Sales in the country came mainly from beer produced by Sabeco, in which ThaiBev acquired a 53.59 percent stake this January by activating a $5 billion convertible loan. The remaining revenues were consolidated from a number of other food, packaging and glassware production companies ThaiBev owns.

The group said Sabeco was its main growth driver, given slowing consumption elsewhere in Southeast Asia.

The group expects Sabeco to help its expansion plans in Vietnam, which has a young population, extensive distribution network and the strongest beer market in the region, the board said in a statement.

ThaiBev earned net profits of 14.2 billion baht in the first six months, equivalent to $461.91 million, up 38 percent year-on year. Spirits contributed over 88 percent of this, with beer accounting for the remaining 12 percent.

Sabeco, Saigon Beer Alcohol Beverage Corp, reported a 5 percent rise in revenues last year to more than VND36 trillion ($1.55 billion).

As of 2018, Sabeco held a 42.8 percent share of the Vietnamese beer market, according to the Ho Chi Minh City Securities Corporation.