The Thai giant said in a recent statement that it is in fact seeking to consolidate its position as the largest beverage company in Southeast Asia, and Vietnam, as one of the fastest growing economies in the world, continues to be a core market for it.

The statement was released following media reports that ThaiBev was seeking a buyer for its businesses in Vietnam.

ThaiBev acquired a 53.59 percent stake in Sabeco in 2017 from the Ministry of Industry and Trade, which retains 36 percent.

In December last year ThaiBev denied rumors it was selling shares of Sabeco to brewer Budweiser APAC.

Sabeco, the largest brewer in Vietnam with a market cap of VND113 trillion ($4.9 billion), recorded a seven-year low post-tax profit of VND720 billion ($31 million) in the first quarter, which it said was caused by "unexpected pandemic effects."