst reports, corporate betterments and consideration.
Acknowledging the importance of information presentation, etc., are also being considered based on
Last but not least, the Management and IR Department also
access to investors, SABECO IR Department has actual needs of investors.
took part in virtual local and international investor conferences
ensured that public disclosures were made in an
Due to travel restrictions imposed in the light of Covid-19, to keep connected with the investment community and at the
accurate and timely manner. Periodic reports and
SABECO’s quarterly Investor Briefings were hosted via same time promote the Corporation’s image and branding.
extraordinary information have been uploaded on
online platform in order to engage investors and analysts
the Corporation’s website and disclosed to HOSE
and SSC in accordance with current regulations. In
addition, all announcements have been made in both
Vietnamese and English in order to facilitate both local
and foreign shareholders and investors for ease of
information access.
MAJOR EVENTS IN 2020
In addition, SABECO’s website and its latest Annual
Report have also been updated in terms of contents,
design, and format in order to be in line with the
corporate identity and market’s best practices, Event Organizer Time Description
thereby providing investors with reliable data and a
comprehensive picture of the Corporation’s current
business activities. The virtual briefings were held to
engage investors and analysts as well
Event planning and documents of AGM 2020 continued as provide them periodical and in-
Investor Briefings SABECO Quarterly
to be upgraded and standardized. The AGM took place depth information on the Corporation’s
in Ho Chi Minh City downtown area with medical and business and future plans during the
seating arrangements to facilitate shareholders’ outbreak of Covid-19.
attendance while mitigating Covid-19 impacts.
Moreover, a complete set of documents was posted
The virtual conference provided a
on SABECO’s website 10 days prior to the meeting date
strong platform for Vietnam corporates
as required by the law to ensure that shareholders had
HOSE – Daiwa Vietnam to interact with major investors and
enough time to study all agenda items, which in turn HOSE & Daiwa Q3 2020
Corporate Day 2020 update them on the latest business
improved the quality of discussions and voting at
outlook and strategies when travel
the AGM.
restrictions may be in force
The virtual conference was held with the

UBS OneASEAN Virtual
UBS Q3 2020 participation of corporate management
Conference 2020
from more than 85 companies.
98 Sustainable Development Report SABECO ANNUAL REPORT 2020 99
100 Overview SABECO ANNUAL REPORT 2020 101
OVERVIEW
OBJECTIVES SCOPE OF THE REPORT RELIABILITY OF THE REPORT
The report confirms the inter-relationship The report is presented independently as part SABECO consults and applies national and international
bet we en sus tainable development of SABECO Annual Report and includes the standards for presenting and disclosing information in the
objectives of SABECO and its stakeholders, Corporation’s results and achievements related report. In addition, some of the eligible third parties who
INTRODUCTION thus providing innovative strategies and to its sustainable development strategies from guarantee the reliability and accuracy of the Corporation’s
measures to enhance the Corporation’s January 1, 2020 to December 31, 2020, as well information and data are as follows:
values as well as stakeholders’ benefits as plans and objectives in the future. The report
Sustainable Development Report by measuring and evaluating indicators
annually.
covers the entire operation scope of SABECO and its
subsidiaries and associates when applicable.
• 2020 Financial Statements were audited by KPMG
Limited Vietnam.
is prepared on an annual basis • Certificates in the fields of quality management, food hygiene
and safety were evaluated and granted by top assessment
to present and disclose official organizations.
information on sustainable
development objectives, planning,
and ac tivities of SABECO.
Throughout this report, SABECO
METHOD OF COMPOSING CONTACT INFORMATION
commits to the transparency
in announcing sustainable
The report is developed in accordance with SABECO is making efforts to satisfy those Investor Relations Department
development contents, thereby Global Reporting Initiative (GRI) standards expectations of its stakeholders in terms of
• Tel: (+84) 28 3829 4081 (Ext: 504)
and the Guideline of Information Disclosure information disclosure and transparency. Therefore,
streng thening the trust of on Environment and Society from the State
Securities Commission of Vietnam (SSC) and
the Corporation looks forward to receiving
everyone’s sincere comments on sustainable
• Email: ir@sabeco.com.vn
International Finance Corporation (IFC). development. If you have any suggestions or • Address: 5th Floor, Vincom Center, 72 Le Thanh Ton,
stakeholders and affirming the The contents of this report focus mainly inquiries, please contact: Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
on Environmental, Social, and Governance
Corporation’s leading position. (ESG) criteria such as business efficiency,
human capital, local communities and the
society as a whole, etc.
In preparation for the report, SABECO

considers its activities and impacts as well as
interests and expectations of stakeholders
in relation to the Corporation’s current
strategies of operation and sustainable
development. After that, SABECO identifies
relevant key issues for review and
improvements.
102 Sustainable development indicators SABECO ANNUAL REPORT 2020 103
SUSTAINABLE DEVELOPMENT INDICATORS
FINANCIAL INDICATORS
NET SALES ROE
27,961 billion VND 23.9%

PROFIT AFTER TAX ROA
4,937 billion VND 18.2%

2020 DIVIDEND RATE
35%
TOTAL PRODUCTION CAPACITY TOTAL ASSETS Vietnam’s
TOP 50
2.2 billion liters
per year 27,375 billion VND Best Performing Companies in 2019
Nhip Cau Dau Tu Magazine & Thien Viet Securities
OWNER’S EQUITY COMMUNITY
21,215 17.9 billion VND

Vietnam’s
TOP 15
billion VND
2020 CSR Budget
Best Performing Listed Companies (2017 – 2019)
Vietnam Chamber of Commerce and Industry (VCCI)
2020 AWARDS
HUMAN CAPITAL Vietnam’s Vietnam’s
TOP 50 TOP 50
NON-FINANCIAL INDICATORS
8,388 employees
(as of December 31, 2020)
Best Listed Companies in 2020
Forbes Vietnam
Leading Brands in 2020
Forbes Vietnam
104 Sustainable development strategies SABECO ANNUAL REPORT 2020 105
SUSTAINABLE DEVELOPMENT STRATEGIES
4C COMMITMENT
With a strong commitment to investing in business activities while maintaining sustainable development,
SABECO always strives for positive changes to enhance the position of Vietnamese brands as well as
development for local communities and the country. The Corporation’s sustainable development strategies
VISION focus on four pillars as follows:
Develop SABECO to become

the leading beverage group in
Vietnam, having firm foothold in
regional and international markets.
OBJECTIVES STRENGTHS
CONSUMPTION CONSERVATION
Create and add sustainable Strong brand, financial capability,
values for shareholders high quality human capital and SABECO commits to cooperating with SABECO emphasizes on cutting costs and
and stakeholders. effective corporate governance. government authorities and relevant partners reducing water and energy consumption
in raising the consumers’ awareness of in business operations, also utilizing
responsible drinking, delivering fresh products sustainable resources such as solar energy and
to meet different consumers’ tastes and needs environmentally friendly packaging materials.
while ensuring compliance with environmental
and labor safety regulations.
SABECO has been building its sustainable development strategies on the following areas:
COUNTRY CULTURE
SABECO encourages the creativity and efforts SABECO supports activities to preser ve
of the Vietnamese. SABECO supports the rising and promote the traditional cultural values
spirit of Vietnam through various activities of Vietnam.
to promote the working capability of talents
ENVIRONMENT SOCIAL GOVERNANCE in Vietnam, while continuing to invest in the
Corporation’s brands and products to create
Develop green, clean and energy Invest in human capital, local Manage the business effectively positive values which will contribute to the
saving systems, as well as utilize communities, and contribute and strengthen the Corporation’s overall development and prosperity of the
environmentally friendly sources to the overall socioeconomic competitive advantages to meet country, thereby bringing pride to Vietnam.
of energy in order to protect and development of Vietnam as stakeholders’ needs.
conserve the environment. a whole.
HIGHLIGHTED ACTIVITIES OF 4C
CONSUMPTION COUNTRY CULTURE
Collaboration with VBA on

Draft Law on prevention and
fighting against the negative
effects of alcohol
The International Brewing

Awards 2019
SABECO was the first winning

brewery from Vietnam that has
gained this prestigious award.
“Coming Home for Tet” “Rise with Vietnam”

“Saigon Night”
• Inspiring the workers with positivity, passion and Raising funds to support the affected workers to
Bringing about a Bia Saigon experiential platform to spread
determination at work. overcome these difficult periods of Covid-19.
the unique Saigon street culture.
• Promoting the cultural values of the Vietnames
CONSERVATION people - the traditional reunion and spirit of
togetherness in the New Year.
Green Energy
333 and Monsoon Music Festival 2019
Commitment to clean and
Collaborating with Monsoon
renewable energy:
Music Festival to bring about a
• Using BIOMASS. great music festival.
• Investing in Solar power
at breweries.
Wastewater treatment
CSR - COVID-19 “Tet Gan Ket”
• 100% wastewater is treated before
Contributing to Vietnam’s fight against the Covid-19 Bringing a harmonious and warm Tet to needy people.
its return to the environment.
pandemic.
• Upgrading the A-grade wastewater
treatment system for Saigon Beer -
Quang Ngai Brewery
“Disaster Relief” Bridge over Nam Ta Mu Canal
Contributing VND1 billion Joining hands with the Central

to support households who Committee of Ho Chi Minh
badly affected by floods in Communist Youth Union in Ooc - om - boc Festival (2007 - 2020)
Sustainable packaging the Central of Vietnam. community program.

Supporting regional festival to promote the image of
Vietnam and contribute to the local development.
MANAGEMENT OF SUSTAINABLE DEVELOPMENT STAKEHOLDER ENGAGEMENT

SABECO has been building and strengthening its collaborative and close engagement with all stakeholders based on trust,
transparency, and mutual benefits. A strong stakeholder engagement will form a solid foundation for pursuing and maintaining
the Corporation’s sustainable development.
CUSTOMERS/CONSUMERS
• Provide an overall strategy and approve key objectives and plans for sustainable
development.
AUTHORITIES/ SHAREHOLDER/
GOVERNMENT/ INVESTOR
• Take the highest responsibility for sustainable development strategies of SABECO. ASSOCIATIONS
THE BOARD OF MANAGEMENT PRESS/ SUPPLIERS/

MEDIA PARTNERS
• Research, build, and propose key objectives and plans for sustainable development based on the
Board guidance.
• Communicate objectives and detailed plans to member companies and functional

departments through task assignments and supervising the implementation.
COMMUNITY EMPLOYEES
CUSTOMERS/CONSUMERS
RISK MANAGEMENT OF SUSTAINABLE DEVELOPMENT
Main concerns SABECO’s actions Results in 2020 Interactive channels
• Integrate business strategies and objectives into a sustainable development model.

• Apply advanced science and • Beer freshness was
Products’ technology to improve products’ ensured in the market
• Identify and analyze short-term and long-term risks on a regular basis including risks from
quality and quality and designs
changes in the environment and society, and evaluate the frequency and extent of those
safety
risks in order to provide the Management with appropriate and timely recommendations. • Comply with production standards
and regulations
• Annual distributors
• Launch new products to meet • New brands received
conference
different needs of consumers positive feedback on
packaging and tastes • SABECO website and
MEMBER COMPANIES AND FUNCTIONAL DEPARTMENTS • Expand the distribution system
social networks
• SABECO products were
• Launch various attractive trade
Customer care easy to find • Via phone and emails
• Implement sustainable development tasks assigned by the Board and the Management. promotions
• Brand awareness and • Market visits
• Collect feedback from consumers
loyalty were improved
• Surveys
• Research into dynamic market
demands
• Apply motivated incentive schemes • Distributors were

Sales policies encouraged to invest in
for distributors SABECO and their own
businesses
110 Stakeholder engagement SABECO ANNUAL REPORT 2020 111
SHAREHOLDERS/INVESTORS EMPLOYEES
Main concerns SABECO’s actions Results in 2020 Interactive channels Main concerns SABECO’s actions Results in 2020 Interactive channels
• Comply with regulations of • Information was disclosed • Apply a performance-based • Employees were supported
Information
information disclosure timely and sufficiently salary structure to ensure the in developing their career
transparency
competitiveness and fairness paths
• Quarterly Investor
Briefings • Recognize and evaluate • Work efficiency was
Benefits for • Maintain dividend payout • The 2020 dividend rate was Remuneration, contributions and achievements comparable to salary and
• AGM and EGM
shareholders maintained at 35% welfare, of employees bonus
• Ensure fairness for all shareholders
and investors • SABECO website training, and
and investors • Organize training courses to
• Third-party conferences promotion improve the professionalism for • Bi-annual Town Hall
• Continue to restructure and • SABECO received awards policies employees Meetings
• Via phone and emails
improve corporate governance and recognitions for its
• Surveys • Communicate viewpoints and • Annual training courses
Management corporate brand and
• Enhance the overall operational aspirations of employees to the
capability and products • SABECO website
efficiency Communist Party and Labor
corporate value
• The Corporation’s leading Union • Internal newsletters
position was reaffirmed • Face to face meetings
• Ensure a professional, • There were no occupational with the Communist
collaborative, safe, and clean injuries in 2020 Party and Labor Union
working environment
• Safety and wellness of
• Organize regular discussions and employees were ensured
Working
talks between the Management during the Covid-19
environment
and employees outbreak
• Implement the BCP during times • Employee’s communication

of Covid-19 outbreak and bonding were improved
throughout the Corporation
SUPPLIERS/PARTNERS
• Involve legal consulting in • SABECO was considered a AUTHORITIES/GOVERNMENT/ASSOCIATIONS

all contracts reliable partner for various
suppliers in the market
• Ensure data confidentiality for Main concerns SABECO’s actions Results in 2020 Interactive channels
all suppliers • Close and mutually
beneficial relationships • Comply with laws and regulations • SABECO was considered
• Select suppliers based on their
were maintained and • Suppliers network
qualifications, experience, related to SABECO businesses one of the largest
developed within SABECO group of
and reputation Compliance contributors to the State
Long-term companies • Update relevant legal documents
• Stable and high-quality with the law budget
partnership, • Resolve conflicts on the basis of
sources of raw materials • Negotiation meetings and regulations • Conferences and forums
fairness, and goodwill and respect • The Corporation’s brand
were ensured reputation and value were hosted by State agencies,
openness in • Virtual meetings
• Maintain and strengthen long-term including provincial
cooperation • Pricing was competitive maintained
partnership between SABECO a • Via phone and emails governments
and transparent
nd suppliers
• Participate in programs and • Stable jobs were created • Activities organized
• Information sharing for better activities launched by authorities for local people by VBA and VCCI
Support for
work efficiency
State policies • Contribute to improving provincial • SABECO was considered
• Forward buying of raw materials and activities economies one of the most active
for hedging purposes enterprises in supporting
State activities
112 Stakeholder engagement SABECO ANNUAL REPORT 2020 113
PRESS/MEDIA KEY HIGHLIGHTS OF

SUSTAINABLE DEVELOPMENT
QUALITY ASSURANCE
• Issue and implement regulations • SABECO news was released
on public speeches and timely, accurately, and
information to be given to the transparently • Press releases
press • Press conferences
• Clear messages of SABECO
Information
• Increase the number of high- were conveyed • SABECO website and
and image of
quality articles given to the press social networks
SABECO • The reputation of
and media
the Corporation was • Interviews
• Build and maintain strong strengthened
relationships with the media,
especially local newspapers
SABECO has applied rigorous requirements to all raw materials. Particularly, ingredients that affect
product quality, food hygiene and safety such as barley malt, hops, cans, ends, bottles, crown corks,
COMMUNITY
etc., have been purchased directly from suppliers, which means the quality control of raw materials
has been assured before re-distributing to breweries. Auxiliary ingredients, which do not affect the
Main concerns SABECO’s actions Results in 2020 Interactive channels beer quality, food safety and hygiene, have been purchased by breweries in accordance with the list of
suppliers, brands, and technical requirements approved by SABECO.
• Launch various large-scale CSR • SABECO’s reputation and

Technical requirements of raw materials have also been issued Moreover, SABECO has conducted relevant risk management
activities Bia Saigon brand was
based on Vietnam’s applicable laws, regulations, standards, for the Corporation’s supply chain, including periodically
strengthened within
• Create stable jobs for local workers international practices, and reference information from reviewing suppliers at their manufacturing sites to ensure
local communities
specialized organizations in the field of food and beverage process compliance among the related parties.
Contributions
• The role of government, such as European Brewery Convention (EBC), Mitteleuropäische
to the society
social organizations and Brautechnische Analysenkommision (MEBAK), American The Corporation has issued and applied a self-contained and
• Meeting with provincial
SABECO’s partners was Society of Brewing Chemists (ASBC), and Deutsches Institut highly automated production process which is managed by a
authorities
strongly connected in für Normung (DIN). team of experienced technical engineers and brew masters to
CSR activities • Projects of sustainable ensure product quality.
development Specialized laboratories have been set up with a full range of
modern equipment to fully analyze the technical requirements Several technical staffs attended Brew Master courses
• CSR activities
of input materials such as Skalar malt analyzer, HPLC, GC in the United States and Germany, in which 51 Brew
• Comply with regulations on • Environmental impacts • National and local media and Trumac nitrogen analyzer. All inputs have been subject Masters were trained throughout the system from 2012.
environmental protection were minimized and social networks to “Qualified” certification issued by the Quality Control SABECO also invited many reputable organizations and
• Conduct various initiatives to cut Department before being put into use. This “Qualified” specialists to provide technical training for managers and plant
Environmental certification has taken into account the right supplier, the operators to improve their skills. In addition, technicians also
down on raw materials, energy,
protection right country/origin of production under the approved list, and participated in advanced training courses on yeast propagation,
and natural resources
requirements of quality, food safety, and environment under chemical and microbiology analysis, beer sensory analysis,
• Raise awareness of environmental relevant regulations. maintenance and management systems that are in line with
protection among employees international standards.
114 Key highlights of sustainable development SABECO ANNUAL REPORT 2020 115
ENVIRONMENTAL PROTECTION ENERGY AND NATURAL RESOURCES
MANAGEMENT OF RAW MATERIALS

Due to the impacts of Covid-19 and Decree 100, the production
volume in 2020 was much lower than that of 2019, especially
during social distancing periods when on-trade was suspended.
The usage of raw materials for The usage of packaging However, the breweries still had to consume energy and
beer production water in order to maintain semi-finished goods, which led
to increases in production norms per 1,000 liters of beer.
Nonetheless, the Technical team has made efforts to apply
various saving initiatives to keep the same level of energy and
water consumption as in 2019.
24% 18% 19% 21% 16% 26% 21% 35%
Energy consumption There was a slight increase of 3% in 2020 electricity consumption while the steam consumption
maintained the same level as in 2019.
3%
Malt Rice Hops extract Hops pellets Cans Lid Carton Label
2019 2020 2019 2020
Given the decreased production volume in 2020 due to Covid-19, SABECO breweries have worked hard on saving costs while
2019 2020 2019 2020
still ensuring products’ quality, including but not limited to:
The electricity consumed in production The steam consumed in production
• Conducting supply chain planning and backup procurement • Coordinating closely with trading companies,
of raw materials to prepare for continuous production. transportation agencies, and warehouses to timely respond
to “weekly order” notices and limit beer inventories at
• Balancing and strictly monitoring the beer production breweries. Initiatives for saving energy • Maintain and upgrade machinery, technology, and infrastructure to save energy.
volume on daily and weekly bases. • Reduce the evaporation rate of wort boiling kettles.
• Complying with SABECO’s regulations to ensure products’
• Recover weak wort from lauter tun and reuse wort and trubs from whirlpool.
quality and minimize the number of defective products
circulated in the market. • Reuse energy from the vapor of wort kettles.
• Pipes insulation and heat exchangers.
• Insulate pipes and exchange refrigeration systems.
As a result, the utilization rates of raw materials and packaging in 2020 were significantly lower than 2019. • Use sensor systems to automatically turn on/off lighting for offices and lobby.
• Optimize the operation of refrigeration systems, compressor, CO2, and separate compressed
air system from spent grains to save energy.
• Limit use of electricity at peak hours.
• Use heat exchangers to cool down water before supplying to the vacuum pump.
• Use BIOMASS boilers from plant materials (e.g., rice husks, sawdust, cashew shells and leaves).
• Invest in solar power systems.
1% COMPLIANCE WITH THE LAW ON ENVIRONMENTAL PROTECTION
Water consumption The 2020 water consumption experienced Environmental management system
a minimal increase of 1% compared to the
previous year. All breweries have been approved for the Environmental Impact Assessment/Environmental Protection Commitment/Environmental
Protection Scheme. 26 breweries have achieved the certificate of environmental management system, i.e., ISO 14001:2004. Some
breweries have carried out energy audits and mastered their energy management systems, achieving the ISO 50001:2011 standard
2019 2020
such as Saigon Beer - Cu Chi Brewery, Saigon Beer - Nguyen Chi Thanh Brewery, and Huong Sen Brewery.
The water consumed in production Environmental documents including procedures, appendices, and instructions for control and operation related to the environment
have been issued and are required for all member companies to commit to and organize audits every six months to ensure
compliance. The breweries, which were built from 2013, have invested in cascade refrigeration systems to reduce electricity
consumption while the rest are upgrading cascade refrigeration systems. In addition, BIOMASS boilers have been used to replace
the consumption of fossil fuels.
Training on labor safety, food hygiene and safety
All employees have been trained periodically on labor safety, food hygiene and safety as prescribed. Annual examinations of
health and occupational diseases have also been organized for employees. SABECO has always paid great attention to mitigating
workplace risks and there have been neither labor accidents nor fire incidents in the Corporation’s two owned breweries in 2020.
10
4 8
3 6
2 4
Initiatives for saving water • Recover and reuse rinsing water of • Apply advanced hygiene regimes for 1 2
kettles at the brewhouse. equipment.
0 0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
• Recover and reuse hot water for • Use heat pumps to limit the discharge
pasteurized wort pipe. of water in pasteurizers.
Labor Accidents Labor Accidents
(Saigon Beer - Nguyen Chi Thanh Brewery) (Saigon Beer - Cu Chi Brewery)
• Reuse wastewater and warm water • Recover all condensates and return to
from energy saver. the boiler.
Occupational illness caused by noise Ordinary occupational injury Severe occupational injury
ADVANCED TECHNOLOGY
Investment in wastewater and waste treatment systems
Placing technologies and techniques as foundations of the Corporation’s competitive and development strategies, SABECO
breweries have been equipped with state-of-the-art machinery and equipment imported from European industry leaders such All breweries ensure that wastewater has met the QCVN 40:2011 standard (type A or B) before being discharged into the environment
as Krones AG, KHS, etc., integrated into a highly automated production system to reduce energy consumption. or the wastewater collection systems of industrial zones. The monitoring of wastewater environment has been regularly conducted
to be in line with the approved frequency as stated in environmental impact assessment reports.
SABECO has been constantly improving and applying modern technology and equipment in production processes. Since 2017,
the breweries have been equipped with equipment for checking bottles, codes, testing labels, and CO2 stripping equipment to In addition, the breweries have had silos containing spent grains and scrap packaging. Domestic waste has always been stored
ensure the quality of fresh beer being delivered to consumers. Investments have been made in membrane filtration systems in covered bins and waste storage before being processed. For hazardous waste, there are contractors who deal with transport
(without the use of filter aid powder) to reduce solid waste emissions to the environment, protect operators’ health, and reduce and treatment.
the consumption of inputs (e.g., electricity, water, chemicals, solvents, etc.)
The system of collecting and fermenting microorganism sludge from the wastewater treatment system has been invested to
generate electricity and make compost.
HUMAN CAPITAL DEVELOPMENT RECRUITMENT SABECO has always looked for talented, dedicated and hardworking employees, who
would most likely fit into the Corporation’s culture
SABECO has always placed employees at its core as the Corporation believed that people play a vital
role in sustaining development for enterprises, as well as respected diversified values and dedications
from all employees who have contributed to the success of SABECO thus far. Recruitment plan Recruitment method Recruitment notice
SABECO arranges appropriate Admission tests and direct Detailed information will be
recruitment s based on the inter views with the Human posted on recruitment channels.
In order to maintain the leading position in Vietnam and reach approved annual business plan Capital team and line managers.
out to international markets, SABECO has always focused ABLE and personnel demand of each
on building and fortifying its “WARM” workforce along with functional department.
creating a professional, motivated, dynamic, and fair working
environment, thereby boosting the Corporation’s competitive
A
advantages and strengthening engagement with employees.
In 2020, SABECO recruited a total of 144 new employees spanning across different
The comprehensive transformation has brought SABECO,
WILLING W R READY
departments. The “Onboarding Program for Newcomers” has been designed to help
144
a Vietnamese organization with its long-standing culture, new hires familiarize themselves with the way of working in SABECO, important
an opportunity to reach out and adopt global practices, i.e., policies, and the Corporation’s organizational culture. In addition, newcomers have
Global Values. The program with three key elements including new emloyees also received active guidelines and timely support from the Human Capital team
Collaboration - Creating Values - Caring for Stakeholders,
has been designed with intentions to engage and connect M in 2020 during their probation periods, so that they can quickly adapt to the new working
environment and do their best.
all employees as well as promote solidarity and trust while
MOTIVATED
working towards common goals, thereby bringing the best out
of employees and at the same time, creating sustainable values REMUNERATION AND WELFARE
for the Corporation.
SABECO has placed high importance on creating a performance-based culture, meaning the new salary structure has been strictly
related to job positions and individual performance in order to motivate employees to work hard and perform well. In terms of
bonus, it has now been distributed based on tasks completion, as well as performances of individuals and the Corporation as
OVERVIEW OF LABOR FORCE a whole. Besides, SABECO has also offered extra allowances to help facilitate employees‘ best performances.
Apart from regular employees’ benefits under the law such as social insurance, health insurance and 24-hour accident insurance,
TOTAL NUMBER OF EMPLOYEES Age SABECO has constantly improved its welfare regimes through various activities such as outing trips, birthday and holiday gifts.
8,388
In addition, SABECO has also taken good care of employees’ relatives such as giving gifts to their children on the occasions of
Under 30 40 - 49 International Children’s Day or end of school year ceremonies, and organizing summer camps in Thanh Da, Ho Chi Minh City.
Unit: %
(according to the lates t Audited 30 - 39 50 - 59
Consolidated Financial Statements, in OCCUPATIONAL SAFETY AND HEALTH
Over 59
which 774 employees are directly under
the Corporation). With aims of ensuring occupational safety and health for all
employees as well as improving the working environment,
SABECO has implemented several proactive programs
as follows:
• Periodical health check

Gender Educational background • Occupational diseases detection
• Working environment measures
• Supply of protective equipment for individuals
Female College Post-graduate
Unit: % Unit: % • Compulsory insurances on labor, occupational diseases,
Male University Others and health
• Fire prevention
Vocation
Business continuity plan (BCP) Having observed the rapid increase of Covid-19 cases, new regulations and restrictions TRAINING
322
by the government, as well as guidelines issued by public health experts which called
for social distancing and avoiding large gatherings, the Corporation took immediate In 2020, SABECO continued to implement a thorough training process for functional
actions to ensure safety and well-being for all employees, while maintaining business departments and its two owned breweries to ensure a uniform management
Total number of
operations at the same time. As a result, BCP for the whole SABECO group of companies mechanism across all business units as well as develop the Corporation’s human
training hours
was implemented as follows: capital in a sustainable way. The total number of training hours was 322 hours.
EMPLOYEE ENGAGEMENT
KEY ACTIONS GUIDELINES
Due to the widespread Covid-19 outbreak, Town Hall meetings in January and July was postponed, yet SABECO managed to keep
its employees posted on the Corporation’s business activities via internal newsletters and virtual Town Hall meetings instead.
• Allocating employees into two separate teams, • Complying with medical guidelines After the Covid-19 situation was well controlled, a physical Town Hall meeting was organized professionally and safely in October
which helped avoid physical interactions recommended by the Ministry of Health. 2020 with the participation of all employees from the head office, as well as representatives from subsidiaries and associates.
to mitigate the risk of infection. Each team • Issuing guidelines on BCP implementation. During these meetings, regardless of being physical or virtual, employees had opportunities to raise their voice and communicate
would take turns working from home for 14 directly to the Board and the Management in terms of the Corporation’s strategies and operations.
consecutive days.
• Avoiding physical meetings and conducting
online meetings.
• Reporting F1, F2, and F3 cases immediately.
• Coming up with different scenarios and backup
SUPPORTS
plans in case of further social distancing
regulations.
• Timely updating the development of Covid-19 • Medical respirators and hand sanitizers
and closely monitoring all business units distributed to employees.
through daily BCP meetings. • IT support to maintain stable workflow.
• Maintaining employees’ communication and
motivation through internal newsletters.
Due to the Management’s drastic measures together with

employees’ full compliance, BCP was running smoothly and
received lots of positive feedback. The plan not only achieved
its purposes of creating an infection-free working environment
while maintaining business operations, but also reflected the
Corporation’s responsibility as well as commitment to social
recovery.
Even after the Covid-19 health crisis was brought under control
by the Vietnamese government, SABECO has continued to take
precautions, including but not limited to medical respirators
and hand sanitizers being distributed to employees, body
temperature check for employees and visitors, health
declaration forms and disinfectant sprays in office, in order
to minimize the risk of infection for employees, customers,
and partners. Until effective vaccines become available, the
Corporation will keep BCP active to be fully prepared in the
event of Covid-19 resurgence.
RESPONSIBILITIES TOWARDS LOCAL COMMUNITIES
THE “GROW WITH SABECO” PROJECT SABECO’S CONTRIBUTIONS TO VIETNAM’S FIGHT AGAINST COVID-19
For many SABECO employees, their relationships and partnerships with the The ongoing Covid-19 pandemic has caused severe damages support, to over 20,000 individuals in need and people in
Corporation go beyond work, as they have been closely bonding with SABECO and fundamentally transformed everyone’s life on an quarantine facilities across the country.
and Bia Saigon since being children. Many generations of SABECO employees unprecedented scale. However, it has also stressed the
have grown together in this family, and their children can be proud of where importance of standing together and looking after each other in In order to put together these relief efforts, SABECO worked
their parents are working at. This is also the inspiration from which “Grow times of need. Capturing that spirit, SABECO has taken proactive closely with its network of subsidiaries and suppliers. Purified
with SABECO” was born. actions to support and work with the Vietnamese government water and other beverages were supplied by Chuong Duong
to lessen adverse impacts. In April 2020, SABECO partnered Beverages Joint Stock Company, Saigon Tay Do Beer –
“Grow with SABECO” is a charity fund established by people with full of love with the Vietnamese Fatherland Front of Ho Chi Minh City, the Beverage Joint Stock Company, and Saigon Beer Mien Trung
for SABECO to make contributions to children in need of SABECO employees. People’s Committees of Can Tho City and Tien Giang Province, Trading Joint Stock Company, while rice was purchased from
With the long-term development goal, the fund has called for donations from and the Communist Youth Unions in Khanh Hoa, Ben Tre, and the Corporation’s local suppliers. At the same time, Binh Tay
various sources to be able to support more children in the coming years. This Binh Duong provinces to implement an aid program which Liquor Joint Stock Company also gave a hand by producing
is one of the activities that SABECO has accompanied them on their path of provided essential support, including medical and personnel hand sanitizers to meet the need of supplies.
personal development, and also served as a second big warm family where
they belong from the very start.
With its meaningful intention, the “Grow with

SABECO” fund has received donations from
various internal and external supporters.
As of January 25, 2021, the “Grow with
SABECO” reached the following highlights:
VND597,766,437
TOTAL AMOUNT OF DONATIONS 2.5
TONS OF RICE
207
APPLICATIONS
92
AWARDED SCHOLARSHIPS
572,288 40,460
BOTTLES OF PURIFIED BOTTLES OF HAND
WATER AND OTHER SANITIZERS
DONATION GOAL BEVERAGES
With this project, SABECO has

aimed at giving employees’
children the best possible
600 million VND
raised annually to award 75 – 100 scholarships to
SABECO saw this aid package as a gift of encouragement to all
health agents who had worked hard and showed great resilience
products. This was also part of the Corporation’s efforts to
help subsidiaries and local partners sustain their respective
start in life. primary, secondary, and high school students. in this crisis. Furthermore, by engaging subsidiaries and businesses and maintain jobs for employees to overcome this
suppliers within the Corporation’s ecosystem, SABECO could tough period together.
guarantee its sources of supply as well as the quality of donated
“RISE WITH VIETNAM” RELAY
In response to the Covid-19 outbreak, which has caused tremendous hardships and led to millions of The “Rise with Vietnam” relay brought together more than 150
jobs lost, SABECO launched its “Rise with Vietnam” relay in close collaboration with the VGCL, aiming at runners from all walks of life, including the participation of leaders
from central to provincial levels. Besides, various famous artists
raising funds to support impacted workers to overcome this challenging period. Donations raised by the
also participated actively and called for community support and
replay would be set aside as a relief effort for affected households by typhoon and flood in the Central
donations. These actions have demonstrated not only the profound
region as well as disbursed to those Vietnamese workers before Lunar New Year of 2021. compassion of local authorities, but also affirmed the Vietnamese
people’s spirit of mutual support, joining hands to overcome all
Remarkable milestones of the “Rise with Vietnam” relay challenges for better life outcomes.
09/09/2020
Press conference of the “Rise with Vietnam” relay
SABECO collaborated with VGCL to officially launch the

“Rise with Vietnam” relay.
09/10/2020
Donations reached VND4 billion
17/10/2020 The amount of donations to support runners increased rapidly

and reached VND4 billion within a month. This impressive
The Heritage relay
number came from not only runners’ friends, relatives, and
SABECO and VGCL organized the opening ceremony of colleagues, but also a broad range of domestic and foreign
the “Rise with Vietnam” relay and started the Heritage enterprises and sponsors.
relay which stretched across 1,875 km all the way
from Ha Long City to Ho Chi Minh City, symbolizing
the establishment year of SABECO. This memorable
milestone not only expressed the Corporation’s pride
in its long-proven history and heritage but also showed
resilience and perseverance of the Vietnamese people.
Due to heavy rain and floods in the Central of Vietnam,

one section of the running route from Ha Tinh to Quang
Tri was canceled and restarted in an area near Hue City.
To reach the initial target of 1,875 km, 27 runners took
25/10/2020
1,875 145 1
part in a virtual run to cover the 303 km missing from the
canceled route. In addition, SABECO and VGCL decided The Future relay
to contribute VND1 billion as a relief effort for typhoon Following the Heritage relay, the Future relay covered 145
and flood victims in the Central region. KM KM MISSION
km from Ho Chi Minh City to Can Tho City, which represented FOR THE NATION
HERITAGE FUTURE
SABECO’s hope and vision of continuing to rise with Vietnam
and contributing to the country’s development for the next 145
years and beyond.
As of December 31, 2020
26/10/2020 2,020 2,645 VND5,274,679,443

Finishing the “Rise with Vietnam” relay RELAY DISTANCE NUMBER OF CURRENT AMOUNT
COMPLETED DONATIONS OF DONATIONS
A total relay length of 2,020 km was successfully accomplished
in 10 days by all runners.
SUPPORT FOR FLOODED HOUSEHOLDS IN THE CENTRAL OF VIETNAM
In October 2020, the Central of Vietnam was severely hit by SABECO collaborated with the Vietnamese Fatherland Front,
consecutive tropical storms, resulting in the worst floods and VCGL, local Labor Union and People’s Committee in local areas
landslides for the past 100 years. Several houses were destroyed, as well as its subsidiaries and breweries organized the program
crops were damaged, and people were left empty-handed. to give relief packages. The program started on December 12,
During the “Rise with Vietnam” relay, SABECO witnessed 2020 and ended on December 22, 2020 in Quang Tri, followed by
huge damages caused to the Central region, which urged the Quang Binh, Quang Ngai, and Ha Tinh provinces where floods
Corporation to act promptly to support local communities. and storms hit the most. Overall, there were 1,000 households
Consequently, SABECO and the VGCL decided to set aside a who received the Corporation’s support of VND1 million each
minimum amount of VND1 billion as a relief effort for the Central to resume their living.
of Vietnam. This decision was completely in line with the spirit
of “Rise with Vietnam”, and at the same time represented the
strength and solidarity of the Vietnamese people to overcome
all difficulties.
“TET GAN KET” PROGRAM
On January 18, 2021, SABECO and the VGCL jointly announced From January 21 to February 5, 2021, thanks to the coordination
the latest CSR program called “Tet Gan Ket”, which was the next between SABECO’s Labor Union, trading companies, as well
phase of the “Rise with Vietnam” campaign. With a total amount as provincial Labor Unions, a relief package of VND4.2 billion
of more than VND5.2 billion raised from the “Rise with Vietnam” was successfully delivered to 4,200 Vietnamese workers from
relay, “Tet Gan Ket” aimed to disburse more than VND4.2 billion 37 provinces nationwide. Ending SABECO’s 145th anniversary
to 4,200 Vietnamese workers impacted by Covid-19 under the campaign, the “Tet Gan Ket” program was an opportunity
criteria of VGCL. Previously, the campaign already awarded for the Corporation, its partners, social organizations, and
VND1 billion to support flooded provinces in the Central in individuals to join hands in bringing support to the community,
December 2020. especially during this challenging period. It also reflected the
Corporation’s commitment to 4C, including Country and Culture,
thereby contributing to Vietnam’s socioeconomic development
and spreading the spirit of happiness and togetherness on this
Lunar New Year occasion.
128 Audited consolidated financial statements SABECO ANNUAL REPORT 2020 129
130 Corporate Information SABECO ANNUAL REPORT 2020 131
CORPORATE INFORMATION
Enterprise Registration 0300583659 29 February 2012 Board of Management Mr. Neo Gim Siong Bennett General Director
Certificate No.
The Company’s Enterprise Registration Certificate (“ERC”) has been Mr. Teo Hong Keng Deputy General Director
amended several times, of which the most recent one is ERC No.
0300583659 dated 18 May 2020. The Enterprise Registration Certificate Mr. Ng Kuan Ngee Melvyn Deputy General Director
and its updates were issued by the Ho Chi Minh City Department of
Planning and Investment. Deputy General Director
Mr. Lam Du An Saigon - Nguyen Chi Thanh
Brewery’s Director
Registered Office No. 187, Nguyen Chi Thanh Street, Ward 12, Deputy General Director
Mr. Hoang Dao Hiep
District 5, Ho Chi Minh City, Vietnam (until 28 February 2021)
Auditor KPMG Limited Vietnam
Audit Committee Mr. Pramoad Phornprapha Chairman
Mr. Nguyen Tien Vy Member
Board of Directors Mr. Koh Poh Tiong Chairman Mr. Michael Chye Hin Fah Member
Mr. Pramoad Phornprapha Member
Mr. Nguyen Tien Vy Member
Mr. Michael Chye Hin Fah Member
Ms. Tran Kim Nga Member

Legal Representative Mr. Koh Poh Tiong Chairman
Mr. Nguyen Tien Dung Member
Mr. Neo Gim Siong Bennett General Director
Mr. Luong Thanh Hai Member
132 Statement of the Board of Management SABECO ANNUAL REPORT 2020 133
STATEMENT OF THE BOARD OF MANAGEMENT INDEPENDENT AUDITOR’S REPORT

The Board of Management of Saigon Beer - Alcohol - Beverage Corporation (“the Company”) presents this statement and the To the Shareholders Saigon Beer - Alcohol - Beverage Corporation
accompanying consolidated financial statements of the Company and its subsidiaries (collectively “the Group”) for the year ended
31 December 2020. We have audited the accompanying consolidated financial statements of Saigon Beer - Alcohol - Beverage Corporation (“the
Company”) and its subsidiaries (collectively “the Group”), which comprise the consolidated balance sheet as at 31 December 2020, the
The Board of Management is responsible for the preparation and fair presentation of the consolidated financial statements in consolidated statements of income and cash flows for the year then ended and the explanatory notes thereto which were authorised
accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for enterprises and the relevant statutory for issue by the Company’s Board of Management on 29 March 2021, as set out on pages 5 to 70.
requirements applicable to financial reporting. In the opinion of the Company’s Board of Management:
MANAGEMENT’S RESPONSIBILITY
(a) the consolidated financial statements set out on pages 5 to 70 give a true and fair view of the consolidated financial position
of the Group as at 31 December 2020, and of its consolidated results of operations and its consolidated cash flows for the The Company’s Board of Management is responsible for the preparation and fair presentation of these consolidated financial
year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for enterprises statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for enterprises and the
and the relevant statutory requirements applicable to financial reporting; and relevant statutory requirements applicable to financial reporting, and for such internal control as the Board of Management
determines is necessary to enable the preparation of the consolidated financial statements that are free from material
(b) at the date of this statement, there are no reasons to believe that the Group will not be able to pay its debts as and when misstatement, whether due to fraud or error.
they fall due.
AUDITOR’S RESPONSIBILITY
The Board of Management has, on the date of this statement, authorised the accompanying consolidated financial statements
for issue. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our
audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of
On behalf of the Board of Management the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Company’s Board of Management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
AUDITOR’S OPINION
In our opinion, the consolidated financial statements give a true and fair view, in all material respects, of the consolidated
financial position of Saigon Beer - Alcohol - Beverage Corporation and its subsidiaries as at 31 December 2020 and of their
consolidated results of operations and their consolidated cash flows for the year then ended in accordance with Vietnamese
Neo Gim Siong Bennett Accounting Standards, the Vietnamese Accounting System for enterprises and the relevant statutory requirements applicable to
General Director financial reporting.
Ho Chi Minh City, 29 March 2021
KPMG Limited’s Branch in Ha Vu Dinh Nguyen Thanh Nghi

Ho Chi Minh City Practicing Auditor Registration Practicing Auditor Registration
Vietnam Certificate No. 0414-2018-007-1 Certificate No. 0304-2018-007-1
Audit Report No.: 20-01-00362-21-4 Deputy General Director
Ho Chi Minh City, 29 March 2021

134 Consolidated balance sheet as at 31 December 2020 SABECO ANNUAL REPORT 2020 135
Consolidated balance sheet Form B 01 – DN/HN
as at 31 December 2020 (Issued under Circular No. 202/2014/TT-BTC dated

22 December 2014 of the Ministry of Finance)
Unit: VND
Code Note 31/12/2020 1/1/2020 Code Note 31/12/2020 1/1/2020
ASSETS Fixed assets 220 4,874,503,649,521 4,685,440,455,287
Current assets Tangible fixed assets 221 13 3,753,389,023,744 3,743,642,558,190

100 19,513,381,452,440 19,164,602,511,633
(100 = 110 + 120 + 130 + 140 + 150)
Cost 222 10,774,956,789,192 10,190,230,853,202
Cash and cash equivalents 110 6 2,726,137,088,387 4,115,884,646,637
Accumulated depreciation 223 (7,021,567,765,448) (6,446,588,295,012)
Cash 111 844,203,088,387 953,478,997,565
Finance lease tangible fixed assets 224 14 178,134,173,132 -
Cash equivalents 112 1,881,934,000,000 3,162,405,649,072
Cost 225 179,020,927,499 -
Short-term financial investments 120 14,547,419,432,877 12,393,226,750,273
Accumulated depreciation 226 (886,754,367) -
Held-to-maturity investments 123 7(a) 14,547,419,432,877 12,393,226,750,273
Intangible fixed assets 227 15 942,980,452,645 941,797,897,097
Accounts receivable – short-term 130 590,846,416,109 568,608,377,917
Cost 228 1,102,196,654,036 1,091,733,605,211
Accounts receivable from customers 131 8 69,331,890,605 157,654,572,653
Accumulated amortisation 229 (159,216,201,391) (149,935,708,114)
Prepayments to suppliers 132 164,204,071,490 54,679,363,371
Investment properties 230 16 65,173,748,670 58,433,154,033
Other short-term receivables 136 9(a) 699,600,027,317 702,587,109,178
Cost 231 92,668,621,947 80,830,516,128
Allowance for doubtful short-term debts 137 10(a) (342,289,573,303) (346,312,667,285)
Accumulated depreciation 232 (27,494,873,277) (22,397,362,095)
Inventories 140 11(a) 1,446,832,994,933 1,967,137,719,907
Long-term work in progress 240 28,138,829,026 307,773,703,264
Inventories 141 1,525,038,920,678 2,169,540,753,708
Construction in progress 242 17 28,138,829,026 307,773,703,264
Allowance for inventories 149 (78,205,925,745) (202,403,033,801)
Long-term financial investments 250 2,351,285,997,476 2,162,738,822,723
Other current assets 150 202,145,520,134 119,745,016,899
Investments in associates and jointly
Short-term prepaid expenses 151 12(a) 143,821,768,836 97,129,905,121 252 7(c) 2,049,028,504,129 1,878,458,174,350
controlled entities
Deductible value added tax 152 22,192,035,247 18,203,862,026 Equity investments in other entities 253 7(c) 665,885,700,116 665,885,700,116
Taxes receivable from State Treasury 153 20(b) 36,131,716,051 4,411,249,752 Allowance for diminution in the value
254 7(c) (444,497,086,674) (435,473,931,648)
of long-term financial investments
Long-term assets
200 7,861,591,322,918 7,797,873,582,412 Held-to-maturity investments 255 7(b) 80,868,879,905 53,868,879,905
(200 = 210 + 220 + 230 + 240 + 250 + 260)
Accounts receivable – long-term 210 11,958,390,566 9,110,080,970 Other long-term assets 260 530,530,707,659 574,377,366,135
Accounts receivable from customers Long-term prepaid expenses 261 12(b) 330,639,468,718 328,604,633,780
211 5,988,013,018 6,005,003,018
– long-term
Deferred tax assets 262 18 170,769,540,045 214,736,310,715
Loans receivable – long-term 215 4,000,000,000 4,000,000,000
Long-term tools, supplies and spare parts 263 11(b) 29,121,698,896 31,036,421,640
Other long-term receivables 216 9(b) 41,278,370,471 38,495,491,775
Allowance for doubtful long-term debts 219 10(b) (39,307,992,923) (39,390,413,823) TOTAL ASSETS (270 = 100 + 200) 270 27,374,972,775,358 26,962,476,094,045
The accompanying notes are an integral part of these consolidated financial statements The accompanying notes are an integral part of these consolidated financial statements
136 Consolidated balance sheet as at 31 December 2020 (continued) SABECO ANNUAL REPORT 2020 137
Consolidated balance sheet as at Form B 01 – DN/HN
31 December 2020 (continued) (Issued under Circular No. 202/2014/TT-BTC dated

Unit: VND
Code Note 31/12/2020 1/1/2020 Code Note 31/12/2020 1/1/2020
RESOURCES EQUITY (400 = 410) 400 21,215,276,390,928 20,076,247,056,364
LIABILITIES (300 = 310 + 330) 300 6,159,696,384,430 6,886,229,037,681 Owners’ equity 410 26 21,215,276,390,928 20,076,247,056,364
Current liabilities 310 5,173,043,219,872 6,087,830,053,039 Share capital 411 27 6,412,811,860,000 6,412,811,860,000
Accounts payable to suppliers 311 19(a) 1,652,906,614,848 2,427,067,853,887 - Ordinary shares with voting rights 411a 6,412,811,860,000 6,412,811,860,000
Advances from customers 312 64,714,811,339 42,587,372,642 Other capital 414 3,208,666,226 3,208,666,226
Taxes payable to State Treasury 313 20(a) 1,257,298,332,033 855,960,013,165 Foreign exchange differences 417 26,865,333,874 27,272,873,771
Payables to employees 314 360,587,762,596 389,618,575,865 Investment and development fund 418 28 1,122,846,170,630 1,130,372,829,157
Accrued expenses 315 21 237,321,466,479 433,170,981,720 Retained profits 421 12,374,498,805,733 11,231,596,467,620
Unearned revenue – short-term 318 781,818,369 930,242,260 - Retained profits brought forward 421a 7,805,481,048,248 6,485,261,875,965
Other payables – short-term 319 22(a) 966,919,825,167 1,079,347,828,644 - Retained profit for the current year 421b 4,569,017,757,485 4,746,334,591,655
Short-term borrowings 320 23(a) 448,791,959,859 560,511,063,296 Non-controlling interest 429 1,275,045,554,465 1,270,984,359,590
Provisions – short-term 321 199,849,423 3,710,918,283 TOTAL RESOURCES (440 = 300 + 400) 440 27,374,972,775,358 26,962,476,094,045
Bonus and welfare fund 322 24 183,520,779,759 294,925,203,277
29 March 2021
Long-term liabilities 330 986,653,164,558 798,398,984,642
Long-term accounts payable to suppliers 331 19(b) 167,227,272,000 100,000,000

Prepared by: Approved by:
Long-term advances from customers 332 - 22,183,449
Other payables – long-term 337 22(b) 54,553,516,000 54,073,316,000
Long-term borrowings and

338 23(b) 526,263,958,457 494,244,987,274
finance lease liabilities
Deferred tax liabilities 341 18 36,606,382,644 30,543,620,073
Provisions – long-term 342 25 126,213,421,774 135,416,747,716
Science and technology

343 75,788,613,683 83,998,130,130
development fund Hoang Thanh Van Tran Nguyen Trung Teo Hong Keng Neo Gim Siong Bennett
Accountant Chief Accountant Deputy General Director General Director
138 Consolidated statement of income the year ended 31 December 2020 SABECO ANNUAL REPORT 2020 139
Consolidated statement of income Form B 02 – DN/HN
the year ended 31 December 2020 (Issued under Circular No. 202/2014/TT-BTC dated
Unit: VND
Code Note 2020 2019 Code Note 2020 2019
Revenue from sales of goods and Net profit after tax

01 31 28,135,622,624,299 38,133,790,098,273
provision of services (60 = 50 - 51 - 52) 60 4,936,845,970,254 5,370,147,708,542
(brought forward from previous page)
Revenue deductions 02 31 174,298,787,288 234,730,596,978
Attributable to:
Net revenue (10 = 01 - 02) 10 31 27,961,323,837,011 37,899,059,501,295
Cost of goods sold and Equity holders of the Company 61 4,723,496,860,190 5,053,363,919,165
11 32 19,460,229,052,562 28,348,430,809,281
services provided
Gross profit (20 = 10 - 11) 20 8,501,094,784,449 9,550,628,692,014 Non-controlling interest 62 213,349,110,064 316,783,789,377
Financial income 21 33 974,401,634,870 889,852,505,295 Earnings per share (Restated)
Financial expenses 22 34 105,449,377,566 93,009,586,460

Basic earnings per share 70 39 7,133 7,557
In which: Interest expense 23 63,681,326,473 37,367,206,872
Share of profits in associates and jointly 29 March 2021

24 7(c) 267,405,919,991 378,267,281,269
controlled entities
Selling expenses 25 35 2,859,036,781,083 3,003,290,717,435
General and administration expenses 26 36 702,005,344,515 1,047,841,925,145

Net operating profit
30 6,076,410,836,146 6,674,606,249,538
{30 = 20 + (21 - 22) + 24 - (25 + 26)}
Other income 31 55,952,250,986 74,504,231,449
Other expenses 32 20,544,761,167 62,933,856,025
Results of other activities

40 35,407,489,819 11,570,375,424
(40 = 31 - 32)
Accounting profit before tax
50 6,111,818,325,965 6,686,176,624,962
(50 = 30 + 40)
Income tax expense – current 51 38 1,124,942,822,470 1,347,171,652,994 Hoang Thanh Van Tran Nguyen Trung Teo Hong Keng Neo Gim Siong Bennett
Income tax expense/(benefit) – deferred 52 38 50,029,533,241 (31,142,736,574)
Net profit after tax

(60 = 50 - 51 - 52) (carried forward to 60 4,936,845,970,254 5,370,147,708,542
next page)
140 Consolidated statement of cash flows for the year ended 31 December 2020 SABECO ANNUAL REPORT 2020 141
(Indirect method)
Consolidated statement of cash flows for Form B 03 – DN/HN
the year ended 31 December 2020 (Issued under Circular No. 202/2014/TT-BTC dated
(Indirect method)
Unit: VND
Code Note 2020 2019 Code Note 2020 2019
CASH FLOWS FROM OPERATING ACTIVITIES Acquisition of subsidiary, net of

28 - 82,063,103,504
cash acquired
Accounting profit before tax 01 6,111,818,325,965 6,686,176,624,962
Net cash flows from investing activities 30 (1,523,225,006,902) (4,109,043,881,626)
Adjustments for
Depreciation and amortisation 02 593,451,595,931 647,247,814,181 CASH FLOWS FROM FINANCING ACTIVITIES
Allowances and provisions 03 (41,308,902,896) 358,145,344,743 Proceeds from borrowings 33 3,061,076,110,807 3,235,967,733,915
Exchange losses arising from revaluation
of monetary items denominated in 04 10,993,808,785 790,189,554 Payments to settle loan principals 34 (3,309,442,411,518) (3,346,479,516,980)
foreign currencies
Payments to settle finance lease liabilities 35 (12,727,272,727) -
Profits from investing activities 05 (933,512,405,110) (862,160,728,753)
Shared profits in associates and Payments of dividends 36 (3,734,027,010,258) (1,136,965,484,108)
05 (267,405,919,991) (378,267,281,269)
jointly controlled entities
Interest expense 06 63,681,326,473 37,367,206,872 Net cash flows from financing activities 40 (3,995,120,583,696) (1,247,477,267,173)
Other adjustments 07 - 322,602,195 Net cash flows during the year

50 (1,389,734,012,942) (351,508,593,451)
(50 = 20 + 30 + 40)
Operating profit before changes in
08 5,537,717,829,157 6,489,621,772,485 Cash and cash equivalents at the
working capital 60 4,115,884,646,637 4,467,391,585,137
beginning of the year
Change in receivables 09 70,185,855,564 95,622,299,886 Effect of exchange rate fluctuations on
61 (13,545,308) 1,654,951
Change in inventories 10 573,632,990,375 (109,295,244,209) cash and cash equivalents
Cash and cash equivalents at the end of
Change in payables and other liabilities 11 (660,694,079,661) 11,238,478,499 70 6 2,726,137,088,387 4,115,884,646,637
the year (70 = 50 + 60 + 61)
Change in prepaid expenses 12 (44,422,006,927) 218,117,087,755
29 March 2021
5,476,420,588,508 6,705,304,394,416
Interest paid 14 (72,029,586,806) (36,835,510,098)

Corporate income tax paid 15 (1,038,633,850,562) (1,398,559,753,310)
Other payments for operating activities 17 (237,145,573,484) (264,896,575,660)
Net cash flows from operating activities 20 4,128,611,577,656 5,005,012,555,348
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for additions to fixed assets 21 (367,442,290,535) (268,997,916,043)
Proceeds from disposals of fixed assets 22 1,440,687,000 4,838,741,500
Placements of term deposits at banks 23 (16,247,323,041,096) (14,261,677,226,631)
Collections of term deposits at banks 24 14,066,130,358,492 9,379,638,897,122

Hoang Thanh Van Tran Nguyen Trung Teo Hong Keng Neo Gim Siong Bennett
Receipts of interests and dividends 27 1,023,969,279,237 955,090,518,922 Accountant Chief Accountant Deputy General Director General Director
142 Notes to the consolidated financial statements SABECO ANNUAL REPORT 2020 143
for the year ended 31 December 2020
Notes to the consolidated financial Form B 09 – DN/HN
statements for the year ended (Issued under Circular No. 202/2014/TT-BTC dated
54.73%
68.78%
51%
62.06%
66.56%
93.47%
56.24%
52.11%
100%
94.72%
95.07%
94.42%
voting
rights
% of
31 December 2020
1/1/2020
interest
51%
62.06%
66.56%
93.32%
55.90%
54.73%
68.78%
52.11%
100%
94.72%
95.07%
94.42%
equity
% of
These notes form an integral part of and should be read in conjunction with the accompanying consolidated financial statements.
1. REPORTING ENTITY
51%
62.06%
66.56%
93.47%
100%
56.24%
54.73%
68.78%
52.11%
90.00%
95.07%
94.45%
voting
rights
% of
31/12/2020
(A) OWNERSHIP STRUCTURE
interest
95.07%
94.45%
51%
62.06%
66.56%
93.32%
55.90%
54.73%
68.78%
52.11%
100%
90.00%
equity
% of
Saigon Beer - Alcohol - Beverage Corporation (“the Company”) was established as a State-Owned General Corporation
under Decision No. 74/2003/QD-BCN dated 6 May 2003 of the Ministry of Industry (now the Ministry of Industry and Trade)
by restructuring Saigon Beer Company and merging it with Binh Tay Liquor Company, Chuong Duong Beverages Company
and Phu Tho Glass Company. On 11 May 2004, the Ministry of Industry issued Decision No. 37/2004/QD-BCN to restructure
Wholesale of beer. alcohol drinks; wholesale of non-alcohol

Producing and trading beer and beverages; importing and
Producing and trading beer and beverages; importing and

the Company into a parent - subsidiary structure. The Company’s operation was licenced in accordance with Business
Registration Certificate No. 4106000286 issued by the Department of Planning and Investment of Ho Chi Minh City on 1
drinks. wholesale of other chemicals. alcohol; trading

Producing and trading beverages. canned food and
Producing and trading beer. alcohol and beverages

September 2006.
packaging; providing cargo transportation by car

Trading beer. alcohol and beverages; providing
Trading beer. alcohol and beverages; providing

The Company was equitised as per Decision No. 1862/QD-TTg dated 28 December 2007 of the Prime Minister and was
Producing and trading beer and soft drinks
transportation and warehousing services
transportation and warehousing services

approved under Joint Stock Business Registration Certificate No. 4103010027 dated 17 April 2008 by the Department of
Principal activities
Planning and Investment of Ho Chi Minh City. As at that date, the newly established joint stock company assumed control
Trading beer. alcohol and beverages

over all assets and liabilities from the former State-Owned General Corporation.
Producing and trading alcohol

Producing and trading beer
Producing and trading beer
exporting related materials
exporting related materials

The Company’s shares were listed on the Ho Chi Minh City Stock Exchange with trading code SAB in accordance with
Decision No. 470/QD-SGDHCM dated 25 November 2016 issued by the Ho Chi Minh City Stock Exchange.
The consolidated financial statements of the Company for the year ended 31 December 2020 comprise the Company and
its subsidiaries (together referred to as “the Group”) and the Group’s interest in associates and jointly controlled entities.
accessories
(B) PRINCIPAL ACTIVITIES
The principal activities of the Group are to produce and sell beer, alcohol, beverages and related products including material
Sai Gon Beer Bac Trung Bo Trading Joint Stock Company

Sai Gon - Dong Xuan Beer Alcohol Joint Stock Company
and packaging materials; to provide warehousing, logistics and transportation services; to manufacture mechanical
Northern Sai Gon Beer Trading Joint Stock Company
Saigon Beer Center Trading Joint Stock Company

equipment, structural steel construction, and mechanical equipment installation services; and to construct and provide
Sai Gon - Quang Ngai Beer Joint Stock Company

Chuong Duong Beverages Joint Stock Company
real estates services.
Saigon - Nghetinh Beer Joint Stock Company

Western - Sai Gon Beer Joint Stock Company
Saigon - Songlam Beer Joint Stock Company
Sai Gon Beer Trading Company Limited

Binh Tay Liquor Joint Stock Company
Company name
(C) NORMAL OPERATING CYCLE
Sai Gon - Ha Noi Beer Corporation

The normal operating cycle of the Group is generally within 12 months.
(D) GROUP STRUCTURE
SUBSIDIARIES
As at 31 December 2020, the Group had 26 subsidiaries and 18 associates and jointly controlled entities (1/1/2020: 26
subsidiaries and 18 associates and jointly controlled entities) as follows:
No
12
11
10
1
9
I
144
31/12/2020 1/1/2020
No Company name Principal activities % of % of % of % of

equity voting equity voting
interest rights interest rights
Trading beer, alcohol and beverages; providing warehousing

13 Bia Saigon Mien Trung Trading Joint Stock Company 91.24% 91.24% 91.24% 91.24%
and cargo transportation by car services

14 Sai Gon Beer Tay Nguyen Trading Joint Stock Company 90% 90% 90% 90%
and transportation services

15 Saigon Beer Nam Trung Bo Trading Joint Stock Company 90.14% 90.14% 90.14% 90.14%
and cargo transportation services
Trading beer, alcohol and beverages; providing cargo

16 Sai Gon Beer Eastern Trading Joint Stock Company 90.68% 90.68% 90.68% 90.68%
Notes to the consolidated financial statements
transportation by road and waterway services

for the year ended 31 December 2020 (continued)

17 Saigon Song Tien Beer Trading Joint Stock Company 90% 90% 90% 90%
and cargo transportation by road services
Trading beer, alcohol and beverages; providing cargo

18 Saigon Song Hau Beer Trading Joint Stock Company 90% 90% 90% 90%
transportation by road and waterway services
Manufacturing equipment used in food manufacturing,

19 Sa Be Co Mechanical Co., Ltd 100% 100% 100% 100%
installing and maintaining machinery system and equipment
Producing and trading beer, yeasty malt, mineral water,

20 Saigon Soc Trang Beer One Member Limited Company 51% 100% 51% 100%
bottled purified water

21 Sai Gon Beer Northeast Trading Joint Stock Company 90.45% 90.45% 90.45% 90.45%
and cargo transportation services
Producing and trading beer, yeasty malt, mineral water,

22 Sai Gon - Ha Tinh Beer One Member Company Limited 100% 100% 100% 100%
bottled purified water
Producing and trading tin lid rings and metal packaging,

23 Sai Gon Beer Packaging Joint Stock Company 76.81% 76.81% 76.81% 76.81%
packaging for food and beverage industry
24 Saigon Beer Company Limited Wholesale of beer, alcohol and beverages 100% 100% 100% 100%
25 Saigon Beer Group Company Limited Wholesale of beer, alcohol and beverages 100% 100% 100% 100%
(Issued under Circular No. 202/2014/TT-BTC dated
Form B 09 – DN/HN
31/12/2020 1/1/2020

26 Saigon - Lamdong Beer Joint Stock Company Producing and trading beer, alcohol and beverages 52.91% 52.91% 52.91% 52.91%
II JOINTLY CONTROLLED ENTITIES
1 Me Linh Point Limited (*) Providing office building leasing and management services 25% 25% 25% 25%
2 Crown Beverage Cans Saigon Limited Manufacturing aluminium cans 30% 30% 30% 30%
3 Malaya - Vietnam Glass Limited Manufacturing glass products 30% 30% 30% 30%
San Miguel Yamamura Phu Tho Packaging

4 Manufacturing and trading metal packaging 35% 35% 35% 35%
Company Limited
5 Vietnam Spirits and Wine Ltd Producing and trading alcohol and alcohol-related products 45% 45% 45% 45%
III ASSOCIATES
Thanh Nam Consultant Investment - Engineering and

6 Providing consulting construction and designing services 28.57% 28.57% 28.57% 28.57%
Technology Transfer Joint Stock Company
7 Truong Sa Food - Food Business Joint Stock Company Producing agricultural products and foods 38.62% 38.98% 38.62% 38.98%
8 Saigon - Phutho Beer Joint Stock Company Producing and trading beer, alcohol and beverages 30.84% 33.85% 30.84% 33.85%
Producing and trading beer, alcohol, beverage and

9 Sai Gon - Mien Trung Beer Joint Stock Company 32.40% 32.41% 32.40% 32.41%
spare parts
SABECO ANNUAL REPORT 2020
145
146
31/12/2020 1/1/2020

10 Tan Thanh Investment Trading Company Limited Construction and real estates 29% 29% 29% 29%
Mechanical and Industrial Construction Manufacturing, installing machinery, bridges and roads and
11 26% 26% 26% 26%
Joint Stock Company industrial construction products
12 Sai Gon - Vinh Long Beer Joint Stock Company Producing and trading beer, alcohol and beverages 20% 20% 20% 20%

13 Sai Gon - Kien Giang Beer Joint Stock Company 20% 20% 20% 20%
spare parts

14 Sai Gon - Khanh Hoa Beer Joint Stock Company 26% 26% 26% 26%
spare parts
15 Saigon - Bentre Beer Joint Stock Company Producing and trading beer, alcohol and beverages 20% 20% 20% 20%
Producing, processing and trading food, beverage, beer

16 Saigon Binh Tay Beer Group Joint Stock Company 21.80% 22.18% 21.80% 22.18%
and alcohol drinks
Producing and trading beer, alcohol, beverage, soya milk

17 Saigon Tay Do Beer - Beverage Joint Stock Company 27.62% 34.92% 27.62% 34.92%
and fruit juice
18 Saigon - Baclieu Beer Joint Stock Company Producing and trading beer, alcohol and beverages 10.2% 20% 10.2% 20%
(*) The ownership of the Group in the joint venture with Me Linh Point Limited was stated in the joint venture agreement dated 24 November 1994 between Chuong Duong
Beverages Joint Stock Company (“Chuong Duong”), a subsidiary of the Company, and the counter party Centrepoint Properties Ltd., a company established in Singapore. At
the equitisation of Chuong Duong in 2014, the ownership of this joint venture agreement was transferred from Chuong Duong to the Company following the approval of the
Ministry of Industry (now the Ministry of Industry and Trade). According to the joint venture agreement, profit allocated to each party in the joint venture follows a schedule
stated in this agreement. For the year ended 31 December 2020, the ratios are 40% and 60% (2019: 35% and 65%) for the Group and the counter party, respectively.
As at 31 December 2020, the Group had 8,388 employees (1/1/2020: 8,017 employees).
Form B 09 – DN/HN
(i)
(ii)
3.
2.
(A)
(A)
(C)
(B)
(D)
Subsidiaries
date of acquisition.
financial statements.
Non-controlling interests
BASIS OF MEASUREMENT
statements presentation purpose.
BASIS OF CONSOLIDATION
BASIS OF PREPARATION
STATEMENT OF COMPLIANCE
ANNUAL ACCOUNTING PERIOD

ended 31 December 2020 (continued)
ACCOUNTING AND PRESENTATION CURRENCY
or received is recorded directly in retained profits under equity.

The annual accounting period of the Group is from 1 January to 31 December.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Notes to the consolidated financial statements for the year
consolidated financial statements from the date that control commences until the date that control ceases.
basis using the historical cost concept. The consolidated statement of cash flows is prepared using the indirect method.
The Group’s accounting currency is Vietnam Dong (“VND”), which is also the currency used for consolidated financial
Subsidiaries are entities controlled by the Group. The financial statements of the subsidiaries are consolidated in the
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as transactions with
Non-controlling interests (“NCI”) are measured at their proportionate share of the acquiree’s identifiable net assets at
The following significant accounting policies have been adopted by the Group in the preparation of these consolidated
The consolidated financial statements, except for the consolidated statement of cash flows, are prepared on the accrual
Vietnamese Accounting System for enterprises and the relevant statutory requirements applicable to financial reporting.
These consolidated financial statements have been prepared in accordance with Vietnamese Accounting Standards, the
owners. The difference between the change in the Group’s share of net assets of the subsidiary and any consideration paid
147
Form B 09 – DN/HN
(iii) Associates and jointly controlled entities (equity accounted investees) (B) FOREIGN CURRENCY
Associates are those entities in which the Group has significant influence, but not control, over the financial and operating (i) Foreign currency transactions
policies. Jointly controlled entities are those entities over whose activities the Group has joint control, established by
contractual agreement and requiring unanimous consent for strategic financial and operating decisions. Transactions in currencies other than VND during the year have been translated into VND at actual rates of exchange ruling
at the transaction dates.
Associates and jointly controlled entities are accounted for using the equity method (equity accounted investees). They are
initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial Monetary assets and liabilities denominated in currencies other than VND are translated into VND at the account transfer
statements include the Group’s share of the profit or loss of the equity accounted investees, after adjustments to align the buying rate and account transfer selling rate, respectively, at the end of the annual accounting period quoted by the
accounting policies with those of the Group, from the date that significant influence or joint control commences until the commercial bank where the Group most frequently conducts transactions.
date that significant influence or joint control ceases. The carrying amount of investments in equity accounted investees
is also adjusted for the alterations in the investor’s proportionate interest in the investees arising from changes in the All foreign exchange differences are recorded in the consolidated statement of income.
investee’s equity that have not been included in the income statement (such as revaluation of fixed assets, or foreign
exchange translation differences, etc.). (ii) Translation of financial statements of associate from the accounting currency to the presentation currency
When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest Assets and liabilities of associate which denominated in currency other than VND are translated to VND at exchange rates
(including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the at the end of the annual accounting period. Income and expenses of this associate are translated to VND at exchange rates
extent that the Group has an obligation or has made payments on behalf of the investee. at the dates of transactions.
Foreign currency differences arising from the translation of financial statements of associate which denominated in
(iv) Transactions eliminated on consolidation currency other than VND are recognised in the consolidated balance sheet under the caption “Foreign exchange differences”
in equity.
Intra-group transactions, balances, and any unrealised income and expenses arising from intra- group transactions, are
eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with
equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee.
(C) CASH AND CASH EQUIVALENTS
(v) Business combination Cash comprises cash balances and call deposits. Cash equivalents are short-term highly liquid investments that are readily
convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which of meeting short-term cash commitments rather than for investment or other purposes.
control is transferred to the Group. Control exists when the Group has the power to govern the financial and operating
policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently
are exercisable are taken into account.
(D) INVESTMENTS
Cost of a business combination (cost of the acquisition) is the aggregate amount of the fair values, at the date of exchange,
of assets given, liabilities incurred or assumed, and equity instruments issued by the acquirer in the acquisition in exchange (i) Held-to-maturity investments
for control of the acquiree and any costs directly attributable to the business combination. Identifiable assets acquired,
identifiable liabilities and contingent liabilities assumed in a business combination are recognised at fair value at the Held-to-maturity investments are those that the Group’s management has the intention and ability to hold until maturity.
acquisition date. Held-to-maturity investments include term deposits at banks, bonds and loans receivable held to maturity. These
investments are stated at costs less allowance for doubtful debts.
Any goodwill that arises representing the excess of the cost of the acquisition over the Group’s interest in the net fair value
of the identifiable assets, liabilities and contingent liabilities of the acquiree is recognised in consolidated balance sheet,
then amortised through to the consolidated statement of income. When the excess is negative (gain from bargain purchase), (ii) Investments in equity instruments of other entities
it is recognised in the consolidated statement of income for the acquired year after a reassessment has been performed
to ensure that the measurement of identifiable assets acquired, liabilities and contingent liabilities assumed and the cost Investments in equity instruments of other entities are initially recognised at cost which include purchase price plus
of the business combination appropriately reflects consideration of all available information as of the acquisition date. any directly attributable transaction costs. Subsequent to initial recognition, these investments are stated at cost less
allowance for diminution in value. An allowance is made for diminution in investment values if the investee has suffered a
loss, except where such a loss was anticipated by the Group’s management before making the investment. The allowance
is reversed if the investee subsequently made a profit that offsets the previous loss for which the allowance had been
made. An allowance is reversed only to the extent that the investment’s carrying amount does not exceed the carrying
amount that would have been determined if no allowance had been recognised.
Form B 09 – DN/HN
(E) ACCOUNTS RECEIVABLE (H) INTANGIBLE FIXED ASSETS
Trade and other receivables are stated at cost less allowance for doubtful debts. (i) Land use rights
Land use rights comprise:
(F) INVENTORIES • Those granted by the State for which land use payments are collected;
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average basis and • Those acquired in a legitimate transfer; and
includes all costs incurred in bringing the inventories to their present location and condition. Cost in the case of finished
goods and work in progress includes raw materials, direct labour and attributable manufacturing overheads. Net realisable • Rights to use leased land obtained before the effective date of Land Law (2003) for which payments have been made in
value is the estimated selling price of inventory items, less the estimated costs of completion and direct selling expenses. advance for more than 5 years and supported by land use right certificate issued by competent authority.
The Group applies the perpetual method of accounting for inventories. Land use rights with indefinite term are stated at cost and not amortised. Land use rights with definite term are stated
at cost less accumulated amortisation. The initial cost of land use rights comprises the purchase price and any direct
attributable costs incurred in conjunction with securing the land use rights. Land use rights with definite term are amortised
on a straight-line basis over the term of the land use rights ranging from 32 to 49 years.
(G) TANGIBLE FIXED ASSETS
(i) Cost (ii) Software
Tangible fixed assets are stated at cost less accumulated depreciation. The initial cost of a tangible fixed asset comprises Cost of acquiring new software, which is not an integral part of the related hardware, is capitalised and treated as an
its purchase price, including import duties, non-refundable purchase taxes and any directly attributable costs of bringing intangible asset. Software cost is amortised on a straight-line basis over 3 years.
the asset to its working condition for its intended use. Expenditure incurred after tangible fixed assets have been put
into operation, such as repair, maintenance and overhaul cost, is charged to the consolidated statement of income in the
year in which the cost is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in
an increase in the future economic benefits expected to be obtained from the use of tangible fixed assets beyond their
originally assessed standard of performance, the expenditure is capitalised as an additional cost of tangible fixed assets.
(ii) Depreciation
Depreciation is computed on a straight-line basis over the estimated useful lives of tangible fixed assets. The estimated
useful lives are as follows:
Buildings and structures Machinery and equipment Motor vehicles

5 – 45 YEARS 5 – 30 YEARS 3 – 10 YEARS
Office equipment Others

3 – 15 YEARS 2 – 20 YEARS
Form B 09 – DN/HN
(I) INVESTMENT PROPERTIES (K) LONG-TERM PREPAID EXPENSES
(i) Investment property held to earn rental (i) Returnable packaging
Cost Returnable packaging includes bottles and crates being used in the Group’s production and business activities and is
initially stated at costs. Returnable packaging is amortised on a straight- line basis over 2 to 3 years.
Investment property held to earn rental is stated at cost less accumulated depreciation. The initial cost of an investment
property held to earn rental comprises its purchase price, cost of land use rights and any directly attributable expenditure
of bringing the property to the condition necessary for it to be capable of operating in the manner intended by the Board (ii) Prepaid land costs
of Management. Expenditure incurred after the investment property held to earn rental has been put into operation, such
as repair and maintenance, is charged to the consolidated statement of income in the year in which the expenditure is Prepaid land costs comprise prepaid land lease rentals, including those for which the Group obtained land use rights
incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in future economic benefits certificate but are not qualified as intangible fixed assets under Circular No. 45/2013/TT-BTC dated 25 April 2013 of the
in excess of the originally assessed standard of performance of the existing investment property held to earn rental, the Ministry of Finance providing guidance on management, use and depreciation of fixed assets, and other costs incurred in
expenditure is capitalised as an additional cost of the investment property. conjunction with securing the use of leased land. These costs are recognised in the consolidated statement of income on
a straight-line basis over the term of the lease of 32 to 48 years.
Depreciation
Depreciation is computed on a straight-line basis over the estimated useful lives of investment property. The estimated (iii) Tools and instruments
useful lives are as follows:
Tools and instruments include assets held for use by the Group in the normal course of business whose costs of individual
items are less than VND30 million and therefore not qualified for recognition as fixed assets under prevailing regulation.
Land use rights Buildings and structures Costs of tools and instruments are amortised on a straight-line basis over 2 to 3 years.
16 – 47 YEARS 5 – 45 YEARS
(L) TRADE AND OTHER PAYABLES

(ii) Investment property held for capital appreciation
Trade and other payables are stated at their cost.
Investment property held for capital appreciation is stated at cost less any devaluation in market price. The carrying
amount of an investment property item held for capital appreciation is reduced when there is evidence that its market
price falls below its carrying amount and the loss can be measured reliably. Any reduction in value of investment property
held for capital appreciation is charged to cost of sales. (M) PROVISIONS
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
(J) CONSTRUCTION IN PROGRESS Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability.
Construction in progress represents the cost of construction and machinery which have not been fully completed or
installed. No depreciation is provided for construction in progress during the period of construction and installation. Severance allowance
Under the Vietnamese Labour Code, when an employee who has worked for 12 months or more (“the eligible employees”)
voluntarily terminates his/her labour contract, the employer is required to pay the eligible employee severance allowance
calculated based on years of service and employee’s compensation at termination. Provision for severance allowance has
been provided based on employees’ years of service and their average salary for the six-month period prior to the end of
the annual accounting period. For the purpose of determining the number of years of service by an employee, the period
for which the employee participated in and contributed to unemployment insurance in accordance with prevailing laws
and regulations and the period for which severance allowance has been paid by the Group are excluded.
Form B 09 – DN/HN
(N) SHARE CAPITAL (P) REVENUE AND OTHER INCOME
Ordinary shares (i) Goods sold
Ordinary shares are stated at par value. Excess of cash receipt from share issuance over par value is recorded as share Revenue from the sales of goods is recognised in the consolidated statement of income when significant risks and rewards
premium. Incremental costs directly attributable to the issue of shares, net of tax effects, are recognised as a deduction of ownership have been transferred to the buyer. No revenue is recognised if there are significant uncertainties regarding
from share premium. recovery of the consideration due or possible return of goods. Revenue on sales of goods is recognised at the net amount
after deducting sales discounts stated on the invoice.
(O) TAXATION (ii) Services rendered
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the consolidated Revenue from services rendered is recognised in the consolidated statement of income in proportion to the stage of
statement of income except to the extent that it relates to items recognised directly to equity, in which case it is recognised completion of the transaction at the balance sheet date. The stage of completion is assessed by reference to surveys of
in equity. work performed. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the annual
accounting period, and any adjustment to tax payable in respect of previous years. (iii) Rental income
Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying Rental income from leased property is recognised in the consolidated statement of income on a straight-line basis over
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income.
of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of assets
and liabilities using the tax rates enacted or substantively enacted at the end of the annual accounting period.
(iv) Interest income
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the temporary difference can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable Interest income is recognised in the consolidated statement of income on a time proportion basis with reference to the
that the related tax benefit will be realised. principal outstanding and the applicable interest rate.
(v) Dividend income
Dividend income is recognised when the right to receive dividend is established. Share dividends are not recognised as
income. Dividends received which are attributable to the period before investment acquisition date are deducted from
the carrying amount of the investment.
Form B 09 – DN/HN
(Q) LEASES (T) SEGMENT REPORTING
(i) Leased assets A segment is a distinguishable component of the Group that is engaged either in providing related products or services
(business segment), or in providing products or services within a particular economic environment (geographical segment),
Leases in terms of which the Group, as lessee, assumes substantially all the risks and rewards of ownership are classified which is subject to risks and rewards that are different from those of other segments. The Group’s primary format for
as finance leases. Tangible fixed assets acquired by way of finance leases are stated at an amount equal to the lower of segment reporting is based on business segments.
fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation.
Depreciation on finance leased assets is computed on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the leased assets unless it is reasonably certain that the Group will obtain ownership by the end (U) RELATED PARTIES
of the lease term. The estimated useful lives of finance leased assets are consistent with the useful lives of tangible fixed
assets as described in Note 3(g). Parties are considered to be related to the Group if one party has the ability, directly or indirectly, to control the other party
or exercise significant influence over the other party in making financial and operating decisions, or where the Group and
Assets held under other leases are classified as operating leases and are not recognised in the Group’s consolidated the other party are subject to common control or significant influence. Related parties may be individuals or corporate
balance sheet. entities and include close family members of any individual considered to be a related party.
(ii) Lease payments (V) COMPARATIVE INFORMATION
Payments made under operating leases are recognised in the consolidated statement of income on a straight-line basis Comparative information in these consolidated financial statements is presented as corresponding figures. Under this
over the term of the lease. Lease incentives received are recognised in the consolidated statement of income as an integral method, comparative information for the prior year is included as an integral part of the current year financial statements
part of the total lease expense, over the term of the lease. and is intended to be read only in relation to the amounts and other disclosures relating to the current year. Accordingly,
the comparative information included in these consolidated financial statements is not intended to present the Group’s
Lease payments made under finance leases are apportioned between the finance expense and the reduction of the consolidated financial position, consolidated results of operation or cash flows for the prior year.
outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability.
4. IMPACTS OF COVID-19 AND NEW REGULATIONS

(R) BORROWING COSTS The outbreak of the 2019 Novel Coronavirus (“Covid-19”) pandemic from March 2020 in Vietnam and subsequent measures
imposed by the Vietnam Government have had an adverse impact on production and sales of the Group. Decree 100/2019/
Borrowing costs are recognised as an expense in the year in which they are incurred, except where the borrowing costs ND-CP which is effective since 1 January 2020 has also affected the beer and alcohol businesses. The Group’s management
relate to borrowings in respect of the construction of qualifying assets, in which case the borrowing costs incurred during has adapted its business strategy and applied cost saving measures to reduce the financial impacts of these events. Though
the period of construction are capitalised as part of the cost of the assets concerned. Vietnam has allowed all businesses to be reopened, international travel has remained primarily closed. The Group’s
management is continuing to monitor the situation of the Covid-19 pandemic and apply appropriate measures.
(S) EARNINGS PER SHARE
The Group presents basic earnings per share (“EPS”) for its ordinary shares. Basic EPS is calculated by dividing the profit
or loss attributable to the ordinary shareholders (after deducting any amounts appropriated to bonus and welfare fund
for the annual accounting period) by the weighted average number of ordinary shares outstanding during the year.
The Group did not have potentially dilutive shares and regulations on presentation of diluted earnings per share are
not applied.
Form B 09 – DN/HN
5. SEGMENT REPORTING 7. INVESTMENTS

(A) BUSINESS SEGMENTS (A) HELD-TO-MATURITY INVESTMENTS – SHORT-TERM
The Group’s business segments are distinguished based on the principal activities as follows: Held-to-maturity investments – short-term represented term deposits at banks with terms to maturity of more than 3
months from their transaction dates but less than 12 months from the reporting date. Term deposits were denominated
• Sales of beers; in VND and earned interest at rates ranging from 3.5% to 7.7% per annum (1/1/2020: 6.5% to 8.2% per annum).
• Sales of raw materials; and

(B) HELD-TO-MATURITY INVESTMENTS – LONG-TERM
• Other activities include sales of alcohol, beverages and other products. Unit: VND
During the year, other business activities accounted for an insignificant proportion of total revenue and operating results of 31/12/2020 1/1/2020
the Group and the Group’s assets and liabilities as at reporting dates were mainly related to beer manufacturing and trading
activities. Accordingly, the financial information presented in the consolidated balance sheet as at 31 December 2020 and Term deposits (i) 60,000,000,000 33,000,000,000
1 January 2020 were mainly related to the Group’s sales of beers activities. Note 31 and Note 32 disclosed breakdown of
Bonds (ii) 20,868,879,905 20,868,879,905
revenue and cost of sales per each category of products, which provided sufficient information as to performance of each
segment as identified above. 80,868,879,905 53,868,879,905
(B) GEOGRAPHICAL SEGMENTS

(i) This represented term deposits at banks with terms to maturity of more than 12 months from the reporting date.
The Group’s geographical segments are distinguished based on the locations of customers, being the local or foreign Term deposits were denominated in VND and earned interest at rates ranging from 5.5% to 6.1% per annum (1/1/2020:
customers, in which, export segments only accounted for an insignificant proportion of the Group’s revenue and did not 8.3% per annum).
require a separate report. Accordingly, the financial information presented mainly reflected the business activities of the
Group in the territory of Vietnam. (ii) This represented the Group’s investments in bonds issued by Shipbuilding Industry Corporation. Allowance was fully
made for this investment.
6. CASH AND CASH EQUIVALENTS

Unit: VND
31/12/2020 1/1/2020
Cash on hand 8,109,556,005 1,999,169,826
Cash in banks 836,093,532,382 951,479,827,739
Cash equivalents (*) 1,881,934,000,000 3,162,405,649,072
2,726,137,088,387 4,115,884,646,637
(*) Cash equivalents represented term deposits at banks with original terms to maturity of three months or less. Cash
equivalents are denominated in VND and earned interest at rates ranging from 3.0% to 4.6% per annum (1/1/2020: 4.3%
to 5.5% per annum).
160
(C) EQUITY INVESTMENTS IN OTHER ENTITIES

Unit: VND
31/12/2020 1/1/2020
Equity accounted/ Equity accounted/

Allowance Carrying amount Allowance Carrying amount
Cost Cost
Investments in associates
and jointly controlled 2,049,028,504,129 (102,210,427,352) 1,946,818,076,777 1,878,458,174,350 (97,332,469,971) 1,781,125,704,379
entities (i)
Equity investments in
665,885,700,116 (342,286,659,322) 323,599,040,794 665,885,700,116 (338,141,461,677) 327,744,238,439
other entities (ii)
2,714,914,204,245 (444,497,086,674) 2,270,417,117,571 2,544,343,874,466 (435,473,931,648) 2,108,869,942,818
(i) Investments in associates and jointly controlled entities

Unit: VND
31/12/2020 1/1/2020
Company name
Equity accounted Fair value Allowance Equity accounted Fair value Allowance
Truong Sa Food - Food Business Joint

4,877,957,381 (*) (4,877,957,381) 5,349,040,203 (*) -
Stock Company
Thanh Nam Consultant Investment -

Engineering and Technology Transfer 329,653,546 (*) - 329,653,546 (*) -
Joint Stock Company
Saigon - Phutho Beer

76,988,553,528 76,124,792,250 - 79,280,455,575 103,789,126,800 -
Joint Stock Company
Mechanical and Industrial Construction

6,634,611,156 (*) - 11,239,321,481 (*) -
Joint Stock Company
Saigon Tay Do Beer - Beverage

ngày 22 tháng 12 năm 2014 của Bộ Tài chính)
(Ban hành theo Thông tư số 202/2014/TT-BTC
Mẫu B 09 – DN/HN
105,166,392,165 (*) - 112,110,621,745 (*) -

Joint Stock Company
31/12/2020 1/1/2020
Company name
Equity accounted Fair value Allowance Equity accounted Fair value Allowance
Me Linh Point Limited 138,972,042,458 (*) - 129,777,418,614 (*) -
Crown Beverage Cans Saigon Limited 421,373,260,968 (*) - 300,165,809,593 (*) -
Malaya - Vietnam Glass Limited 289,884,838,556 (*) - 261,432,271,091 (*) -
San Miguel Yamamura Phu Tho

62,363,920,103 (*) - 58,224,106,724 (*) -
Packaging Company Limited
Vietnam Spirits and Wine Ltd 26,502,914,250 (*) (26,502,914,250) 26,502,914,250 (*) (26,502,914,250)
Saigon Binh Tay Beer Group

497,424,046,356 (*) - 478,371,013,670 (*) -
Joint Stock Company
Sai Gon - Mien Trung Beer

159,912,655,618 405,288,769,700 - 149,579,209,268 381,106,862,200 -
Joint Stock Company
Tan Thanh Investment Trading

70,829,555,721 (*) (70,829,555,721) 70,829,555,721 - (70,829,555,721)
Company Limited
Saigon - Baclieu Beer

37,736,550,074 28,164,607,059 - 39,413,251,891 31,554,189,333 -
Joint Stock Company
Sai Gon - Vinh Long Beer

54,828,489,105 (*) - 49,365,264,038 (*) -
Joint Stock Company
Sai Gon - Kien Giang Beer

23,576,877,118 (*) - 32,474,770,492 (*) -
Joint Stock Company
Sai Gon - Khanh Hoa Beer

45,329,335,287 (*) - 48,931,173,926 (*) -
Joint Stock Company
Saigon - Bentre Beer

26,296,850,739 (*) - 25,082,322,522 (*) -
Joint Stock Company
2,049,028,504,129 (102,210,427,352) 1,878,458,174,350 (97,332,469,971)

161
162
Movements of investment in associates and jointly controlled entities during the year were as follows:
Unit: VND
2020 2019
Opening balance 1,878,458,174,350 1,800,203,395,934
Share of profits during the year 267,405,919,991 378,267,281,269
Dividends income during the year (96,428,050,315) (285,568,395,822)
Foreign exchange differences (407,539,897) 6,173,386,117
Decrease from change in equity interest - (20,617,493,148)

CLOSING BALANCE 2,049,028,504,129 1,878,458,174,350

(ii) Equity investments in other entities

Unit: VND
31/12/2020 1/1/2020
Company name
Cost Fair value Allowance Cost Fair value Allowance
Orient Commercial Joint Stock Bank 216,579,320,000 375,218,868,800 - 216,579,320,000 234,115,429,133 -
Dong A Commercial Joint Stock Bank 136,265,460,000 (*) (136,265,460,000) 136,265,460,000 (*) (136,265,460,000)
Saigon Packaging Group

50,000,000,000 (*) - 50,000,000,000 (*) -
Joint Stock Company
PVI Holdings 51,475,140,000 15,439,345,200 (36,035,794,800) 51,475,140,000 14,953,831,200 (36,521,308,800)
Underground Space Investment

23,085,000,000 (*) (23,085,000,000) 23,085,000,000 (*) (23,085,000,000)
Development Corporation
ngày 22 tháng 12 năm 2014 của Bộ Tài chính)
(Ban hành theo Thông tư số 202/2014/TT-BTC
Mẫu B 09 – DN/HN
31/12/2020 1/1/2020
Company name
Cost Fair value Allowance Cost Fair value Allowance
Phuong Dong Petroleum Tourism

30,700,950,000 5,145,000,000 (30,700,950,000) 30,700,950,000 7,056,000,000 (30,700,950,000)
Joint Stock Company
Saigon Securities Investment Fund A2 35,757,720,722 (*) (35,757,720,722) 35,757,720,722 (*) (35,757,720,722)
Saigon Beer Transportation

26,588,267,394 (*) - 26,588,267,394 (*) -
Joint Stock Company
Vietnam - Binh Tay Alcohol

300,000,000 (*) (300,000,000) 300,000,000 (*) (300,000,000)
Joint Stock Company
Nha Trang Trade Tourism

1,161,147,000 (*) (1,161,147,000) 1,161,147,000 (*) -
Joint Stock Company
Dai Viet Securities Incorporation 45,000,000,000 (*) (45,000,000,000) 45,000,000,000 (*) (45,000,000,000)
Sabeco HP Investment
24,426,586,800 (*) (24,426,586,800) 24,426,586,800 (*) (24,426,586,800)
Company Limited
Sai Gon - Dong Nai Beer

3,954,000,000 (*) (3,954,000,000) 3,954,000,000 (*) (3,954,000,000)
Joint Stock Company
Saigon Dong Ha Tourist

5,600,000,000 (*) (5,600,000,000) 5,600,000,000 (*) (1,810,837,795)
Joint Stock Company
Development Investment Construction

14,992,108,200 (*) - 14,992,108,200 (*) (319,597,560)
Joint Stock Company
665,885,700,116 (342,286,659,322) 665,885,700,116 (338,141,461,677)
(*) The Group has not determined fair values of these investments for disclosure in the consolidated financial statements because information about their market prices is not
available and there is currently no guidance on determination of fair value using valuation techniques under Vietnamese Accounting Standards or the Vietnamese Accounting System
for enterprises. The fair values of these investments may differ from their carrying amounts.
163
Form B 09 – DN/HN
Movements of equity investments in other entities during the year were as follows: 8. ACCOUNTS RECEIVABLE FROM CUSTOMERS
Unit: VND (A) ACCOUNTS RECEIVABLE FROM CUSTOMERS DETAILED BY SIGNIFICANT CUSTOMERS
2020 2019 Unit: VND
Opening balance 665,885,700,116 688,510,888,053 31/12/2020 1/1/2020
Sai Gon - Ninh Thuan Beer Company Limited 9,551,689,138 12,001,936,496

Decrease through offsetting with other payables - (15,350,000,000)
Saigon Binh Tay Beer Group Joint Stock Company 7,687,442,501 30,014,447,972
Written off during the year - (7,275,187,937)
Sai Gon - Vinh Long Beer Joint Stock Company 7,623,484,602 7,636,502,161
CLOSING BALANCE 665,885,700,116 665,885,700,116
Other customers 44,469,274,364 108,001,686,024
69,331,890,605 157,654,572,653
(iii) Allowance for diminution in the value of long-term financial investments
Movements of allowance for diminution in the value of long-term financial investments during the year were as follows: (B) ACCOUNTS RECEIVABLE FROM CUSTOMERS WHO ARE RELATED PARTIES
Unit: VND Unit: VND
2020 2019 31/12/2020 1/1/2020
Opening balance 435,473,931,648 390,540,855,782 Associates and jointly controlled entities
Allowance made during the year 9,828,266,586 87,873,766,910
Allowance reversed during the year (805,111,560) (35,665,503,107)
Sai Gon - Kien Giang Beer Joint Stock Company 2,771,522,337 10,112,131,104
Allowance utilised during the year - (7,275,187,937)
Saigon - Phutho Beer Joint Stock Company 2,672,119,652 8,367,162,123
CLOSING BALANCE 444,497,086,674 435,473,931,648
Saigon Tay Do Beer - Beverage Joint Stock Company 1,890,142,790 6,307,906,113
Malaya - Vietnam Glass Limited 1,813,347,717 2,134,763,192
Sai Gon - Mien Trung Beer Joint Stock Company 1,362,991,088 8,673,647,771
Saigon - Bentre Beer Joint Stock Company 869,066,325 7,622,147,366
San Miguel Yamamura Phu Tho

283,298,400 375,144,000
Packaging Company Limited
Crown Beverage Cans Saigon Limited 288,200 -
Sai Gon - Khanh Hoa Beer Joint Stock Company - 5,481,242,048

Form B 09 – DN/HN
9. OTHER RECEIVABLES
(A) OTHER SHORT-TERM RECEIVABLES Other short-term receivables from related parties
Unit: VND
Unit: VND
31/12/2020 1/1/2020
31/12/2020 1/1/2020
Associates and jointly controlled entities
Receivables due to difference between value of Tan Thanh Investment Trading Company Limited 277,230,733,543 277,230,733,543
capital contribution in kind and agreed capital 277,230,733,543 277,230,733,543
contribution in an associate Sai Gon - Mien Trung Beer Joint Stock Company 34,091,873,907 36,311,825,665
Interest income receivables 329,185,963,259 313,539,765,595 Saigon - Phutho Beer Joint Stock Company 2,163,474,650 -
Sai Gon - Vinh Long Beer Joint Stock Company 746,494,094 6,950,307,806
Dividends receivable 37,954,694,500 48,821,921,232

Sai Gon - Kien Giang Beer Joint Stock Company 738,433,728 1,592,202,248
Saigon Binh Tay Beer Group Joint Stock Company 486,225,636 3,470,918,435
Other short-term receivables 55,228,636,015 62,994,688,808
Saigon - Bentre Beer Joint Stock Company 395,806,235 1,868,442,672
699,600,027,317 702,587,109,178 Saigon Tay Do Beer - Beverage Joint Stock Company 89,004,219 -
Saigon - Baclieu Beer Joint Stock Company 47,736,076 -
San Miguel Yamamura Phu Tho Packaging Company Limited - 8,141,000,000
Sai Gon - Khanh Hoa Beer Joint Stock Company - 83,916,000
(B) OTHER LONG-TERM RECEIVABLES
Unit: VND
31/12/2020 1/1/2020
Long-term deposits 33,259,505,471 30,466,726,775
Other long-term receivables 8,018,865,000 8,028,765,000
41,278,370,471 38,495,491,775
Form B 09 – DN/HN
10. ALLOWANCE FOR DOUBTFUL DEBTS

(A) SHORT-TERM
Unit: VND
31/12/2020 1/1/2020
Overdue days Cost Allowance Recoverable amount Overdue days Cost Allowance Recoverable amount
Other short-term receivables Over 2 years 327,346,619,725 (327,346,619,725) - Over 2 years 329,371,173,672 (329,371,173,672) -
Prepayments to suppliers Over 2 years 9,985,832,259 (9,985,832,259) - Over 2 years 11,688,783,954 (11,675,439,217) 13,344,737
Accounts receivable from

Over 2 years 4,957,121,319 (4,957,121,319) - Over 2 years 5,355,275,946 (5,266,054,396) 89,221,550
customers
342,289,573,303 (342,289,573,303) - 346,415,233,572 (346,312,667,285) 102,566,287
(B) LONG-TERM
Unit: VND
31/12/2020 1/1/2020
Overdue days Cost Allowance Recoverable amount Overdue days Cost Allowance Recoverable amount
Held-to-maturity investments
Over 2 years 20,868,879,905 (20,868,879,905) - Over 2 years 20,868,879,905 (20,868,879,905) -
– long-term
Accounts receivable from

Over 2 years 5,988,013,018 (5,988,013,018) - Over 2 years 6,005,003,018 (6,005,003,018) -
customers – long-term
Loans receivable – long-term Over 2 years 4,000,000,000 (4,000,000,000) - Over 2 years 4,000,000,000 (4,000,000,000) -
Other long-term receivables Over 2 years 8,451,100,000 (8,451,100,000) - Over 2 years 8,516,530,900 (8,516,530,900) -
39,307,992,923 (39,307,992,923) - 39,390,413,823 (39,390,413,823) -
Movements of allowance for doubtful debts – short-term and long-term during the year were as follows:
Unit: VND
2020 2019
Opening balance 385,703,081,108 95,268,832,527
Allowance made during the year 991,453,684 291,232,795,662
Allowance reversed during the year (1,123,305,444) (450,295,177)
Allowance utilised during the year (3,973,663,122) (348,251,904)
CLOSING BALANCE 381,597,566,226 385,703,081,108

Form B 09 – DN/HN
11. INVENTORIES
(A) INVENTORIES (B) LONG-TERM TOOLS, SUPPLIES AND SPARE PARTS
Unit: VND Unit: VND
31/12/2020 1/1/2020 31/12/2020 1/1/2020
Cost Allowance Cost Allowance Cost Allowance Cost Allowance
Goods in transit 139,641,084,955 - 206,339,542,512 - Long-term tools,

78,217,769,003 (49,096,070,107) 60,182,188,934 (29,145,767,294)
supplies and spare parts
Raw materials 401,351,146,325 (27,018,634,459) 517,894,000,688 (56,730,202,872)
Tools and supplies 147,061,665,076 (43,918,674,860) 285,028,888,383 (123,647,246,994) Movements of allowance for long-term tools, supplies and spare parts during the year were as follows:
Work in progress 214,176,027,541 - 232,611,199,538 (1,939,778,598) Unit: VND
2020 2019
Finished goods 617,075,790,253 (6,522,583,446) 927,663,136,778 (20,085,805,337)
Opening balance 29,145,767,294 13,296,219,944

Merchandise inventories 5,733,206,528 (746,032,980) 3,985,809 -

1,525,038,920,678 (78,205,925,745) 2,169,540,753,708 (202,403,033,801)
Allowance reversed during the year (7,730,083,875) (2,620,576,111)
Included in inventories as at 31 December 2020 was VND78,206 million (1/1/2020: VND202,403 million) of obsolete or slow-
Transfer from allowance for inventories 10,513,611,572 193,228,527
moving inventories that were difficult to sell.
Movements of allowance for inventories during the year were as follows: CLOSING BALANCE 49,096,070,107 29,145,767,294
Unit: VND
2020 2019
Opening balance 202,403,033,801 220,309,616,679
Allowance reversed during the year (82,788,727,822) (24,704,592,098)
Allowance utilised during the year (53,647,174,632) (16,972,354,971)
Transfer to allowance for long-term tools, supplies

(10,513,611,572) (193,228,527)
and spare parts
CLOSING BALANCE 78,205,925,745 202,403,033,801

172
(A)
(B)
Others
Others
Opening balance
Rental expenses
Prepaid land costs
CLOSING BALANCE
Advertising expenses
Returnable packaging
Tools and instruments

Tools and instruments
Amortisation for the year

Additions during the year
Transfer from construction in progress

12. PREPAID EXPENSES
Property held for future investment (*)
Transfer to short-term prepaid expenses

Transfer from/(to) tangible fixed assets
Acquired through business combination
LONG-TERM PREPAID EXPENSES

SHORT-TERM PREPAID EXPENSES
2020
31/12/2020
31/12/2020
Movements of long-term prepaid expenses during the year were as follows:
330,639,468,718
330,639,468,718
(75,047,820)
34,832,049,538
41,793,677,975
51,602,316,000
64,212,617,641
71,700,000
(161,454,452,643)
3,326,643,517
160,165,991,884
-
328,604,633,780
138,198,807,564
143,821,768,836
29,611,875,229
4,319,656,098
95,481,128,569
14,409,108,940
2019
1/1/2020
1/1/2020
(*) Property held for future investment represented the value of land use rights awaiting transfer (Note 22(b)).
328,604,633,780
(1,108,205,697)
(372,275,394,494)
328,604,633,780
(84,637,459)
2,589,479,748
144,660,537,471
3,028,093,892
551,794,760,319
40,401,975,215
32,092,214,503
51,602,316,000
66,375,716,506
138,132,411,556
97,129,905,121
14,875,648,832
2,976,228,969
17,831,096,101
61,446,931,219
Unit: VND
Unit: VND
Unit: VND
Form B 09 – DN/HN
13. TANGIBLE FIXED ASSETS Unit: VND
Buildings and Machinery and Motor Office

Others Total
structures equipment vehicles equipment
Cost
Opening balance 2,078,623,291,633 7,700,011,600,756 254,634,372,155 147,640,041,984 9,321,546,674 10,190,230,853,202
Additions 31,050,000 19,050,008,585 2,283,277,272 12,860,080,170 - 34,224,416,027
Transfer from construction

49,164,581,592 521,928,837,541 - 2,623,232,944 - 573,716,652,077
in progress
Transfer to investment properties

(11,838,105,819) - - - - (11,838,105,819)
(Note 16(a))
Reclassification - - (1,895,030,928) 1,895,030,928 - -
Disposals - (8,842,158,317) (2,288,911,247) (174,256,731) - (11,305,326,295)
Transfer to long-term
- - - - (71,700,000) (71,700,000)
prepaid expenses
CLOSING BALANCE 2,115,980,817,406 8,232,148,288,565 252,733,707,252 164,844,129,295 9,249,846,674 10,774,956,789,192
Accumulated depreciation
Opening balance 980,892,096,872 5,153,799,156,887 191,989,917,201 114,036,300,943 5,870,823,109 6,446,588,295,012
Charge for the year 97,104,134,203 459,313,382,699 16,252,231,905 14,847,108,304 792,037,305 588,308,894,416
Transfer to investment properties

(2,243,400,565) - - - - (2,243,400,565)
(Note 16(a))
Reclassification - - (1,869,845,742) 1,869,845,742 - -
Disposals - (8,622,855,437) (2,288,911,247) (174,256,731) - (11,086,023,415)
CLOSING BALANCE 1,075,752,830,510 5,604,489,684,149 204,083,392,117 130,578,998,258 6,662,860,414 7,021,567,765,448
Net book value
Opening balance 1,097,731,194,761 2,546,212,443,869 62,644,454,954 33,603,741,041 3,450,723,565 3,743,642,558,190
CLOSING BALANCE 1,040,227,986,896 2,627,658,604,416 48,650,315,135 34,265,131,037 2,586,986,260 3,753,389,023,744

173
Form B 09 – DN/HN
Included in tangible fixed assets as at 31 December 2020 were assets costing VND3,177,789 million (1/1/2020: VND2,346,481 15. INTANGIBLE FIXED ASSETS
million) which were fully depreciated, but which are still in active use.
Unit: VND
The net book value of tangible fixed assets retired from active use and held for disposal was to VND62,578 million as at 31
December 2020 (1/1/2020: VND58,590 million).
Land use rights (*) Software Others Total
Historical cost of tangible fixed assets that the Group leased to its associates to earn rental income as at 31 December
2020 was VND61,027 million (1/1/2020: VND61,027 million). Cost
Opening balance 1,024,215,267,144 67,270,890,585 247,447,482 1,091,733,605,211
Additions - 9,434,466,800 - 9,434,466,800

14. FINANCE LEASE TANGIBLE FIXED ASSETS
Transfer from
Unit: VND construction in - 1,061,941,589 - 1,061,941,589
progress
Buildings and structures
Reclassification - 143,447,482 (143,447,482) -
Cost Written-off (33,359,564) - - (33,359,564)
Additions and closing balance 179,020,927,499 CLOSING BALANCE 1,024,181,907,580 77,910,746,456 104,000,000 1,102,196,654,036
Accumulated amortisation
Accumulated depreciation
Opening balance 83,628,234,464 66,075,272,419 232,201,231 149,935,708,114
Charge for the year and closing balance 886,754,367
Charge for the year 6,806,567,673 2,465,154,053 12,952,251 9,284,673,977
Net book value Reclassification - 143,447,482 (143,447,482) -
CLOSING BALANCE 178,134,173,132 Written-off (4,180,700) - - (4,180,700)
CLOSING BALANCE 90,430,621,437 68,683,873,954 101,706,000 159,216,201,391
Net book value
Opening balance 940,587,032,680 1,195,618,166 15,246,251 941,797,897,097
CLOSING BALANCE 933,751,286,143 9,226,872,502 2,294,000 942,980,452,645
Included in intangible fixed assets as at 31 December 2020 were assets costing VND66,192 million (1/1/2020: VND64,172
million) which were fully amortised but still in active use.
The net book value of intangible fixed assets retired from active use and held for disposal was to VND304 million as at
31 December 2020 (1/1/2020: VND304 million).
(*) Land use rights as at 31 December 2020 included the value of land use rights of VND735,380 million that the Group has
additionally recorded on the equitisation date following the Minutes of Corporate Valuation dated 31 December 2007 and
the Equitisation Finalisation Minute, which was performed by representative of the Ministry of Industry and Trade and
the Ministry of Finance on 30 April 2008, who issued the report on 6 March 2010. The Group has recorded the increase in
value of land use rights in “Intangible fixed assets” with a corresponding payable to State Treasury in “Other short-term
payables” account (Note 22(a)).
Form B 09 – DN/HN
The Ministry of Industry and Trade has allowed the Group to manage and use these land use rights following the plan of (A) INVESTMENT PROPERTY HELD TO EARN RENTAL
the People’s Committee of Ho Chi Minh City. At the date of these consolidated financial statements, the Group is in the
process of preparing the land rental contracts with the People’s Committee of Ho Chi Minh City. Currently, those land lots Unit: VND
are used for principal activities of the Group. They are temporary land use rights with restrictions on ownership and are
not permitted for sale, sublease or mortgage. Buildings and
Land use rights Total
structures
Details of land use rights recorded at the estimated increased value on 6 March 2010 were as follows: Cost
Opening balance 27,812,438,744 18,106,255,809 45,918,694,553
Transfer from tangible fixed assets

Revalued amount in connection - 11,838,105,819 11,838,105,819
No Location Square meters (Note 13)
with equitisation (VND)
CLOSING BALANCE 27,812,438,744 29,944,361,628 57,756,800,372
46 Ben Van Don Street, Ward 12, District 4,
1 3,872.5 55,241,212,500
Ho Chi Minh City, Vietnam Accumulated depreciation
187 Nguyen Chi Thanh Street, Ward 12, District 5, Opening balance 7,906,274,291 11,340,175,886 19,246,450,177
2 17,406.1 418,634,111,100
Ho Chi Minh City, Vietnam
Charge for the year 604,618,259 2,249,492,358 2,854,110,617
474 Nguyen Chi Thanh Street, Ward 6, District 10,
3 7,729.0 247,637,160,000
Ho Chi Minh City, Vietnam Transfer from tangible fixed assets
- 2,243,400,565 2,243,400,565
18/3B Phan Huy Ich Street, Ward 15, Tan Binh District, (Note 13)
4 2,216.3 13,867,389,100
Ho Chi Minh City, Vietnam CLOSING BALANCE 8,510,892,550 15,833,068,809 24,343,961,359
735,379,872,700 Net book value
Opening balance 19,906,164,453 6,766,079,923 26,672,244,376
The Group has not amortised the above land use rights because their costs and useful lives have not been measured CLOSING BALANCE 19,301,546,194 14,111,292,819 33,412,839,013
reliably at the balance sheet date. During the year, the Group has also recognised land rental and land tax expenses to the
consolidated statement of income an amount of VND43,276 million (2019: VND26,967 million) following the tax payment
notices from local tax authorities.
(B ) INVESTMENT PROPERTY HELD FOR CAPITAL APPRECIATION
Unit: VND
16. INVESTMENT PROPERTIES
Land use rights
Unit: VND
Cost
31/12/2020 1/1/2020
Opening and closing balance 34,911,821,575
Investment property held to earn rental (a) 33,412,839,013 26,672,244,376 Accumulated amortisation

Investment property held for capital appreciation (b) 31,760,909,657 31,760,909,657
Net book value
65,173,748,670 58,433,154,033
The Group has not determined fair values of investment properties for disclosure in the consolidated financial statements
because there is currently no guidance on determination of fair value using valuation techniques under Vietnamese
Accounting Standards or the Vietnamese Accounting System for enterprises. The fair values of investment properties
may differ from their carrying amounts.
Form B 09 – DN/HN
17. CONSTRUCTION IN PROGRESS 18. DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES
Unit: VND Unit: VND
2020 2019 Tax rate 31/12/2020 1/1/2020
Deferred tax assets recognised on:

Opening balance 307,773,703,264 144,377,898,065
Allowance for diminution in the value of long-
20% 65,243,864,533 62,078,974,035
Additions during the year 300,190,623,200 259,569,796,251 term financial investments
Accrued expenses and provisions 20% 42,316,471,671 65,769,374,820

Acquired through business combination - 319,912,641
Unrealised profits 20% 39,444,313,110 45,504,272,571
Transfer to tangible fixed assets (573,716,652,077) (87,260,303,164) Allowance for inventories and long-
20% 20,900,876,816 36,470,545,384
term tools, suppliers and spare parts
Transfer to intangible fixed assets (1,061,941,589) -
Allowance for doubtful debts 20% 2,323,811,667 4,345,263,905
Transfer to long-term prepaid expenses (3,326,643,517) (2,589,479,748) Others 20% 540,202,248 567,880,000
Transfer to short-term prepaid expenses (906,348,209) - Total deferred tax assets 170,769,540,045 214,736,310,715
Deferred tax liabilities recognised on:

Transfer to inventories (813,912,046) -
Allowance for diminution in the value of long-
20% 31,945,415,048 25,196,385,655
term financial investments
Written off - (6,644,120,781)
Tools and instruments 20% 5,150,600,909 6,480,311,474
CLOSING BALANCE 28,138,829,026 307,773,703,264
Accrued expenses and others 20% (489,633,313) (1,133,077,056)
Total deferred tax liabilities 36,606,382,644 30,543,620,073
Major constructions in progress were as follows:
Unit: VND
31/12/2020 1/1/2020
Beer filtration and separation systems - 100,342,589,681
Buildings and structures - 78,407,669,034
Other projects 28,138,829,026 129,023,444,549
28,138,829,026 307,773,703,264
Form B 09 – DN/HN
19. ACCOUNTS PAYABLE TO SUPPLIERS (B) ACCOUNTS PAYABLE TO SUPPLIERS – LONG-TERM
(A) ACCOUNTS PAYABLE TO SUPPLIERS – SHORT-TERM Accounts payable to suppliers detailed by significant suppliers
(i) Accounts payable to suppliers detailed by significant suppliers Unit: VND
Unit: VND Cost/Amount within payment capacity
Cost/Amount within payment capacity 31/12/2020 1/1/2020
31/12/2020 1/1/2020 Krones AG (*) 167,127,272,000 -
Crown Beverage Cans Saigon Limited 223,084,440,143 235,967,453,301 Others 100,000,000 100,000,000
Hanacans Joint Stock Company 140,641,240,943 255,937,951,196 167,227,272,000 100,000,000
Other suppliers 1,289,180,933,762 1,935,162,449,390

(*) The long-term accounts payable to Krones AG is secured by held-to-maturity investments and tangible fixed assets,
1,652,906,614,848 2,427,067,853,887
and will be repaid in 2022.
(ii) Accounts payable to suppliers who are related parties
Unit: VND
Cost/Amount within payment capacity
31/12/2020 1/1/2020
Crown Beverage Cans Saigon Limited 223,084,440,143 235,967,453,301
Sai Gon - Mien Trung Beer Joint Stock Company 44,976,587,953 52,041,494,908
Sai Gon - Khanh Hoa Beer Joint Stock Company 18,108,761,000 5,565,963,898
San Miguel Yamamura Phu Tho Packaging
12,707,200,000 15,764,630,891
Company Limited
Saigon - Phutho Beer Joint Stock Company 11,483,668,900 24,851,400,970
Saigon - Bentre Beer Joint Stock Company 9,454,426,850 18,409,920,276
Saigon Tay Do Beer - Beverage Joint Stock Company 6,011,317,950 8,441,778,004
Malaya - Vietnam Glass Limited 5,611,672,105 -
Sai Gon - Kien Giang Beer Joint Stock Company 3,218,569,970 27,107,766,113
Saigon - Baclieu Beer Joint Stock Company 2,149,649,700 4,688,242,020
Me Linh Point Limited 319,000,000 -
Other related party
TBC-Ball Beverage Can Vietnam Co., Ltd 96,115,396,624 52,601,015,251

Form B 09 – DN/HN
20. TAXES PAYABLE TO/RECEIVABLE FROM STATE TREASURY

(A) TAXES PAYABLE TO STATE TREASURY
Unit: VND
1/1/2020 Incurred Paid Net-off Reclassified to taxes receivable 31/12/2020
Special sales tax 492,850,292,427 7,270,730,884,112 (7,000,035,034,853) - - 763,546,141,686
Corporate income tax 232,943,964,427 1,124,942,822,470 (1,038,633,850,562) (1,989,241,864) 2,245,145,731 319,508,840,202
Value added tax 100,284,136,319 13,193,569,622,865 (1,621,338,149,919) (11,525,111,065,529) - 147,404,543,736
Personal income tax 26,171,569,215 88,271,290,543 (96,276,371,049) (463,563,366) 3,717,307,576 21,420,232,919
Import-export tax - 13,250,584,372 (13,250,584,372) - - -
Other taxes 3,710,050,777 73,785,969,957 (102,095,220,033) (65,747,292) 30,083,520,081 5,418,573,490
855,960,013,165 21,764,551,174,319 (9,871,629,210,788) (11,527,629,618,051) 36,045,973,388 1,257,298,332,033
In 2018, the Group received the Notification of the tax authority requesting provisional payments to the State budget in (B) TAXES RECEIVABLE FROM STATE TREASURY
relation to the late payment penalty and late interest on special sales tax for the period from 2007 to 2015 that had been
paid by the Group. In April 2020, the Group received official responses from the relevant authorities informing that matters Unit: VND
were resolved.
Reclassified from
1/1/2020 Net-off 31/12/2020
taxes payable
Value added tax 1,806,954,567 (1,806,954,567) - -
Corporate income tax 1,989,241,864 (1,989,241,864) 2,245,145,731 2,245,145,731
Personal income tax 463,563,366 (463,563,366) 3,717,307,576 3,717,307,576
Other taxes 151,489,955 (65,747,292) 30,083,520,081 30,169,262,744
4,411,249,752 (4,325,507,089) 36,045,973,388 36,131,716,051

Form B 09 – DN/HN
21. ACCRUED EXPENSES Other payables – short-term to related parties
Unit: VND Unit: VND
31/12/2020 1/1/2020 31/12/2020 1/1/2020
Advertising and promotion expenses 159,236,197,134 325,832,316,250 Associates and jointly controlled entities
Thanh Nam Consultant Investment - Engineering

Interest expenses 13,139,719,501 21,487,979,834 340,000,000 340,000,000
and Technology Transfer Joint Stock Company
Others 64,945,549,844 85,850,685,636 Saigon Binh Tay Beer Group Joint Stock Company 287,780,949 2,854,448,349
237,321,466,479 433,170,981,720 Sai Gon - Mien Trung Beer Joint Stock Company 215,350,400 -
Sai Gon - Khanh Hoa Beer Joint Stock Company 10,937,943 -
Saigon - Baclieu Beer Joint Stock Company 719,210 -

22. OTHER PAYABLES
Other related parties
(A) OTHER PAYABLES – SHORT-TERM
Super Brands Company Pte. Ltd 2,464,069,317 6,246,344,005
Unit: VND
Thai Beverage Public Company Limited 1,878,375,715 -

31/12/2020 1/1/2020
Estimated land use rights payable to the State in Chang International Co., Ltd 667,563,948 -
735,379,872,700 735,379,872,700
connection with equitisation (*)
Fraser and Neave, Limited 481,446,018 2,425,671,710
Short-term deposits received 134,765,892,226 179,289,889,446
Fraser & Neave (Singapore) Pte. Limited 2,000,000 874,455,121

Dividends payable 32,410,792,586 45,680,554,923
Other payables 64,363,267,655 118,997,511,575
966,919,825,167 1,079,347,828,644 (B) OTHER PAYABLES – LONG-TERM
Unit: VND
31/12/2020 1/1/2020
(*) Estimated land use rights payable to the State in connection with equitisation was recorded in accordance with
Equitisation Finalisation Minute issued by representative of Ministry of Industry and Trade and Ministry of Finance dated
Land tax payable to the State (Note 12(b)) 51,602,316,000 51,602,316,000
6 March 2010 (Note 15).
Long-term deposits received 2,951,200,000 2,471,000,000
54,553,516,000 54,073,316,000
Form B 09 – DN/HN
Unit: VND
439,214,639,859
9,577,320,000
448,791,959,859
within repayment capacity
Carrying amount/ Amount
91,500,000,000
100,000,000,000
10,300,000,000
-
39,373,905,690
118,766,311,328
144,973,056,278
504,913,273,296
1/1/2020 (VND)
31/12/2020
(*) This borrowing was drawdown by USD and had the outstanding balance as at 31 December 2020 of USD2,596,000,
equivalent to VND60,193,452,000 (1/1/2020: Nil).
The short-term VND denominated borrowings bore interest at rates ranging from 3.3% to 5.0% per annum (1/1/2020: from
5.3% to 6.5% per annum) and short-term USD denominated borrowings bore interest at rates ranging from 3.0% to 5.0%
per annum (1/1/2020: from 3.3% to 4.0% per annum). The short-term borrowings are secured by inventories, accounts
receivables from customers, held-to-maturity investments, tangible fixed assets and investment properties.
(100,597,790,000)
(3,126,774,744,244)
(3,227,372,534,244)
55,805,010,701
50,500,000,000
50,000,000,000
50,000,000,000
30,000,000,000
35,500,000,000
69,985,955,236
60,193,452,000
37,230,221,922
439,214,639,859
(B) LONG-TERM BORROWINGS AND FINANCE LEASE LIABILITIES
31/12/2020 (VND)
Decrease
Unit: VND
Movements during the year
31/12/2020 1/1/2020
Long-term borrowings (i) 367,175,110,000 549,842,777,274
Finance lease liabilities (ii) 168,666,168,457 -

VND
USD
VND
VND
VND
VND
VND
VND
VND
VND
VND
3,061,076,110,807
54,577,320,000
3,115,653,430,807
Currency
535,841,278,457 549,842,777,274
Repayable within twelve months (Note 23(a)) (9,577,320,000) (55,597,790,000)

Increase
Joint Stock Commercial Bank for Investment and Development of Viet Nam – My Dinh Branch
Repayable after twelve months 526,263,958,457 494,244,987,274
Vietnam Joint Stock Commercial Bank for Industry and Trade – Nam Thang Long Branch
Vietnam Joint Stock Commercial Bank for Industry and Trade – Quang Ngai Branch (*)
Vietnam Joint Stock Commercial Bank for Industry and Trade – Quang Minh Branch
Vietnam Joint Stock Commercial Bank for Industry and Trade – Quang Ngai Branch
Joint Stock Commercial Bank for Foreign Trade of Vietnam – Quang Ngai Branch
(i) Long-term borrowings

Vietnam Export Import Commercial Joint Stock Bank – Quang Ngai Branch
Terms and conditions of outstanding short-term borrowings were as follows:
504,913,273,296
55,597,790,000
560,511,063,296
within repayment capacity
Carrying amount/ Amount
Vietnam Joint Stock Commercial Bank for Industry and Trade – Branch 4
Terms and conditions of outstanding long-term borrowings were as follows:

Vietnam International Commercial Joint Stock Bank – Vinh Branch
Unit: VND
1/1/2020
Year of
Currency 31/12/2020 1/1/2020
maturity
Vietnam Joint Stock
Commercial Bank for Industry VND 2027 350,000,000,000 525,069,877,274
and Trade – Branch 4
Joint Stock Commercial
SHORT-TERM BORROWINGS
Bank for Investment and

VND 2022 13,856,710,000 19,795,300,000
Development of Vietnam -
Quang Minh Branch
Current portion of long-term
Shinhan Bank Vietnam Ltd -

23. BORROWINGS
VND 2022 3,318,400,000 4,977,600,000

Ha Noi Branch
borrowings (Note 23(b))
Short-term borrowings
367,175,110,000 549,842,777,274
The long-term borrowings bore interest at rates ranging from 7.80% to 8.44% per annum (1/1/2020: 7.80% to 8.44% per
annum) and are secured by tangible fixed assets, assets to be formed in the future and investment properties.
(A)
Form B 09 – DN/HN
(ii) Finance lease liabilities 25. PROVISIONS – LONG-TERM

The minimum lease payments under non-cancellable finance leases were as follows: Provisions – long-term represented provision for severance allowance. Movements of provision for severance allowance
during the year were as follows:
Unit: VND
Unit: VND
31/12/2020
Payments Interest Principal

2020 2019
Within one year 5,947,689,088 5,947,689,088 -
Within two to five years 65,736,670,272 65,736,670,272 -

Opening balance 135,416,747,716 145,868,448,336
More than five years 458,787,177,940 290,121,009,483 168,666,168,457
530,471,537,300 361,805,368,843 168,666,168,457 Provision made during the year 5,332,112,060 2,413,258,271
Transfer from provisions – short-term 172,000,000 -
24. BONUS AND WELFARE FUND

Provision reversed during the year (1,593,618,751) (3,322,314,534)
This fund is established by appropriating amounts from retained profits as approved by the shareholders at the Company’s
General Meeting of shareholders. This fund is used to pay bonus and welfare to the Group’s employees in accordance with
the Group’s bonus and welfare policies.
Provision utilised during the year (13,113,819,251) (9,542,644,357)
Movements of bonus and welfare fund during the year were as follows:
Unit: VND CLOSING BALANCE 126,213,421,774 135,416,747,716
2020 2019
Opening balance 294,925,203,277 222,305,047,166
Appropriation during the year (Note 26) 170,112,525,933 290,010,109,064
Adjustments to bonus and welfare fund (Note 26) (57,485,195,218) 32,858,350,618
Utilisation during the year (224,031,754,233) (250,248,303,571)
CLOSING BALANCE 183,520,779,759 294,925,203,277

Form B 09 – DN/HN
26. CHANGES IN OWNERS’ EQUITY

Unit: VND
Foreign exchange Investment and Other equity Total equity attributable Non-controlling
Share capital Other capital Retained profits Total
differences development fund funds to owners of the Company interest
Balance as at
6,412,811,860,000 3,208,666,226 21,099,487,654 1,130,147,220,442 5,327,112,664 7,473,777,581,426 15,046,371,928,412 1,065,496,239,757 16,111,868,168,169
1 January 2019
Net profit for the year - - - - - 5,053,363,919,165 5,053,363,919,165 316,783,789,377 5,370,147,708,542
Appropriation to bonus
and welfare fund - - - - - (258,732,607,752) (258,732,607,752) (31,277,501,312) (290,010,109,064)
(Note 24)
Adjustments to bonus and

- - - - - (30,004,529,945) (30,004,529,945) (2,853,820,673) (32,858,350,618)
welfare fund (Note 24)
Appropriation to
investment and - - - 221,570,621 - (221,570,621) - - -
development fund
Dividends - - - - - (961,921,779,000) (961,921,779,000) (173,082,243,279) (1,135,004,022,279)
Foreign exchange
- - 6,173,386,117 - - - 6,173,386,117 - 6,173,386,117
differences
Appropriation to social
- - - - - (48,395,939,581) (48,395,939,581) (1,187,283,714) (49,583,223,295)
activities fund
Adjustments to social
- - - - - (2,116,745,426) (2,116,745,426) 176,278,556 (1,940,466,870)
activities fund
Transfer from other

equity funds to retained - - - - (5,327,112,664) 5,327,112,664 - - -
profits
Acquisition of a subsidiary - - - - - - - 97,131,363,467 97,131,363,467
Change in proportion of
- - - - - 99,219,823 99,219,823 (99,219,823) -
non-controllinginterests
Others - - - 4,038,094 - 421,806,867 425,844,961 (103,242,766) 322,602,195
BALANCE AS AT
6,412,811,860,000 3,208,666,226 27,272,873,771 1,130,372,829,157 - 11,231,596,467,620 18,805,262,696,774 1,270,984,359,590 20,076,247,056,364
31 DECEMBER 2019
Form B 09 – DN/HN
Unit: VND
Total equity
Foreign exchange Investment and Non-controlling
Share capital Other capital Other equity funds Retained profits attributable to owners Total
differences development fund interest
of the Company
Balance as at
6,412,811,860,000 3,208,666,226 27,272,873,771 1,130,372,829,157 - 11,231,596,467,620 18,805,262,696,774 1,270,984,359,590 20,076,247,056,364
1 January 2020
Net profit for the year - - - - - 4,723,496,860,190 4,723,496,860,190 213,349,110,064 4,936,845,970,254
Appropriation to bonus
and welfare fund - - - - - (149,318,980,876) (149,318,980,876) (20,793,545,057) (170,112,525,933)
(Note 24)
Adjustments to bonus and

- - - - - 51,522,281,739 51,522,281,739 5,962,913,479 57,485,195,218
welfare fund (Note 24)
Adjustments to
investment and - - - (7,538,772,810) - 7,538,772,810 - - -
development fund
Dividends (Note 29) - - - - - (3,527,046,523,000) (3,527,046,523,000) (193,710,724,921) (3,720,757,247,921)
Foreign exchange
- - (407,539,897) - - - (407,539,897) - (407,539,897)
differences
Appropriation to social
- - - - - (5,160,121,829) (5,160,121,829) (879,933,576) (6,040,055,405)
activities fund
Adjustments to social
- - - 40,235,334,870 40,235,334,870 (187,026,621) 40,048,308,249
activities fund
Others - - - 12,114,283 - 1,634,714,209 1,646,828,492 320,401,507 1,967,229,999
BALANCE AS AT
6,412,811,860,000 3,208,666,226 26,865,333,874 1,122,846,170,630 - 12,374,498,805,733 19,940,230,836,463 1,275,045,554,465 21,215,276,390,928
31 DECEMBER 2020
Form B 09 – DN/HN
27. SHARE CAPITAL 30. OFF BALANCE SHEET ITEMS

The Company’s authorised and issued share capital are: (A) LEASES
31/12/2020 and 1/1/2020 The future minimum lease payments under non-cancellable operating leases were:
Number of shares VND Unit: VND
Authorised and issued share capital 31/12/2020 1/1/2020
Ordinary shares 641,281,186 6,412,811,860,000 Within one year 246,064,601,593 185,533,784,273
Within two to five years 674,713,367,337 626,011,774,676

Shares in circulation
More than five years 556,310,437,539 488,152,938,344
Ordinary shares 641,281,186 6,412,811,860,000 1,477,088,406,469 1,299,698,497,293
All ordinary shares have a par value of VND10,000. Each share is entitled to one vote at shareholders’ meetings of the (B) ASSETS, MATERIALS AND GOODS HELD FOR THIRD PARTIES
Company. Shareholders are entitled to receive dividends as declared from time to time. All ordinary shares are ranked
equally with regard to the Group’s residual assets. In respect of shares bought back by the Group, all rights are suspended Unit 31/12/2020 1/1/2020
until those shares are reissued.
Beers box/crate 3,668,219 3,960,378
There was no movement in share capital during the years ended 31 December 2020 and 31 December 2019. Plastic crates piece 142,727 -
Beverages box/crate 72,637 1,040
28. INVESTMENT AND DEVELOPMENT FUND

(C) FOREIGN CURRENCIES
Investment and development fund was appropriated from retained profits in accordance with the resolution of General
Meeting of shareholders. This fund was established for the purpose of future business expansion. 31/12/2020 1/1/2020
Original currency VND equivalent Original currency VND equivalent
USD 348,970 8,025,226,712 788,013 18,205,699,512

29. DIVIDENDS
EUR 5,921 165,702,273 7,613 196,014,284
The Resolution of the Board of Directors of the Company on 21 January 2020 resolved to declare dividends to shareholders 8,190,928,985 18,401,713,796
amounting to VND2,244,484 million (equivalent to VND3,500 per share) (2019: the Resolution of the Board of Directors of the
Company on 21 August 2019 resolved to declare dividends to shareholders amounting to VND961,922 million, equivalent
to VND1,500 per share).
(D) CAPITAL EXPENDITURE COMMITMENTS
The Resolution of the Board of Directors of the Company on 13 November 2020 also approved to advance dividends to
shareholders amounting to VND1,282,563 million (equivalent to VND2,000 per share) (2019: Nil). At the reporting date, the Group had the following outstanding capital commitments approved but not provided for in
the consolidated balance sheet:
Unit: VND
31/12/2020 1/1/2020
Approved and contracted 416,256,572,434 185,144,507,293

Form B 09 – DN/HN
31. REVENUE FROM SALES OF GOODS AND PROVISION OF SERVICES 33. FINANCIAL INCOME
Total revenue represents the gross value of goods sold and services rendered, exclusive of value added tax and special Unit: VND
sales tax.
2020 2019
Net revenue comprised:
Interest income from term deposits at banks 929,227,793,354 854,825,190,787
Unit: VND Dividends income 3,092,406,500 7,489,996,873
2020 2019 Foreign exchange gains 42,079,317,739 27,535,583,268
Other financial income 2,117,277 1,734,367

Total revenue
974,401,634,870 889,852,505,295
Sales of beers 24,825,638,007,449 32,713,860,434,875
Sales of raw materials 2,960,705,983,070 4,991,064,456,953
Sales of beverages 171,263,021,494 250,920,276,337

34. FINANCIAL EXPENSES
Sales of alcohol and wine 71,736,427,084 55,724,630,554
Others 106,279,185,202 122,220,299,554 Unit: VND
28,135,622,624,299 38,133,790,098,273 2020 2019

Less revenue deductions Interest expense 63,681,326,473 37,367,206,872
Sales discounts 171,883,259,341 234,657,207,883 Foreign exchange losses 32,531,682,398 3,434,115,785
Sales returns 2,415,527,947 73,389,095 Allowance for diminution in the value of long-term
9,023,155,026 52,208,263,803
financial investments
174,298,787,288 234,730,596,978
Other financial expenses 213,213,669 -
NET REVENUE 27,961,323,837,011 37,899,059,501,295
105,449,377,566 93,009,586,460
32. COST OF GOODS SOLD AND SERVICES PROVIDED

35. SELLING EXPENSES
Unit: VND
Unit: VND
2020 2019
2020 2019
Total cost of goods sold and services provided:
Advertising and promotion expenses 1,563,612,031,993 1,478,600,968,196
Beers sold 16,418,911,045,685 23,157,713,223,335
Staff costs 727,197,975,815 783,525,063,648
Raw materials sold 2,895,943,429,154 4,932,930,673,347
Returnable packaging expenses 97,507,110,762 273,839,287,032
Beverages sold 120,956,970,990 172,072,628,372
Rental expenses 138,836,925,600 147,384,900,248
Alcohol and wine sold 59,231,832,046 50,581,136,908
Transportation expenses 41,332,560,798 36,639,865,534
Allowance (reversed)/made for inventories and
(50,599,630,611) 14,915,319,443
long-term tools, suppliers and spare parts Depreciation and amortisation 23,129,282,780 25,633,103,240
Others 15,785,405,298 20,217,827,876 Others 267,420,893,335 257,667,529,537
19,460,229,052,562 28,348,430,809,281 2,859,036,781,083 3,003,290,717,435
Form B 09 – DN/HN
36. GENERAL AND ADMINISTRATION EXPENSES 38. CORPORATE INCOME TAX

Unit: VND (A) RECOGNISED IN THE CONSOLIDATED STATEMENT OF INCOME
2020 2019 Unit: VND
2020 2019
Staff costs 415,940,713,863 456,926,050,808
Current tax expense
Depreciation and amortisation 29,952,163,870 32,897,497,524
Current year 1,123,217,746,589 1,315,976,891,222
Rental expenses 75,269,818,546 53,761,096,307 Under provision in prior years 1,725,075,881 31,194,761,772
1,124,942,822,470 1,347,171,652,994
Provision and allowance 2,238,837,235 292,148,677,747
Deferred tax expense/(benefit)
Others 178,603,811,001 212,108,602,759 Origination and reversal of temporary differences 50,029,533,241 (31,142,736,574)
Income tax expense 1,174,972,355,711 1,316,028,916,420

702,005,344,515 1,047,841,925,145
(B) RECONCILIATION OF EFFECTIVE TAX RATE
Unit: VND
37. PRODUCTION AND BUSINESS COSTS BY ELEMENTS
2020 2019
Unit: VND
Accounting profit before tax 6,111,818,325,965 6,686,176,624,962
2020 2019 Tax at the Company’s tax rate 1,222,363,665,193 1,337,235,324,992
Effect of different tax rates in subsidiaries (13,238,380,543) (18,973,369,714)

Raw material costs included in production cost 5,367,647,284,900 5,902,129,918,563
Tax incentives (15,746,768,043) (17,835,281,641)
Labour costs and staff costs 1,507,607,536,510 1,716,805,355,987 Tax exempt income (54,099,665,298) (77,151,455,628)
Non-deductible expenses 13,224,601,912 81,076,709,514

Depreciation and amortisation 593,451,595,931 647,247,814,181
Changes in unrecognised deferred tax assets 20,984,159,491 (24,470,256,147)
Outside services 2,876,725,251,113 3,338,684,534,370 Tax losses utilised (296,462,626) (833,805,992)
Under provision in prior years 1,725,075,881 31,194,761,772

Other expenses 542,196,698,775 1,143,628,786,976
Others 56,129,744 5,786,289,264
1,174,972,355,711 1,316,028,916,420
(C) APPLICABLE TAX RATES
Under the terms of Corporate Income Tax Law, the Company has an obligation to pay the Government income tax at the
rate of 20% of taxable profits. Subsidiaries have the obligation to pay the Government income tax at rates ranging from
10% to 20% of taxable profits.
Form B 09 – DN/HN
39. BASIC EARNINGS PER SHARE 40. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
The calculation of basic earnings per share for the year ended 31 December 2020 was based on the profit attributable In addition to related party balances disclosed in other notes to the consolidated financial statements, the Group had the
to ordinary shareholders after deducting the amounts appropriated to bonus and welfare fund and a weighted average following significant transactions with related parties during the year:
number of ordinary shares, calculated as follows:
Unit: VND
(i) Net profit attributable to ordinary shareholders Transaction value
2020 2019
Unit: VND
The intermediate parent company
2020 2019 (Restated) BeerCo Limited
Payments on behalf of the Group - 4,019,622,199

Net profit for the year 4,723,496,860,190 5,053,363,919,165
The parent company
Appropriation to bonus and welfare fund (149,318,980,876) (207,210,326,013) Vietnam Beverage Company Limited
Dividends 1,890,034,228,500 515,463,880,500

Net profit attributable to ordinary shareholders 4,574,177,879,314 4,846,153,593,152
Sai Gon - Khanh Hoa Beer Joint Stock Company

The appropriation of bonus and welfare fund for the year ended 31 December 2020 was estimated based on the budgeted
amount that was approved by shareholders at Annual General Meeting of shareholders. Sales of raw materials 196,805,131,646 352,635,879,929
Provision of services 100,000,000 753,600,000

The appropriation of bonus and welfare fund for the year ended 31 December 2019 was restated based on the actual
appropriation which was approved by shareholders at Annual General Meeting. Accordingly, basic earnings per share for Sales of finished goods - 44,918,500
the year ended 31 December 2019 have been restated to VND7,557 per share based on the adjusted amount appropriated
Purchases of merchandise goods 597,503,580,844 994,553,660,150
to bonus and welfare fund (as previously reported: VND7,477 per share).
Other transactions 993,519,451 1,539,498,353
(ii) Weighted average number of ordinary shares Dividends received 2,600,000,000 3,900,000,000
Sai Gon - Kien Giang Beer Joint Stock Company

There was no movement in the number of shares for the year ended 31 December 2020 and 31 December 2019. The
weighted average number of ordinary shares used to calculate basic earnings per share for two presented periods are Sales of raw materials 258,289,840,556 460,351,534,763
641,281,186 shares. Provision of services 1,535,147,177 3,320,940,227
Purchases of merchandise goods 872,774,105,609 1,529,542,004,800
Other transactions 1,583,294,711 3,903,160,089
Dividends received 2,300,000,000 4,600,000,000
Saigon - Phutho Beer Joint Stock Company
Sales of raw materials 192,019,007,038 371,203,537,187
Provision of services 120,000,000 766,305,176
Sales of other goods - 71,964,297
Other transactions 516,984,000 691,511,289
Dividends received 6,347,700,000 14,811,300,000

Form B 09 – DN/HN
Unit: VND
Transaction value Transaction value
2020 2019 2020 2019
Sai Gon - Mien Trung Beer Joint Stock Company Saigon Tay Do Beer - Beverage Joint Stock Company
Sales of raw materials 377,561,114,090 654,418,952,988 Sales of raw materials 191,131,544,834 351,446,086,552
Provision of services 4,193,958,670 9,897,355,864 Sales of finished goods 88,010,730 193,002,520
Purchases of merchandise goods 1,334,315,992,270 2,073,797,940,960 Sales of other goods - 48,076,364
Warehouse rental fee 905,274,906 686,053,167 Provision of services 960,158,600 2,557,180,912
Other transactions 1,270,671,636 1,282,638,925 Purchases of merchandise goods 649,926,506,740 1,053,417,990,380
Dividends received 33,660,770,500 53,199,462,696 Other transactions 1,915,323,823 1,293,549,940
Sai Gon - Vinh Long Beer Joint Stock Company Dividends received 11,756,614,000 9,078,299,100
Sales of raw materials 267,513,653,769 424,672,745,453 Malaya - Vietnam Glass Limited
Provision of services 4,210,699,000 7,448,094,938 Sales of other goods 6,261,779,366 8,570,951,847
Sales of finished goods 38,442,800 110,547,300 Purchases of packaging materials 43,155,318,816 116,424,770,688
Purchases of merchandise goods 884,009,075,535 1,359,862,377,800 Me Linh Point Limited
Dividends received 1,500,000,000 12,000,000,000 Dividends received 29,987,776,415 29,213,424,951
Other transactions - 2,393,640,486 Purchase of services 2,942,120,109 -
Saigon Binh Tay Beer Group Joint Stock Company San Miguel Yamamura Phu Tho Packaging Company Limited
Sales of raw materials 508,210,659,792 709,559,693,610 Sales of finished goods 1,778,112,000 2,015,412,000
Provision of services 4,732,609,337 7,271,197,075 Purchases of packaging materials 99,383,947,300 138,901,504,428
Purchases of merchandise goods 1,555,408,213,021 2,145,297,668,670 Dividends received - 8,141,000,000
Other transactions 69,288,720 2,254,412,541 Other transactions 236,645,638 -
Dividends received - 19,412,601,464 Truong Sa Food - Food Business Joint Stock Company
Dividends payment 5,216,685,900 6,166,739,400 Purchases of raw materials - 2,527,349,800
Saigon - Baclieu Beer Joint Stock Company Crown Beverage Cans Saigon Limited
Sales of raw materials 71,138,672,280 100,779,714,589 Sales of raw materials and other goods 1,860,158,464 -
Provision of services 2,286,970,184 3,950,658,194 Purchases of merchandise goods 3,616,558,447 -
Sales of finished goods - 248,423,370 Purchases of packaging materials 1,541,129,091,401 1,813,373,317,964
Purchases of merchandise goods 385,105,659,990 537,021,532,820 Dividends received - 127,608,707,612
Other transactions 1,495,701,920 962,499,252 Saigon - Bentre Beer Joint Stock Company
Dividends received 2,402,400,000 3,603,600,000 Sales of raw materials 289,630,370,143 402,137,282,352
Provision of services 1,572,178,328 3,362,989,702

Form B 09 – DN/HN
Unit: VND 41. NON-CASH INVESTING ACTIVITIES

Unit: VND
Transaction value
2020 2019
2020 2019
Other transactions - 4,252,279,684
Dividends received 4,000,000,000 - Purchases of fixed assets and construction in

180,447,468,495 77,931,721,548
progress but not yet paid
Other related parties
TBC-Ball Beverage Can Vietnam Co,, Ltd
Purchases of packaging materials 792,456,083,542 475,900,079,788
Best Spirits Company Limited 42. POST BALANCE SHEET EVENT

Sales of merchandise and finished goods - 228,111,930 Dividends declared after the year end
MM Mega Market (Vietnam) Company Limited
Subsequent to the financial year-end, dividends of VND961,922 million (equivalent to VND1,500 per share) has been
Purchases of goods - 1,329,824,158 declared to the shareholders per Resolution dated 26 January 2021. The dividends payable has not been accrued in these
Super Brands Company Pte, Ltd, consolidated financial statements.
Payments on behalf of the Group 5,386,560,273 6,246,344,005
Fraser and Neave, Limited

43. COMPARATIVE INFORMATION
Payments on behalf of the Group 4,797,551,923 2,425,671,710
Except for the restatement of EPS as disclosed in Note 39, other comparative information as at 1 January 2020 were derived
Fraser & Neave (Singapore) Pte, Limited
from the balances and amounts reported in the Group’s consolidated financial statements as at and for the year ended
Payments on behalf of the Group 2,000,000 874,455,121 31 December 2019.
InterBev (Singapore) Limited
Sales of finished goods 214,472,290 -

29 March 2021
Sales of merchandise goods 708,326,810 -
Chang International Co,, Ltd Prepared by: Approved by:
Payments on behalf of the Group 5,655,431,923 -
Thai Beverage Public Company Limited
Payments on behalf of the Group 7,606,756,051 -
Key management personnel
Salary and remuneration 35,250,751,200 27,345,596,469
Hoang Thanh Van Tran Nguyen Trung Teo Hong Keng Neo Gim Siong Bennett
S AIGON BE E R - ALCO H O L - B EV ERAG E
CORPO RATIO N
Registered Office
187 Nguyen Chi Thanh, Ward 12, District 5, Ho Chi Minh City, Vietnam
Head Office
5th Floor, 72 Le Thanh Ton, Ben Nghe Ward,

District 1, Ho Chi Minh City, Vietnam
(+84) 28 3829 4083 - (+84) 28 3829 6856
www.sabeco.com.vn

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4 Content SABECO ANNUAL REPORT 2020 5

01 SABECO INTRODUCTION 02 OPERATION REPORT

2020 FINANCIAL HIGHLIGHTS 18

KEY HIGHLIGHTS OF SUSTAINABLE DEVELOPMENT 113

05 AUDITED CONSOLIDATED FINANCIAL STATEMENTS 128

ABBREVIATIONS GENERAL INFORMATION

ABV Alcohol by Volume

AGM Annual General Meeting of Shareholders

BOD/The Board The Board of Directors

CSR Corporate Social Responsibility

DMS Distribution Management System Abbreviated Name SABECO

EGM Extraordinary General Meeting of Shareholders

FS Financial Statements Charter Capital VND6,412,811,860,000

G&A General and Administrative

R&D Research and Development

ROA Return on Assets Fax (+84) 028 3829 6856

ROE Return on Equity

RPT Related Party Transaction Email sabeco@sabeco.com.vn

SSC State Securities Commission of Vietnam Website https://www.sabeco.com.vn

SFA Sales Force Automation

VBA Vietnam Beer Alcohol Beverage Association

VGCL Vietnam General Confederation of Labor

VND Vietnamese Dong

WMS Warehouse Management System

SHARE INFORMATION AND

Number of shares Proportional ownership (%) Number of shareholders

Major Shareholders 574,519,134 89.5893% 2

Other shareholders 66,762,052 10.4107% 2,970

» Individual 4,111,060 0.6411% 44

» Individual 60,554,000 9.4425% 172

TOTAL 641,281,186 100.0000% 2,972

Price Movements of SAB vs VN-Index SAB VN - Index Trading Volume of SAB

110.0 650.0 500,000

VISION – MISSION – CORE VALUES

Vision 2025 Mission

HERITAGE BRAND SOCIAL RESPONSIBILITY

CONTINUOUS COHERENCE COOPERATION FOR

Koh Poh Tiong

GENERAL DIRECTOR’S MESSAGE

Neo Gim Siong Bennett

2020 FINANCIAL HIGHLIGHTS 2020 AWARDS

NET SALES (Billion VND) PROFIT AFTER TAX (Billion VND)

TOTAL ASSETS (Billion VND) OWNER’S EQUITY (Billion VND)

14,500 13,000 RANKED 4TH RANKED 33RD

10,000 10,000 Vietnam’s Top 50 Vietnam’s Top 50 Best Performing

KEY MILESTONES 1992

In February 1992, Saigon Beer Brewery completely installed

1875 On May 17, 1977, the Minister of Food

The establishment of Saigon Beer – Cu Chi

2017 managerial organization of

2016 The launch of Saigon Gold cans.

MARCH 2020 SEPTEMBER 2020

Launching Bia Lac Viet – The “Optimistic Beer of Vietnam”

Signing Ceremony of the SABECO 4.0 Project

SABECO announced its recent launch of the digital transformation project

Inauguration Ceremony of the New Canning Line at Saigon Beer -

OCTOBER 2020 DECEMBER 2020

Launching Bia Saigon Chill – “-2 Degree Chill”

Implementing Transportation Management