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News
Heineken suffers big losses in Asia Pacific
Sales for the Dutch brewing company are down 37.4% in Asia, due partly to a late lockdown in Vietnam, one of its top three markets.
The beer company has reported a steep decline in its third quarter results, with volumes to Vietnam halved due to extended lockdowns, first imposed in July 2021, which have lasted through until October.
The 37.4% drop in Asia Pacific is greater than the predicted fall in the region, which was forecast to be around 25.6%.
Heineken, which makes Tiger beer, was hit hard by Covid-19 restrictions in Vietnam, Cambodia, Indonesia and Malaysia. A late outbreak of the Delta variant of the virus led to strict clamping down in Ho Chi Minh City earlier this year, with lockdown measures only starting to ease this month. Bars in the commercial hub still remain closed.
In recent months, troops were deployed in Ho Chi Minh City to suppress Covid outbreaks and prevent residents from leaving their homes as the country’s death rate spiralled.
Despite the drop in sales, Heineken chief executive Dolf van den Brink said the company is starting to see signs of recovery in the Asia-Pacific region.