Thai and Japanese 'sharks' spend huge amounts of money to buy shares of Vietnamese enterprises: What are the profits and losses?

Foreign companies do not hesitate to invest in big brands in Vietnam from Sabeco, Vinamilk to Binh Minh Plastics. Some investments are profitable, others are temporarily losing money according to the stock market price but still bring huge dividends.

A series of Vietnamese brands received investment from foreign investors - Photo: IT

Stocks temporarily lose money at market price, dividends still flow into thousands of billions of dong

Over the past decade, foreign capital has left a clear mark on the Vietnamese stock market. Many large corporations have chosen to participate deeply in Vietnamese enterprises by purchasing shares, taking control or becoming strategic shareholders.

A notable deal was Vietnam Beverage Company Limited - a subsidiary of Thai Beverage (ThaiBev) buying nearly 53.6% of shares of Saigon Beer - Alcohol - Beverage Corporation ( Sabeco , code SAB) in 2017 with a total value of about VND 110,000 billion, equivalent to USD 4.8 billion at that time.

However, as of November 2025, SAB traded around VND47,000/share, with a capitalization of about VND60,000 billion, 60-65% lower than the peak of nearly VND130,000/share (after adjustment) at the end of 2017. This shows that ThaiBev is still quite far from the break-even point, if considered by market price.

SAB stock price from 2017 to present - Source: TradingView

However, the investment has still brought in huge dividends for ThaiBev over the years. Recently, Sabeco announced a 20% cash dividend advance for 2025, with a total payment of about VND2,565 billion. Vietnam Beverage alone owns nearly 53.6% of the capital and will receive more than VND1,375 billion. With the plan to maintain a 50% dividend for the entire year of 2025, shareholders will receive an additional 30% in the next installment.

According to Dragon Capital Securities (VDSC), cumulatively from 2017 to present, if including the expected payment in February 2026, the dividend that ThaiBev has collected is about 15,400 billion VND, equivalent to nearly 14% of the transaction value.

However, according to VDSC, this dividend amount is still not enough to cover interest expenses. ThaiBev's $4.8 billion deal is mainly financed by loans with interest rates of 2.4-3%/year, creating a financial burden that lasts until 2028. The analysis unit believes that the pressure to repay debt is the reason why Sabeco maintains a high dividend level to ensure cash flow to the parent company.

After about 8 years of investment, ThaiBev is temporarily losing about 3.5 billion USD at market price (not including the dividends that this investor has received). However, the Thai giant still considers Sabeco as a long-term investment to consolidate its position in the Vietnamese beer market and expand to Southeast Asia.

In addition to Sabeco, the investment in Vinamilk (VNM) by F&N Dairy Investments PTE. Ltd - a company related to Thai billionaire Charoen Sirivadhanabhakdi - is also a big milestone.

Currently, F&N Dairy Investments owns 369.7 million shares, equivalent to 17.69% of Vinamilk's capital, along with 2.7% held through F&N Bev Manufacturing, bringing the total ownership ratio to about 20.4%, second only to state capital.

F&N has been with Vinamilk since the company was equitized in 2005 and its presence became more evident after SCIC's divestment in 2017. Although the current share price is around VND70,000-73,000, it is significantly lower than the purchase price of VND144,000-150,000.

Since 2011, Vinamilk has regularly paid high dividends of about 40-60% annually. Thanks to that, since indirectly owning VNM shares, the Thai billionaire has earned more than 15,000 billion VND in dividends.

High-yield investments

Meanwhile, SCG (Siam Cement Group, Thailand) is a typical successful case when investing in Binh Minh Plastics (BMP).

Through Nawaplastic Industries, SCG entered BMP in 2012 with 16.7% of capital and by March 2018 had purchased an additional 24.13 million shares from SCIC, increasing its ownership ratio to more than 54% with a total estimated cost of about VND 2,800 billion.

As of November 2025, the investment will reach a market value of more than VND 7,650 billion (BMP market price VND 170,000/share, owning more than 45 million shares), equivalent to a profit of 2.7 times higher than the cost price.

Not to mention, SCG also receives regular cash dividends every year, estimated at more than VND 2,300 billion since 2012; the first installment in 2025 alone is estimated to receive more than VND 293 billion.

Not only Thailand, Japanese investor groups also recorded positive results.

Taisho Pharmaceutial Co., Ltd - a member of Taisho Pharmaceutical Holdings - Tokyo, increased its ownership ratio at Hau Giang Pharmaceutical (DHG) according to a long-term strategy, focusing on improving production standards and expanding product portfolio.

In 2016, Taisho spent 100 million USD to buy 24.44% of DHG shares at 100,000 VND/share, 20-30% higher than the market price.

The Japanese group has continuously increased its ownership and by mid-2019 held 51%, completing the acquisition of DHG with a total cost estimated at about VND7,000 billion. DHG shares have fluctuated little over the years, but the company has maintained stable growth and paid regular dividends, bringing profits to investors.

Another deal is Jardine Cycle & Carriage with Refrigeration Electrical Engineering Corporation (REE). The acquisition period was from 2012 to 2018 at a price of VND25,000-38,000/share, by 2025 REE will trade at around VND65,000, plus high dividends and an expanded energy sector, bringing double profits.

Nhat Quang

Source: https://tuoitre.vn/ca-map-thai-nhat-chi-tien-khung-mua-co-phan-doanh-nghiep-viet-loi-lo-ra-sao-2025111509083651.htm