Nganhbia 250817 FPTS PDF

BO CO NGNH BIA
07/2017
CU CHUYN THOI VN NH NC V
DIN MO MI CHO NGNH BIA VIT NAM
Mc cnh tranh s tip tc gia tng

vi s b t ca cc hng bia ngoi; tuy
nhin s kin Nh nc thoi vn khi hai Tng
cng ty v xu hng tiu th cao cp ha s l
ng lc chnh thc y s pht trin v tng
trng cho ton ngnh
Phng Tho
Chuyn vin phn tch
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BO CO NGNH BIA
TIU IM:
NGNH BIA TH GII
Ngnh bia th gii nhn chung bc vo giai on trng thnh v bo ha, vi CAGR 2011-
2015 vo khong -0,7%. C cu tiu th dch chuyn t cc quc gia pht trin vi nn vn ha
bia lu i sang cc quc gia ang pht trin c ngnh bia non tr. Tnh n nm 2015, t trng
tiu th bia ti Chu chim 35% tng sn lng bia tiu th trn ton th gii. Lng tiu th
bia tp trung ti cc nc nh Nga, Brazil, n , Trung Quc vi ng lc thc y tng
trng trong tiu th l vic t do ha thng mi, thu nhp u ngi tng v c cu dn s
c t trng ngi trong tui lao ng cao. i ngc li vi xu hng gim ca ngnh bia th
gii ngoi khu vc chu cn c Chu Phi, vi lng tiu th tng u n qua cc nm i lin
vi bng n dn s v tnh hnh kinh t khu vc c s tng trng mnh. Trong giai on 2015-
2020, Chu Phi c d kin l khu vc c tc tng trng nhanh nht, khong 5,2%/nm.
Chu vn s tip tc l th trng tiu th bia ln nht th gii, vi lng tiu th k vng tng
t 63,3 t lt ln 90 t lt vo nm 2020.
Ngnh bia th gii c th c miu t bng hai xu hng l xu hng hp nht bt u t th

k 20th v xu hng ton cu ha t cui th k 20th. C th, tnh n nm 2015, bn hng bia
ln nht nm gi gn 50% th phn ton th gii.
Bia l loi hng ha c vng i sn phm ngn, thi hn s dng ch t 3 thng n 1 nm. Do
vy, cung cu ca ngnh c c th l thng i cng nhau, khng c tr, lng tn kho
khng ng k v cung d thay i theo cu.
V u vo ca ngnh bia, nguyn vt liu ch yu l cc sn phm nng nghip (la mch, hoa
bia, ng cc) c sn lng bin ng mnh ph thuc nhiu vo yu t thi tit. Cht lng
v chng loi ca cc nguyn liu ny mang tnh trng yu, quyt nh n hng v v cht
lng ca bia thnh phm, mc d chi ph nguyn ph liu u vo ch chim cha n 30% chi
ph sn xut ca ngnh bia th gii.
n thi im nm 2015, Trung Quc l quc gia c sn lng sn xut bia ln nht th gii,
theo sau l M v Brazil. Cng trong nm ny, Vit Nam lt vo danh sch 10 nc c sn
lng sn xut bia ln nht th gii v tr th 8, chim 2,42% tng sn lng bia ton cu.
V tiu th, Trung Quc vn tip tc l quc gia tiu th bia nhiu nht th gii trong nm 2015
v Vit Nam v tr th 9. Tuy nhin mc tiu th bnh qun u ngi cao nht vn thuc v
cc quc gia Ty u nh Cng ha Sc, c, o vo khong hn 100 lt/ngi/nm.
Xu hng tiu th sp ti ca ngnh bia th gii tp trung vo phn khc bia cao cp, tro lu
bia th cng v xu hng a dng tri nghim ung. Cng vi l mi quan tm ca ngi
tiu dng i vi sc khe ngy cng gia tng s thc y s ra i v pht trin ca cc sn
phm bia t/khng cn.
NGNH BIA VIT NAM
Vi mt ngnh bia non tr, dn s c t trng ngi trong tui lao ng cao v thu nhp bnh
qun u ngi ang trong tng u n, Vit Nam c nh gi l mt th trng tiu th
bia y tim nng. Tng trng ca ngnh bia Vit Nam c k vng s duy tr con s CAGR
6% trong giai on 2015-2020, cao hn mc CAGR ca Chu l 3,09%, nhng c du hiu
gim nhit so vi giai on tng trng hai ch s 2000-2014.
Chui gi tr ngnh bia Vit Nam bt u bng vic nhp khu gn nh 100% nguyn liu u
vo t cc quc gia sn xut chnh ti chu u, c khin cho cc doanh nghip gp kh khn
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BO CO NGNH BIA
trong vic ch ng ngun cung v phi chu ri ro t gi, nh hng n bin li nhun ca cc
doanh nghip trong ngnh.
Sn lng sn xut bia ti Vit Nam trong giai on 2001-2015 lin tc tng trng vi ch s
CAGR mc 2 ch s, CAGR 5 nm gn nht l 10,93%. n nm 2015, Vit Nam l th trng
sn xut bia ln th ba chu , ch sau Trung Quc v Nht Bn vi sn lng t 4,6 t lt.
Trong nhm ung c cn, bia l sn phm c ngi Vit la chn nhiu nht, chim hn
97% tng sn lng ung c cn c tiu th trong nm 2015. Bia trung cp vn l phn
khc c tiu th nhiu nht ti Vit Nam. Hot ng mnh v chim th phn nhiu nht trong
phn khc ny l cc doanh nghip ni a nh Sabeco, Habeco Trong giai on 2015-2020,
bia trung cp ni a vn l phn khc c lng tiu th nhiu nht, k vng tng trng mc
CAGR 7,1%, cao hn mc trung bnh ngnh. Tuy nhin phn khc bia cao cp li l phn khc
c tc tng trng nhanh nht, c thc y bi xu hng tiu dng cao cp ha ang ph
bin trn ton cu v cng nh hng n th trng tiu dng Vit Nam, cng vi l thu
nhp ngi dn tng v nhu cu th hin ng cp v v th x hi. Phn khc ny hin ti li l
sn chi ca cc hng bia ngoi vi Heineken ang v tr dn u v c d bo tng trng
vi CAGR 2015-2020 l 7,2%. Phn khc bnh dn ni a c CAGR 2015-2020 t 3,7%, thp
hn rt nhiu so vi tng trng k vng ti hai phn khc trn, th hin r rt xu hng tiu th
cao cp ha.
Ngnh bia Vit Nam chu s chi phi v kim sot ca Nh nc vi cc chnh sch tuyn truyn,
tc ng lm gim tiu th ru bia, v ni bt nht l l trnh tng thu tiu th c bit. Bn
cnh , vic Vit Nam hon thnh v trin khai m phn k kt nhiu hip nh thng mi t
do vi cc bn, cam kt ct gim thu quan cho cc mt hng nhp khu gia tng cnh tranh
ln ngnh bia ni a. Cc hng bia ngoi nh c c hi gia nhp vo th trng, cc sn
phm bia ngoi c nhp khu t vo th trng Vit Nam, to p lc cnh tranh gay gt ln
cc doanh nghip trong ngnh, c bit l trong phn khc bia cao cp.
T sut sinh li v ri ro tim tng ca ngnh bia Vit Nam tip tc b nh hng bi bn yu t
chnh l bin ng gi nguyn liu nhp khu; cnh tranh trong ngnh lm gia tng chi ph sn
xut, chi ph qung co; cc chnh sch tuyn truyn phng chng tc hi ca bia ru; l trnh
tng thu tiu th c bit ln 60% trong nm 2017 v 65% trong nm 2018; v cui cng l xu
hng tiu dng cao cp ha.
KHUYN NGH U T
Trong ngn hn (di 1 nm): khuyn ngh tch cc i vi cc m c phiu SAB, WSB, SMB,
BSQ, v THB. y l cc doanh nghip c hot ng kinh doanh tt v cn tim nng tng
trng. Bn cnh , nhm cc c phiu ngnh bia s c hng li t vic thoi vn nh
nc khi Tng Cng ty Bia Ru Nc gii kht Si Gn (Sabeco) v Tng Cng ty Bia
Ru Nc gii kht H Ni (Habeco) c d kin s hon tt trong nm 2017.
Trong trung v di hn (1-5 nm): Khuyn ngh tch cc i vi c ngnh bia Vit Nam. Sau
khi c t nhn ha, cc hot ng ti cu trc s din ra trn phm vi ton ngnh do quy m
v ln ca hai Tng cng ty ph sng khp c nc. Cc khon u t mnh ca khi t
nhn, c bit l t cc hng bia ngoi xy dng thm nh my, nng cp dy chuyn sn
xut, nng cao cht lng bia thnh phm c k vng s l ng lc tng trng cho ngnh
bia Vit Nam trong vng 5 nm sp ti.

BO CO NGNH BIA
DANH MC T VIT TT
CAGR Tc tng trng kp hng nm
USDA B Nng nghip Hoa K
TTB Tiu th c bit
TTCK Th trng chng khon
LDLK Lin doanh lin kt
FTA Hip nh thng mi t do

BO CO NGNH BIA
MC LC
A. TNG QUAN NGNH BIA TH GII .......................................................................................... 6
NGNH TH GII
I. S lc lch s pht trin ngnh Bia th gii qua cc giai on .................................................. 6
II. Vng i ngnh Bia th gii ........................................................................................................ 12
III. Chui gi tr ngnh Bia th gii ................................................................................................... 16
IV. Cc yu t tc ng n cu v xu hng tiu th ca ngnh Bia th gii............................... 32
V. nh gi trin vng ngnh Bia th gii ....................................................................................... 36
B. TNG QUAN NGNH BIA VIT NAM ....................................................................................... 37
I. Lch s hnh thnh ngnh Bia Vit Nam ..................................................................................... 37
II. Vng i ngnh Bia ti Vit Nam ................................................................................................ 38
III. Chui gi tr ngnh Bia Vit Nam ................................................................................................ 39
NGNH VIT NAM

IV. Mi trng kinh doanh ................................................................................................................ 54
V. Mc cnh tranh ca ngnh Bia ti Vit Nam ......................................................................... 59
C. TRIN VNG NGNH BIA VIT NAM ...................................................................................... 62
I. Phn tch SWOT ngnh Bia Vit Nam ........................................................................................ 62
II. Xu hng v trin vng ngnh Bia Vit Nam ............................................................................. 63
III. Khuyn ngh u t ..................................................................................................................... 65
D. CP NHT CC CNG TY NGNH BIA VIT NAM................................................................ 66
I. Cp nht nhng ch s ti chnh quan trng ca cc cng ty..................................................... 66
II. C cu c ng s hu cc cng ty bia Vit Nam ..................................................................... 67 DOANH NGHIP
III. Hiu qu hot ng ca cc cng ty trong ngnh ...................................................................... 68
IV. Tnh hnh ti chnh ....................................................................................................................... 74
V. Dng tin ..................................................................................................................................... 80
VI. Cp nht thng tin cng ty........................................................................................................... 83

BO CO NGNH BIA
A. TNG QUAN NGNH BIA TH GII
I. S lc lch s pht trin ngnh Bia th gii qua cc giai on
Nhiu bng chng kho c cho thy nhng git bia u tin trn th gii xut hin t khong 7000
nm v trc v ngy cng tr nn ph bin ti cc khu vc c kh hu thch hp cho vic trng ng
cc. Vo th k 8, s pht trin thnh vng ca Cng gio khin cho nhiu tu vin c xy dng
ln, rt nhiu trong s tr thnh c s sn xut bia v ru. Cng trong giai on ny, i mi
quan trng trong quy trnh lm bia c ngi Ty u to ra, c th l vic s dng hoa bia (tn khoa
hc l Humulus Lupulus) bo qun, lm cn bng v ngt ca malt v to ra hng v c trng
cho bia. n th k 12 v 13, sn xut bia tr thnh hot ng thng mi. Trc , tu vin l ni
duy nht bia c sn xut s dng v bun bn vi mc tiu th bia ln n 5l/ngy/ngi. iu
ny l do mt s nguyn nhn nh ngun nc thi k rt nhim khin cho cc tu s la chn
ung bia thay v nc, hay ch n t i ca cc tu s khin cho h chn ung bia cung cp cho
c th thm cht dinh dng. Bn cnh , bia thi cn thng c dng cho cc nghi l tn
gio, trong cc cuc hi hp x hi v dng lm thuc khng sinh cha bnh.
K t th k 14, cc tu vin dn mt i v th trung tm trong ngnh bia, thay vo cc c s bun

bn bia tng ln c v s lng v th phn. iu ny l do khi cuc Cch mng Ci Cch din ra ti
Chu u vo th k 16th, nhiu tu vin Cng gio b ng ca v cng vi hot ng sn xut bia
ti tu vin cng dng li, thay vo l cc c s bia t nhn. S chuyn i ca hot ng sn xut
bia t tu vin sang c s kinh doanh t nhn to ra tng trng cho ngnh. Mt s chuyn gia
cho rng giai on t gia nhng nm 1450 n u th k 17 l thi k vng ca ngnh bia th gii.
S pht trin ny c c l nh hng v v cht lng bia c ci thin v nng cao nh s pht
hin ra hoa bia, dy chuyn sn xut hiu qu hn v cc knh phn phi pht trin. ng thi s
cnh tranh gia cc c s t nhn theo c ch th trng cng l ng lc khin cho ngnh bia pht
trin.
Rt nhiu yu t nh hng n c cung v cu ng gp cho s pht trin ca ngnh bia thi k

ny. Vo thi k u Trung i, nhiu ngi ch ung bia vo cc dp l tt v khi h c ung
min ph. Thu nhp ca mi ngi qu thp c th khin cho cu bia cao. Cu bia ch tng vo
cui th k 14 v th k 15, sau i dch Ci cht en (The Black Death), khin cho dn s Chu u
st gim. Thu nhp tng ln vo th k 15 khin cho cu bia cng tng theo. Bn cnh , sau i
dch Ci cht en, cc th trn vn c c m rng v cc th trn mi c to nn mang li c
hi pht trin cho ngnh bia. Cu bia cng tng ln khi ngi dn ung bia thay v nc do nhn thc
c ngun nc thi b nhim trm trng. Do vy, ngy cng c nhiu ngi chn bia, th
thc ung c lm t nc un si, thay v nc thng thng. Mt l do khc khin cu bia tng
thi l s lng ngy cng nhiu ca cc thng gia di chuyn gia cc th trn v cc khu vc
bun bn.
Cng trong thi k ny, cc quy nh, iu l bt u c t ra trong ngnh bia: nhiu quy nh v
thu c p t ln cc c s sn xut bia, trong ch r cch thc, quy trnh sn xut bia cng
nh cc loi nguyn liu cho php s dng trong sn xut bia iu lut ni ting nht v bia c
ra vo nm 1487 ti c c tn Reinheitsgebot (Lut Tinh khit) c hiu lc cho ti tn cch y
20 nm, trong quy nh r bia ch c sn xut t la mch, hoa bia v nc tinh khit.
Trong thi k u Cn i, bia c mang ra a phn ngoi lnh th Chu u khi nhng nh thm
him bt u c nhng chuyn i tm kim vng t mi v ng thi, cng thc lm bia cng c
ngi Chu u truyn li cho ngi dn trn nhng vng t h i qua. Nh , ngnh bia c c hi
lan rng ra ton cu. Vic ton cu ha mt mt gip cc c s bia m rng c th trng tiu th,
mt khc li khin cho bia chu u phi cnh tranh vi cc thc ung khc n t cc lnh th mi
nh tr, nc da v caf... Cnh tranh khng ch n t nc ngoi m cn hin hu trong chnh

BO CO NGNH BIA
th trng ni a, nh h thng giao thng vn chuyn pht trin, sn phm ru c th tip cn

c vi nhiu i tng khch hng hn v t to p lc cnh tranh ln bia.
Th k 18 v 19 l giai on c rt nhiu pht kin khoa hc ng gp vo quy trnh sn xut bia. C

th:
Cc hiu bit mi v men bia gip sn xut c thm nhiu loi bia mi v kim sot tt hn
quy trnh bia. Mt trong nhng ci tin ni tri nht trong thi k ny l quy trnh bia c mang
tn lagering. Trc khi phng php bia ny c pht hin, nm men thng c ri ln
trn b mt ca bia, quy trnh ny c gi l ln men t pha trn (top-fermented). Ngc li,
sn xut c bia lager, quy trnh ln men t y (bottem-fermentation) men bia chm
xung y thng bia, c s dng. Bia lager trong v c mu sng hn cc loi bia khc.
Loi bia ny ra i v nhn c s ng h tch cc ca ngi dng. Trong giai on nhng
nm 1880, ngnh bia th gii din ra s chuyn i trong xu hng tiu th t bia ln men t
trn sang bia ln men t y (lager). Vi s pht hin quy trnh ln men t y ny, ngnh bia
Chu u chnh thc bc vo giai on cng nghip ha.
Bn cnh , nhng ci tin lin quan n my hi nc cho php s dng cc loi my mc

chy bng hi nc phc tp hn trong qu trnh bia, ng thi gim chi ph vn chuyn v
bo qun. Nh , hot ng xut khu bia ra khi Chu u, M, Canada, v c tr nn d dng
hn v vi chi ph thp hn.
S ra i ca t lnh cho php cc nh my sn xut bia lager, loi bia cn lm lnh, trong c
nm thay v ch sn xut c trong ma ng. Tm li, nh s tin b trong cng ngh, cc nh
my bia kim sot c mi trng bia tt hn. Hn th na, nhng ci tin ny cn xut hin
cng lc vi nhng pht hin mi v nm men bia, nh , cc cng ty bia sn xut c nhiu
loi bia vi cht lng tt quanh nm v chi ph thp hn trc rt nhiu.
Nhng pht kin to ra bnh thy tinh v lon kim loi ng bia gip vic vn chuyn v bo qun
bia tt hn sau khi ng chai.
Th k 19 n 20 li l thi k ca c tng trng v suy gim, hp nht v ton cu ha.
Tng trng v suy gim:
Vo th k 19: ngnh bia tng trng mnh m c bit l vo nhng nm cui th k 19 cho n khi
Chin tranh th gii I n ra. (Chin tranh th gii I thi k suy gim mnh ca ngun cung ng cc
ton cu). n u th k 20, sn xut bia gim mnh trong giai on 1915-1950, v mt s l do sau.
Sn lng bia gim 70% trong thi k Chin tranh Th Gii I (1914-1918) v Chin tranh Th gii II
(1939-1945). Ngnh bia b nh hng trm trng, c bit l nhng vng b chim ng ti Chu u
(B v Php). Nhiu ngi dn phi di c khin cho ngnh bia lm vo tnh trng thiu nhn lc. Hn
th na, my mc thit b, phng tin i li cn b qun chim ng trng dng khin cho nhiu c
s bia phi ng ca. Ngnh bia ti c cng chu nh hng t Chin tranh Th gii I do cc ngnh
khc c u tin sn xut hn, v d nh cc ngnh sn xut phc v chin tranh. Cng trong thi
k ny, ng cc, thc phm v thc n chn nui tr nn v cng khan him v t trn ton Chu
u.
Bn cnh , trn th gii cn c mt s s kin khc nh cuc i khng hong (1930-1940) giai
on suy thoi kinh t ton cu cng l mt trong nhng nguyn nhn khin cho cu bia gim mnh;
hay s kin Cn Bo en din ra vo nhng nm 1930 ti M v Canada vi hin tng bo, lc v
hn hn trin min gy ra nhiu thit hi nghim trng cho h sinh thi v nng nghip trong khu vc,
khin cho lng cu lng thc gim v gi ng cc tng cng gp phn lm gim sn lng bia
trong nhng nm 1930. Sau Chin tranh Th gii II, ngnh bia tng trng mnh m tr li trong giai

BO CO NGNH BIA
on 1950-1980 ti Chu u v M. iu ny l do cng ngh pht trin v thu nhp tng khin cho
cu bia nh cng tng theo.
T nhng nm 1980: Tiu th bia u ngi gim trn ton th gii, ngi tiu dng chuyn sang
s dng cc sn phm khc v c nhiu s la chn hn v thu nhp tng ln. Bn cnh , sn
lng bia vn tip tc tng ti mt s nc. C th, sn lng bia tip tc tng ti M do dn s tng
t cc cuc di c; hay ti B, sn lng bia vn tng nh tch cc thc hin cc hot ng xut khu
b p cho cu trong nc gim. S tng trng ca ngnh bia th gii dch chuyn t cc nc
pht trin sang cc quc gia ang pht trin. Tiu th bia ti cc quc gia ang pht trin tng mnh
trong 20 nm gn y, tng mnh nht l ti Nga, Brazil, n v Trung Quc.
Sn lng sn xut bia th gii, 1996-2015

1.79% 3.54% -0.46%
(t lt) 193.3 7.0%
5.87% -0.05%
190.0 5.37%
169.6 6.0%
4.92% 4.94%
170.0 160.2 5.0%
150.0 4.0%
0.70%
130.0 3.0%
2.0%
110.0
1.0%
90.0
0.0%
70.0 -1.0%
50.0 -2.0%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-1.53%
Sn lng bia th gii Tng trng
Ngun: Barth-Haas Group Report
Bin ng sn lng bia th gii trong vng 20 nm tr li y c th c chia lm hai giai on:
+ 1996-2006: Tc tng trng trong sn lng sn xut bia th gii tuy bin ng nhng vn trong
xu hng tng. Vo nm 1998, tng trng trong sn lng bia th gii ch t 0,7% (thp nht trong
vng 6 nm tnh k t nm 1990) phn ln l do ngnh bia Chu b nh hng bi cuc khng
hong ti chnh khu vc vo nm 1997-1998. Tuy nhin sang n nm 1999, sn lng bia tng hn
4,5% so vi nm trc con s cao nht k t nm 1990, nh vo s pht trin mnh m ca th
trng bia ng u v vic Chu dn phc hi sau khng hong ti chnh.
Trong giai on 2000-2005, tng trng ton ngnh ch yu n t tng trng ti th trng bia
Trung Quc v Nga. c bit, vo nm 2002, Trung Quc chnh thc vt qua M tr thnh quc
gia sn xut bia ln nht th gii vi con s hn 23 t lt bia, chim hn 16% tng sn lng bia ton
cu. Trong nm 2006, sn lng bia th gii tng t 160 t lt ln n 169,6 t lt (tng 5,87% so vi
nm trc cao nht trong giai on 1996-2015). Tng trng trong nm 2006 ti Chu c c
l nh s pht trin ca th trng bia Trung Quc, Vit Nam, v Thi Lan; ti Chu u l Nga v
Ukraine; ti Chu M l Mexico, Brazil, Peru, Venezuela; v tng trng ti Chu Phi c thc y
bi Nigeria v Nam Phi.
+ 2007-2015: sn lng sn xut bia th gii tng nhng vi tc gim dn. Sn lng bia tip tc
duy tr xu hng tng trong nm 2007, 2008 vi tc tng mi nm ln lt l 5,37% v 1,79%.
n nm 2009, sn lng bia ton th gii gim 0,05% so vi nm trc do sn lng bia ti hu
ht cc nc cng nghip Chu u gim. n nm 2010 v 2011, sn lng bia bt u tng tr
li vi tng trng mnh m ti Chu v Chu Phi trong khi sn lng ti khu vc Chu M li c
du hiu ng yn v Chu u th hin xu hng gim trong 3 nm lin tip, khin cho tng trng
trong sn lng bia ton cu ch t mc 3,54% trong nm 2011. c bit, hai nm 2014, 2015 l ln

BO CO NGNH BIA
u tin k t sau cuc Chin tranh Th Gii II, sn lng bia th gii gim trong hai nm lin tip.
Tnh hnh kinh t v chnh tr th gii bt n nh hng mnh n ngnh bia th gii. Trong nm
2014, sn lng bia ti Chu u v Chu u gim, c bit l Trung Quc vi mc gim hn 14
t lt trong khi Chu M v Chu Phi vn ghi nhn sn lng tng. Sang n nm 2015, tng sn
lng bia sn xut ti mi khu vc Chu u, Chu , Chu M u gim ch yu do Sn lng bia
sn xut ti nm quc gia dn u th gii l Trung Quc, M, Brazil, c v Nga u gim tr c.
Tnh n nm 2015, quy m sn xut ca ton ngnh bia th gii vo khong 193,3 t lt.
V tiu th, trong khong th k 15-16, tiu th bia mc cao nh thu nhp tng, th ha, v mi
quan ngi v ngun nc b nhim. Theo mt s nghin cu, lng tiu th bia bnh qun trong
giai on ny vo khong 200-400 lt/ngi/nm ti nhiu nc nh B, H Lan v c (Urgent 2001).
Con s ny cao hn rt nhiu so vi mc tiu th bia bnh qun u ngi hin nay vi mc cao
nht ch l 145 lt/ngi trong nm 2015 ti Cng ha Sc. n th k 17, lng tiu th bia li gim
mnh do s xut hin ca nhiu sn phm thay th nh tr, c ph, nc c ga. ng thi, cng
trong thi k ny, s pht trin trong cng ngh chng ct ru kch thch sn xut cc loi ru
nng vi quy m ln. Tiu th bia li tng trng mnh m tr li trong th k 19 nh vo t ph
trong cng ngh bia vi quy trnh ln men t y, to ra loi bia lager c a chung tiu th. Tuy
nhin, n th k 20, tiu th bia mt ln na b gim do hai cuc Chin tranh Th gii I v II.
(t lt) Sn lng tiu th bia th gii, 1997-2015

200
180 6%
160
4%
140
120
2%
100
80
0%
60
40 -2%
20
0 -4%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -2.83%
Lng tiu th bia th gii Tng trng
Ngun: Kirin Holdings
Tnh hnh tiu th bia trn th gii trong 20 nm tr li y c du hiu chng li, c bit l giai on
2007-2015. Tuy lng tiu th vn tng v con s tuyt i nhng ang tng vi tc gim dn. C
th, lng tiu th bia ton th gii trong nm 2015 t khong trn 180 t lt, gim hn 2,5% so vi
mc tiu th nm 2014.
Xu hng hp nht t th k 20:
Bc tranh th trng bia hin ti l kt qu ca qu trnh hp nht bt u t th k 20th. C th ni

rng, hai cuc Chin tranh Th gii ng vai tr ln trong vic thc y xu th ny, c bit l ti
Chu u. Nhiu cng ty bia c nh my b ph hy trong chin tranh buc phi la chn gia vic
ng ca hot ng hoc hp nht vi cc cng ty bia khc. Kt qu l thi k sau chin tranh, nhiu
cng ty bia la chn gii php hp nht c kh nng ti chnh cho mc ch ti u t my mc
thit b. V d, sau Chin tranh Th gii I, s lng c s bia ti Anh gim t 6447 trong nm 1900
xung cn 567 vo nm 1950. Qui m cc c s sn xut bia cng tng t 0,9 triu lt vo nm 1900
thnh 7,4 triu lt trong nm 1950. T nm 1950 n nm 1980, s lng c s bia ti Anh tip tc

BO CO NGNH BIA
gim gim t 567 xung cn 142 c s, ng thi, qui m trung bnh mi nh my cng tng t 7,4
triu lt ln ti 48,1 triu lt trong nm 1980.
Vo nhng nm 1950 v 1960, qu trnh sp nhp gia cc cng ty bia cn c kch thch bi s
pht trin ca khoa hc cng ngh, c th l quy trnh t ng ha trong sn xut v ng gi bia
thnh phm. Cc tin b ny i hi cc cng ty bia phi c quy m ln c th t c li th
chi ph v loi cc cng ty nh l ra khi th trng hoc phi hp nht tn ti. Mt mt, hot ng
sp nhp mang li cho cc cng ty bia c hi t c li th v qui m, tng th phn v tn dng
c mng li phn phi hp nht. Mt khc, ln sng sp nhp qu mnh m li khin cho th
trng tr nn thiu s a dng, gy kh khn cho cc cng ty mun gia nhp ngnh v khin ngi
tiu dng gp bt li do mt v th i vi nh cung cp.
Th phn cc hng bia ln, 2003
Others, Cho n u nhng nm 1990, cc hot ng

56.8% sp nhp hu ht ch din ra trong nc, sau
dn dn m rng ra ton cu c bit l
Anheuser- thng qua cc thng v M&A vi qui m ln.
Busch, 8.5% n nm 2003, ngnh bia th gii vn cn
SABMiller , tng i phn mnh, vi 8,5% th phn cng
7.6%
khin cho Anheuser-Busch t c v th
dn u th trng v hn na th phn th
gii vn c phn chia cho cc tp on bia
Asahi , 2.0%
nh. Vo khong thi gian ny, 4 tp on bia
Carlsberg ,
AmBev, Heineken , Interbrew, ln nht th gii, khi l Anheuser-Busch,
2.0% Adolph 5.7% 6.0%
4.0%
Tsingtao , Coors , 2.6% Grupo SABMiller, Interbrew, Heineken v AmBev ch
2.2% Modelo, 2.6%
chim khong 32% th phn.
Ngun: Euromonitor
Th phn cc hng bia ln, 2015 Trong sut hn 10 nm tr li y, hot ng

mua bn sp nhp ca cc doanh nghip bia
Anheuser-
Busch Inbev,
din ra u n, tp trung vo cc c hi hp
Others,
21.2% nht ct gim chi ph, cng c v th hoc
35.6% gia nhp vo th trng bia mi ni y tim
nng. S kin Interbrew mua li AmBev v
SABMiller, thnh lp ra Inbev vo nm 2004 v v sp
9.9%
nhp gia Inbev v Anheuser-Busch nm
2008 to ra tp on bia ln nht th gii,
Kirin
AB InBev, chim hn 21% th phn bia ton
Heineken ,
Holdings,
9.7% th gii vo nm 2015. Bn hng bia ln nht
2.2%
Beijing China Res. Carlsberg ,
chim lnh c gn 50% th trng th
Molson
Yanjing ,
2.5% Coors , 3.0% Tsingtao , Snow 6.2% gii thay v con s 32% vo nm 2003. Tnh
3.6% Breweries,
6.1% n nm 2015, AB InBev dn u ngnh bia
ton cu, theo sau l SABMiller, Heineken
Ngun: Barth-Haas Group Report v Carlsberg.
Vo thng 10/2016, AB Inbev hon tt qu trnh thu tm SABMiller vi gi tr ln ti 106 t USD, tr

thnh thng v hp nht ln th ba trong lch s. Nh vy, ch trong vng 40 nm, k t ngy c
to ra t hai cng ty bia nh ti B (Cng ty bia Piedboeuf v Artois, sn xut ln lt 70 v 350 triu
lt/nm vo nm 1971), n 2016, AB Inbev tr thnh hng bia ln nht th gii, c d on l
s thu v 60% li nhun ton ngnh v sn xut 1/3 sn lng bia th gii, b xa 2 i th cn li l
Heineken v Carlsberg.

BO CO NGNH BIA
Bng di l s liu ca 30 t nc sn xut bia ln nht th gii cng vi t trng ca 5 cng ty

bia ln nht ti mi nc vo nm 2014. C th thy rng th trng bia ti hu ht 30 quc gia u
c mc tp trung cao vi t trng trung bnh ca 5 cng ty bia ln nht ti cc quc gia ny l 85%.
Th trng bia ti c c mc tp trung c bit thp so vi cc nc khc (40%), do th trng

bia ny lun chu s qun l ca cc iu lut v cht lng, c bit l Lut Tinh khit ra i hn
500 trc y, trong quy nh r trong bia ch c php cha 4 thnh phn l la mch, hoa bia,
nc v men bia. Bn cnh , vic chnh ph c ban hnh o Lut v ng gi bao b (Packaging
Ordinance) t nm 1991, trong khuyn khch s dng chai bia thy tinh thay v lon bia, mt sn
phm c chi ph vn chuyn cao khin cho cc cng ty bia ln gp kh khn trong vic m rng dy
chuyn ng gi bao b t c li th v qui m v li th v chi ph. Th trng bia c cn
tn ti h thng c quyn bn l, trong nh bn l v hng bia k kt cc hp ng c quyn
phn phi sn phm ca hng, gip cho cc cng ty bia nh l tn ti c d dng hn trong ngnh.
Tng hp li, nhng l do trn gip cho th trng bia ti c, xa nay vn ni ting trn ton th
gii v cht lng bia tuyt ho, c mc tp trung tng i thp so vi cc th trng bia ln
khc, km hp dn i vi cc tp on bia nc ngoi v ng thi cc hng bia trong nc cng
khng t mc tiu m rng ton cu.
T trng T trng ca 5 T trng T trng ca 5

Quc gia Quc gia
sn lng hng bia ln sn lng hng bia ln
Trung Quc 27% 85% Hn Quc 1% 92%

M 13% 84% Venezuela 1% 100%
Brazil 7% 97% Php 1% 81%
c 5% 40% c 1% 86%
Nga 5% 74% Romania 1% 78%
Mexico 4% 99% Argentina 1% 86%
Nht 3% 93% Philippines 1% 100%
Anh 3% 73% 1% 73%
Ba Lan 2% 92% Cng ha Sc 1% 80%
Vit Nam 2% 92% Peru 1% 99%
Nam Phi 2% 97% H Lan 1% 80%
Ty Ban Nha 2% 83% Th Nh K 0% 99%
n 1% 90% o 0% 80%
Ukraine 1% 81% Top 30 92% 85%
Canada 1% 87% Khc 8% 87%
Colombia 1% 99% Tng 100%
Nhn chung, th phn ca cc th trng bia ln trn th gii gn nh u b chim bi 5 hng bia ln
nht trong ngnh, cng vi , yu cu v qui m, chi ph c nh, chi ph cho hot ng qung co
sn phm l nhng nguyn nhn chnh to ra ro cn gia nhp ngnh bia th gii. Bn cnh , vic
mc tiu th bia bnh qun u ngi gim dn cc nc vn c truyn thng ung bia lu nm ti
Chu u, Bc M buc cc tp on bia phi chuyn hng hot ng sang cc th trng mi
ni tim nng hn, c th y l cc quc gia ti Chu nh Trung Quc, n , Brazil, Vit
Nam
Xu hng Ton cu ha t cui th k 20:
Vo nhng nm 1980 v 1990, ngy cng c nhiu cng ty bia bt u tm kim c hi m rng tiu
th sang th trng nc ngoi. Nhiu cng ty bia Chu u v M bt u xut khu bia, thnh lp
tr s ti nc ngoi, v cp giy php sn xut cho cc nh my bia ni a ti mt s nc. V d,
vo nm 1995, AnheuserBusch cp giy php sn xut cho hai cng ty bia ngoi M, mt cng ty

BO CO NGNH BIA
Anh phc v th trng Chu u v nh my cn li Trung Quc phc v th trng ng .

Cc cng ty bia khc nh Heineken (H Lan), SABMiller (Nam Phi), and Interbrew (B) cng thc hin
cc thng v mua li ln trn ton th gii. Trong nhng nm 1990, cc tp on ln ny mua
li mt lot cc cng ty bia ti ng u v m rng sang Bc v Nam M (Canada, Mexico, Brazil,
M) v Trung Quc. V d, trong nm 2002, SABMiller c to ra t thng v sp nhp gia SAB
(tp on bia ln nht ti Nam Phi) v tp on bia ln th hai nc M, Miller. Hay AnheuserBusch
Inbev cng l kt qu t v sp nhp gia Interbrew ca B v Ambev ca Brazil vo nm 2004 v
vi AnheuserBusch vo nm 2008.
II. Vng i ngnh Bia th gii
Tng trng ton ngnh bia th gii, 1997-2015

8.00% Tng trng tiu th bia Tng trng GDP
6.17%
6.00%
4.75%
4.34%
4.37%
4.00% 4.48% 4.38%
2.45% 2.63%
2.43%
1.98% 3.06%
3.09%
2.00%
0.53%
1.50%
0.00%
-0.11% -1.15%
-0.75%
-2.00%
-1.70%
-2.79%
-4.00%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ngun: Kirin Holdings; WorldBank
T nm 1997 n nay, tc tng trng trong lng tiu th bia bin ng mnh, nhng c s
tng quan vi tc tng trng GDP ca th gii. iu ny l do tiu th bia b nh hng mnh
bi s thnh vng ca nn kinh t cng nh mc thu nhp ca ngi dn. Tuy nhin, k t nm
2011, mc tng trng trong lng tiu th bia th gii bt u thp hn so vi tng trng GDP
th gii mt du hiu cho thy ngnh bia th gii bt u i vo giai on trng thnh v bo ha.
C th, trong giai on 2012-2015, tng trng GDP th gii c duy tr mc trn 2,45% nhng
tc tng trng trong lng tiu th bia th gii ch mc di 0,5% v thm ch trong nm 2015
cn chm mc tng trng m (-2,79%).

BO CO NGNH BIA
Vng i ngnh bia theo tng khu vc:
Sn lng sn xut bia theo khu vc, 1997-2015

(t lt)
80
69.21
70
59.15
60 52.18
50
40 33.38
32.18
30
30.19
20
10 15.66
14.20
5.81
-
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Chu u Bc M Chu M Latin Chu Chu Phi Chu i Dng
Ngun: Barth-Haas Group
Nhn chung, trong giai on 1997-2015, quy m sn xut ca ngnh bia th gii tng t mc 1296 t
lt bia trong nm 1997 ln n hn 1932 t lt trong nm 2015. Trong , chu u, tng l khu vc
sn xut bia nhiu nht th gii, i vo giai on bo ha vi sn lng gim lin tc t 59,15 t
lt bia nm 2007 xung cn 52,18 t lt nm 2015. Trong giai on 1997-2007, sn lng bia sn xut
ti Chu u vn tng ch yu nh vo s pht trin ca th trng bia ti cc nc ng u nh
Nga vi sn lng bia tng t 2,53 t lt ln n 11,5 t lt trong nm 2007. Tuy nhin t sau 2007,
hu ht cc quc gia sn xut bia ln ti chu u ng lot thu hp quy m sn xut nh c, Anh,
Nga, Ty Ban Nha, H Lan t khin cho sn lng sn xut bia ton khu vc cng gim theo.
i cng vi xu hng bo ha trn l th trng Bc M v M Latinh. Chu M cng tng l mt

khu vc trung tm ca ngnh bia th gii vi sn lng sn xut bia ln th hai ch sau Chu u.
Trong sut giai on 1997-2015, sn lng bia sn xut ti khu vc Bc M v M Latinh i ngang,
ln lt duy tr mc trn 32 t lt/nm v 15 t lt/nm.
Ngc li vi xu hng thoi tro ti chu u v chu M, sn lng sn xut bia ti chu v chu
Phi th hin xu hng tng r rt trong giai on 1997-2015. Trong giai on ny, quy m sn xut
ti th trng bia chu tng gp i t 32,12 t lt trong nm 1997 ln n 69,21 t lt vo nm 2015
v tr thnh khu vc sn xut bia ln nht th gii k t nm 2009. Tng trng trong khu vc ch
yu n t cc quc gia c vn ha tiu th bia mnh m nh Trung Quc, Nht Bn, Vit Nam,
Phillippines Tuy nhin, sc nng ca th trng bia chu ang c du hiu gim nhit trong cc
nm gn y. C th, sn lng sn xut bia ti Trung Quc, quc gia sn xut bia ln nht th gii
bt u gim lin tip t nm 2013 v quy m sn xut ti Nht Bn cng bin ng nhng theo xu
hng gim dn. Tng trng trong khu vc ny gi y tp trung vo cc quc gia ang pht trin
nh Vit Nam, Thi Lan, n , Philippines, Campuchia vi sn lng sn xut trong cc nm gn
y cha c du hiu ngng tng.
Bn cnh chu , Chu Phi l mt th trng c nh gi l c ngnh bia ch va bt u, vn

trong giai on non tr v cn rt nhiu tim nng tng trng. Quy m ngnh ti khu vc ny tng
t 5,81 t lt/nm ln 14,20 t lt/nm trong giai on 1997-2015 vi ng lc n t yu t dn s,
c bit l nhm dn trong tui lao ng, tng mnh; tc th ha nhanh v tc tng trng
GDP cng ngy mt tng. Tnh n nm 2015, Nam Phi v Nigeria l hai quc gia sn xut bia nhiu
nht chu Phi vi sn lng ln lt l 3,21 t lt v 2,7 t lt bia.

BO CO NGNH BIA
T trng tiu th bia theo khu vc, 1997-2015

V tnh hnh tiu th cng c s bin ng tng t trong cc khu vc. Chu u v Bc M l cc
khu vc trc y tng chia nhau v tr dn u th trng th gii vi lng bia tiu th vo nm
1997 ln lt chim 33% v 19% tng lng tiu th ton cu. Tuy nhin, s liu cho thy tnh hnh
tiu th bia ti Chu u, Bc M cng chm ngng bo ha, cng vi l mc tiu th bia bnh
qun u ngi ti cc quc gia c nn vn ha bia lu i ca chu u lin tc gim trong cc nm
va qua.
05 quc gia c mc tiu th bia/u ngi
(lt) cao nht th gii, 2006-2015 Biu bn th hin tnh hnh tiu th
180 bia/u ngi ti nm nc tiu th bia
162.6 nhiu nht Chu u cng nh th gii. ng
144.8 u l Cng ha Sc, ni lun c mc tiu
160
140 132.4 th bia bnh qun u ngi cao nht th gii

122.1 trong vng 23 nm lin tip tr li y tnh
109.9
120 n 2015. Trong giai on 2006-2015, tnh
100
hnh tiu th bia ti nc ny c du hiu
92.4gim st r rt. T mc gn 163 lt/ngi
80 90.8 trong nm 2006, con s ny gi y gim
78.3 xung cn 145 lt/ngi vo nm 2015. Tnh
60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 trng tiu th gim st cng din ra tng t
Czech Republic Germany ti bn quc gia cn li. Xu hng gim c
Austria Ireland th c gii thch l ch yu n t ni lo
Finland ngi ca ngi dn ti cc khu vc ny v
Ngun: Bloomberg cc vn sc khe ngy cng tng cao.

BO CO NGNH BIA
(t lt) Lng tiu th bia theo khu vc, 1997-2015

70
60 55.85
50 54.81
40
30
20
10
-
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Chu Chu u Bc M Chu M Latin Chu Phi Chu i Dng
Ngc li vi tnh hnh tiu th bia c chiu hng chng li ti cc nc Chu u, lng tiu th
bia ti ti Chu tng trng mnh m v chnh thc chm ngng bng Chu u vo nm 2007,
tr thnh khu vc tiu th bia ln nht, chim 31% tng lng bia tiu th trn ton th gii trong
nm 2007. T trng lng tiu th bia ti Chu tng t 24% trong nm 1997 ln n 35% tng
lng tiu th th gii tnh n nm 2015. Cu bia tng tp trung cc nc ang pht trin nh
Nga, Brazil, n v c bit l Trung Quc. Vic t do ha thng mi cng vi thu nhp u ngi
tng ti cc quc gia ang pht trin gp phn thc y tiu th bia ti khu vc ny. Ring i vi
Trung Quc, t nm 2003, t nc ny thay th M tr thnh th trng tiu th bia ln nht th
gii v lin tc duy tr v tr ny trong vng 13 nm lin tip tnh n nm 2015. T mc th phn ch
vo khong 0,35% trong nm 1961, quy m th trng bia ti Trung Quc vn ln v tr s mt,
c th t mc 43,27 t lt bia trong nm 2015, chim 23,54% tng lng bia c tiu th ton cu.
Tng t nh th trng Chu , khu vc Chu Phi tuy c quy m ngnh bia nh hn nhng lng
tiu th cng tng trng u n trong giai on 1997-2015 v cha c du hiu suy gim. Ngnh
bia ti khu vc ny vn cn non tr v ang hng li nh dn s khng ngng tng ln qua cc
nm vi tc nhanh nht th gii. Cng vi l nn kinh t tng trng n tng t mc GDP
ch vo khong 2% trong nhng nm 1980-1990 ln n hn 5% trong giai on 2001-2014. Chu
Phi c d kin l s tip tc tng c v kinh t v dn s trong tng lai, v do ngnh bia ti
khu vc ny cng c d on s tr thnh trung tm mi ca ngnh bia th gii.
Dng bia th cng vi xu hng ang ln mt nhnh pht trin mi cho ngnh bia th gii
S pht trin v xm chim th trng ca cc sn phm bia lager chun ha v light beer c sn
xut trong dy chuyn cng nghip, khin cho th trng ngy cng tp trung vo cc hng bia ln
to ra mt xu hng o chiu mi trong ngnh. l s tri dy ca dng bia th cng (craft
beer). T nhng nm 1970, cc cng ty bia th cng ln u tin xut hin trn th trng M v t
n nay, s lng cng ty bia th cng tng ln nhanh chng ti cc th trng bia lu nm nh
M, Chu u. Bia th cng thnh cng trn th trng th gii c th l nh vo nhng nguyn nhn
sau. Mt l th hiu ngi tiu dng ngy cng tm kim s a dng v c o trong hng v, iu
m cc sn phm bia i tr khng c. Bn cnh , cc cng ty bia th cng v th linh hot hn
i vi cc thay i trong khu v v s thch ca ngi tiu dng do c dy chuyn sn xut qui m

BO CO NGNH BIA
nh. Mt khc, th trng ca cc hng bia ln v hng bia th cng khng hon ton trng lp, do
cc cng ty bia th cng cung cp a dng chng loi sn phm cc mc gi khc nhau. Tuy nhin,
trong cc nm gn y, cc hng bia ln bt u xm nhp vo th trng bia th cng bng cch
mua li chnh cc hng bia nh hoc t to ra dng sn phm bia th cng ring.
Nh vy, vng i ngnh bia ti cc khu vc trn th gii c s khc bit r rt. Th trng bia ti
chu u v chu M bc vo giai on bo ha vi tng trng chng li trong cc nm gn
y. Thay vo , ngnh bia ti khu vc Chu v chu Phi vn cn nhiu tim nng tng trng.
Bn cnh , ti cc th trng bo ha, phn khc bia sn xut i tr trong cc nh my ln
ang dn nhng ch cho s tri dy ca mt phn khc bia mi l phn khc bia th cng. Bia th
cng ti cc th trng mi ni tuy xut hin nhng ch chim t trng khng ng k.
III. Chui gi tr ngnh Bia th gii
1. u vo
C cu gi vn ca cc hng bia ln, 2016

Malt, 14% Hoa bia (Hops)
2%
Ng cc
Chi ph
3%
Khc (bao Chi ph
b, NVL sn xut
ph...) chung,
55% 26%
Ngun: Economy & Finance, FPTS Research
c th ca ngnh bia cng nh ca cc ngnh thc phm v ung khc l tm quan trng ca
cc yu t u vo khng phn nh trn t trng chi ph m cc yu t chim. C th, ba nguyn
liu chnh dng trong sn xut bia l malt, hoa bia v ng cc tuy ch chim gn 20% COGS nhng
ng vai tr quyt nh i vi cht lng v hng v bia thnh phm.

BO CO NGNH BIA
1.1. Ng cc
Ng cc chim t trng vo khong 3% gi vn ca cc hng bia ln trn th gii. C rt nhiu loi

ng cc c s dng trong sn xut bia nh la m, la mch, la mch en, yn mch, bp, go
Loi ng cc c s dng nhiu nht l la mch (dng to ra malt). Ngoi ra, ng cc cn c
s dng nh cc thnh phn ph gia iu chnh cht liu, u bt, hng v mi v bia.
La mch
La mch c ma v ngn, l mt trong nhng loi ng cc c kh nng thch nghi cao vi nhiu loi
t trng v c th c trng trong iu kin kh hu t cn bc cc n cn nhit i. Ni c kh
hu n ha l a im l tng trng la mch. Trong mt nm, la mch c th c trng trong
hai ma: ma ng (t gia thng 9 n thng 10) v ma xun (t thng 3 n thng 4).
Cc loi la mch: La mch su hng (6R Barley) v la mch hai hng (2R Barley)
C hai loi la mch ch yu c trng sn xut bia l la mch hai hng (2R) v la mch su
hng (6R), mi loi c cc c tnh ring bit ph hp cho cc loi bia khc nhau. La mch 6R cha
lng enzyme cao hn so vi la mch 2R, khin cho la mch 6R tr thnh loi la mch l tng
sn xut bia lager do hu ht cc loi ng cc khc khng cha enzyme v nh sn xut b sung
enzyme kch thch gii phng ng. La mch 2R c lng tinh bt cao, v mng hn v nng
m thp hn.
La mch ma ng c th c loi 2R hoc 6R, v la mch ma xun ch c loi 2R. Li th ca

ging la mch ma ng l c hng nng m cao trong t sau ma thu nn c nng sut
cao hn la mch ma xun. Do vy, cc ging la mch ma ng trong nhng nm gn y ang
c ngi dn la chn trng nhiu hn. Mt khc, la mch 2R vi hm lng protein t hn
la mch 6R li thch hp cho vic malt ha hn. Cc ging la mch giu protein thng c s
dng lm thc n chn nui.
Tng sn lng v nng sut la mch th gii
Bng: Thng k t trng sn lng la mch theo khu vc v theo quc gia, 2014
n v: tn
Sn lng la mch theo khu vc Sn lng la mch theo quc gia
Sn lng T trng T trng Top 10 Sn lng T trng
Chu u 93.651.545 64,85% ng u 41.456.203 44,27% 1 Nga 20.444.258 14,15%
Ty u 25.015.739 26,71%
Bc u 18.041.400 19,26% 2 Php 11.728.556 8,12%
Nam u 9.138.203 9,76%
3 c 11.562.800 8,00%
Chu 19.495.600 13,50% Ty 9.238.919 47,39%
Nam 5.253.852 26,95% 4 c 9.174.417 6,35%
Trung 2.891.918 14,83%
ng 2.110.911 10,83% 5 Ukraine 9.046.060 6,26%
Chu Phi 5.998.625 4,15% Bc Phi 3.549.171 59,17% 6 Canada 7.119.000 4,93%
ng Phi 2.144.595 35,75%
Nam Phi 302.502 5,04% 7 Ty Ban Nha 6.983.109 4,83%
Ty Phi 2.357 0,04%
8 Anh 6.911.000 4,78%
Chu M 15.695.890 10,87% Bc M 11.071.610 70,54%
Nam M 3.777.273 24,07% 9 Th Nh K 6.300.000 4,36%
Trung M 847.007 5,40%
10 M 3.952.610 2,74%
Chu i Dng 9.580.164 6,63%
Ngun: FAOstat
Theo s liu t FAOstat, tng sn lng la mch th gii ri vo khong 144 triu tn trong nm
2014, tng hn 1 triu tn so vi nm trc. La mch l loi ht th c sn xut nhiu th hai th

BO CO NGNH BIA
gii, sau ng (1 t tn trong nm 2014), v cao hn ht cao lng (69 triu tn trong nm 2014). V
sn xut la mch, Chu u t lu l khu vc sn xut la mch ln nht th gii. Tnh n nm
2014, sn lng ti Chu u chim gn 70% tng sn lng la mch ca nm, trong ng k l
khi Lin Minh Chu u vi cc nc sn xut tiu biu l Php, c, Ty Ban Nha ln lt chim
8,12%; 8% v 4,83% tng sn lng la mch th gii. Bn cnh , Nga vn duy tr v th l nc
c sn lng la mch cao nht th gii k t nm 2000, c th sn xut hn 20 triu tn vo nm
2014 trn 9 triu ha thu hoch, chim 14,15% tng sn lng la mch ton cu.
Nhn chung, nng sut la mch t nm 2000 n 2014 bin ng mnh ch yu ph thuc vo tnh
hnh kh hu thi tit ti cc khu vc v quc gia trng la mch chnh.
Nng sut v sn lng la mch th gii, 2000-2014

180 30,000
154 155 152 29,000
160 144 143 144
143 139 140
133 137 134 133 132 28,000
140 124
27,000
120
26,000
100
25,000
80
24,000
60
23,000
40 22,000
20 21,000
- 20,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sn lng (triu tn) Nng sut (hg/ha)

Ngun: FAOstat
C th, trong giai on 2005-2007, Chu u v c i mt vi tnh trng thiu ht ngun cung la
mch trm trng. iu ny l do thi tit Chu u khng thun li, bt u bng mt ma ng qu
lnh v sau l ma h nng v kh, khin cc nng tri phi thc hin thu hoch sm do ht ny
mm trc thi gian nh, gy ra tnh trng thiu ht la mch trong khong thi gian ny. Bn
cnh , tnh hnh hn hn ti c cng lm cho lng cung la mch thp hn. Thay v con s trung
bnh dao ng vo khong 9 triu tn, ch c khong 4 triu tn la mch c thu hoch ti c.
Trong giai on ny, m bo c nguyn liu, cc nh sn xut bia chuyn hng sang thu
mua malt t cc cng ty malt ti Bc M, ni c cho l c ngun cung n nh hn thay v mua t
cc th trng truyn thng chu u v c.
Kh hu nng v hn hn ko di tip tc nh hng n nng sut la mch vo nm 2010, 2012.

C th, vo nm 2010, tnh hnh thi tit khng thun li ti Nga, t nc c sn lng la mch
cao nht th gii, khin cho nng sut la mch gim 1/3 so vi nm ngoi, t 23.156 hg/ha xung
cn 16.904 hg/ha, lm st gim sn lng la mch ton cu.
Theo nh d bo ca B Nng nghip Hoa K (USDA), ngun cung la mch vo nm 2017 s tip
tc c duy tr mc n nh nh vo iu kin kh hu thun li hn so vi cc nm trc ti Bc
M v c.
Tuy nhin, v di hn, la mch dnh cho sn xut bia c cho l s ri vo tnh trng khan him,
theo nh phn tch ca Rabobank. Nguyn nhn c th n t xu hng chuyn i sang trng loi
cy khc do ngi nng dn nhn thy la mch dng cho sn xut bia l mt ging cy trng ri ro
v c li sut khng n nh. Bn cnh , lng cung v lng cu la mch hin nay ang mc
tng ng nhau. iu ny c ngha l nu nh c mt ma v tht bi, tnh trng thiu ht cung
s xy ra ngay lp tc, gy nh hng n sn lng ngnh bia.

BO CO NGNH BIA
Cu la mch dng trong sn xut bia c k vng s cn tip tc tng trong cc nm ti, do dn
s th gii v ng thi cu bia ti cc th trng ang pht trin ang trong tng trng mnh
m. Cng vi l xu hng tiu th bia th cng (loi bia thng cn lng malt cao gp 4-7 ln
bia thng) ang ngy cng ph bin cng l mt yu t kch thch cu la mch.
Cc quc gia xut nhp khu la mch ln
Bng: Cc quc gia xut nhp khu la mch chnh trn th gii, 2015
Cc nc xut khu la mch chnh Cc nc nhp khu la mch chnh
Sn lng xut khu (kg) T trng Sn lng nhp khu (kg) T trng
1 Php 7.536.512.293 19,66% 1 Trung Quc 10.731.787.221 30,06%
2 Nga 5.294.967.526 13,81% 2 Rp X t 6.494.460.000 18,19%
3 c 5.192.286.742 13,54% 3 B 1.595.555.008 4,47%
4 Ukraine 4.629.499.624 12,07% 4 H Lan 1.509.408.061 4,23%
5 c 2.784.517.037 7,26% 5 c 1.433.871.826 4,02%
6 Romania 1.763.164.316 4,60% 6 Nht 1.110.944.255 3,11%
7 Anh 1.614.705.197 4,21% 7 Ty Ban Nha 826.269.169 2,31%
8 Argentina 1.541.983.111 4,02% 8 Algeria 756.142.670 2,12%
9 Canada 1.313.194.939 3,43% 9 661.772.181 1,85%
10 an Mch 982.899.095 2,56% 10 Jordan 661.040.503 1,85%
Th gii 38.340.292.000 100,00% Th gii 35.702.545.000 100,00%
Ngun: UNComtrade; Trademap
Cc quc gia sn xut la mch nhiu nht th gii nh Php, c, Nga, c, Canada cng chnh
l nhng nc c sn lng la mch xut khu nhiu nht. Vo nm 2015, ng u trong xut
khu la mch l Php, vi t trng gn 20% tng sn lng la mch xut khu v theo sau l
hai quc gia c t trng gn tng ng nhau (13%) l Nga v c.
V pha nhp khu, Trung Quc vt qua Rp X t v tr thnh quc gia nhp khu la mch
nhiu nht th gii, chim hn 30% tng sn lng la mch nhp khu ton cu. Phn ln trong s
l la mch dng lm thc n chn nui. Trong nhng nm gn y, nhu cu ung bia ca ngi
dn ti Trung Quc tng mnh, vi lng tiu th bia Trung Quc tng trung bnh 7%/nm trong sut
15 nm qua, khin cho cu v la mch dng trong sn xut bia cng tng theo. Cu la mch cho
bia tng nhng sn lng la mch trng trong nc li gim, c th t khong 6 triu tn trong
nhng nm 1966-1967 xung cn gn 2 triu tn trong nm 2015, do ngi nng dn chuyn sang
trng ng v la m c chnh ph tr gi, khin cho sn lng la mch nhp khu vo
Trung Quc ngy cng nhiu.
Ngc li, tuy tng l nc nhp khu la mch nhiu nht, n nm 2015, do chnh ph khuyn
khch nhp khu cc loi ht khc thay i khu phn thc n chn nui, Rp X t nh mt
v tr quc gia nhp khu s mt. Tuy nhin sn lng la mch nhp khu vo quc gia ny vn
chim hn 18% tng sn lng nhp khu ton th gii.

BO CO NGNH BIA
Xu hng gi la mch th gii, 2000-2030F
Ch s gi la mch th gii, 2000-2017 Do la mch l nguyn liu dng sn

xut malt, gi la mch s nh hng
400.00
n gi malt th gii. Gi la mch bt
350.00 u c xu hng gim t u nm 2014.
Theo d bo ca T chc Lng thc v
300.00
Nng nghip Lin Hip Quc (FAO), sn
250.00 lng la mch th gii trong nm 2017
s c kt qu tch cc nh iu kin kh
200.00
hu c chiu hng tt ln, chm dt hai
150.00 nm lin tip hn hn ko di nhiu khu
vc trng im lm gim nng sut la
100.00
mch. i cng vi l xu hng gi
50.00 nng lng (du, kh, in) gim n
cui nm 2017 theo d kin ca T chc
0.00
Cc nc xut khu du la OPEC, dn
3/01/2000
3/01/2001
3/01/2002
3/01/2003
3/01/2004
3/01/2005
3/01/2006
3/01/2007
3/01/2008
3/01/2009
3/01/2010
3/01/2011
3/01/2012
3/01/2013
3/01/2014
3/01/2015
3/01/2016
3/01/2017
n chi ph sn xut ca cc ngnh cng
nghip v nng nghip cng gim theo
Ngun: International Grains Council s l ng lc khin cho gi la mch
tip tc gim trong nm 2017.
Tuy nhin, t sau nm 2017, cng theo d bo ca OPEC, gi du s tng tr li cho n nm 2040;
cng vi vic ngun cung la mch c d kin l khan him khng tha mn cu th gii s
khin cho gi la mch v di hn c xu hng tng.
Bng: D bo gi la mch th gii, 2017-2030F

Nm 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030
Gi la mch 158 158 158 159 160 161 161 162 163 166
Ngun: World Bank
1.2. Malt
Malt l loi nguyn liu trng yu, chim khong 14% c cu gi thnh sn xut bia. Malt c lm
t malting barley - ging la mch c tiu chun v chi ph sn xut cao hn la mch dng cho thc
n chn nui (feed barley).
Quy trnh malt ha gip hnh thnh cc enzyme trong la mch. Cc enzim ny trong qu trnh sn
xut bia s ph v cc chui di trong ng phc to thnh loi ng n m sau ny s c
men bia tiu ha d dng.
Malt gm 3 b phn chnh:

- V: v tru, v la v v aleuron,
chim 8-15% trng lng ht.
- Phi: l c quan sng, h hp ca
ht, chim t 2,5-5% trng lng
ht.
- Ni nh: Chim t 45-60% trng
lng ht, gi vai tr quyt nh
cht lng ca ht malt trong sn
xut bia. Thnh phn ch yu l tinh
bt.

BO CO NGNH BIA
Qu trnh malt ha c th c tm tt li nh sau: la mch c ngm trong vng mt hoc hai

ngy, sau c vt ra ny mm. Sau khi ny mm, trong la mch hnh thnh nhng enzyme
cn thit cho qu trnh ln men. n lc ny, la mch nhanh chng c sy kh v a vo trong
l nng. Bc ny s quyt nh mu sc v mi v ca malt, nh hng n mu sc v hng v
bia sau ny. Mu malt cng nht, bia cng c mu nht hn v ngc li, mu malt cng m, bia
cng c mu sc ti hn v v m hn, gn ging nh v ca caf hay chocolate.
Nh vy, c nm (05) giai on trong qu trnh chuyn ha la mch thnh malt:

xp loi v lm sch la mch
ngm (40 gi)
ny mm (5 ngy)
sy kh v nng (kilning and roasting)
lm sch v phn loi malt
Cc cng ty cung cp malt chnh trn th gii
Trong giai on ngnh bia th gii bt u c xu hng ton cu ha, khi cc nh sn xut bia Ty
u bt u tm kim cc th trng hot ng mi ng u, Chu ... v gp kh khn trong vic
tm kim ngun nguyn liu u vo (ng cc, malt) n nh v t chun cht lng, mt xu hng
mi t hnh thnh trong ngnh. Xu hng ny l m rng chui gi tr ngnh bia theo chiu
dc. C th, cc tp on bia gii quyt cc vn v cht lng nguyn liu u vo bng cch
tham gia c vo khu trng ng cc v sn xut malt thng qua cc hp ng h tr ngi nng dn
v nh sn xut malt nh cung cp ging la mch tt, cho vay, u t, v tr gip k thut.
Tuy nhin, khi tnh hnh kinh t ti cc th trng bia mi ni tr nn n nh hn v khng cn n

s tr gip ca cc cng ty bia, vic tch hp chui gi tr theo chiu dc tr nn khng cn cn thit.
Cc cng ty bia dn dn tch ra khi khu trng la mch v malt ha quay tr li tp trung vo
hot ng kinh doanh chnh l sn xut v bun bn bia. Cc cng ty bia v cng ty sn xut malt gi
y li hp tc thng qua nhng hp ng mua bn truyn thng v cng ty sn xut malt phi chu
trch nhim i vi cht lng malt m h cung cp.
Trong nhng nm va qua, ln sng hp nht cng xy ra trong ngnh sn xut malt. Nhiu cng
ty sn xut malt tham gia vo xu hng pht trin bng cch tng quy m v thc hin cc thng
v M&A quc t.
Xp hng Cng ty sn xut malt Sn lng 2015 (tn) Th phn

1 Malteries Soufflet 2.276.000 10,12%
2 Malteurop Groupe 2.188.000 9,72%
3 Cargill Malt 1.975.000 8,78%
4 GrainCorp Malt 1.292.000 5,74%
5 Boortmail Gr.Axral 1.093.000 4,86%
6 Supertime 1.040.000 4,62%
7 Russky Solod Gr. Avangard 864.000 3,84%
8 Cofco Malt 760.000 3,38%
9 Viking Malt 580.000 2,58%
10 Rahr Malting 520.000 2,31%
11 Others 9.912.000 44,05%
Ngun: Firstkey Consultancy
Ln sng hp nht trong ngnh sn xut malt c th c nhn thy qua bng trn. Trong , 10
cng ty malt ln nht th trng sn xut c hn 12 triu tn malt vo nm 2015, chim hn 50%
th phn ton ngnh. Dn u ngnh sn xut malt th gii l Malteries Soufflet v Malteurop Groupe,
u l hai tp on a quc gia khi u ti Php, vi tng sn lng nm 2015 l hn 4 triu tn v

BO CO NGNH BIA
gn 50 nh my hot ng ti Chu u, Chu v Nam M. Cc cng ty ny lin kt cht ch vi

nng dn, tr gip ci tin v nng cao nng sut nui trng, thu mua trc tip ng cc t ngi nng
dn sau x l v cung cp sn phm s ch cho cc nh sn xut ung, thc phm.
Cc quc gia xut nhp khu malt chnh trn th gii
Bng: Cc quc gia nhp khu malt nhiu nht th gii, 2015
Gi tr nhp khu Th phn nhp khu mch nha th gii 2015

Quc gia
(nghn USD)
Brazil, 10.99%
Brazil 410.875 Nht, 7.83%
Nht 292.811
Khc, 62.79%
M 291.448
M, 7.80%
Mexico 200.691
B 195.166
Mexico, 5.37%
Khc 2.347.710
B, 5.22%
Tng gi tr
3.738.701
nhp khu Ngun: UNComtrade; Trademap
V nhp khu, Brazil v Nht tip tc hai nc nhp khu malt nhiu nht th gii vo nm 2015
cng nh nhiu nm trc , theo sau l M, Mexico v B. Nu b qua B, mt quc gia thuc Chu
u c truyn thng tiu th bia lu i, c th thy cc nc nhp khu malt ln nht u l cc nc
c th trng bia quy m ln v khng c ngnh cng nghip sn xut malt trong nc.
Theo s liu ca UNComtrade, nm trong s 10 quc gia nhp khu malt ln nht cn c 4 nc
thuc Chu l Nht, Vit Nam, Thi Lan v Hn Quc. Trung Quc, tuy l nc sn xut bia ln
nht th gii nhng li c t trng gi tr nhp khu malt c bit thp, ch chim 0,1% tng gi tr
nhp khu malt ca th gii. iu ny l do Trung Quc khuyn khch nhp khu la mch v t sn
xut malt trong nc nhm khp kn chui gi tr cho ngnh bia ti th trng ny. C th, thu sut
m chnh ph Trung Quc p cho malt nhp khu l 10% trong khi thu sut nhp khu la mch ch
mc 3%.
Cc quc gia xut khu malt nhiu nht th gii, 2015

Gi tr xut khu Th phn xut khu mch nha th gii 2015
Quc gia
(nghn USD) Php, 13.56%
Php 470.666
B, 12.39%
B 430.057 Khc, 46.77%
Canada 343.130
Canada, 9.88%
Argentina 315.930
c 288.208 c, 8.30%
Khc 1.623.677
Argentina,
Tng gi tr 9.10%
3.471.668
xut khu Ngun: UNComtrade; Trademap
Cc nc xut khu malt quan trng u nm ti cc khu vc d dng tip cn vi ngun la mch
cht lng. C th, trong s 10 nc xut khu ln nht theo s liu ca UNComtrade, c n 5/10

BO CO NGNH BIA
nc thuc Chu u (Php, B, c, Cng Ha Sc, v H Lan) v 3/10 nc ti Chu M (Argentina,

Canada v M).
Trong nm 2015, Php ng thi l nc xut khu la mch v malt nhiu nht th gii. Tnh n
nm 2015, Php chim gn 14% tng gi tr xut khu la mch v malt ton cu. Nc Php
nm gi v tr xut khu malt s mt th gii k t nm 1967. Trung bnh, Php sn xut 1,5 triu tn
malt mi nm v xut khu 80% lng malt sn xut trong nc, ch yu sang cc nc khc trong
khi Lin minh Chu u, mt s nc ti Chu Phi nh Rp X t, Maghreb v Trung Quc. L do
chnh khin cho Php gi vng v tr ny trong sut nhiu nm lin n t thc t l quc gia ny
cung cp c malt 2R v malt 6R c cht lng thp hn v gi r hn, ph hp cho vic xut khu
sang th trng ca cc quc gia ang pht trin ni c ngun vn hn ch.
Canada l nc xut khu malt ln nht ngoi th trng Chu u, ch yu sang th trng M v
Chu , nhiu nht l Nht. Xp th hng sau Php l bn nc B, Canada, Argentina v c. Tng
cng nm quc gia ny chim hn 50% tng gi tr xut khu malt ton th gii.
Theo nh nh gi ca B Nng nghip M, nm 2017 s l nm m c ghi nhn mt ma v la

mch bi thu, sn lng la mch thu hoch s cao hn nm trc 28%. Thng thng, c chim
30% tng lng la mch dng lm malt c giao dch trn th trng v con s ny c k
vng s tng ln trong nm 2017. Nh v ma ny, c c k vng s chim lnh th trng xut
khu malt th gii trong nm 2017. Bn cnh , Canada v M cng ang d tha la mch dng
cho malt nh vo ma v tt t nm 2016. iu ny c ngha l gi la mch cho malt trong nm
2017 s c xu hng gim, khin cho gi malt cng gim theo.
1.3. Hoa bia
Hoa bia (tn khoa hc l Humulus Lupulus) c cho vo trong qu trnh

sn xut to ra v ng v hng thm c trng trong bia nh vo
cc axit ng c trong hoa bia, ph hp lm du i v ngt ca malt.
Nhng axit ny cng c tnh khng khun t nhin, tng bn keo,
tng kh nng to bt v gi bt cho bia. C hng trm ging hoa bia
m mt nh sn xut bia c th la chn. Mi loi c mc ng v
hng v khc nhau.
Hoa bia cng l mt trong nhng nguyn liu u vo quan trng, chim
2% trong c cu chi ph sn xut.
Tnh hnh sn xut hoa bia trn th gii

Sn lng v din tch t trng hoa bia th gii,
2002-2016
58,479
120000 54,614 60000
51,085 46,970
112,147
110000 45,696 50000
111,047 50,765
100,568
100000 95,693 40000
90000 86,883 30000

81,939
80000 20000
70000 10000
60000 0
Sn lng hoa bia (tn) Din tch t trng (ha)
Ngun: International Hop Growers

BO CO NGNH BIA
iu kin thi tit l yu t chnh tc ng n sn lng v nng sut hoa bia. Trong vng 15 nm
tr li y, sn lng hoa bia ton cu bin ng mnh. Vo nm 2006, sn lng hoa bia gim 9,3%
so vi nm trc, ch yu l do iu kin thi tit khc nghit ti Chu u khin hoa bia b mt ma.
Cng trong nm ny, sn lng bia ton th gii tng t 160 t lt ln gn 170 t lt bia, tng 6% so
vi nm trc, gy ra hin tng thiu ht cung hoa bia trong nm. phn ng li vi tnh trng
thiu ht cung ny, cc nh cung cp hoa bia bt u u t mnh m rng quy m v nng cao
nng sut cc vn trng hoa bia.
Trong giai on 2007-2009, sn lng hoa bia c du hiu tng trng. c bit, trong nm 2008,
sn lng hoa bia t mc cao k lc trong lch s, c th l 111 nghn tn nh vo ma v hoa bia
bi thu ti c. ng thi, cuc khng hong ton cu khin cho cu bia th gii gim cng lc
khin cho tnh trng thiu ht ngun cung hoa bia vn nh hng n ngnh bia th gii t nm 2006
chm dt, thay vo l d tha hoa bia t cui 2008. Sang n 2009, sn lng hoa bia ton cu
tip tc tng ln n 112 nghn tn, cng khin tnh trng d tha trm trng hn.
K t nm 2010, cc nh trng hoa bia bt u gim din tch t trng xung ch cn 51.085 ha,
khin cho sn lng hoa bia ton cu gim gn 12% so vi nm trc. Tuy nhin, tnh trng d tha
cung hoa bia vn xy ra n 2011 mc d din tch t trng c gim hn 9.000 ha trong giai
on 2008-2011, ch yu nh vo ma v thu hoch tt ti hai nc sn xut chnh l M v c.
Sang n nm 2012, sau 4 nm cung hoa bia d tha, s mt cn bng cung cu trong ngnh hoa
bia th gii c ci thin, nh vo vic cc nc tch cc gim din tch t trng cng nh cu
hoa bia v yu cu v s a dng trong chng loi tng mnh phc v cho sn xut cc dng bia
th cng. 2013 l nm cui cng trong chui nm nm lin tip sn lng hoa bia th gii gim t
con s cao gn mc k lc trong nm 2009 xung cn gn 82 nghn tn, do ma hoa bia khng c
thun li ti c v mt s nc EU khc v ng thi din tch trng hoa bia cng gim lin tip
xung cn 45.696 ha.
Sau 5 nm lin tc gim, sn lng v din tch trng hoa bia th gii tng ln lt l 13.495 tn v
1.926 ha trong nm 2014. Tnh hnh thi tit xu v hn hn ko di vi nhit cao nht ln ti 30C
ti mt s vng Chu u trong thng 7 v thng 8 nm 2015 khin cho sn lng hoa bia mt
ln na gim trong nm 2015. Theo d bo ca t chc International Hop Growers, sn lng nm
2016 t mc cao nht trong 7 nm tr li y nh din tch t trng tip tc tng v iu kin kh
hu thun li ti cc vng trng hoa bia trng im trn th gii.
Cc quc gia sn xut hoa bia chnh
Sn lng v din tch trng hoa bia ca cc quc gia sn xut ln nht th gii, 2015
Quc gia Sn lng (tn) T trng Din tch (ha) T trng
1 USA 36.389 41,61% 18.478 35,87%
2 Germany 28.337 32,40% 17.855 34,66%
3 China 5.954 6,81% 2.320 4,50%
4 Czech Republic 4.843 5,54% 4.622 8,97%
5 Poland 2.242 2,56% 1.444 2,80%
6 Khc 9.687 11,08% 6.793 13,19%
Th gii 87.451 100,00% 51512 100,00%
Ngun: Barth-Haas Group
c v M t lu l hai quc gia sn xut hoa bia chnh ca th gii. Tnh n nm 2015, th phn
v sn lng hoa bia ca hai nc ny chim n 74% tng sn lng hoa bia th gii. Ln u tin
k t nm 1967, M vn ln v tr s mt th gii, vt qua c c v din tch t trng v sn
lng hoa bia. S m rng ca ngnh sn xut hoa bia ti th trng M c gii thch l nh vo
tro lu bia th cng pht trin mnh m trong nhng nm gn y, khin cho yu cu v cht lng

BO CO NGNH BIA
cng nh s lng chng loi hoa bia tng. S lng ging hoa bia c th sn xut ti M ln n
con s 83 so vi 32 loi hoa bia ti c. C th ni rng, ngnh sn xut hoa bia ti M ang tng
trng mnh m hn bao gi ht.
Ngc li, th trng hoa bia Trung Quc tip tc gim st trong sn lng cng nh din tch t
trng. So vi nm 1995, khi din tch trng hoa bia ti Trung Quc vn cn ngng kh cao so vi
cc nc khc, 6.550 ha, con s ny ti nm 2015 rt xung ch cn 2.320 ha t trng hoa bia. iu
ny cho thy th trng hoa bia ti Trung Quc ang ngy mt b thu hp.
Theo s liu t UNComtrade, mc d M l nc sn xut hoa bia nhiu nht th gii, lng hoa bia
xut khu ch vo khong hn 8.000 tn trong khi c xut khu trn 20.000 tn hoa bia trong nm
2015. iu ny cho thy th trng hoa bia ti M ch yu phc v nhu cu ca cc hng bia ni a
cng nh cc cng ty bia th cng trong nc.
1.4. Men bia
Men bia (Saccharomyces) ng vai tr chuyn ha ng thnh cn v cacbon ioxit (CO2). C hai
loi men bia c s dng trong sn xut bia l men ale (tn khoa hc: Saccharomyces cerevisiae)
v men lager (tn khoa hc: Saccharomyces uvarum, Saccharomyces carlsbergensis). S khc
bit ca hai loi men bia c th c tm tt trong bng di y:
Men ale Men lager

- Nng enzym cao, kh nng ln men ht - Nng enzym thp
ng cao hn men lager
- Ni ln trn b mt dch vo cui qu trnh - Lng xung y dung dch vo cui qu trnh
ln men ln men, khin bia nhanh trong
- Thi gian ln men ngn, nhit ln men - Thi gian ln men di, nhit ln men thp
cao (14-25C) (4-12C)
- Thng s dng sn xut bia ale, nng - Thng s dng sn xut bia lager, nng
cn cao cn thp
1.5. Nhm cc cht ph gia
Cc cht ph gia c s dng trong qu trnh sn xut sn phm bia t c cc yu cu k

thut cn thit. Nhm cc cht ph gia thng c trong sn xut bia bao gm:
Nhm x l nc (cc mui sulfat ca Na, sulfit Na).

Nhm st trng nc v iu chnh pH (Clor, acid sulfuric, acid lactic,,,).
Nhm st trng, ty ra (Clor, acid, NaOH).
Nhm cc cht dng cho qu trnh thu hi CO2 (than hot tnh, acid sulfuric, permanganate kali,
clorur calci khan).
Nhm chng oxy ha cho bia (acid ascorbic, nc oxy gi).
Nhm cc ch phm enzym dng cho ng ha v ln men.
Nhm cc ha cht cn thit cho vic x l nm men, thu hi v phn lp, nui cy nm men,
nhn ging trung gian
Nhm cc ha cht trong phng th nghim v cc b phn khc.
Nhm cc cht tr lc (bt diatomid, bentonit, kizelgua)
1.6. Nguyn liu thay th
Cc nguyn liu thay th thng c s dng nhm mc ch gim gi thnh sn xut, bo qun
bia lu hn, hay ci thin v gp phn to ra mi v ring cho tng loi bia. Cc loi ng cc khc nh

BO CO NGNH BIA
mch en, yn mch, la m, i mch kh, go, bp c th c s dng thay th mt phn

lng malt hoc 100% lng malt cn thit sn xut bia.
2. Sn xut
Cng on 1: Nghin
Malt c cho vo my nghin n va l ra ht malt m khng lm hng v lm ri v tru

ra khi ht. Nu nghin khng , tinh bt trong malt s khng c chuyn ha ht thnh ng
ln men. Ngc li, nu nghin qu mc cn thit, v tru vi vai tr lm np lc cho dung dch
bia s b ph hy, khin cho dung dch tr nn qu m c v khng th s dng c.
Cng on 2: Ngm nng
Malt sau khi nghin c ngm vo nc trong thng ln v un si thu c dung dch hn
hp cha nhiu ng. Do trong la mch c cha nhiu loi enzyme ph hp vi cc mc nhit
khc nhau, nhit trong cng on ny phi c kim sot cht ch to ra loi ng cn thit
cho tng loi bia. Nu un ti nhit thp, ng c kh nng ln men cao c sn sinh. V
ngc li, khi un vi nhit cao, loi ng sinh ra s khng c tiu ha ht bi men bia, khin

BO CO NGNH BIA
cho dung dch bia c v ngt hn. Cng on ny thng din ra trong vng 1 gi, lc ny, cc enzyme
trong la mch hon thnh nhim v chuyn ha tinh bt thnh ng.
Bc tip theo trong cng on ny kt lng cc cht rn cn li ra khi dung dch va c to ra.
kt lng, dung dch ng c chuyn n b lc (thng ln hnh tr). Ti y, ht v v tru
c tch ra khi thng whirlpool c cho quay trn, lc ly tm s gom cc cht rn ny vo chnh
gia v chit ra dung dch mi c tn gi l wort. Nc cng c thm vo trong qu trnh lc
chit c thm ng ln men ra khi ht. Hnh ng ny phi c thc hin t t khng ph
v cc v ht ng vai tr nh mt b lc t nhin cho wort.
Cng on 3: un
Dung dch wort c cho vo bn un si. y chnh l cng on m hoa bia c thm vo,
ph v cc phn t v thay i thnh phn ca cc axit, gii phng cht ng vo bia. Hoa bia cng
c un trong wort lu, v bia cng ng. Hoa bia cng c thm vo mun trong cng on ny,
v ng s cng gim m thay vo hoa bia lc ny ng vai tr cung cp hng v v mi thm.
iu ny l do trong hoa bia ngoi alpha axit cn c mt loi tinh du rt d bc hi nhanh chng khi
un si. Tuy nhin, nu ch un hoa bia trong thi gian ngn v nhit thp, hoa bia s gii phng
tinh du vo dung dch, to ra hng v v mi thm cho bia. Thng thng, s dng cho mc
ch to v, hoa bia s c vo wort 10-15 pht trc khi kt thc qu trnh un si. to v,
hoa bia s c cho vo mun hn, khng qu 2 pht hoc thm ch sau khi un si wort.
Sau khi un si, dung dch mi c vo b whirlpool lc trong v sau c lm lnh ngay
lp tc. Lm lnh bia mt cch nhanh chng l mt bc rt quan trng, v bia s bt u qu trnh
oxy ha v to ra hng v ngay lp tc nhit ny. y cng l bc chun b cho cng on
ln men, do men bia khng th sng trong mi trng c nhit cao.
Cng on 4: Ln men
Trong cng on ny, nm men c cho vo chuyn ha cc cht c trong wort. Cc yu t

chnh trong quy trnh trao i carbohydrate l ethanol, carbon dioxide v nhit. Nm men nhn ln
gp 3 n 5 ln trong qu trnh ny. Khi men bia tiu th ng, carbon dioxide v cn c sn
sinh. y cng l quy trnh quyt nh loi bia c sn xut ra l ale hay lager ph thuc vo loi
men c s dng.
Cng on 5: bia
Sau khi ln men, bia lc ny c gi l bia non v cha thc s ln ng mi v. Dung dch bia lc
ny s c trong bn tr trong mt thi gian nht nh men bia hp th ht nhng hng v
khng c mong mun. i vi bia ale, cng on ny c th ko di trong vng mt tun. i vi
bia lager, men bia hot ng chm hn, v thi gian bia c th ln n hng thng.
Cng on 6: Lc v tit trng
Quy trnh bia kt thc cng l lc men ale ni ln trn b mt bia hoc men lager lng xung y
thng, c th d dng c lc ra, li mu sc trong v sng cho bia. Cui cng bia c tit trng
v sn sng cho cng on ng gi.
Cng on 7: ng gi
Bia thng c ng vo chai, lon hoc kt. Quy trnh ng lon c thc hin bng cch thay th
phn khng kh trong lon bng kh CO2 vi p sut tng i. Vic to ra p sut bng kh CO2 nh
vy c tc dng gip bia khng b ni bt v gip loi b phn kh oxy nm trong lon vn l tc nhn
gy oxy ha, lm gim cht lng bia. Khi nhit thay i, dung dch bia s n ra, p sut bn trong
lon s tng ln. Do , khi chit rt, phn pha trn ca lon lun c cha li mt khong trng cha
khng kh. Khi cng vic chit rt va kt thc, ngi ta kch thch b mt nc bia lm sinh ra

BO CO NGNH BIA
bt, bt ny s gip ui kh oxy (khng kh) cn li trong lon ra bn ngoi, ngay khi , np lon s
c ng li. Lon bia c chit bia xong s c nhit rt thp, khng th a vo thng carton
ngay m phi qua cng on dng nc m a nhit lon bia tr v bnh thng. Sau lon
s i qua cng on ng thng carton. Mt trong ca lon c trng 1 lp keo epoxy, nh lp ny
m dung dch bia trong lon v cht liu lm lon hon ton c ngn cch vi nhau. Keo epoxy ny
l loi vt liu hon ton khng gy ra bt k tc ng g n cht lng bia.
Yu t cng ngh
Cht lng bia cao cp, trung cp hay thp cp ph thuc vo cc yu t theo quan trng sau:
- Cht lng nguyn liu u vo (malt, hoa bia, ng cc)
- T l malt so vi cc loi ng cc khc (bia cao cp thng c t trng malt cao hn cc loi bia
thp cp hn)
- Thi lng bia (bia cao cp thng c thi lng nhiu hn)
- Thit b, cng ngh v cng on sn xut khng c s khc bit gia cc loi bia cao cp, trung
cp v thp cp.
Do vy, cc loi bia trong phn khc cao cp, trung cp v thp cp khc bit cht lng nguyn
ph liu u vo, t l kt hp cc nguyn, ph liu v thi lng bia ca nh my. Yu t cng
ngh khng phi l mt yu t trng yu i vi ngnh bia.
3. u ra
3.1. Sn phm
Biu cc thng hiu bia c tiu th nhiu nht theo khu vc, 2015
Ngun: Euromonitor & Corporate Records
Biu trn cho thy cc thng hiu bia c tiu th nhiu nht ti tng quc gia trn th gii. Trong ,
theo s liu thng k ca Bloomberg, Snow l thng hiu bia c tiu th nhiu nht th gii vi 5,4 t lt
trong nm 2015, hon ton thuc s hu ca China Resources Beer (CRB) sau khi CRB mua li 49% s hu
trc y ca SABMiller. Theo sau l Tsingtao thuc s hu ca Tsingtao Brewery vi lng tiu th t
2,6 t lt trong nm 2015. AB-Inbev s hu 5 thng hiu nm trong top 10 loi bia c tiu th nhiu nht th
gii l Bud Light, Budweiser, Skol, Brahma v Harbin. Thng hiu bia Heineken ca Heineken, Yanjing ca
Beijing Yanjing Brewery v Coors Light ca Molson Coors Brewing cng nm trong danh sch ny.

BO CO NGNH BIA
3.2. Hot ng phn phi
Tnh hnh xut nhp khu bia trn th gii

T lt Hot ng xut nhp khu bia th gii, 1961-2013
200 8%
180 Tng sn lng sn xut

7%
160 Tng sn lng xut/nhp khu
6%
140 T trng Xut-nhp khu/Sn lng sn xut
5%
120
100 4%
80
3%
60
2%
40
1%
20
0 0%
1981
1987
1961
1963
1965
1967
1969
1971
1973
1975
1977
1979
1983
1985
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
(Ngun: FAOstat)
Do c thnh phn ch yu l nc, bia l loi hng ha c trng lng nng v chi ph vn chuyn
cao. Do vy, hot ng phn phi bia ch yu theo a phng, hoc xut khu sang cc khu vc ln
cn. V l do ny, s m rng ca cc cng ty bia c thc hin ch yu qua hot ng mua li cc
doanh nghip sn xut bia a phng v cp giy php sn xut bia ngay trong nc, thay v nh
vo xut khu bia.
Nhng nm gn y, nh vo tro lu tiu th bia th cng/bia nhp khu pht trin mnh, hot ng
xut nhp khu bia tng ln c v sn lng v gi tr, tuy nhin t trng bia xut/nhp khu trn
tng sn lng sn xut vn khng cao, ch vo khong 7-8% vo nm 2013.
Cc quc gia xut nhp khu bia chnh
Sn lng xut nhp khu bia theo quc gia, 2015

Quc gia Sn lng Quc gia Sn lng
Xp hng T trng Xp hng T trng
xut khu (triu lt) nhp khu (triu lt)
1 Mexico 2.849 9,77% 1 M 3.675 12,39%
2 H Lan 1.840 6,31% 2 Anh 932 3,14%
3 c 1.596 5,47% 3 Php 737 2,49%
4 B 1.341 4,60% 4 718 2,42%
5 Php 647 2,22% 5 c 670 2,26%
6 Khc 20.882 71,62% 6 Khc 22.923 77,30%
Th gii 29.155 100,00% Th gii 29.655 100,00%
Ngun: UNComtrade
n nm 2015, Mexico tip tc dn u th trng xut khu bia trong 7 nm lin tip, chim gn
10% t trng bia xut khu ton cu. Cng theo s liu t UNComtrade, n nm 2015, th trng
nhp khu cc loi bia Mexico ln nht l M vi 79,5% lng bia xut khu t Mexico c vn
chuyn sang M, xp sau l c, Chi L, Canada v Anh. Top cc quc gia xut khu cn li ch
yu nm khu vc chu u, ni s hu nhng thng hiu bia ni ting th gii v hng v v
cht lng v ng thi cng l ni ngnh bia bo ha vi mc tiu th bia bnh qun u ngi
gim dn. y chnh l ng lc khin cho cc hng bia ti chu u phi tch cc m rng, tn dng
xu hng tiu dng cao cp ha hin nay tm kim th trng tiu th mi.
V nhp khu, M l quc gia nhp khu bia nhiu nht th gii trong nm 2015, chim hn 12%
tng sn lng bia nhp khu ton cu, hn lng bia nhp khu ca Anh, Php, , c rt nhiu.

BO CO NGNH BIA
L do bia nhp khu t Mexico c tiu th rt tt trn th trng M l nh vo xu hng a thch

bia th cng/bia nhp khu ti M nhng nm gn y, khin cho ngi tiu dng chuyn sang s
dng cc loi bia c hng v m v khc bit so vi cc sn phm sn xut i tr y l
nhng c im c nh gi cao bia Mexico hn bia M. Cc quc gia c sn lng bia nhp
khu cao cn li (Anh, Php, , c) cng u l nhng th trng ang din ra tro lu tiu th bia
th cng/ bia nhp khu mnh m.
3.3. Th trng
Cc th trng tiu th bia chnh
Tng lng tiu th bia theo quc gia, 2015

50,000 7.7% 10.0%
6.7% 5.7%
45,000
43,266 4.8%
5.0%
40,000 -3.9%
35,000
0.0%
30,000
25,000 -5.0%
20,000
-3.6%
-10.0%
15,000
10,000
-15.0%
5,000 -16.6%
- -20.0%
Tng mc tiu th (triu lt) Tng/gim trong nm 2015 so vi 2014
Biu trn l 25 quc gia c tng mc tiu th bia nhiu nht th gii vo nm 2015. ng u l
Trung Quc vi lng tiu th hn 43 t lt, cao nht th gii trong 13 nm lin tip. Mc d tng
lng tiu th bia ti Trung Quc gim 3,9% trong nm 2015, khin cho tng lng tiu th bia ca
th gii cng gim theo. Sc tiu th ti quc gia ny n t mc dn s trn 1,3 t ngi (cao nht
th gii) trong khi tiu th bia bnh qun u ngi ti Trung Quc trong nm 2015 ch khong 35
lt/ngi, thp hn nhiu so vi mc tiu th trung bnh ca chu u l 67 lt/ngi hay chu c l
56 lt/ngi. Nh vy, vi mc tiu th bnh qun u ngi vn cn c th tip tc tng cng thm
dn s ng nht th gii, trong nhng nm ti y Trung Quc c d on vn s tip tc gi
vng v th s mt c v sn xut v tiu th trong ngnh bia ton cu. Tuy nhin, trong nhng nm
gn y, tc tng trng ca th trng bia Trung Quc bt u chng li, trong nm 2015 gim
3,6% so vi nm trc vi nguyn nhn ch yu n t vn v nhn khu hc v thi tit. Phn
khc tiu th bia nhiu nht ti quc gia ny l tng lp cng nhn ang c du hiu st gim v s
lng. Cng vi l c cu dn s gi i v s lng ngi tiu dng cao tui thch tiu th ru
nng tng ln khin cho bia b mt dn th phn cho cc loi ung c nng cn cao hn. Ngoi
ra, trong nm 2015 v 2016, iu kin kh hu ti Trung Quc t mc lnh k lc, cng khin cho
sc tiu th bia gim mnh.
ng gp vo mc gim chung ca lng tiu th bia th gii trong nm 2015 l Ukraine (-16,6%)
v Nga (-3,6%). Xu hng gim ny bt u t nm 2008 bt ngun t cc mu thun qun s
ca Ukraine vi Nga v tnh hnh kinh t chnh tr bt n. Bn cnh , cc quy nh ca chnh ph
nhm mc ch hn ch tiu th bia ti Nga nh tng thu hay lnh cm bn bia ti cc ca hng sau
11 gi ti cng nh hng mnh n tnh hnh tiu th bia ti quc gia ny. Gi c hng ha tng
v tnh trng ti chnh xu i khin cho ngi tiu dng Nga ngy cng nhy cm vi gi cng l mt
l do khin cho tiu th bia ti Nga gim trong cc nm gn y.

BO CO NGNH BIA
Ngc li, Mexico, Vit Nam v n l 3 quc gia c tng trng trong tiu th bia cao, b p cho
cc th trng c lng tiu th bia st gim. Nhn chung, tng trng trong tiu th bia ton cu
c thc y bi cc quc gia thuc khu vc chu M v chu . c bit l ti cc th trng mi
ni chu nh Vit Nam, n , Thi Lan vi c cu dn s c s ngi trong tui lao ng
chim t trng cao, khin cho nhu cu tiu th bia lun mc cao trong cc nm va qua.
Mc cnh tranh gia bia v cc loi ung c cn khc
Th phn ung c cn trn th gii theo lng tiu th, 2014-2015

Tng/gim
Sn lng Sn lng T trng sn
ung c cn 2015 so vi
2014 (Triu lt) 2015 (Triu lt) lng 2015
2014
Bia 179.618 178.572 -0,58% 74,38%
Ru mnh 29.577 29.547 -0,10% 12,31%
Ru vang 26.521 26.642 0,46% 11,10%
RTD 3.260 3.268 0,25% 1,36%
Cider/Perry 2.003 2.064 3,05% 0,86%
Tng 240.979 240.093 -0,37% 100,00%
Ngun: IWSR Database
Trong nm 2015, lng tiu th ngnh ung c cn th gii gim 0,37%. Sc gim ny ch yu
l do lng tiu th bia gim 0,6% so vi nm 2014. Trong , cc th trng c sc tiu th bia gim
nhiu nht l Nga (-3,6%), Trung Quc (-3,9%) v Ukraine (-16,6%). B p cho s st gim v lng
tiu th l cc quc gia c tc tng trng mnh m, in hnh l Mexico (+6,7%), Vit Nam
(+7,7%) v n (+5,7%).
Trn th trng ung c cn, bia phi i mt vi cnh tranh gay gt t cc sn phm thay th l
ru mnh, ru vang, RTD1 v Cider/Perry2. Trong nm 2015, theo s liu t t chc IWSR, bia
tip tc dn u th trng ung c cn th gii, chim gn 75% tng lng tiu th ton cu, theo
sau l ru vang v ru mnh. Mc d cha bao gi nh mt v tr s mt v th phn trong th
trng ung c cn, trong cc nm gn y, bia ang mt dn th phn cho cc sn phm thay
th nh ru, RTD hay cider. Xu th ny c th thy trong mt s th trng ung c cn ln trn
th gii.
Th phn ung c cn ti M, 1995 Th phn ung c cn ti M, 2015
Ru Ru
mnh, mnh,
Bia, 35.40%
27.20% Bia,
61.00%
47.50%
Ru Ru
vang, vang,
11.80% 17.00%
Ngun: Industry financial reports, BIG Handbooks, DISCUS Estimates
1
RTD (Ready-to-drink): ung c cn pha sn
2
Cider/Perry: ung c cn c hng v tri cy

BO CO NGNH BIA
Ti M, trong vng 20 nm t 1995-2015, th phn ca bia gim t 61% xung ch cn 47,5% vo

nm 2015, trong khi th phn ca ru mnh v ru vang tng mnh. Theo s liu thng k ca t
chc DISCUS , trong giai on 2000-2015, doanh thu ca cc cng ty cung cp ru mnh tng
trng vi CAGR bng 4,93% v con s ny i vi cc cng ty cung cp ru vang l 4,02%.
Cng trong giai on ny, doanh thu gp ca cc cng ty bia ti M ch c CAGR l 2,41%. S thay
i trong th hiu v s thch ca ngi tiu dng ti M, c bit l tng lp dn s tr c xu hng
chuyn sang s dng ru thay v bia chnh l nguyn nhn chnh dn n s chuyn dch trong
c cu ngnh. Bn cnh , ngi dn ti M ang ngy mt quan tm n vn sc khe v
nhn thc rng ru l thc ung tt cho sc khe hn bia, t chuyn sang tiu th ru nhiu
hn. Doanh thu ca phn khc bia ph thng sn xut bi cc hng bia ln l phn khc b mt th
phn nhiu nht, do ngi tiu dng ang t ra hng th vi cc ung c cn th cng hn bao
gi ht. Nh m phn khc bia th cng tng trng mnh m trong nhng nm gn y, i
ngc li vi xu hng gim chung ca cc phn khc bia khc ti M.
IV. Cc yu t tc ng n cu v xu hng tiu th ca ngnh Bia th gii
Bia l loi hng ha c thi hn s dng ngn, ch t 3 thng 1 nm, lng tn kho hng nm rt
thp, khng ng k. Do vy, cung cu ngnh bia khng c tr m thng i cng nhau v cung
rt d thay i theo bin ng ca cu.
1. Cc yu t tc ng n nhu cu tiu th bia ca ngi tiu dng
Yu t thi tit: C th ni rng bia l mt sn phm mang tnh ma v, vic tiu th bia ph
thuc nhiu vo thi tit. C th, thi tit cng nng th nhu cu tiu th bia ca ngi dn cng
cao v ngc li i vi thi tit lnh. Bn cnh , bia thng c tiu th ngoi tri, nhng
ni c khng gian rng, do vy yu t thi tit cng nh hng ti hot ng tiu th bia. Tnh
trng tng lng tiu th bia ti Trung Quc gim trong nm 2014, 2015 cng c cc chuyn
gia nh gi l xut pht mt phn t nguyn nhn thi tit lnh k lc trong 2 nm ny.
Yu t vn ha v nhn khu hc: C cu dn s cng l mt trong nhng yu t chnh nh

hng n lng tiu th bia ca mt quc gia. Cc quc gia c dn s tr, t l tng lp lao
ng trn tng dn s cao thng c nh gi nhng th trng tiu th bia tim nng. Cc
nghin cu cng i n kt lun n ng thng thch ung bia hn ph n; 18-44 l tui tiu
th bia nhiu hn so vi nhng ngi t 45 tui tr ln v cu bia tng khi tng lp dn s tr
ca mt quc gia tng (Ornstein v Hanssens 1985; Lee v Tremblay 1992; Larivire et al. 2000;
Nelson 2003).
Bn cnh , vn ha ung ti tng khu vc cng nh hng n hnh vi tiu th ca ngi

dn. V d, khu vc Ty u l ni c cho l c nhiu quc gia vi truyn thng ung bia lu
i v ngc li, ng u v chu li l ni c truyn thng tiu th ru mnh. Chnh v th,
mc tiu th bia bnh qun u ngi ti cc nc Ty u lun thuc top cao nht trn th gii
(chi tit xem ti biu di).

BO CO NGNH BIA
lt/nm Mc tiu th bia bnh qun u ngi theo quc gia, 2015
160
140
120
100
80
60
40
20

Tuy vn ha bia du nhp vo th trng cc quc gia mi ni nh Vit Nam, Thi Lan,
Indonesia, mun hn cc ni khc, nn kinh t m to iu kin cho xu hng Phng
Ty ha ti cc quc gia ny lan rng, thc y vn ha bia ha nhp nhanh chng, c bit
vo tng lp gii tr ti cc quc gia ang pht trin.
Yu t kinh t: Nhiu nghin cu ch ra mi quan h cng chiu gia lng tiu th bia v
thu nhp c nhn. C th, thu nhp cng tng th nhu cu v sc tiu th bia ca ngi tiu dng
cng tng. Ngc li, do bia l mt hng tiu dng khng thit yu, khi thu nhp c nhn gim,
ngi dn c xu hng ct gim chi ph tiu dng i vi bia. nhy trung bnh vi thu nhp
ca lng tiu th bia l 0,35-0,9 i vi hu ht cc quc gia (Fogarty, 2010). Tuy nhin, mt
nghin cu cng ch ra lng tiu th bia ch tng quan vi thu nhp n mt im nht nh ,
c th l 22.000USD/ngi/nm. Khi thu nhp vt qu im , lng tiu th bia s gim i.
(Liesbeth Colen v Johan F.M. Swinnen, 2010).
Cc chnh sch, quy nh ca chnh ph: Trong sut chiu di lch s ngnh bia, chnh ph
lun ch ng can thip vo hot ng sn xut v tiu th ca th trng, ch yu l gim
thiu tc hi ca tiu th ru bia n sc khe v i sng ca ngi dn. Cc hnh thc can
thip ca chnh ph thng di dng nh thu cao hay ban hnh cc lnh hn ch sn xut,
bun bn, tiu th ung c cn (V d: Nga cm bn bia t 23h hm trc n 8h sng hm
sau v ch c cc ca hng c cp giy php mi c bun bn bia. Ti Nauy, bia cng ch
c bn vo nhng khung gi nht nh. Thi Lan v Singapore cng cm bn l ru bia t
14h-17h v 24h hm trc n 11h hm sau)
2. Xu hng tiu th bia trn th gii
Xu hng Cao cp ha (Premiumisation)
Theo nghin cu mi y ca Nielsen pht hnh vo thng 12/2016, phn khc hng tiu dng cao
cp ang trong giai on tng trng mnh m v d kin s cn tip tc tng do sc mua v mc
chi tiu ca ngi tiu dng tng trn ton th gii. Xu hng ny c th c nhn thy ni bt trong
th trng bia M:

BO CO NGNH BIA
Th phn tiu th bia ti M theo phn khc, Phn khc Normal (Bia bnh dn) vo nm 1965
2.4% 1965-2015 chim n hn 70% tng lng tiu th bia ti
100%
8.7% M, tuy nhin t trng ca phn khc ny c xu
80%
26.7% 35.1% hng gim dn v n nm 2015 ch cn
21,6%, nhng li th phn cho cc phn khc
60% 64.3% gi cao hn. Th phn phn khc Premium t
40% 43.1% nh vo nm 1981 vi mc 64,3% tng sn
70.7%
lng bia ton cu v sau gim dn. T giai
20% on 1981 n nay, phn khc gi cao hn l
26.8% 21.6%
Super-premium, bao gm cc loi bia th cng,
0%
1965 1981 2015 bia nhp khu, ngy cng tr nn ph bin trn
Normal Premium Super-premium th trng, vi th phn tng t 8,7% vo nm
Ngun: Beer Marketer's Insights; Brewers Association 1981 ln n 35,1% trong nm 2015.
Nh vy, c th thy rng cc phn khc gi cao hn ang dn chim lnh th phn, v ngi tiu
dng sn sng tr mc gi cao hn tha mn nhu cu tri nghim nhng hng v bia khc bit.
Cng chnh v nhu cu ca th trng ngy cng a dng, yu t i mi trong sn phm c v hng
v, mu sc, cht lng v mu m, bao b, s ng vai tr quyt nh nh hng ti tiu th bia trong
tng lai.
Tro lu bia th cng v xu hng a dng tri nghim ung
Mt iu c th thy r l th hiu ca ngi tiu dng hin nay thay i. Gi y, cng ng ngi
tiu th bia bt u th hin s quan tm i vi lch s cng nh quy trnh sn xut ng sau cc
sn phm m h ung v a thch tri nghim nhiu loi bia khc nhau. C th ni s trung thnh i
vi mt thng hiu bia nht nh ngi tiu dng ang ngy mt gim, t to ra sc p ln cc
hng bia tch cc a dng ha danh mc sn phm v m rng sang c phn khc bia th cng. Cc
cng ty bia th cng nh l cng c c hi pht trin nh vo xu hng thay i trong th hiu ca
ngi tiu dng.
STT Quc gia S lng c s Bia th cng, 2015

1 M 4000
2 Anh 723
3 Php 654
4 600
5 Nga 561
6 Canada 483
7 Thy S 396
8 c 307
9 Brazil 217
10 Nht Bn 200
Ngun: Statista
Bng trn l cc quc gia ang c tro lu bia th cng pht trin mnh m nht tnh n nm 2015.
V khu vc, Bc M v chu u ni c s lng cng ty bia th cng nhiu nht, chim t trng gn
90% trong tng s 10.000 cng ty bia th cng trn ton th gii. Xt v quc gia, M tip tc l trung
tm ca xu hng ny, vi hn 4000 cng ty bia th cng hot ng mnh m trn khp c nc.
Sc nng ca bia th cng dng nh cha c chiu hng h nhit. C th, trong nm 2016, mc
tng trng trong doanh thu n t phn khc bia th cng ti M cao hn hn so vi mc tng
trng ca ton th trng, vi tc tng l 6,2% so vi con s 0% ca ton ngnh. Th phn ca
bia th cng trn th trng bia M hin ang l 12,3% v c Brewers Association d bo s chm

BO CO NGNH BIA
mc 20% vo nm 2020. Hai quc gia cn li nm trong top 3 nc c s lng c s bia th cng
nhiu nht l Anh vi 723 cng ty v Php vi 654 cng ty.
Ngi tiu dng ngy cng quan tm n sc khe
Theo s liu thng k ca Canadean, tnh n nm 2015, hai dng bia khng cn (bia c nng cn
di 0,5%) v t cn (bia c nng cn nm trong khong 0,5%-3%) ch chim tng cng 2,8% tng
sn lng bia tiu th ton cu. Tuy nhin, nu xt v tc tng trng, bia khng cn v t cn
c ghi nhn c ch s CAGR 2010-2015 ln lt l 2,54% v 4,9%, cao hn nhiu so vi mc
1,57% ca ton ngnh. ng lc thc y tng trng cho hai dng sn phm ny ch yu n t
s lng ngi v mc quan tm ca h i vi cc vn v sc khe ngy cng tng. Nhn
thc v sc khe c nng cao, cng vi cc chin lc qung co hnh nh sn phm nhm n
ng i tng khch hng (ngi li xe, ph n c bu, tu s, ngi n chay) s l nhng yu t
kch thch tiu th bia khng cn v t cn trong tng lai. ng thi, cc cng ty bia cng s c chin
lc n u xu hng sn xut thc ung tt cho sc khe bng cch cho ra cc sn phm bia low-
carb, khng cha gluten v s dng nhiu hn cc nguyn liu n t thin nhin.
3. D bo bin ng ngun cu ca ngnh bia th gii trong tng lai
3.1. D bo tc tng trng trong lng tiu th bia giai on 2015-2020
Tng trng trong lng tiu th bia theo khu vc,

% CAGR 2015-2020F
Ty u 0.16%
Bc M 1.28%
Trung ng 3.01%
Chu M Latinh 2.67%
ng u 0.44%
Chu c 1.10%
Chu 3.09%
Chu Phi 5.30%
0% 1% 2% 3% 4% 5% 6%
Ngun: Canadean
V lng tiu th, theo t chc Nghin cu Canadean, Chu Phi l khu vc c d bo c tc
tng trng cao nht trong giai on 2015-2020 vi ng lc tng trng l dn s, c bit l nhm
dn trong tui lao ng tng mnh, tc th ha nhanh v tc tng trng GDP cng ngy
mt tng. Bn cnh , xu hng tiu th bia ti Chu Phi ang chuyn dn t bia t ch ti cc c
s a phng sang cc sn phm bia c sn xut trong nh my m bo v sinh an ton thc
phm. Trong nm 2015, Nam Phi l quc gia c tng mc tiu th bia ng th 12 th gii. Xt v
mc tiu th bnh qun u ngi, Seychelles, Guinea v Gabon l cc quc gia c k vng s
dn dt th trng, vi mc tiu th bia trn u ngi t trn 100 lt/ngi. Tnh n nm 2015,
Seychelles xp th hai th gii v mc tiu th bia bnh qun u ngi, mc 114,6 lt/ngi,
ch thp hn Cng ha Sc. Trong nhng nm gn y, cc hng bia ln cng nhn thy tim nng
ca th trng Chu Phi v tch cc u t gia nhp vo th trng ny. in hnh cho n lc ln
chim th trng Chu Phi l thng v thu tm ca AB-Inbev i vi SABMiller tp on bia c
ph ca knh phn phi v sn phm rng khp chu Phi.
Th trng bia Chu tip tc tng trng trong cc nm ti vi ch s CAGR 2015-2020 vo khong
3,09%. Cng nh chu Phi, ng lc tng trng ca c hai th trng Chu v Chu Phi nm
mc tiu th bnh qun u ngi vn cn thp v dn s ng. Cc quc gia c d kin s dn
u ngnh bia Chu l Trung Quc, Vit Nam v Hn Quc. Bn cnh , chu cng c cc

BO CO NGNH BIA
th trng m ngnh bia tin n giai on bo ha, c th l i Loan, Nht Bn, Hng Kng v
Singapore vi lng tiu th c xu hng gim trong cc nm va qua.
Ti Chu M Latinh, s tng ln ca tng lp ngi tiu dng trung lu tip tc to cho ngnh bia
tng trng ti mc CAGR 2015-2020 l 2,67%. Tng trng ti Bc M trong 5 nm ti c d
on mc 1,28%, ch yu n t tro lu bia th cng v bia nhp khu ang ngy mt ph sng
rng ri ti M v Mexico.
Ch s CAGR d bo trong giai on 2015-2020 ti Ty u v ng u ln lt l 0,16% v 0,44%,

thp hn rt nhiu so vi cc khu vc khc. Nh vy, th trng tiu th bia dch chuyn t chu
u sang cc khu vc khc c ngnh bia bt u mun v non tr hn.
3.2. D bo lng tiu th bia theo khu vc giai on 2015-2020
Lng tiu th bia theo khu vc, 2015 Mc d Chu Phi l khu vc c tc
(T lt) v 2020F tng trng nhanh nht, trong giai on
100 2015-2020, Chu vn tip tc l th
90.0 Sn lng tiu th 2015
90 trng tiu th bia ln nht th gii, vi
80 D bo sn lng tiu th bia, lng tiu th k vng tng t 63,3 t lt
2020
70 63.3
ln n khong 90 t lt bia vo nm
60
2020. Theo sau l hai khu vc thuc
chu M l chu M Latinh v Bc M
50
38.0
vi lng tiu th d bo trong nm
40 2020 ln lt l 38 t v 27 t lt bia.
28.3
30 26.2 27.0 25.7
27.0
Ngnh bia ti khu vc Ty u tuy
20 16.4 trng thnh v khng cn nhiu ng
13.0
10 lc tng trng nhng tnh hnh tiu th
Chu Chu M Bc M Ty u Chu Phi bia vn duy tr mc n nh vi k
Latinh vng lng tiu th bia vo khong 27
Ngun: Kirin Holdings, Canadean t lt trong nm 2020.
V. nh gi trin vng ngnh Bia th gii
Theo c tnh ca t chc nghin cu Technavio, ngnh bia th gii c d on s tng trng
vi tc chm vi CAGR vo khong 2% trong giai on 2016-2020, vi ng lc tng trng ch
yu n t cc khu vc cn nhiu tim nng l chu Phi v chu . Th trng bia ti cc quc gia
ang pht trin, vi tc gia tng dn s cao, t trng dn s tr v ngi trong tui lao ng
ln nh Nigeria, Saychelles, Gabon, Vit Nam, n s l nhng ni thu ht u t, nhp khu
v c lng tiu th bia tng trng nhanh nht.
Th trng ngnh bia th gii vn duy tr mc tp trung cao vo mt s tp on bia a quc gia
nh AB Inbev, Heineken, Carlsberg Tuy nhin, song song vi s l s tri dy ca cc i th
cnh tranh n t a phng trong phn khc bia th cng v cc i th cnh tranh t nc ngoi
trong phn khc bia cao cp nhp khu.
V phn khc sn phm, cc dng bia premium v super-premium ang dn tr thnh la chn ca
ngi tiu dng, c bit l phn khc super-premium c d kin s tng trng gp ba ln sn
lng hin ti cho ti nm 2020.
Phng thc ng gi sn phm cng nh hng rt nhiu n hnh vi ngi tiu dng. Bia ng
chai i hi chi ph vn chuyn v bo qun cao hn; ngc li, bia lon li c li th hn i vi hai
loi chi ph ny v c kh nng bo v bia khi nhit cao ca mi trng bn ngoi. V vy, nhu
cu v th phn bia lon vi xu hng tng mnh trong cc nm gn y c k vng s tip tc tng
trong thi gian ti.

BO CO NGNH BIA
B. TNG QUAN NGNH BIA VIT NAM
I. Lch s hnh thnh ngnh Bia Vit Nam
So vi b dy lch s ko di t cch y 7000 nm ca ngnh bia th gii, ngnh bia ti Vit Nam
bt u mun hn. Vo cui th k 19, hot ng sn xut bia c ngi Php a vo Vit Nam
thng qua hai c s sn xut l Nh my Bia H Ni (thnh lp nm 1890) v Nh my Bia Si Gn
(thnh lp nm 1875). T 1875 n nay, ngnh bia Vit Nam c rt nhiu i mi v pht trin,
thu ht vn u t v mi quan tm t c trong v ngoi nc.
Nm 2003, B Cng nghip ban hnh Quyt nh s 74 v 75/2003/Q-BCN v vic thnh lp Tng
Cng ty Bia Ru Nc Gii Kht Si Gn (Sabeco), tin thn l Nh my Bia Si Gn v Tng
Cng ty Bia Ru Nc Gii Kht H Ni (Habeco), tin thn l Nh my Bia H Ni v chuyn
mt s cng ty bia trong khu vc min Bc v min Nam thnh cc n v thnh vin ca hai Tng
cng ty ny. K t n nay, ngnh sn xut bia ni a phn ln chu s chi phi ca hai Tng
cng ty vi Sabeco hin ang s hu 23 cng ty con v 14 cng ty lin kt; Habeco ang s hu 17
cng ty con v 6 cng ty lin kt hot ng trong c ba lnh vc sn xut, thng mi v vn ti cc
sn phm bia, ru, nc gii kht. Ngoi ra, trn th trng cn c nhiu cng ty bia hot ng c
lp khc vi quy m nh hn nh Cng ty TNHH Bia Hu thuc s hu 100% ca tp on Carlsberg,
Cng ty C phn Bia v NGK H Long, Nh my Bia Masan Brewery Hu Giang thuc tp on
Masan, Cng ty C phn Bia Nada
T ch ch c 2 nh my bia H Ni v Si Gn, n nay, ngnh bia Vit Nam pht trin vi 129
c s sn xut bia nm trn 43 tnh, thnh ph vi sn lng sn xut trong nm 2015 t 4,6 t lt.
Sn lng sn xut bia ti Vit Nam, 1996-2015

t lt
5.00 12%
CAGR 11.02% CAGR 10.93%
4.50
CAGR 10.62% 10%
4.00
3.50
8%
3.00
2.50 CAGR 5.19% 6%
2.00
4%
1.50
1.00
2%
0.50
0.00 0%
Sn lng sn xut % CAGR 5 nm
Sn lng sn xut bia ti Vit Nam tng trng u n qua cc nm trong giai on 1996-2015.
iu ny l do thi quen tiu th bia ngy cng pht trin v c a chung ti Vit Nam. Thm vo
, cc doanh nghip sn xut trong nc cng tch cc u t xy dng thm nh my, lin tc nng
cng sut ton ngnh. T giai on 2001-2015, ch s CAGR 5 nm u mc 2 con s, vi mc
CAGR 5 nm gn nht l 10,93%. Tnh n nm 2015, theo thng k ca Kirin Holdings, tng sn
lng bia sn xut ti Vit Nam l 4,6 t lt, tr thnh quc gia sn xut bia ln th 8 th gii v th 3
chu , ch sau Trung Quc v Nht Bn.

BO CO NGNH BIA
V tiu th, trong nm 2015, ngi Vit Nam tiu th 3,8 t lt bia, t mc tiu th cao nht ng
Nam , ng th 3 Chu v th 11 ton th gii. Vi tim nng ln nh vy, vic cc tp on bia
ngoi gia nhp vo th trng bia Vit Nam l mt iu tt yu. in hnh l tp on bia Heineken
u t vo ngnh bia Vit Nam t nm 1991 vi vic thnh lp Cng ty TNHH Nh my Bia Vit Nam.
Theo sau l hng lot cc tp on ln trn th gii nh Carlsberg (s hu 100% Cng ty Bia Hu
v 17% ti Habeco), Sapporo vi nh my bia ti Long An i vo hot ng t 2011 vi cng sut ti
a 150 triu lt/nm hay AB-Inbev vi nh my ti Bnh Dng khnh thnh nm 2015 vi cng sut
100 triu lt/nm.
II. Vng i ngnh Bia ti Vit Nam
Da trn cc phn tch v sn lng sn xut, lng tiu th, tc tng trng v xu hng ngnh
bia Vit Nam (xem chi tit ti cc phn di), chng ti a ra nhn nh sau:
Cc hot ng u t xy dng nh my, nng cao cng sut v i mi my mc thit b vn

ang c tch cc xc tin trong nhng nm gn y cho thy sn lng sn xut ca ngnh
bia Vit Nam vn cn c th tip tc tng trong tng lai. Bn cnh , lng tiu th bia tuy vn
c k vng tng nhng s tng vi tc gim dn. Tng trng v lng tiu th trong giai
on 2015-2020 c d bo dng li mc CAGR 6%, thp hn rt nhiu so vi giai on
tng trng 2 ch s trc . iu ny c th c gii thch l do tc ng t chnh sch hn
ch tiu th bia ru v cht kch tch ca chnh ph cng vi mi lo ngi v sc khe ca ngi
dn ngy cng cao.
Mc tp trung ca th trng rt cao vi 3 doanh nghip ln l Sabeco, Habeco v Heineken

nm gi n hn 80% th phn ca ton ngnh,. Phn cn li hu ht ri vo tay cc hng bia
nc ngoi khc. Cnh tranh ngy cng gay gt c th hin vic th phn ca cc doanh
nghip Vit Nam khng tng (Sabeco) v thm ch c xu hng gim (Habeco) trong cc nm
gn y. Trong khi th phn ca cc tp on bia ngoi li khng ngng tng ln.
Phn khc bia trung cp v bnh dn vn l cc phn khc c tiu th nhiu nht do c cu
dn s vi t trng ngi trong tui lao ng cao, nhng phn khc cao cp s l phn khc
c tc tng trng nhanh nht nh hng li t xu hng cao cp ha ang ph sng khng
ch trn ngnh bia m cn rng khp cc ngnh hng tiu dng khc.
Nh vy, c th ni ngnh bia Vit Nam vn ang trong giai on tng trng, tuy nhin tc tng
trng bt u c du hiu chng li do t n quy m ln (th trng tiu th bia ln th 9
th gii trong nm 2015 vi 3,8 t lt).

BO CO NGNH BIA
III. Chui gi tr ngnh Bia Vit Nam
1. u vo
Cng ging nh u vo ca chui gi tr ngnh bia th gii, bia sn xut ti Vit Nam cng cn cc
nguyn liu c bn l: malt, hoa bia v go. Do ngnh sn xut cc nguyn liu ny trong nc cha
pht trin, cc doanh nghip bia ni a phi nhp khu phn ln malt, hoa bia v men bia t cc
ngun cung nc ngoi.
C cu gi vn ca cc hng bia ln ti Vit Nam, 2016

Khc (bao b,
NVL ph...) Malt, 33%
39%
Sn xut
chung Hoa bia
20% (Hops)
2%
Go
6%
Ngun: FPTS Research
Vi vic phi nhp khu gn nh 100% nguyn liu u vo, t trng cc nguyn liu ny trong COGS
ca cc hng bia ti Vit Nam ln hn con s chung ca th gii rt nhiu. c bit l malt chim
33% c cu gi vn. Hoa bia tuy ch chim 2% COGS nhng vn ng vai tr quan trng quyt nh
hng v bia. Ring go, loi nguyn liu c sn trong nc, l loi ng cc thay th c s dng
nhiu nht trong sn xut bia ti Vit Nam, chim n 6% COGS. Cc nh sn xut c th d dng
tip cn vi ngun cung go gi r v cht lng cao. Bn cnh , go c hm lng glucid v
protein kh cao, c kh nng chuyn ha thnh cht ha tan tt v c th thay th malt n 50%.

BO CO NGNH BIA
1.1. T trng chi ph nguyn vt liu trong chi ph sn xut ngnh bia
Bng: T trng chi ph nguyn vt liu trn gi vn hng bn

ca mt s doanh nghip nim yt trong ngnh bia ti Vit Nam, 2013-2016
Nhm Doanh nghip Y2013 Y2014 Y2015 Y2016
Cng ty m 91,46% 72,73% 68,95% 29,25%
SAB
Hp nht 93,83% 90,42% 97,48% 86,94%
Nhm Tng Cng ty
Cng ty m 19,99% 19,49% 23,11% 22,82%
BHN
Hp nht 91,41% 46,13% 47,84% 50,02%
WSB 72,22% 72,76% 61,23% 64,28%
SMB 76,55% 74,66% 68,08% 69,58%
Nhm Cng ty con & BSP 89,14% 88,67% 85,73% 86,46%
LDLK BHP 75,08% 74,71% 64,96% 73,23%
BTB 70,78% 62,32% 67,38% 69,89%
HAD 73,00% 64,69% 68,60% 67,98%
Ngun: Bo co ti chnh cc cng ty, FPTS Research
Nhn chung, nguyn vt liu chim t trng ln trong c cu gi vn ca cc doanh nghip hot ng
trong ngnh bia. Vic phi nhp khu phn ln cc nguyn liu trng yu khin cho cc doanh nghip
ny i mt vi nhiu ri ro nh ri ro bin ng gi nguyn liu u vo hay ri ro bin ng ngun
cung nguyn liu Tuy nhin, s liu trong bng trn cng cho thy t trng chi ph nguyn vt liu
trn tng chi ph sn xut c xu hng gim qua cc nm qua nh vo n lc ca cc doanh nghip
trong vic theo di st sao bin ng th trng v a dng ha ngun cung, trnh ri vo tnh trng
thiu ht nguyn liu u vo.
1.2. Malt
Do c c im kh hu nng m v khng c vng thch hp trng la mch trong nc, vic

pht trin ngnh sn xut malt trong nc rt kh khn. Tuy nhin, cu v sc nng ca th trng
bia ni a thu ht Tp on Interflour, tp on sn xut v cung ng ng cc ln nht ng Nam
, u t xy dng nh my sn xut malt ti Vit Nam. Vo ngy 05/07/2017, nh my sn xut
malt ln nht ng Nam c khnh thnh ti Vng Tu vi cng sut giai on 1 l 110.000
tn/nm v giai on 2 s c xy dng trong 2 nm ti nng cng sut nh my ln 220.000
tn/nm. Nh my ny s p ng mt phn nhu cu malt ca cc hng sn xut bia trong nc,
gim bt gnh nng nhp khu v lu kho 3-6 thng nh hin nay.
Vi nhu cu malt vo khong 450.000-500.000 tn/nm, vic nhp khu malt vn l hot ng thu
mua nguyn liu u vo ch o ca ngnh bia trong nc. Hin nay cc doanh nghip bia trong
nc phi nhp khu malt ch yu t th trng c v chu u. Trong giai on 2011-2015, 5 quc
gia xut khu malt vo Vit Nam vi t trng sn lng ln nht l c, Php, Trung Quc, B v c.
y u l cc quc gia xut khu malt ln ca th gii. Trong c l ngun cung malt ln nht
cho th trng bia Vit Nam vi t trng vo khong 34%-35% tng lng malt nhp khu trong 5
nm va qua.

BO CO NGNH BIA
T trng 5 quc gia xut khu malt vo Vit Nam

nhiu nht, 2011-2015
100%
7.69% 5.22% 8.33%
8.94% 10.81%
90% 9.43%
6.86% 11.19% 7.19%
80% 11.24%
15.22% 20.66% 17.11%
70%
23.42% 12.40%
60%
21.78% 21.20%
50% 23.86% 17.64%
16.02%
40%
30%
20% 35.36% 34.98% 35.58% 35.17% 33.41%
10%
0%
2011 2012 2013 2014 2015
c Php Trung Quc B c
Ngun: UNComtrade
c t lu l t nc ni ting vi ngun cung la mch n nh v cht lng v iu kin thin

nhin thun li, nh m ngnh sn xut v xut khu malt ti c cng c c hi pht trin v
chim t trng ln trn ton th gii (8,3% vo nm 2015). Theo d bo ca B Nng nghip Hoa K
(USDA), ngun cung la mch trong nm 2017 ti c tip tc c duy tr n nh nh yu t thi tit
thun li, nng sut la mch tng v t trng la mch t chun cht lng cho malt ha cng tng
theo. Nh vy, c th k vng ngun cung malt t c vo th trng Vit Nam n nh trong nm ti.
S gim gi tr ca ng c cng mang li li th cnh tranh cho cc hng ha xut khu cng
vi li th v v tr a l gn Vit Nam hn cc nc chu u s khin c tip tc l th trng nhp
khu malt chnh ca Vit Nam.
Ngoi c v chu u cc khu vc c ngnh nng nghip trng la mch lu i, Vit Nam cn nhp
khu malt t Trung Quc. Ngnh sn xut malt ti Trung Quc hin ang trong tnh trng d tha
cung so vi nhu cu malt ni a, v vy, phn ln lng malt d tha trong nc c xut khu
sang cc nc ln cn, trong c Vit Nam. Theo d kin ca tp on bia Tsingtao, tnh trng
ngun cung vt qu cu malt ti Trung Quc s cn tip tc ko di n ht nm 2018.
1.3. Hoa bia
T trng cc quc gia xut khu hoa bia sang

Vit Nam, 2015
Mc d M l 1 trong 2 th trng trng hoa
bia ln nht th gii, ngun cung ti quc
gia ny phn ln c s dng phc v
Slovenia,
24.58% cho nhu cu hoa bia trong nc ang gia
c,
66.22% tng mnh m nh tro lu bia th cng.
Do vy, c vn l t nc m cc hng
Cng
ha sn xut bia ti Vit Nam tm n nhp
Sc, v ngun hoa bia cht lng. Trong nm
7.42%
2015, t trng nhp khu t c l 66,22%
M, 1.16% trn tng sn lng nhp khu hoa bia.
c, 0.62%
Ngun: UNComtrade

BO CO NGNH BIA
Nm 2016, ngun cung hoa bia n nh hn so vi cc nm trc nh vo iu kin thi tit thun
li hn. Tuy nhin, vi tnh hnh cu i vi tt c cc loi hoa bia tip tc tng trong tng lai, ngun
cung c d kin l lun c nguy c ri vo tnh trng thiu ht trong 12 thng ti. Gi hoa bia trong
nm 2016 nhn chung c gim so vi 2015 nhng vn mc cao s l ng lc cho cc quc gia
sn xut tip tc m rng din tch t trng hoa bia.
1.4. Men bia
T trng cc nc xut khu

men bia vo Vit Nam, 2016 V ngun cung men bia, cc doanh nghip
Vit Nam tip tc tm n nhng ni sn xut
men bia ln ca th gii nh Brazil (nc xut
Nht Bn, khu men bia nhiu nht th gii trong nm
32.64%
Brazil,
2016), Nht Bn, Malaysia, Canada v c.
42.99% T trng nhp khu t Brazil chim n gn
Malaysia,
9.90% 43% tng gi tr men bia c nhp khu vo
Khc,
Vit Nam, theo sau l Nht bn (32,64%).
7.07% Khc vi cc loi nguyn liu khc nh malt
v hoa bia, ngun cung ca th trng men
Canada,
4.07%
tng i n nh vi ng lc tng trng
c, 3.33% n t nhu cu i vi cc sn phm bnh m
Ngun: UNComtrade v ung c cn.
2. Sn xut
Nh nhc n trong phn Ngnh th gii, cng ngh khng phi yu t trng yu i vi ngnh
bia v quy trnh sn xut bia ti Vit Nam cng ging nh quy trnh sn xut chung ca th gii.
Nng lc sn xut ca ngnh bia Vit Nam

Bn cc nh my bia ti Vit Nam
Ngun: FPTS Research

BO CO NGNH BIA
V cng sut, Sabeco l hng bia c tng cng

Tng cng sut nh sut cao nht, t 1,8 t lt bia/nm vi 23 nh
Hng bia my ti Vit Nam my bia tri di trn khp c nc. Vi mc
(triu lt) ph sng ca cc nh my ti c Bc, Trung v
Sabeco 1800 Nam, Sabeco d dng tip cn vi cc i
tng khch hng trn mi khu vc a l, to
Heineken 950 ra li th cnh tranh bn vng cho Sabeco so
vi cc hng bia khc. C th, v th phn,
Habeco 800 Habeco mc d l hng bia hin din ti min
Bc v Bc Trung B u tin nhng li ang
Carlsberg 425
mt dn th phn vo tay cc hng bia khc c
Masan 150 bit l Sabeco v Heineken ngay chnh ti khu
vc hot ng ch lc ny.
Sapporo 150
Habeco l doanh nghip bia ni a c tng cng
AB-Inbev 100 sut ln th ba c nc (800 triu lt/nm) vi
cc nh my tp trung min Bc v Bc Trung
SAB Miller 50 B. C th thy rng Habeco vn cha th m
San Miguel 50 rng sang th trng min Nam c bit l trong
bi cnh cnh tranh gay gt ngay ti th trng
Ngun: Bo co cc cng ty; FPTS Research hot ng truyn thng l min Bc v Bc
Trung B.
Ngoi Sabeco v Habeco cn c cc hng bia ni khc vi quy m nh hn v c th trng tiu th

ch yu ti a phng ni t tr s nh my v cc tnh ln cn. C th ti khu vc min Bc c
bia H Long (m c phiu: HBL) vi tng cng sut ca 2 nh my ti Qung Ninh t 50 triu lt/nm;
bia i Vit (cng sut 200 triu lt/nm) hay bia Nada ti Nam nh (cng sut 50 triu lt/nm). Khu
vc min Nam cng c mt s thng hiu bia ni ting nh bia Dung Qut ti Qung Ngi vi nh
my c cng sut 100 triu lt/nm hay thng hiu S T Trng ca tp on Masan.
V pha cc hng bia ngoi, Heineken bt u gia nhp vo th trng Vit Nam t nm 1991. Cho
n nay hng bia ny s hu tng s 5 nh my tp trung khu vc Nam Trung B v ng Nam
B vi tng cng sut 950 triu lt/nm. Vi vic nh v Vit Nam l th trng ch lc cho s pht
trin ca hng ti khu vc Chu Thi Bnh Dng, Heineken tch cc u t mnh m
rng v nng cng sut cho cc nh my trong nc. Trong nm 2016, Heineken hon tt vic
mua li nh my bia ca Carlsberg ti Vng Tu v c k hoch u t 185 triu USD nng cng
sut nh my ny t 50 triu ln 610 triu lt/nm.
Khu vc min Nam l ni u tin c hu ht cc hng bia ngoi la chn xy dng nh my

cng nh pht trin th trng tiu th. C th, tnh n thi im hin ti, Heineken, Sapporo, AB-
Inbev, SABMiller hay San Miguel u c nh my t ti khu vc Nam Trung B hoc Ty Nam B.
Carlsberg l hng bia ngoi duy nht c hai nh my t ti khu vc min Bc v Bc Trung B, c
th l Nh my Bia ng Nam vi cng sut 65 triu lt/nm ti H Ni v Nh my bia Hu c
cng sut 360 triu lt/nm t ti Hu vi thng hiu bia Huda thuc s hu 100% ca Carlsberg.
Khc vi cc hng bia ngoi nh v th trng ti min Nam, Carlsberg li xc nh th trng tp
trung ca hng l min Bc v min Trung Vit Nam.
Vic cc nh my c xy dng vi mt dy c cng cc k hoch u t m rng cng sut

nh my khp c nc ang dn n tnh trng d tha ngun cung trong ngnh. C th, theo thng
k ca VBA, tng cng sut cc nh my bia hin ti vo khong gn 5 t lt/nm, trong khi sn lng
bia tiu th trong nm 2015 ch t 3,8 t lt v cao hn mc tiu sn xut 4,1 t lt bia vo nm 2020
theo k hoch ra ca B Cng Thng.

BO CO NGNH BIA
3. u ra
3.1. Sn phm
Th phn ngnh bia Vit Nam theo sn phm
Tn Hng Th phn Tn Hng Th phn
Saigon
1 Sabeco 18,4% 6 Huda Carlsberg 6,7%
Export
333'
2 Sabeco 14,7% 7 Tiger Heineken 5,2%
export
3 Hanoi Habeco 13,6% 8 Larue Heineken 2,9%
Saigon Thanh
4 Sabeco 11,8% 9 Habeco 2,1%
Lager Hoa
Bia Hi
5 Heineken Heineken 7,8% 10 Habeco 2,1%
H Ni
11 Khc Khc 14,7%

Tng Tng 100%
Ngun: Euromonitor International
Theo s liu t Euromonitor International, trong giai on 2012-2015, th phn ca 10 loi bia c
ngi dn Vit Nam tiu th nhiu nht khng c nhiu thay i. Sabeco vi cc sn phm quen
thuc v lu i l Si Gn Export (Si Gn ), 333 Export v Si Gn Special (Si Gn Xanh) vn
l cc loi bia c tiu th nhiu nht trn th trng, chim ln lt 18,4%, 14,7% v 11,8% lng
tiu th ti Vit Nam. Bn cnh , ti khu vc min Bc, Habeco c ph sng tng i tt vi
ba sn phm c tiu th nhiu nht l bia H Ni (13,6%), bia Thanh Ha (2,1%) v bia Hi H
Ni (2,1%).
V th phn tiu th ca cc hng bia ngoi, Heineken cng c 3 sn phm lt top 10 loi bia c
tiu th nhiu nht l bia Heineken (7,8%), bia Tiger (5,2%) v bia Larue (2,9%), u l cc sn phm
rt quen thuc vi ngi dn Vit Nam trong nhiu nm nay. Loi bia cn li trong top 10 l Bia
Huda Hu, thuc s hu Carlsberg, l loi bia c tiu th nhiu nht ti khu vc duyn hi Bc
Trung B (t Thanh Ha ti Tha Thin Hu) chim 6,7% tng lng bia tiu th trong nc.
Tiu th bia ti Vit Nam theo phn khc sn phm
Loi bia c sn xut v tiu th ti th trng Vit Nam ch yu l bia lager. Do lng tiu th cc
loi bia khc nh Stout hay cc loi bia c nng cn thp/khng cn chim t trng rt nh, nghin
cu ny s ch xt n vic tiu th bia lager ti Vit Nam. V phn khc sn phm, chng ti chia th
trng lm ba phn khc chnh: bia cao cp, bia trung cp v bia bnh dn.

BO CO NGNH BIA
T trng lng tiu th bia theo phn khc, 2015

Phn khc & Mt s thng hiu bia
mc gi (VND/lt) ni ting Bia lager
bnh dn,
Cao cp Heineken, Tiger, Sapporo, 30.95%
( 35.000) Budweiser, Saigon
Special, Saigon Lager, Bia lager
Trc Bch trung cp,
58.62%
Trung cp Bia 333, Huda, Larue,
(21.000 35.000) Thabrew, S T Trng,
Bia Lager
bia H Ni cao cp ,
10.42%
Bnh dn Cc loi bia hi
( 20.000) Ngun: Euromonitor International
Cc sn phm bia cao cp c mc gi t 35.000VND/lt tr ln, thng c tng lp trung lu, thu
nhp t mc trung bnh tr ln, tiu th ch yu tp trung cc thnh ph ln. y l phn khc t
nhy cm vi gi v mang v bin li nhun cao nht. Tnh n nm 2015, th phn tiu th ca phn
khc bia cao cp vn mc thp, chim 10,42% tng sn lng bia tiu th ti Vit Nam. Thng tr
phn khc ny vn l cc hng bia ngoi c ngi tiu dng nhn din l cc thng hiu i din
cho cht lng v a v x hi nh Heineken, Sapporo, Carlsberg, AB-Inbev
Mt khc, hai doanh nghip bia ni ln nht trong nc l Sabeco v Habeco li tp trung vo phn
khc bia trung cp vi mc gi t 21.000VND/lt n 35.000VND/lt. y cng l phn khc c tiu
th nhiu nht, chim gn 59% trong tng sn lng bia tiu th vo nm 2015. So vi cc loi bia
cao cp ch hin din ti cc thnh ph ln hoc cc a im sang trng, cc sn phm n t phn
khc trung cp c ph dy c hn, gip cho ngi tiu dng c nng thn v thnh th d dng
tip cn v tiu th.
Bn cnh , phn khc gi bnh dn (thp hn hoc bng 20.000VND/lt) l phn khc chim t
trng tiu th ln th hai th trng (gn 31% nm 2015) vi sn phm ph bin nht l bia hi.
Lng tiu th bia theo phn khc, Tng trng trong lng tiu th bia
2015 theo phn khc, 2015
40% Bia lager cao cp ni a

(Triu lt)
Bia lager cao cp nhp khu
2,000
35% Bia lager trung cp ni a
Bia lager bnh dn ni a
30%
1,500
25%
1,000
20%
16.08%
15%
500
10%
6.70%
-
2011 2012 2013 2014 2015 5%
5.62%
Bia lager cao cp ni a Bia lager cao cp nhp khu
0%
Bia lager trung cp ni a Bia lager bnh dn ni a
2011 2012 2013 2014 2015

BO CO NGNH BIA
Lng tiu th bia theo tng phn khc tng u n qua cc nm trong giai on 2011-2015. Cng
trong giai on ny phn khc bia cao cp nhp khu c tc tng trng n tng nht, lun cao
hn cc phn khc cn li. Trong nm 2015, tc tng trng trong lng tiu th bia cao cp nhp
khu l 16,08%, trong khi cc phn khc cn li cng nh ton ngnh ch dng mc tng 5%-6%.
Yu t tc ng chnh vo s tng trng mnh m ny l nhn thc ca ngi tiu dng v tc hi
ca ru bia n sc khe khin cho thi quen tiu dng thay i, chuyn sang s dng cc dng
bia cao cp ni a hoc nhp khu c cho l t gy hi cho sc khe hn v c cht lng tt
hn. Bn cnh , theo Tng cc thng k, thu nhp bnh qun u ngi vn ang trong xu hng
tng khi Vit Nam ang trong giai on chuyn mnh t nhm nc c thu nhp thp sang nhm
nc c thu nhp trung bnh. Theo c tnh ca T chc Nghin cu th trng Nielsen, n nm
2020, quy m dn s c thu nhp trung bnh s tng ln gp 3 ln so vi nm 2014. Tn hiu tch cc
ny ng ngha vi vic ngi dn Vit Nam s chi tiu mnh tay hn cho cc sn phm th hin
ng cp v a v x hi. Do vy, mc tiu th cc sn phm bia nhp c gi cao v cht lng tt
c k vng s tip tc tng trong nhng nm sp ti.
Nm bt xu hng cao cp ha ny, cc cng ty bia trong nc cng n lc nhm vo phn khc
cao cp nh Sabeco vi Saigon Special, Saigon Lager v Habeco vi bia Trc Bch Tuy nhin,
trong cc nm gn y, Heineken vn dn u phn khc bia cao cp cng vi mt s hng bia ngoi
khc. Th phn trong phn khc cao cp m Sabeco v Habeco dnh c vn cha ng k do tm
l snh ngoi ca ngi Vit, v thng hiu bia Si Gn, bia H Ni t lu gn lin vi hnh nh
bia trung cp dnh cho mi tng lp tiu th. Do vy vic tiu th cc loi bia cao cp ni a vn
cha ph bin trong thc tiu dng ca ngi dn Vit Nam.
Cng theo nghin cu ca Nielsen, xu hng tiu th cao cp ha trong ngnh hng tiu dng tuy
ang din ra mnh m nhng tng trng tp trung ch yu ti 6 thnh ph chnh l H Ni, H Ch
Minh, Hi Phng, Cn Th, Nha Trang v Nng. Ngi dn ti cc tnh thnh khc vn c xu
hng ung bia thuc phn khc bnh dn v trung cp nhiu hn v hai phn khc ny c d
bo s tip tc c tiu th nhiu nht ti Vit Nam.
3.2. Hot ng phn phi
Hot ng xut nhp khu bia trn th trng Vit Nam
Tng gi tr nhp khu bia ti Vit Nam, 2010-2015 T trng gi tr nhp khu bia theo
n v: triu USD quc gia ti Vit Nam, 2015
14 0.25%
11.68 c,
12 13.56%
9.77 0.20%
10
7.52 0.15%
Mexico,
8 H Lan, 12.77%
28.59%
6 0.10%
4 2.91 3.38 3.36
0.05% Khc,
2
26.73%
- 0.00% M,
2010 2011 2012 2013 2014 2015 9.57%
Tng gi tr nhp khu bia B,
8.78%
T trng trn tng gi tr bia tiu th
Ngun: UNComtrade Ngun: UNComtrade

Gi tr nhp khu ca bia chim t trng rt thp trong tng tiu th bia ti Vit Nam, nhng nm gn
y tuy c du hiu tng nhng vn di mc 0,25%. Vit Nam nhp khu bia ch yu t th trng
chu u v chu M, nhiu nht t cc nc H Lan, c, B, M v Mexico trong nm 2015. y
u l cc quc gia xut khu bia hng u th gii. Bia nhp khu vo th trng Vit Nam ch tp
trung vo phn khc cao cp c gi cao v chng loi a dng, nhm vo cc i tng khch hng

BO CO NGNH BIA
c thu nhp cao, t nhy cm vi bin ng ca nn kinh t v thng ch c phn phi ti cc tnh
thnh ph ln nh H Ni, H Ch Minh, Hi Phng, Nng...
Hot ng nhp khu bia bt u khi sc sau khi Vit Nam gia nhp WTO nm 2008 v Quc hi
quyt nh gim thu sut i vi bia chai t 75% xung 45% c hiu lc t 01/01/2010 n
31/12/2012. Nh , 2010-2012 l giai on bia c nhp khu t vo th trng Vit Nam. c
bit l nm 2011 vi tng gi tr nhp khu bia l 9,77 triu USD, gp gn 5 ln gi tr nhp khu ca
nm trc . Nm 2014 v 2015 cng ghi nhn gi tr nhp khu bia cao hn so vi cc nm 2012,
2013. S kin cc hip nh thng mi t do gia Vit Nam v cc quc gia, khu vc c k kt
s khin cho bia ngoi ngy cng ph bin trn th trng bia Vit Nam.
Tng sn lng xut khu bia ti Vit Nam, Hot ng xut khu bia ti Vit Nam
100 2010-2015 3.0% cng c y mnh trong cc nm gn
2.72%
80 y, c bit l trong bi cnh bi thc
60
2.0% ngun cung do cc doanh nghip ng
lot xy dng v m rng cng sut nh
40 0.89%
1.0% my. T trng sn lng xut khu trn
20 tng sn lng sn xut bia tng t
- 0.0% 0,89% ti mc cao nht l gn 3% trong
2010 2011 2012 2013 2014 2015 nm 2012. Trong giai on 2013-2015, t
Sn lng xut khu bia (triu lt)
trng bia xut khu c xu hng gim
T trng trn sn lng sn xut bia
dn, do cnh tranh gay gt t cc quc
Ngun: UNComtrade gia ng Nam khc.
Gi tr xut khu T trng trn tng Th trng xut khu ch yu ca

STT Quc gia bia Vit Nam hin nay tp trung
bia (triu lt) gi tr xut khu
vo chu . Trong nm 2015, Vit
1 Singapore 31.25 45.24% Nam xut khu nhiu nht sang
2 Nht Bn 9.52 13.78% Singapore vi 31,25 triu lt bia,
3 c 6.89 9.98% chin hn 45% tng gi tr bia xut
khu. Ngoi ra cc quc gia c
4 Trung Quc 4.69 6.79%
bit n vi sc tiu th bia ln
5 rp X t 3.65 5.28% trn th gii nh c, rp X t,
6 Malaysia 2.63 3.81% Nht Bn, Hn Quc, Trung Quc,
Malaysia v Lo cng l cc im
7 Lo 2.11 3.05%
n chim t trng ln ca bia Vit
8 Kenya 1.19 1.72% Nam. Bn cnh , cc nh sn
9 Hn Quc 0.97 1.40% xut trong nc cng i theo xu
10 Khc 6.17 8.93% hng dch chuyn ca ngnh bia
th gii v nhm n th trng
Tng 69.07 100.00%
bia chu Phi tim nng.
Ngun: UNComtrade
H thng phn phi
V h thng phn phi, ngnh hng ung phn ra hai knh phn phi chnh l On-trade (ngi tiu
dng s dng sn phm ngay ti im bn l nh hng, khch sn, qun bia) v Off-trade (khch
hng mua sn phm t siu th, tim tp ha v tiu th ti mt a im khc). Ti Vit Nam, knh
phn phi bia On-trade ph bin hn do ph hp vi vn ha tiu th bia ca ngi tiu dng. Bia ni
ring v ung c cn ni chung khng ch c s dng trong cc bui tic vi gia nh, bn b m
cn c cho l khng th thiu trn bn n trong cc cuc gp mt v mc ch cng vic. Bn cnh
, khi ti cc dp l tt, ngi tiu dng li thng la chn tiu th bia qua knh Off-trade, c th l
mua vi s lng ln lm qu biu hoc d tr ti nh tip khch.

BO CO NGNH BIA
T trng bia tiu th qua knh S lng cc c s tiu th bia On-trade

Off-trade v On-trade, 2010-2015 ti Vit Nam, 2010-2015
100% 160,000 290,000
140,000 280,000
80% 120,000 270,000
260,000
73.12% 73.62% 100,000
60% 250,000
80,000
240,000
40% 60,000
230,000
40,000 220,000
20% 20,000 210,000
26.87% 26.38% - 200,000
0% 2010 2011 2012 2013 2014 2015
Y2010 Y2015
Bar/Pub, Qun Caf, Nh hng Qun n ng ph
Off-trade On-trade Tng (Ct tri)
Tiu th bia On-trade vn l s la chn hng u ca ngi tiu dng Vit Nam, duy tr mc 73%
tng sn lng bia tiu th trong nc trong giai on 2010-2015. Cng trong giai on ny, ngy cng
nhiu ngi Vit Nam c bit l tng lp tr c xu hng n ngoi thng xuyn hn, khin cho cc
c s dch v n ung c m rng v pht trin. C th, tng s lng hng qun tng t hn
244,000 hng n trong nm 2010 ln n hn 276,000 qun vo nm 2015. Nh , lng tiu th bia
qua knh on-trade cng c c hi v li th vng chc tng trng. Nh vy, d kin trong tng
lai, sn lng bia tiu th qua knh On-trade s tip tc chim lnh th trng nh vo thi quen n
ung trc tip ti qun v tp tnh tiu th bia vi lng ln ca ngi dn Vit Nam.
C cu gi bn ti tay ngi tiu dng
C cu gi bn ti tay ngi tiu dng, 2015
Thu TTB,
25.5%
Nh sn xut,
51.0% VAT, 9.1%
Nh bn l,
9.7%
Nh phn phi,
4.6%
Theo thng k ca Euromonitor, ti Vit Nam, khong 51% gi bn bia cui cng s v tay nh sn
xut, 4,6% gi bn thuc v nh phn phi v 9,7% l ca nh bn l. Thu TTB v thu VAT chim
ti 35% gi bn v s cn tip tc tng trong cc nm ti theo l trnh tng thu TTB ca chnh ph.
V kim sot gi, c hai cch nh sn xut c th kim sot c mc gi bn ra ca nh phn

phi: l rng buc bng cc hp ng php l v rng buc thng qua cc iu khon khng mang
tnh php l. Hin nay ti Vit Nam cha c nh sn xut no s dng c phng php kim sot
hp php thng qua cc hp ng i vi cc nh phn phi v ch c th kim sot gi bn bng
cch cn li. Theo nhn nh ca mt chuyn gia trong ngnh, tt c cc nh phn phi bia trong
nc u c mc v cht lng dch v gn nh nhau. iu ny c ngha l h bt buc phi

BO CO NGNH BIA
cnh tranh bng gi v t gi bn bia ca cc nh phn phi s t ng c iu chnh v cng

mt mc gi chung. Trong trng hp th trng khng t cn bng, cc nh phn phi s phi tc
ng bng mt s cch nh hn ch phm vi phn phi sn phm i vi tng i l (Heineken Vit
Nam) gim cnh tranh gia cc a l phn phi hay a ra cc chnh sch thng cui thng vi
iu kin cc i l phi bn ng gi m nh sn xut yu cu.
Tnh trng lon gi bia hin nay ang l mt vn au u ca cc nh sn xut. L do gy ra tnh

trng ny mt phn n t cc chnh sch kim sot gi khng hiu qu ca cc hng bia, v ng
thi cng l h qu ca hin tng bia gi trn lan trn th trng. Hin nay bia Si Gn, H Ni v
Heineken, Tiger cc loi bia c tiu th nhiu nht ti Vit Nam cng l cc loi bia b lm gi
nhiu nht. Tnh trng ny cng khin cho cc hng bia gp kh khn trong vic kim sot gi bn do
gi bn bia gi rt thp, gy ra tnh trng ph gi bia ti cc im phn phi.
Xung n cc knh bn l, cng ging nh cc knh phn phi, hin cha c nh sn xut bia no
ti Vit Nam s dng phng php kim sot gi thng qua cc hp ng php l. Gi bn bia ti
knh bn l on-trade bin ng ph thuc vo cht lng dch v v s khc bit ca loi hnh ti
a im on-trade cng nh mc ph bin ca knh ny. V d, gi bn bia ti cc qun bia bnh
dn thng thp hn gi bia ti beer garden hay cc bar/pub do s lng cc qun bia st nhiu hn
v cht lng dch v cng nh tri nghim ca khch hng thp hn. Nh vy, cng cc loi bia
ph bin v knh bn ph bin th mc gi m cc nh bn l a ra s khng c s khc bit qu
ln v li nhun v tay nh bn l cng thp hn so vi cc knh bn l c s khc bit v dch v
v tri nghim khch hng. tc ng khin cho cc knh bn l cao cp ny t gi bn thp hn,
cc nh sn xut thng ti tr cho cc chng trnh khuyn mi ti qun nh Mua 9 tng 1 (tng
ng gim 10% gi bn), hay cc chng trnh qu tng, t chc cc s kin c bit va
kch thch tiu th, tng doanh s v va tm ra mc gi bn ph hp nht cho cc bn i vi
tng sn phm v tng knh bn hng.
Ti th trng Vit Nam, sc mnh ca cc nh bn l i vi nh sn xut bia l tng i thp, c

bit l trong bi cnh th phn ca cc hng bia ln chim n hn 80% th phn tiu th ton ngnh.
Mt khc, vic nh sn xut p gi bn ca cc nh phn phi, bn l qu thp s to c hi cho cc
hng bia khc thm nhp vo knh d hn. Do vy, vic phn phi li nhun gia cc bn trong
ngnh bia kh cng bng v n lc trong vic qun l, kim sot gi bn v cht lng thnh phm
bia ca cc nh sn xut s tc ng tch cc n s pht trin ca ton ngnh phn phi v bn l
ti Vit Nam.

BO CO NGNH BIA
3.3. Th trng tiu th v sn phm thay th
Tnh hnh tiu th bia ti Vit Nam
Lng tiu th bia ti Vit Nam, Lng tiu th bia bnh qun u ngi
(Triu lt) 2009-2015 ti Vit Nam, 2009-2015
4,500 18% (lt)
14.99% 3,832 45 13.75% 41.10 16%
4,000 14.20% 16%
12.13% 40 14%
3,500 14%
14.70% 35 12%
3,000 12% 30
10%
2,500 10% 25
8%
20
2,000 8% 6%
15
1,500 6% 4%
5.27% 10
1,000 4% 5 2%
2.75%
500 2% - 0%
2009 2010 2011 2012 2013 2014 2015
- 0%
2009 2010 2011 2012 2013 2014 2015 Sn lng tiu th bnh qun u ngi
Sn lng tiu th bia Tc tng trng Tc tng trng
Ngun: Kirin Holdings Ngun: Canadean
V sc tiu th, trong cc nm gn y, th trng bia Vit Nam lun lt vo danh sch cc nc tiu
th bia nhiu nht th gii. Theo thng k ca Kirin Holdings, Vit Nam tiu th hn 3,8 t lt bia
trong nm 2015, ng th 11 th gii v tng lng tiu th. Trong giai on 2009-2015, tng lng
tiu th v mc tiu th bia bnh qun u ngi ti Vit Nam u tng.
Trong nm 2015, mi ngi dn Vit Nam tiu th

Tiu th bia bnh qun u ngi theo
khu vc, 2015 vo khong 41,1 lt bia/nm, cao hn rt nhiu so
(lt)
vi mc trung bnh ca th gii (27 lt/ngi) v
80
71
67 ca chu (18 lt/ngi). Trong khu vc chu ,
70
nu xt v mc tiu th bnh qun u ngi, Vit
60 56 54
Nam ang l nc tiu th bia ln th ba, ch sau
50
Vit Nam,
Hn Quc v Nht Bn. Mc d vn ha ung bia
40 41.1 ru rt ph bin trong i sng ca ngi dn
27
30 chu , mc tiu th bia bnh qun u ngi ti
18
20 12
khu vc ny thp hn rt nhiu so vi cc nc
10 phng Ty. iu ny c th gii thch do cu to
2
0 c th ngi da trng v da mu to ln hn ngi
Bc M Chu Chu Chu Chu Chu Trung Th da vng chu , v vy sc tiu th bia ti
u c M Phi ng gii
Latinh phng Ty lun cao hn so vi cc phn cn li
ca th gii v vic ngi chu t c n
Ngun: Heineken mc tiu th ca chu u l rt kh.
Nu xt v tc tng trng, tng lng tiu th bia ca ngi dn Vit Nam bt u c du hiu
tng chm li t nm 2014. Nu nh trong giai on 2009-2013, lng tiu th bia hng nm tng
vi tc vo khong 12%-14% th n 2014 v 2015, con s ny ch dng li mc 5%-6%/nm.
Tng t nh vy, tc tng trong mc tiu th bia bnh qun u ngi hng nm cng bt u
gim dn t nm 2011, gim t 13,75% trong nm 2010 xung ch cn 2,75% vo nm 2015 mc d
vn tng v con s tuyt i. iu ny cho thy sc nng trong th trng bia Vit Nam bt u
gim nhit cng nh quy m ngnh ln nn tc tng kh c th cao c nh trc. Lng
tiu th bia cng nh mc tiu th bnh qun u ngi c d kin vn s tng ln trong nhng
nm sp ti, nhng vi tc chm hn nhiu so vi giai on m th trng Vit Nam tng trng
mnh m trc .

BO CO NGNH BIA
Xt v tiu th theo tng vng, khu vc

min Bc v 3 tnh thuc Bc Trung B l
Thanh Ha, Ngh An, H Tnh chim
khong 35% tng lng bia tiu th trn c
nc. Khc vi cc khu vc khc, ngi
dn min Bc li c xu hng a chung
bia hi, bia ti. Ngi dn ti ni ny
thng c thi quen n nhu ti cc qun
bia hi. Do vy, bia hi H Ni cng nm
trong danh sch 10 loi bia c tiu th
nhiu nht ti Vit Nam, chim 2,1% tng
sn lng bia tiu th nm 2015.
Trong cc nm gn y, Habeco chuyn

dch c cu sn xut theo hng tng t
trng sn xut bia hi phc v thi quen
tiu dng ti khu vc ny. Bia hi l sn
phm mang tnh a phng, i hi chi ph
marketing v chi ph bn hng thp. Cng
chnh v vy m hot ng marketing
khng c Habeco tp trung u t v
y mnh, khin cho mc nhn din
thng hiu bia H Ni ti chnh khu vc
min Bc b gim st, to c hi cho cc
loi bia khc nh Saigon Special,
Ngun: Pomegranate, FPTS Research Heineken, Tiger chim lnh th phn.
Khu vc cc tnh t Qung Bnh n Tha Thin Hu ng gp 6% lng tiu th bia c nc. Ti
khu vc ny, bia Huda, thuc s hu ca hng bia ngoi Carlsberg c sn xut ti Nh my bia
Hu, l loi bia c tiu th nhiu nht. Thng hiu bia Huda cng chnh l thng hiu mang li
thnh cng cho Carlsberg ti th trng bia trong nc, trong khi cc sn phm bia mang thng hiu
Carlsberg vn cha tm c ch ng trong nhn thc tiu dng ca ngi Vit.
Tnh hnh tiu th bia ti c hai khu vc trn u c cng chung c im l c tnh ma v, b nh
hng bi yu t thi tit. Do bia l loi thc ung gii kht, thng c tiu th khi thi tit nng
nng, ma thu, ng ti min Bc s l khong thi gian tiu th bia thp nht trong nm. Tng t
nh vy, do v tr a l ca khu vc min Trung hay phi hng chu nhiu trn ma bo ln, lng
tiu th bia v th cng b nh hng nhiu khi iu kin thi tit chuyn bin qu khc nghit trong
nm.
Nh vy, nu xt v v tr a l, khu vc min Nam s l ni l tng nht c nc cho vic tiu th

bia nh c trung kh hu khng c ma lnh. C th, ch tnh ring khu vc ny chim gn 60%
sn lng bia tiu th trn c nc. Cng vi l tp qun n ung bn ngoi thng xuyn hn
so vi cc vng min khc khin cho min Nam tr thnh min t hp dn. Cc hng bia cng v
th m lun chn min Nam, c bit khu vc ng Nam B lm th trng tiu th u tin khi mi
gia nhp th trng bia Vit Nam. Sapporo, ABInBev, Heineken, SanMiguel hay Masan u xy dng
nhng nh my sn xut bia u tin ti khu vc min Nam.
Tim nng thy r ca th trng bia ti khu vc min Nam ng thi cng khin cho cnh tranh ngy
cng tr nn gay gt. Cc hng bia ni v ngoi u tp trung tranh ginh th phn trn cng mt khu
vc thng qua xy dng mi v m rng cng sut nh my cng nh u t mnh cho cc hot
ng marketing tng mc nhn din thng hiu.

BO CO NGNH BIA
Th phn ca cc hng bia ti Vit Nam
Th phn ch s hu thng hiu quc Th phn cc cng ty sn xut v/hoc phn

t trong ngnh bia Vit Nam, 2015 phi bia ti Vit Nam, 2015
Thanh Hoa
Habeco, Habeco, Beer JSC,
17.8% 15.7% 2.1%
Sabeco, Sabeco,
45.8% 45.8%
Heineken Vietnam
NV, 17.3% Brewery Ltd,
17.3%
Carlsberg
A/S, 9.7%
Khc, 8% Khc, 8%
Hue Brewery
Ltd - HBL,
Carlsberg 6.7%
Sapporo Holdings Ltd, 1.4% Sapporo Vietnam
Vietnam Co Trading Co
Ltd, 1.4% Ltd, 3.0%
Cng nh cc th trng bia khc, th trng bia ti Vit Nam c mc tp trung tng i cao, vi
5 hng bia s hu 92% th phn ton ngnh. Trong , Sabeco v Habeco chim hn 60% th phn,
ln lt l 45,8% v 17,8% tng sn lng bia tiu th ton ngnh trong nm 2015. Nh vy, xt n
nm 2015, cc cng ty bia ni a vn gi v th dn u th trng Vit Nam. iu ny l nh vo
thi quen tiu dng cng nh mc thu nhp chung ca ngi Vit Nam ph hp vi phn khc bia
trung cp a phng v mc hiu bit ca ngi dn v cc dng bia ngoi vn cha nhiu. Xu
hng cao cp ha tuy ang din ra nhng ch pht trin mnh ti 6 tnh thnh ph chnh l H Ni,
H Ch Minh, Hi Phng, Cn Th, Nha Trang v Nng.
Theo sau l cc hng bia ngoi vi Heineken (chim 17,3% v hot ng trn th trng bia
Vit Nam t nm 1991), Carlsberg (9,7%) v Sapporo (1,4%) Nu xt v th phn ca cc cng ty
trong nc, th phn ca Habeco c cng ty con l Cng ty C phn Bia Thanh Ha ng gp
2,1% (Bia Thanh Ha c th phn cao th 6 ton th trng). Trong khi , phn ln th phn ca hng
bia ngoi Carlsberg (6,7% trong tng s 9,7%) n t Cng ty TNHH Bia Hu vi bia Huda, trong khi
bia mang thng hiu Carlsberg li cha t c thnh cng trn th trng Vit Nam.
Thng hiu 2011 2012 2013 2014 2015

Sabeco 47,2% 47,1% 45,8% 45,7% 45,8%
Habeco 17,6% 18,1% 18,3% 18,1% 17,8%
Heineken NV 8,9% 16,6% 16,4% 16,7% 17,3%
Carlsberg A/S 8,9% 9,2% 9,7% 9,7% 9,7%
Sapporo Holdings Ltd 0,3% 1,3% 1,4% 1,4%
Nu nhn vo bin ng th phn ca cc hng bia trong giai on 2011-2015 bng trn, c th thy
th phn ca Sabeco v Habeco khng c du hiu tng ln, thm ch th phn ca Habeco cn gim
i trong giai on ny. Trong khi th phn ca Heineken tng t 8,9% trong nm 2011 ln n
17,3% vo nm 2015. Tp on bia n t Nht Sapporo mc d mi gia nhp th trng Vit Nam
t nm 2012 nhng cng t c nhng bc thnh cng nht nh vi mc th phn tng t
0,3% ln 1,4% vo nm 2015. iu ny c ngha l th trng tiu th ca cc cng ty bia ni a
ang dn b thu hp v ri vo tay cc hng bia ngoi vi kinh nghim hot ng lu nm trn nhiu
th trng khp ni trn th gii vi tim lc ti chnh vng mnh.

BO CO NGNH BIA
Cnh tranh gia bia v cc ung c cn khc
Th phn ung c cn ti Vit Nam theo lng tiu th, 2010-2015

100% 14%
1.24% 1.16% 1.11% 1.06% 1.06% 1.05%
99% 12.78%
1.16% 1.19% 1.21% 1.23% 1.29% 1.35% 12%
98%
10.89%
97%
10%
9.91%
96%
95% 8%
94%
6.43% 6%
93%
6.15%
92%
4%
97.60% 97.65% 97.68% 97.70% 97.65% 97.60%
91%
90% 2%
2010 2011 2012 2013 2014 2015
Bia Ru mnh Ru vang Tng trng trong tng mc tiu th ung c cn
Theo s liu t Euromonitor International, th trng ung c cn ti Vit Nam c xu hng m

rng u n qua cc nm vi mc CAGR 2010-2015 l 7,61%. Nh lng tiu th bia, ru
vang v ru mnh u tng. Tuy tng v con s tuyt i, song tc tng trng hng nm trong
lng tiu th ung c cn ti Vit Nam li c xu hng gim, t 12,78% trong nm 2011 xung
ch cn 6,43% vo nm 2015. iu ny cho thy tim nng tng trng ca th trng ny ang c
chiu hng chm li do s tc ng ca Chnh ph v B Y t thng qua cc hot ng tuyn truyn
nng cao nhn thc v tc hi ca ru bia v cc chnh sch hn ch tiu th ung c cn. Ti
Vit Nam, bia l thc ung c ngi dn la chn nhiu nht, duy tr th phn n nh vo khong
98% tng lng tiu th ca ton th trng trong sut giai on 2010-2015. Theo sau l ru
mnh v ru vang chim th phn rt nh ch t 1%-2%.
Tc tng trng lng tiu th cc loi ung c cn,
2011-2015 Tng trng tiu th bia
16%
15.32% Tng trng tiu th ru mnh
14% 12.98% Tng trng tiu th ru vang
11.70%
12% 12.84% 11.27%
10.99%
10% 10.92%
9.94%
8%
6.09% 6.38%
6%
4%
2011 2012 2013 2014 2015
Cng trong giai on ny, lng tiu th bia so vi cc loi ung c cn khc khng tng ln m
ang b ginh th phn quyt lit. Tc tng trng trong lng tiu th bia c xu hng gim trong
nm 2014 v 2015, khng t c mc tng trng cao nh cc nm trc . Trong khi tiu th
ru mnh li ang th hin xu hng tng trong cc nm gn y. Nhn vo biu trn c th thy
tc tng trng trong lng tiu th ru mnh giai on 2010-2015 lun trn mc 10%/nm,
cao hn so vi tc tng trng ca bia v ru vang, ln lt vo khong 9% v 6% mi nm.

BO CO NGNH BIA
Bn cnh , theo d bo ca World Bank, bt u t nm 2017, Vit Nam s bc vo giai on

gi ha dn s vi t l sinh gim v t trng dn s gi trn 65 tui lin tc tng cho n nm 2050.
iu ny ng ngha vi vic tui trung bnh ca ngi dn Vit Nam s ngy cng cao trong
nhng nm sp ti. Cng nh ti cc th trng tiu th ung c cn khc Chu , khi tui
tng ln, ngi tiu dng s gim tiu th bia m chuyn sang cc loi ru. C th, theo nghin cu
ca MSV Group, 91% bia tiu th ti Vit Nam thuc v nhm tui 18-39. Nh vy ch 9% lng bia
tiu th cn li l c ng gp t nhng ngi trong nhm tui t 40 tr ln.
Ngun: MSV Group
Do vy, vi tnh trng gi ha dn s bt u t nm 2017, cnh tranh gia bia v cc loi ung
c cn khc s ngy mt ngy gt hn v nguy c bia b mt th phn cho ru mnh l rt ln.
IV. Mi trng kinh doanh

1. Nhng c quan, ban ngnh, hip hi tham gia qun l ngnh Bia Vit Nam
B Cng Thng: www.moit.gov.vn

B K hoch v u t: www.mpi.gov.vn
B Ti chnh: www.mof.gov.vn
Hip hi Bia Ru Nc Gii Kht Vit Nam: http://www.vba.com.vn/
2. Nhng quy nh php l iu chnh v qun l th trng Bia Vit Nam
Mc d mang li ngun thu thu di do cho ngn sch nh nc, ngnh bia cng nh ton ngnh
ung c cn c nhn nh l c tc ng tiu cc n sc khe ca ngi tiu dng v an ninh
x hi. Do vy, chnh ph cng nh nhiu t chc x hi c nhiu hot ng hn ch tng
trng ca ngnh bia nh t chc tuyn truyn, gio dc v tc hi ca bia ru hay mnh tay nht
l tng thu tiu th c bit. Di y l mt s quy nh php l chnh tham gia iu chnh v qun
l th trng bia Vit Nam:
Thng t 45/2010/TT-BYT: Ban hnh quy chun k thut quc gia i vi cc sn phm
ung c cn. Ban hnh km thng t: QCVN 6-3:2010/BYT Quy chun k thut quc gia i
vi cc sn phm ung c cn.
Thng T 164/2013/TT-BTC: Ban hnh biu thu xut khu, biu thu nhp khu u i theo
danh mc mt hng chu thu.
Quyt nh s 2146/Q-TTg: Ph duyt n ti c cu ngnh cng thng phc v s
nghip cng nghip ha, hin i ha v pht trin bn vng giai on n nm 2020, tm nhn
n nm 2030.
Quyt nh s 244/Q-TTg: V chnh sch quc gia phng, chng tc hi ca lm dng
ung c cn n nm 2020.
Thng t s 175/2014/TT-BTC: Quy nh vic qun l v s dng kinh ph t ngn sch nh
nc thc hin cng tc phng, chng tc hi ca lm dng ung c cn.

BO CO NGNH BIA
Lut s 70/2014/QH13: Sa i, b sung mt s iu ca Lut Thu Tiu th c bit, c hiu

lc t ngy 1/1/2016. Trong biu thu tiu th c bit ca bia c l trnh nh sau:
T ngy 01/01/2016 n ht ngy 31/12/2016 : thu sut 55%
T ngy 01/01/2017 n ht ngy 31/12/2017 : thu sut 60%
T ngy 01/01/2018 : thu sut 65%
Thng t s 53/2014/TT-BCT: Quy nh iu kin bo m an ton thc phm i vi c s
sn xut, kinh doanh bia
Quyt nh s 3690/Q-BCT: Ph duyt quy hoch pht trin ngnh bia, ru, nc gii kht
Vit Nm n nm 2025, tm nhn n 2035.
3. Cc hip nh thng mi t do nh hng ti ngnh Bia Vit Nam
Hip nh Vn bn php l lin quan

Hip nh Thng mi hng ha ASEAN (ATIGA) 129/2016/N-CP
Hip nh TMTD ASEAN Trung Quc (ACFTA) 128/2016/N-CP
Hip nh TMTD ASEAN Hn Quc (AKFTA) 130/2016/N-CP
Hip nh TMTD Vit Nam Nht Bn (VJEPA) 125/2016/N-CP
Hip nh TMTD ASEAN c New zealand (AANZFTA) 127/2016/N-CP
Hip nh TMTD ASEAN - n (AIFTA) 126/2016/N-CP
Hip nh TMTD Vit Nam Chi L (VCFTA) 132/2016/N-CP
Hip nh TMTD Vit Nam Lin minh kinh t U 137/2016/N-CP
(VN-EAEUFTA)
Vi c th ngnh bia trong nc nhp khu gn nh 100% nguyn liu u vo, cc hip nh
thng mi t do, c bit l vi cc nc chu u, c, Trung Quc gip gim thu nhp khu
ca cc mt hng malt, hoa bia, men bia t cc quc gia cng k kt hip nh. Theo nh Thng t
s 164/2013/TT-BTC Ban hnh Biu thu xut khu, Biu thu nhp khu u i theo danh mc mt
hng chu thu, thu sut nhp khu ca malt, hoa bia v men bia ln lt l 5%, 5% v 7%. Vi cc
hip nh TMTD k trn, thu sut nhp khu nguyn liu cho ngnh bia c gim xung ng
k, vi mc thp nht l 0%, to iu kin cho cc doanh nghip sn xut bia trong nc nhp c
nguyn liu vi gi thp hn, gim thiu c chi ph trong khu u vo.
Thu sut nhp Thu sut nhp khu Thu sut nhp
Khu vc/Quc gia khu malt hoa bia khu men bia
2016 2017 2018 2016 2017 2018 2016 2017 2018
Cc quc gia ASEAN 0% 0% 0% 0% 0% 0% 0% 0% 0%
Trung Quc 0% 0% 0% 0% 0% 0% 0% 0% 0%
Hn Quc 0% 0% 0% 0% 0% 0% 0% 0% 0%
Nht Bn 1% 1% 0.5% 1% 0.5% 0% 1% 1% 0.5%
c - New Zealand 0% 0% 0% 0% 0% 0% 0% 0% 0%
n 2% 2% 1% 2% 2% 1% 5% 4% 3%
Chi L 5% 5% 5% 3%-5% 3%-5% 3%-5% 7% 6% 5%
Lin minh kinh t u 0% 0% 0% 0% 0% 0% 0% 0% 0%
Khc 5% 5% 5% 5% 5% 5% 7% 7% 7%
Ngun: Cc vn bn thc thi Hip nh TMTD

BO CO NGNH BIA
Mt khc, vic t do ha thng mi cng mang li nhiu thch thc mi cho cc doanh nghip sn
xut bia trong nc. C th, khi cc FTA c k kt v cc hng ro bo h c g b, Vit Nam,
vi li th v v tr a l, ti nguyn thin nhin, chi ph sn xut v nhn cng thp, tr nn v cng
hp dn i vi cc nh u t ngoi, thu ht ngy cng nhiu ngun vn u t trc tip (FDI)
vo trong nc. iu ny to p lc cnh tranh gay gt ln cc doanh nghip bia ni a, c phn
thua km hn v nng lc ti chnh, kinh nghim qun l, cng ngh sn xut so vi cc hng bia
khc nh Heineken, Carlsberg, AB-Inbev
Bn cnh , thu nhp khu bia vo Vit Nam cng c ct gim thng qua mt s FTA xung ch
cn 5% (chi tit xem ti bng di). Sp ti y, theo cam kt trong Hip nh TMTD Vit Nam EU
(28) d kin c hiu lc trong nm 2018, Vit Nam s xa b thu quan (thu nhp khu cn 0%)
theo l trnh 10 nm. iu ny ng ngha vi vic bia nhp khu s b mnh m vo th trng
Vit Nam trong nhng nm sp ti, c bit l cc loi bia t th trng EU, gia tng thm p lc
cnh tranh c v chng loi v cht lng sn phm cho ngnh.
Thu sut nhp khu bia 2016 2017 2018

Cc thnh vin WTO (MFN) 35% 35% 35%
Cc quc gia ASEAN (ATIGA) 5% 5% 0%
Trung Quc (ACFTA) 5% 5% 0%
Hn Quc (AKFTA) * * *
Nht Bn (VJEPA) 65% 65% 65%
c - New Zealand (AANZFTA) 80% 80% 80%
n (AIFTA) 65% 65% 65%
Chi L (VCFTA) 53% 53% 53%
Lin minh kinh t u (VN-EAEUFTA) 28,6% 25,5% 22,3%
Ngun: Cc vn bn thc thi Hip nh TMTD
Hot ng xut khu bia ca Vit Nam cng s c c hi pht trin, c bit l sang th trng cc
nc ASEAN, Trung Quc ( vi thu sut nhp khu 5%) v chu u (nh vo hip nh EVFTA,
hot ng xut khu ca Vit Nam sang EU c s kin s tng khong 10% n nm 2025). iu
ny cng khin cho Vit Nam tr thnh mt th trng hp dn trong mt cc hng bia ngoi, vi mc
tiu ly Vit Nam lm bn p pht trin v bnh trng ra ton khu vc ng Nam v Chu
Thi Bnh Dng.

BO CO NGNH BIA
4. Mi trng kinh t, vn ha, x hi
C cu dn s
C cu dn s theo nhm tui, 1990-2075F

6.74% 19.08% 26.27%
10.40%
100%
14.57%
90% 23.42% 26.80%
80% 70.31%
70% 70.27%
56.90%
60% 70.17%
50%
40% 57.64%
30%
20%
10%
0%
Nhm tui 0-14 Nhm tui 15-64 Nhm tui > 64
Ngun: World Bank, UN forecast (2015)
Vit Nam trong thi k dn s vng trong sut 29 nm qua vi t l ngi trong tui lao ng
(15-64 tui) lun mc cao hn 50% tng dn s. Tuy nhin, theo nghin cu ca World Bank v
United Nations (UN), t trng ngi trong tui lao ng ti Vit Nam t nh vo nm 2013
(70,31%) v bt u i vo gim di hn. C th, theo d bo ca UN, con s tuyt i v s
ngi trong tui lao ng ti Vit Nam s bt u gim t nm 2035 tr i v n 2075 ch cn
chim 57,64% tng dn s.
Bn cnh , t trng ngi cao tui ( trn 64 tui) ti Vit Nam t mc 6,74% trong nm 2015, khin
cho Vit Nam tr thnh mt trong nhng quc gia c tc dn s gi i nhanh nht. Cng trong d
bo ca UN, s lng ngi cao tui s tng t 6,4 triu ngi trong nm 2016 ln n 15,5 triu
ngi v chim hn 14% tng dn s vo nm 2035, bin Vit Nam t mt quc gia c dn s tr
chuyn thnh quc gia c dn s gi.
Vi c cu dn s gi i nhanh chng nh vy, c th ni rng ngnh bia cng s b nh hng khi

tng lp tiu th chnh ca ngnh ny l nhng ngi lao ng, ch yu trong tui 18-40. Vic t
trng ngi cao tui ngy cng cao s khin cho tim nng tiu th ca ngnh bia trong tng lai
cng gim dn.
th ha
Vit Nam l nc c tc th ha nhanh nht ng Nam (vo khong 3,4%/nm). Nm 1986,

c nc ch c gn 12 triu dn s th. Con s ny tng ln 31 triu vo nm 2015, chim 34,3%
tng dn s v ng gp vo hn mt na GDP Vit Nam.
Tnh n nm 2015, s lng cc khu vc thnh th tng t 420 trong nm 1995 ln 775 khu vc v
tng din tch th cng tng gp i t 836.117 ha ln 1.642.420 ha.

BO CO NGNH BIA
S lng Tng din tch Dn s th T trng dn

Nm
th th (hc-ta) (triu ngi) s th (%)
1995 420 836.117 14,9 20,8
2000 629 990.276 18,7 24,1
2005 675 1.153.549 22,3 27,1
2010 752 1.372.038 25,4 29,6
2015 775 1.642.420 31,0 34,3

Ngun: TCTK
S chuyn dch gia nng thn v thnh th s to ra nhng thay i trong c cu ngh nghip, t
lm nng nghip sang phi nng nghip, v thay i din mo cng nh cht lng cuc sng ca
ngi dn. Mc sng ca ngi dn s c ci thin v ng thi nhiu loi hnh dch v c c hi
pht trin s khin cho thi quen tiu th ca ngi tiu dng thay i theo hng chi tiu nhiu hn.
Nh vy, hot ng tiu th bia cng s tng ln trong tng lai i cng vi thi k y mnh th
ha ti Vit Nam.
Tnh hnh ti chnh c nhn
USD
Ch s GNI/ngi ti Vit Nam, 1990-2016
2,500 10%
2,050 8%
2,000
6%
1,500 4%
2%
1,000 0%
-2%
500
110 -4%
- -6%
2006
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
GNI per capita GNI per capita growth
Ngun: World Bank

Ch s GNI/ngi (thu nhp quc dn bnh qun u ngi) ti Vit Nam lin tc tng trong giai on
1991-2016, t mc 110 USD/ngi trong nm 1991 ln 2050 USD/ngi trong nm 2016. Tc
tng trng ca ch s GNI/ngi ti nc ta dao ng trong khong 4%-6% giai on 2000-2016.
Cng theo d bo ca Tng cc Thng k Vit Nam, s ngi c thu nhp c xp vo tng lp
trung lu theo chun quc t (c sc mua > 15 USD/ngy) c d kin s chim mt na dn s
Vit Nam vo nm 2035 thay v ch chim 11% nh hin ti.
Theo nghin cu ca t chc Nielsen, Vit Nam kt thc nm 2016 vi ch s nim tin ngi tiu
dng cao, tr thnh quc gia ng th 5 v mc lc quan trn th gii. Cng theo nghin cu ny,
ngi Vit tuy c ch s tit kim cao nht th gii (76% thu nhp dnh cho tit kim) nhng cng
sn sng chi tiu cho cc hot ng gii tr bn ngoi.
Nh vy, trin vng tch cc v tnh hnh ti chnh c nhn, s lc quan ca ngi tiu dng cng vi
xu hng chi tiu ngy cng nhiu cho cc hot ng gii tr bn ngoi s l ng lc kch thch tng
trng trong tiu th bia, c bit l qua cc knh On-trade.

BO CO NGNH BIA
V. Mc cnh tranh ca ngnh Bia ti Vit Nam
1. Mc cnh tranh gia cc cng ty trong ngnh Bia
Theo thng k ca Hip hi Bia-Ru-NGK Vit Nam (VBA), tnh n nm 2016, trn c nc
c 129 c s sn xut bia nm trn 43 tnh, thnh ph. Th trng bia trong nc tuy c s lng
c s sn xut ln, nhng hu ht chu s qun l ca hai tng cng ty l Tng CTCP Bia -
Ru - Nc gii kht Si Gn v Tng CTCP Bia - Ru - Nc gii kht H Ni, khin cho
sc mnh chi phi ton ngnh sn xut bia Vit gn nh nm trong tay Sabeco v Habeco.
Nh phn tch trong phn u ra ca Chui gi tr ngnh Bia Vit Nam, th trng bia trong
nc hin ang c mc tp trung tng i cao, vi 4 thng hiu ln Sabeco, Habeco,
Heineken v Carlsberg chim hn 90% th phn ton ngnh. Bn cnh , ph ca cc hng
bia cn c xu hng phn chia theo min. C th, Sabeco chim lnh khu vc min Nam,
Carlsberg s hu 100% thng hiu bia Hu hin din nhiu nht min Trung, Habeco dn
u th trng min Bc v Heineken th ph sng rng ri ti min Trung v min Nam. 10%
cn li ca th trng thuc v cc cng ty bia nc ngoi mi gia nhp ngnh nh Sapporo v
AB-Inbev cng vi cc cng ty bia vi quy m nh hn nh Masan Brewery vi thng hiu bia
S T Trng tiu th nhiu nht khu vc Ty Nam B. Do t c v tr thng lnh ti cc
khu vc ln cn, cc hng bia ln ang bt u cc chin dch bnh trng th phn sang cc
vng min xa hn. iu ny khin cho cc hng bia trong ngnh phi i mt vi cnh tranh gay
gt gi vng th phn hin c ng thi chim c thm th phn t cc vng khc trn c
nc.
V phn khc sn phm, Sabeco v Habeco thng lnh phn khc bnh dn v trung cp; trong
khi phn khc bia cao cp li thuc v cc hng bia ngoi. Nh phn tch trn, th phn
tiu th ca Sabeco v Habeco khng tng trong giai on 2011-2015 trong khi th phn ca
Heineken, Carlsberg, Sapporo th hin xu hng tng qua cc nm cho thy cc cng ty bia
ngoi ang dn thng th trong cuc chin tranh ginh th phn ngnh bia Vit Nam.
Khng ch gp cnh tranh gay gt t cc nh sn xut trong nc, bia Vit cn phi cnh tranh
vi cc loi bia nhp khu ang t tin vo th trng. Nh vo cc FTA c k kt khin cho
thu nhp khu bia gim mnh, xu hng tiu dng cao cp ha v thu nhp c nhn tng, cc
dng bia nhp ngoi dng nh ang c a chung hn, c bit l ti cc tnh, thnh ph
ln. Trong nhng nm ti y, do th hiu ngi tiu dng trong nc thay i, cc loi bia mi,
c bit l bia nhp khu trong phn khc cao cp, s hin din ngy cng nhiu trn th trng
Vit Nam, to p lc ln cc loi bia sn xut trong nc bt buc phi nng cp c v cht
lng, mu m v chng loi sn phm.
2. Ri ro t i th mi gia nhp ngnh Bia
Ro cn gia nhp ngnh cao do mc tp trung ca ngnh cao (90% th phn thuc v 3 hng
bia ln). Thm vo , h thng phn phi rng khp v mc hin din rng ca cc hng bia
ang hot ng trong ngnh s khin cho nguy c b o thi ca mt hng bia mi rt cao. Bn
cnh , ngi Vit c xu hng ch tiu th cc thng hiu bia quen thuc v lu i, v vy,
c th sng st v tn ti c trn th trng bia Vit, cc hng bia mi s cn phi u t
mnh cho hot ng marketing thng hiu v chp nhn thua l trong nhng nm u c
c ch ng trong nhn thc ngi tiu dng.
Cc thnh vin mi ra nhp ngnh cn phi i mt vi kh khn khi tip cn vi cc knh phn
phi. Cc hng bia thng k hp ng vi cc im bn on-trade nh nh hng, khch sn,
qun bar trong h c quyn c quyn bn v t chc cc hot ng khuyn mi, qung
co v tip th cc loi bia do cng ty sn xut ti cc a im ny. i li l cam kt u i,
chit khu hng bn hoc thng cho i tc mt khon tin mt c thanh ton trong thi

BO CO NGNH BIA
hn hiu lc hp ng. Do cc hp ng c tnh c quyn gia nh sn xut v cc im bn

on-trade, cc a im ny khng th bn cc loi bia ca hng khc. iu ny khin cho ri ro
n t cc i th gia nhp ngnh thp i, do hu ht cc knh phn phi trn th trng u
b phong ta bi cc hng bia ang hot ng trong ngnh.
Sc hp dn ca ngnh bia Vit Nam i vi cc i th mi l rt ln. Vi vic c nhn nh

l th trng tim nng s mt ng Nam , v th ba chu , Vit Nam tr thnh mt im n
hp dn cho cc doanh nghip FDI, c bit l cc hng bia ln nh Asahi v Kirin ca Nht
Bn, Thai Breverage v Singha ca Thi Lan, San Miguel ca Phillipines
3. Ri ro v sn phm thay th
Sn phm thay th ca bia l cc ung c cn khc nh ru mnh, ru vang, Cider

Cng trong phn tch u ra ca Chui gi tr ngnh bia Vit Nam, bia gp phi cnh tranh nhiu
t ru mnh v ru vang. c bit vi tc dn s gi ha nhanh, t l ngi chuyn sang
tiu th ru mnh s tng ln, t nh hng n lng tiu th bia trong ngnh.
Tuy nhin, trong cc nm sp ti bia vn l loi ung c cn c a dng nhiu nht (duy
tr th phn trn 90% tng lng tiu th ung c cn), c bit l ti th trng Nam Trung
B, ng Nam B v ng bng sng Cu Long, ni c kh hu nng quanh nm, thch hp cho
vic tiu th bia c ngoi qun v ti nh.
4. Sc mnh tr gi ca nh cung cp
Cc doanh nghip sn xut bia trong nc phi nhp khu gn nh 100% nguyn liu u vo.
Hn th na, kh hu v a hnh Vit Nam khng thch hp xy dng vng nguyn liu la
mch, hoa bia. Do vy, v th ca cc doanh nghip bia trong nc c hin ti v trong tng lai
u yu hn so vi nh cung cp nguyn liu. Cnh tranh gay gt trong ngnh v yu cu v
cht lng ngy cng cao ca ngi tiu dng s khin cho cc doanh nghip phi ch ng
tm kim cc ngun cung nguyn liu tt v n nh trn th trng, khin cho sc mnh nh
cung cp cng c cng c.
Do la mch, malt v hoa bia u l cc loi nguyn liu t nhin, bin ng trong ngun cung
malt v hoa bia chu nh hng mnh m bi iu kin thi tit ti cc vng trng nguyn liu.
Theo phn tch phn ngnh th gii, ngun cung hoa bia thng xuyn ri vo tnh trng thiu
ht, khng tha mn tc tng trng nhanh chng ca cu. Chnh v ngun cung thp hn
so vi cu, sc mnh tr gi ca nh cung cp nguyn liu u vo cho ngnh bia cng vng
chc, khin cho gi nguyn liu tng cao, nh hng n bin li nhun ca ton ngnh.
5. Sc mnh tr gi ca ngi mua
Khch hng trong phn khc bia trung cp v bnh dn rt nhy cm v gi, c bit l do thi
quen tiu th bia vi lng ln trong mi dp nhu vi mc ch ung nhiu say. Cc sn
phm bia phn khc ny cng c ph rng ti c thnh th v nng thn, khch hng c th
d dng tip cn bt c lc no. Do vy, ngi tiu dng c th d dng chuyn sang s dng
mt sn phm ca hng bia khc khi loi bia m h hay s dng tng gi. iu ny lm cho sc
mnh tr gi ca ngi mua phn khc bnh dn v trung cp tng i cao, v cc hng bia
thng gp kh khn khi a ra cc quyt nh tng gi bn, mc d chi ph nguyn liu u vo
tng trong cc nm gn y v thu TTB ang trong l trnh tng 5% mi nm cho n 2018.
phn khc cao cp, do hin ti mc a dng v sn phm phn khc ny cha cao, nhn
thc ca ngi tiu dng v cc thng hiu vn cn thp, nn loi bia ph bin nht trong phn
khc ny vn l bia Heineken v Tiger. Do xu hng chung bia cao cp th hin ng cp
x hi, mc nhy v gi ca phn khc ny thp hn cc phn khc bnh dn v trung bnh.
Cng thm vic cc hng bia ngoi khc ngoi Heineken mi ch gia nhp th trng Vit Nam

BO CO NGNH BIA
vi nm gn y nn mc hin din cha cao, t c ngi tiu dng bit n, khin cho
sc mnh tr gi ca ngi mua phn khc cao cp l rt thp.
Mc cnh tranh ngnh Bia Vit Nam

Cnh tranh gia cc
doanh nghip trong
ngnh
Ri ro sn phm thay th Ri ro t i th mi
Sc mnh nh cung cp Sc mnh ngi mua
Kt lun: Mc cnh tranh trong ngnh bia ang mc tng i cao vi p lc n t nhiu
pha. u tin l vic ngun cung nguyn liu u vo ph thuc phn ln vo hot ng nhp khu
khin cho cc hng bia trong ngnh chu ri ro ln t bin ng gi nguyn liu v ri ro t gi. Cnh
tranh gia cc doanh nghip trong ngnh cng ang mc rt cao. Cuc chin ginh th phn v
vic cc doanh nghip ang cng nhm n phn khc cao cp s khin cho cnh tranh ngy cng
gia tng. Khng nhng th, th trng Vit Nam cn ang l ch nhm ca nhiu hng bia ngoi
cha gia nhp ngnh v vic ct gim thu nhp khu bia qua cc FTA s cng lm cho th trng
bia Vit tr nn hp dn. Ri ro t cc sn phm thay th khng qu ng lo ngi khi bia tip tc l
loi ung c cn c la chn tiu dng nhiu nht ti Vit Nam v vn ha ny cha c du
hiu dch chuyn ln trong thi gian ti. V sc mnh tr gi, phn khc bia trung cp c i tng
khch hng ch yu thuc tng lp lao ng nhy cm vi gi hn cc khch hng trong phn khc
cao cp. iu ny khin cho cc doanh nghip tp trung trong phn khc bnh dn, trung cp gp kh
khn khi gi bn tng do thu TTB tng, nh hng n li nhun ca cc hng bia trong ngnh.

BO CO NGNH BIA
C. TRIN VNG NGNH BIA VIT NAM
I. Phn tch SWOT ngnh Bia Vit Nam
im mnh C cu dn s vng, trnh dn tr ngy cng cao, s pht trin ca tng lp

trung lu v trin vng kinh t n nh ca chnh ph l nhng yu t chnh gip
cho ngi tiu dng Vit lc quan hn, chi tiu nhiu hn v ung bia nhiu hn.
im yu Thu nhp ca ngi dn phn ha mnh gia cc khu vc nng thn v thnh
th. Do , xu hng v thi quen tiu th ca ngi Vit gia cc khu vc cng
khc bit ng k, ph thuc vo mc thu nhp ca tng ngi.
iu kin thin nhin khng ph hp cho vic pht trin vng nguyn liu, khin
cho cc doanh nghip sn xut trong nc phi nhp khu gn nh 100% nguyn
liu u vo, chu ri ro cao v bin ng ngun cung, bin ng gi v bin ng
t gi.
Cc hng bia ni a cha nng lc cnh tranh ti phn khc bia cao cp,
trong khi xu hng cao cp ha ang din ra mnh m. Li nhun t phn khc
ny ang dn v cc hng bia ngoi. Tuy c nhng n lc tham gia vo phn
khc bia cao cp, mc nhn din thng hiu ca bia Si Gn v bia H Ni
trong phn khc ny cha cao. Nhn thc ca ngi tiu dng v hai hng bia
ni a ch yu gn vi hnh nh bia i tr, bnh dn, gn gi vi tng lp ngi
lao ng.
C hi p lc cnh tranh n t trong v ngoi ngnh ngy cng gay gt l ng lc

khin cho cc doanh nghip ci tin v nng cao hiu qu hot ng, kch thch
tng trng ton ngnh.
Chnh ph khuyn khch sn xut bia cao cp v bia khng cn, y mnh xut
khu.
Thu nhp ngi dn tng v xu hng chi tiu nhiu cho hot ng gii tr khin
cho cu v cc loi ung tng.
Th trng bia Vit Nam c sc tiu th mnh, c hi xut khu ngy cng nhiu
nh cc FTA c k kt, thu nhp khu nguyn liu u vo gim v 0% t
nhiu quc gia v chi ph nhn cng khng cao l nhng yu t thu ht vn u
t mi vo trong ngnh.
Vit Nam c nh gi l mt im n du lch ngy cng hp dn. Theo s liu

thng k ca Tng cc Du lch, lng khch quc t n Vit Nam trong thng
4/2017 c t 1.071.650 lt, tng 6,5% so vi thng 03/2017 v tng 34,0%
so vi cng k nm 2016. Vi quy m ngnh du lch ngy cng m rng v pht
trin, ngnh thc ung gii kht, trong c bia t cng s c hng li.
K hoch thoi vn khi hai tng cng ty Sabeco v Habeco ca B Cng thng
thu ht s quan tm ca c trong v ngoi nc, mang li c hi ci tin, m
rng, nng tm vc ngnh bia Vit Nam ln ngang bng vi nhng th trng bia
ln trn th gii.
Thch thc Cuc chin chng hng gi, hng nhi, hng km cht lng s tip tc l mt
thch thc ln i vi cc doanh nghip trong ngnh.

BO CO NGNH BIA
p lc cnh tranh gay gt s to ra mt cuc sng lc khc lit i vi cc hng

bia trn th trng, buc cc doanh nghip bia phi u t mnh cho nhiu khu
t u n cui chui gi tr, t nhp khu nguyn ph liu, nng cng sut, i
mi thit b, cng ngh n u t cho hot ng marking qung b sn phm.
Cc doanh nghip khng c tim lc ti chnh mnh v cc chin lc kinh
doanh hiu qu, ph hp vi th trng v th hiu ca ngi tiu dng s b o
thi ra khi th trng.
T do ha thng mi mang li c hi xut khu ra cc th trng th gii nhng

cng ng thi y mnh nhp khu bia vo Vit Nam, to p lc cnh tranh ln
cc hng bia trong nc, c bit l trong phn khc cao cp.
Gi nguyn liu u vo tng do ngun cung bin ng kh lng, chi ph u t

cho my mc thit b, cho cc hot ng marketing v l trnh tng thu tiu th
c bit vi thu sut 60% trong nm 2017 v 65% trong nm 2018 s tip tc l
cc yu t chnh nh hng n tiu th v tng trng ca ton ngnh.
II. Xu hng v trin vng ngnh Bia Vit Nam
1. Xu hng pht trin ca ngnh Bia Vit Nam
Xu hng cao cp ha: i cng vi nhng thay i trong xu hng tiu th bia ca th gii, ngnh
bia Vit Nam cng c nhng biu hin r rt ca xu hng cao cp ha. Bn cnh , do tc ng
ca cc hot ng tuyn truyn ca chnh ph cng nh ni lo s ca ngi tiu dng v tc hi ca
ru bia, ngi dn ngy cng quan tm n sc khe, v c xu hng chuyn sang tiu th cc
loi bia nhp khu c nh gi l c cht lng tt hn bia trong nc.
Xu hng tiu th cc loi bia t/khng cn: Theo nghin cu ca t chc Nielsen, tnh n nm
2016, sau tnh n nh v cng vic, mi quan tm quan trng tip theo i vi ngi dn Vit Nam
l vn sc khe. Trn thc t, mc quan tm v sc khe ca ngi Vit c xu hng tng
mnh t 34% trong qu 4/2015 ln n 42% trong qu 4/2016. Con s ny c d bo l s cn
tip tc tng, c bit l trong bi cnh v sinh an ton thc phm ang l vn nhc nhi gy ra
nhiu lo ngi v sc khe cho ngi dn c nc. V di hn, s quan tm ca ngi Vit i vi
sc khe s to ra mt xu hng mi: xu hng tiu th cc loi bia khng cn. Hin nay, loi bia
khng cn sn xut ni a duy nht trn th trng Vit Nam l bia Sagota (gia nhp th trng t
nm 2014), cng vi cc dng bia nhp khu khc nh bia Bavaria ca H Lan hay bia OeTTinger
ca c Cc sn phm ny tp trung vo phn khc khch hng l ngi n chay v nhng ngi
c vn trong gan hay ng tiu ha. Tuy t trng tiu th ca loi bia ny trn th trng trong
nc hin nay cn rt thp, nhng v di hn, chng ti d on bia t/khng cn s c ngi tiu
dng Vit tch cc n nhn v a chung.
2. Trin vng ngnh bia Vit Nam
2.1. D bo lng tiu th v tc tng trng lng tiu th bia
Phn khc bia 2015-2020 CAGR

Bia cao cp ni a 5,3%
Bia cao cp nhp khu 7,2%
Bia trung cp ni a 7,1%
Bia bnh dn ni a 3,7%
Tng 6,0%

BO CO NGNH BIA
Theo d bo ca Euromonitor, trong giai on 2015-2020, ngnh bia Vit Nam s khng cn gi
c mc tng trng 2 ch s nh giai on trc m dng li mc CAGR 6%. n nm 2020,
tng lng bia tiu th ti Vit Nam s t mc 4,8 t lt v loi bia tiu th chnh vn l bia lager.
V phn khc sn phm, bia trung cp ni a vn l phn khc c mc tiu th cao nht c nc v
c d bo c CAGR 2015-2020 l 7,1%, cao hn mc trung bnh ngnh. iu ny l do c cu
dn s vng lc lng tiu th bia nhiu nht, tuy c UN d bo s c xu hng gim t mc
trn 70% trong nm 2016 xung cn 57,6% trong nm 2075, nhng vn l nhm tui chim t trng
cao nht trong c cu dn s. Ti Vit Nam, bia trung cp vn l loi bia ph bin v quen thuc trong
tng lp ngi lao ng.
Bn cnh , phn khc bia cao cp nhp khu c d bo c mc tng trng hng nm trong
giai on 2015-2020 cao hn cc phn khc cn li, vi CAGR khong 7,2%, do quy m phn khc
ny so vi ton ngnh vn cn thp, cng nh cc cam kt ct gim thu quan trong cc FTA v xu
hng a chung bia nhp khu ca tng lp trung lu Vit Nam s thc y tng trng mnh m
cho phn khc ny trong tng lai.
2.2. T sut sinh li ca ngnh bia Vit Nam
T sut sinh li ca ngnh bia chu nh hng nhiu nht t bn yu t: bin ng gi nguyn liu
nhp khu; cnh tranh trong ngnh lm gia tng chi ph sn xut, chi ph qung co; chnh sch ca
chnh ph tuyn truyn phng chng tc hi ca bia ru v tng thu tiu th c bit nhm hn ch
tiu th bia v cui cng l xu hng cao cp ha.
Nh phn tch trn, chi ph nguyn vt liu chim t trng ln trong c cu gi vn ca cc

doanh nghip sn xut bia, ch yu ri vo khong 70-80% tng gi vn, khin cho bin li nhun
ca ngnh bia tr nn v cng nhy cm vi gi nguyn vt liu.
Trong bi cnh cnh tranh ngy cng gay gt, cc doanh nghip phi khng ngng u t ci tin
v i mi cng ngh, dy chuyn sn xut nng cao cht lng sn phm. ng thi, u t
chi cho qung co cng l hot ng khng th thiu trong ngnh bia, c bit l khi tiu th bia
ph thuc nhiu vo mc nhn din thng hiu. Nhn chung, cnh tranh l ng lc khin
ton ngnh m rng v pht trin, nhng cng l yu t gin tip lm gim bin li nhun ca
ngnh khi chi ph sn xut v chi ph qung co tng cao.
Hnh ng ca chnh ph hn ch tiu th ung c cn, c bit l chnh sch tng thu
tiu th c bit ln 60% trong nm 2017 v 65% trong nm 2018 s khin cho doanh thu v bin
li nhun ca ngnh bia trong nhng nm sp ti b nh hng. Bn cnh , cc hng bia trong
nc cn gp kh khn khi gi bia tng do Vit Nam l mt th trng rt nhy cm v gi.
Xu hng tiu th cao cp ha s kch thch tng trng li nhun ca ton ngnh. Tuy nhin y
va l c hi cng va l thch thc cho cc hng bia ni a. Hin ti li nhun ca phn khc
bia cao cp hu ht u chy v cc hng bia ngoi nh Heineken, Carlsberg, Sapporo, AB-Inbev,
gy kh khn cho cc doanh nghip bia ni trong vic gia nhp v m rng th phn ti phn khc
cao cp. Vic Sabeco, Habeco hay cc hng bia ni liu c ginh c li nhun t phn khc
ny hay khng ph thuc vo kh nng gia tng nng lc cnh tranh ca doanh nghip, c v hot
ng i mi nng cao cht lng bia cng nh hot ng marketing nng tm thng hiu.
2.3. Ri ro tc ng ti ngnh bia Vit Nam
Ri ro nguyn liu u vo: y l mt trong nhng ri ro ln nht m cc doanh nghip sn xut

bia gp phi. Ri ro khng ch do nguyn liu sn xut c nhp khu hon ton, m cn do
ngun cung ca cc nguyn liu ny trn th gii cng khng n nh, thng xuyn ri vo tnh
trng thiu ht v bin ng mnh theo yu t thi tit.

BO CO NGNH BIA
Ri ro th trng: cnh tranh gay gt t c trong v ngoi nc s to ra mt cuc chin sng lc

khc lit trong ngnh bia Vit Nam.
Ri ro chnh sch: cc chnh sch hn ch tiu th bia ru v tng thu sut ln cc mt hng
ung c cn s gia tng p lc chi ph ln cc doanh nghip trong ngnh.
III. Khuyn ngh u t
Vi trin vng pht trin ca ngnh bia, chng ti a ra khuyn ngh sau:
Trong ngn hn (di 1 nm): khuyn ngh tch cc i vi cc m c phiu SAB, WSB, SMB,
BSQ, v THB. y l cc doanh nghip c hot ng kinh doanh tt v cn tim nng tng
trng. Bn cnh , nhm cc c phiu ngnh bia s c hng li t vic thoi vn nh
nc khi Tng Cng ty Bia Ru Nc gii kht Si Gn (Sabeco) v Tng Cng ty Bia
Ru Nc gii kht H Ni (Habeco) c d kin s hon tt trong nm 2017.
Trong trung v di hn (1-5 nm): Khuyn ngh tch cc i vi c ngnh bia Vit Nam. Sau
khi c t nhn ha, cc hot ng ti cu trc s din ra trn phm vi ton ngnh do quy m
v ln ca hai Tng cng ty ph sng khp c nc. Cc khon u t mnh ca khi t
nhn, c bit l t cc hng bia ngoi xy dng thm nh my, nng cp dy chuyn sn
xut, nng cao cht lng bia thnh phm c k vng s l ng lc tng trng cho ngnh
bia Vit Nam trong vng 5 nm sp ti.

BO CO NGNH BIA
D. CP NHT CC CNG TY NGNH BIA VIT NAM
I. Cp nht nhng ch s ti chnh quan trng ca cc cng ty
Vn ha cc doanh nghip nim yt trong ngnh Bia Vit Nam

Ngy: 24/07/2017
Vn ha VN-Index
(1880,3 nghn t VND),
100% Vn ha ngnh bia
(173,6 nghn t VND),
9.23%
*Vn ha ngnh bia c tnh da trn vn ha ca cc doanh nghip hin ang nim yt v ng
k giao dch trn th trng chng khon Vit Nam. Ti ngy 24/07/2017, Vn ha ngnh bia trn
TTCK chim khong 65% th phn ton ngnh bia Vit Nam.
Vn ha ca cc cng ty trong ngnh bia Vit Nam chim n 9,23% tng gi tr vn ha VN-Index,
ch yu l do SAB vi vn ha 151.022 t ng l doanh nghip c gi tr vn ha ln th hai ton
th trng.
M Vn ha Doanh thu Bin LN LNST Bin LN TTS/Vn

P/E ROE ROA
CP (t ng) (t ng) gp (t ng) rng CSH
Nhm Tng Cng ty

SAB 151.022 32,4 30.569 27,05% 4654,59 15,23% 1,54 37,4% 24,3%
BHN 18.266 24,4 9.996 27,85% 796,70 7,97% 1,50 12,2% 8,1%
Nhm Cng ty con & LDLK
WSB 787,35 8,4 903 18,20% 109,45 12,12% 1,87 22,16% 18,14%
SMB 835,71 11,3 820 25,00% 103,68 12,64% 1,45 23,27% 18,88%
BSP 310 9,7 477 13,00% 37,91 7,95% 1,76 16,65% 14,27%
BSQ 1062 13,9 955 14,00% 84,89 8,89% 2,02 14,90% 12,97%
SBL 230,63 4,4 321 18,00% 39,36 12,26% 1,53 19,62% 16,40%
SB1 147 8,1 296 20,00% 12,47 4,21% 1,57 7,74% 7,18%
THB 211,35 20,2 582 19,00% 11,86 2,04% 1,57 5,40% 5,12%
BTB 92,30 12,9 247 21,00% 4,44 1,80% 1,81 2,82% 2,74%
BHP 98,22 22,1 181 19,00% 8,82 4,87% 3,92 8,84% 8,12%
HAD 150,80 9,8 188 23,00% 17,11 9,10% 1,12 11,02% 9,92%
Ngun: Bloomberg; BCTC cc cng ty

BO CO NGNH BIA
II. C cu c ng s hu cc cng ty bia Vit Nam
C cu s hu ca Tng CTCP Bia Ru Nc gii kht H Ni v mt s cng ty con

nim yt trn sn chng khon:
C cu s hu ca Tng CTCP Bia Ru Nc gii kht Si Gn v mt s cng ty con, lin

danh lin kt ni bt nim yt trn sn chng khon:
Hin ti, i din ca Nh nc l B Cng thng ang nm gi hn 80% ti mi Tng cng ty.
ng thi, Sabeco hin ang s hu 23 cng ty con v 14 cng ty lin kt; Habeco s hu 17 cng
ty con v 6 cng ty lin kt. Nh vy, c th ni phn ln ngnh bia Vit Nam chu s chi phi v kim
sot bi Nh nc. Tuy nhin, vi l trnh B Cng thng thoi vn khi hai tng cng ty c
ra theo nguyn tc Nh nc nm di 50% vn iu l hoc khng cn nm gi, th trng c
quyn hi vng v mt din mo mi cho ngnh bia Vit Nam.
Tnh n thi im hin ti, rt nhiu cc hng bia ngoi ln nh Thai Beverage v Singha ca Thi
Lan, Kirin v Asahi ca Nht Bn, Heineken v Anheuser-Busch InBev ca H Lan... by t s quan

BO CO NGNH BIA
tm ti vic mua li c phn ti Sabeco v Habeco. c bit, vi t cch l c ng chin lc ca

Habeco, Carlsberg c quyn u tin mua li khi Nh nc thoi vn.
Khi vic thoi vn hon tt, cc hng bia ngoi ln trn th gii ny c k vng s mang n nhng
chin lc ti cu trc hiu qu cho tng cng ty v cc cng ty con, nng cao cht lng nh my
v quy trnh sn xut ln chun th gii. Tuy nhin, vic hng bia ngoi s hu c hai Tng cng
ty Bia ln nht c nc cng lm dy ln lo ngi v s xa s ca cc hng bia ni. C th ni, mc
ch m cc hng bia ngoi nhm n khng phi l s hu c thng hiu bia Si Gn v bia H
Ni m l tn dng h thng phn phi rng khp c nc ca hai cng ty ny y cc sn phm
bia ngoi ca hng vo th trng Vit Nam. Do vy, ngnh bia Vit Nam hin ti ang trong giai on
chuyn tip rt nhy cm, v nhng thay i trong din mo v cu trc ngnh sp ti ph thuc phn
ln vo quyt nh thoi vn v trao tay quyn s hu ca B Cng thng.
III. Hiu qu hot ng ca cc cng ty trong ngnh
1. Doanh thu
Tng trng doanh thu Nhm Tng cng ty, 2014-2016

(T ng)
35000 12.62% 14%
30000 12%
25000 10.29% 10.16% 10%
20000 8%
15000 5.07% 6%
4.54% 3.71%
10000 4%
5000 2%
0 0%
2014 2015 2016 2014 2015 2016
SAB BHN
Doanh thu Tng trng doanh thu
V tnh hnh kinh t chung, 2014-2016 l giai on nn kinh t Vit Nam c nhng hi phc tch cc
vi ch s nim tin ngi tiu dng lin tc tng qua cc nm v s thay i trong xu hng tiu th
t ct gim sang tng chi tiu cho cc hot ng gii tr bn ngoi. c bit, 2015 l nm Vit Nam
hon tt m phn nhiu hip nh thng mi t do th h mi, nh du mt thi k mi cho qu
trnh hi nhp kinh t quc t. Lc quan v mt nn kinh t c trin vng trong tng lai, sc mua
ngi tiu dng tng tr li, tc ng tch cc n ngnh bia trong nc.
Doanh thu hp nht ti c hai tng cng ty u tng v con s tuyt i qua cc nm trong giai on
2014-2016. Sabeco c tc tng trng doanh thu n tng, tng qua cc nm t 4,54% trong
nm 2014 ln 10,29% v 12,62% trong nm 2015 v 2016. Th trng tiu th ch lc ca Sabeco
vn l khu vc min Nam, song song vi , th phn ti cc khu vc min Trung, min Bc ang
tng trng tt. Ngc li vi xu hng tng ny, tc tng trng doanh thu ca Habeco li xt
gim ng k t 10,16% xung ch cn 3,71% trong nm 2016. C th thy rng Habeco ang ngy
mt yu th so vi Sabeco v Heineken v ang mt dn th phn vo tay cc i th ln ny.

BO CO NGNH BIA
Tng trng doanh thu 2015-2016 ca Nhm Cng ty con & LDLK
(T ng) Doanh thu 2015 30%
25.33%
1000 Doanh thu 2016 25%
Tng trng 2015-2016
800 20%
13.43%
15%
600 9.32% 8.79%
7.92% 10%
4.23% 4.02%
8.32% 5%
400
-1.98%
0%
-4.57%
200
-5%
0 -10%
WSB SMB BSP BSQ SBL SB1 THB BHP BTB HAD
SAB BHN
V hot ng ca cc cng ty con nim yt trn sn chng khon ca hai Tng cng ty, nhm cc
cng ty con ca Sabeco u c s tng trng trong doanh thu 2016 so vi cng k nm trc. c
bit Cng ty CP Bia Si Gn Qung Ngi (BSQ) vi Nh my bia Si Gn Qung Ngi l mt
trong nhng nh my trng im ca Sabeco ti min Trung, c mc tng trng trong nm 2016
t 25,33%. y cng ng thi l cng ty c quy m doanh thu ln nht so vi cc cng ty ln
sn trc ca Sabeco tnh n nm 2016. Bn cnh , Cng ty CP Bia Si Gn Bc Liu (SBL),
mt cng ty lin kt ca Sabeco (s hu 20%), cng t mc tng trng doanh thu tt trong nm
2016 (13,43%) nh tp trung sn xut cc sn phm thuc phn khc trung v cao cp ang l xu
hng tiu th ca th trng.
Cc cng ty con nim yt ca Habeco li c mt nm hot ng m m vi Cng ty CP Bia H

Ni Hi Phng v Cng ty CP Bia H Ni Hi Dng c tc tng trng doanh thu m trong
nm 2016. Ngc li, Cng ty CP Bia Thanh Ha li c t l tng trng doanh thu 8,79%, tng
ng vi mc tng trng ca Cng ty CP Bia Si Gn Min Ty (WSB), Cng ty CP Bia Si Gn
Min Trung (SMB) v Cng ty CP Bia Si Gn Ph Th (BSP) thuc Sabeco. Sn phm Bia Thanh
Ha trong nhiu nm qua lun lt top 10 sn phm bia c tiu th nhiu nht ti Vit Nam.
2. Li nhun gp
Bin LN gp nhm Tng cng ty, 2012-2016

29% 27.85%
27.84%
28%
28% 27.05% 27.16%
27%
27%
26% 25.71%
26% 25.13%
25%
25%
24%
24%
2014 2015 2016 2014 2015 2016
SAB BHN
Nhn chung, bin li nhun ca ngnh bia b nh hng nhiu bi chi ph nguyn liu u vo (thng
chim 70-80% c cu gi vn hng bn). Do cu nguyn liu sn xut bia thng xuyn trong tnh
trng vt qu ngun cung, gi nguyn liu sn xut bia mc d gim trong nm 2016 nhng c
d kin s tng trong cc nm sp ti. Trong giai on 2014-2016, Sabeco v Habeco u c gi vn
hng bn tng qua cc nm, tuy nhin tc tng ca gi vn khng nhanh bng tc tng trng

BO CO NGNH BIA
doanh thu. Do vy, bin li nhun ca hai Tng cng ty u tng t 2014-2016, ngoi tr bin li
nhun ca Sabeco trong nm 2016. Trong nm ny, gi vn hng bn ca Sabeco tng 13,86% trong
khi doanh thu ch tng 12,62%, khin cho bin li nhun 2016 gim t 27,84% xung cn 27,05%.
Di y l thng k bin li nhun gp ca Nhm cc cng ty con v cng ty lin danh lin kt
nim yt:
Bin Li nhun gp Nhm Cng ty con & LDLK, 2015-2016

Bin LN gp 2015 Bin LN gp 2016
30.0%
25% 25%
24%
25.0% 21% 21%
23%
21%
19% 19% 20%
20% 19%
20.0% 17.9%
18.2% 18%
16% 16%
14% 14%
15.0% 13%
10.0%
5.0%
0.0%
SAB BHN
Nhm cc cng ty con v LDLK cng u b nh hng bi bin ng gi nguyn liu. Bin li nhun
gp trong nm 2016 ca hu ht cc cng ty ny u gim, tr WSB, SMB, THB v BHP c bin li
nhun gp 2016 tng so vi 2015 nh doanh thu tng nhanh hn gi vn. c bit, tuy BSQ c doanh
thu tng trng 25,33% trong nm 2016 nhng li c gi vn tng n 28,62% khin cho li li nhun
gp ca BSQ trong nm 2016 gim t 16% xung ch cn 14%.
3. Chi ph bn hng
Chi ph bn hng/Doanh thu Nhm Tng cng ty, 2012-2016

(T ng)
3000 2682.88
2781.73 16%
14.17%
2342.29 12.06%
14%
2500
2145.51
13.03% 12%
2000 9.52% 11.89%
9.10% 10%
10.58%
1500 1311.82 8.93% 9.88% 8%
1162.13 1188.09
913.61 970.4 6%
1000 6.02% 842.63
4%
500
2%
0 0%
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
SAB BHN
Chi ph bn hng Chi ph bn hng/Doanh thu
i vi cc doanh nghip hot ng trong ngnh hng tiu dng, khc bit ha thng hiu v nng
cao nhn din sn phm ngi tiu dng l nhng hot ng quan trng nh hng n lng
tiu th v doanh thu ca doanh nghip, c bit l trong bi cnh p lc cnh tranh trong ngnh bia
ang ngnh cng cao. Chi ph bn hng cng nh t trng Chi ph bn hng/Doanh thu ca Sabeco
lin tc tng trong giai on 2012-2016. Trong , chi ph qung co khuyn mi lun chim t trng
cao nht trong c cu chi ph bn hng, c th chim 50% trong nm 2016. V con s tuyt i,
Sabeco chi tng cng 1400,81 t cho hot ng qung co sn phm trong nm 2016.

BO CO NGNH BIA
V pha Tng cng ty Bia H Ni, do bia hi, loi bia tiu th ti a phng v cn t chi ph qung
co, chim t trng ln trong c cu sn phm ca Habeco cng nh ca cc cng ty con, nn tin
chi cho hot ng qung co ca Habeco ch chim 25,26% tng chi ph bn hng trong nm 2016.
Tuy nhin, ng trc tnh trng thng hiu Bia H Ni ang ngy mt mt dn v th, Habeco cng
bt u chi mnh tay hn cho cc hot ng nh v thng hiu, c th l hn 300 t cho hot
ng qung co (nng t trng chi ph qung co/chi ph bn hng tng 22,05% ln 25,26%) v hn
197 t chi ph khuyn mi h tr trong nm 2016.
Mt loi chi ph khc cng chim t trng ln trong chi ph bn hng ca hai Tng cng ty l chi ph
nhn cng v chi ph bao b, vt liu. Trong giai on 2014-2016, chi ph bao b, vt liu ti Sabeco
v Habeco u gim cho thy c hai Tng cng ty ang tng bc t c hiu qu tit kim chi
ph trong khu ng gi v bo qun bia thnh phm. Chi ph nhn cng ti Habeco cng gim trong
giai on 2014-2016 cho thy doanh nghip ang thc hin chin lc ct gim chi ph trit .
Ngc li, Sabeco li c chi ph nhn cng tng mnh, cho thy n lc u t thc y tiu th
sn phm ca doanh nghip ny.
Chi ph bn hng/Doanh thu 2015-2016 Nhm Cng ty con & LDLK

12%
10.28%
10% 2015 2016 9.68%
8.01%
8%
6.18%
6%
4.27%
4% 3.21% 3.06%
2% 1.24%
0.66%
0.34%
0%
SAB BHN
V pha cc cng ty con v lin danh lin kt ca Sabeco, c s khc bit trong chi ph bn hng gia
cc cng ty ch hp tc sn xut bia mang thng hiu ca Tng cng ty v cc cng ty c t sn
xut thm c cc sn phm bia a phng, mang thng hiu ring.
WSB, BSP, BSQ v SBL ch sn xut cc loi bia Si Gn nn khng phi chu trch nhim v tiu
th ca u ra. Bia sn xut c t cc nh my ny s c cc cng ty thng mi ca Sabeco
thu mua v Tng cng ty chu trch nhim qung co, tip th v bn sn phm ti cc im bn. Do
vy, t trng chi ph bn hng/doanh thu ti cc cng ty ny rt thp, ch vo khong 0,5%-1%. Bn
cnh , SMB ngoi hp tc sn xut bia Si Gn cn t sn xut cc sn phm bia Lowen Pils, bia
Quy Nhn v bia Hi cng mt s loi ung khc. Tng t nh vy, SB1 cng t sn xut thm
bia hi, bia chai cc loi v nc ung tinh khit mang nhn hiu Vida. Hai cng ty ny s phi t
xy dng k hoch tiu th, marketing v bn hng cho cc sn phm t sn xut ny. Do vy, t
trng chi ph bn hng/doanh thu ca SMB v SB1 cao hn cc cng ty con khc ca Sabeco, ln
lt l 4,27% v 8,01% trong nm 2016.
i vi cc cng ty con ca Habeco, ngoi sn xut bia H Ni, 4 cng ty ny u c cc sn phm

t sn xut v chu trch nhim tiu th u ra nh bia Thanh Ha, bia Hi Dng, bia hi hi Phng,
bia hi H Ni Thi Bnh, Do vy t trng chi ph bn hng/Doanh thu thng mc cao hn cc
cng ty con khng c mng t doanh ca Sabeco.

BO CO NGNH BIA
4. Chi ph qun l doanh nghip
Chi ph qun l doanh nghip/Doanh thu Nhm Tng cng ty,

2012-2016
(T ng)
900 4.37% 5%
800 4.06% 5%
700 4%
4.23%
600 4%
2.40% 3%
500
2.56% 3%
400 2.82%
2%
300 2%
200 1%
100 1%
0 0%
2014 2015 2016 2014 2015 2016
SAB BHN
Chi ph QLDN Chi ph QLDN/Doanh thu
Trong giai on 2014-2016, chi ph qun l doanh nghip ca hai Tng cng ty sau khi loi b i
cc khon bt thng t bin ch pht sinh trong mt nm nh d phng thu TTB, d phng phi
thu kh i th dao ng quanh mc 2,5% trn tng doanh thu ti Sabeco v 4,2% trn tng doanh
thu ti Habeco.
Chi ph qun l doanh nghip/Doanh thu Nhm Cng ty con & LDLK,
2015-2016
9% 2015 2016
7.78% 7.77%
8% 7.26%
6.78% 6.94%
7%
6%
5% 4.52%
4.00%
4%
3% 2.60%
1.58% 1.69%
2%
1%
0%
SAB BHN
Tng t nh chi ph bn hng, cc doanh nghip t sn xut thm mt s sn phm bia v ung
tiu th ti a phng c chi ph qun l doanh nghip cao hn do phi chu trch nhim kim sot
v qun l sn xut cng nh hot ng tiu th cho u ra ca cc sn phm ny. T trng chi ph
qun l doanh nghip/doanh thu ti cc doanh nghip c thm cc sn phm t doanh thng ri
vo khong 6%-7% trong nm 2016. Ngc li, t trng chi ph qun l doanh nghip ti WSB, BSP,
BSQ, SBL trung bnh vo khong 2,5% tng doanh thu.

BO CO NGNH BIA
5. Li nhun sau thu
(T ng) Li nhun sau thu 2012-2016 ca Nhm Tng cng ty

5000 LN rng Bin LN rng 18%
15.23%
15.18%
16%
4000 13.26% 12.89%
14%
11.40%
11.09% 12%
9.75% 9.87%
3000
10%
7.72%
8%
2000 7.97%
6%
1000 4%
2%
0 0%
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
SAB BHN
Bin ng bin li nhun rng ca Sabeco v Habeco th hin r xu hng dch chuyn ca th phn
trong nhng nm gn y. So vi cc i th khc trn th trng, h thng 23 nh my sn xut tri
di khp Vit Nam chnh l li th cnh tranh bn vng ca Sabeco, gip sn phm ca hng bia ny
nhanh chng tip cn c cc i tng khch hng thuc mi tng lp. Trong giai on 2013-
2016, bin li nhun rng ca Sabeco tng trng u n, t mc 15,23% trong nm 2016. Nhn
t ng gp cho s tng trng bin li nhun n t tng trng doanh thu v chin lc qun l
chi ph hiu qu. Trong nm 2016, chi ph bn hng v chi ph qun l tuy vn tng v con s tuyt
i nhng t trng trn doanh thu li gim so vi 2015, cng vi l chi ph ti chnh 2016 gim
gp phn gia tng bin li nhun cho. ng thi, cng trong hai nm ny, Sabeco thc hin thoi vn
ti mt s doanh nghip khin cho doanh thu ti chnh tng ln, t tc ng lm tng li nhun
rng trong 2015, 2016.
Ti Habeco, bin li nhun li c xu hng gim dn trong sut giai on 2012-2016 t 15,18%
xung ch cn 7,97%, do n lc ct gim chi ph ca doanh nghip khng b p cho tc tng
trng chm ca doanh thu. Tnh trng mt dn th phn khin cho doanh thu tng trng ngy cng
chm v cnh tranh gay gt to p lc ln chi ph sn xut, chi ph qung co bn hng khin cho
bin li nhun ca Habeco ngy cng thu hp.
Li nhun sau thu ca Nhm Cng ty con & LDLK,

2015-2016
120 20%
LN rng 2015 LN rng 2016
100 Bin LN rng 2015 Bin LN rng 2016
12.64%
15%
80 12.12% 12.26%
60 10%
10.54%
8.89% 9.10%
40 7.95% 4.87%
5%
4.21%
20 1.80%
2.04%
0 0%
SAB BHN
Bin li nhun sau thu ti cc cng ty con ca Habeco khng c nhiu bin ng so vi nm trc,
thng mc thp vi 2,04% ti THB, 1,8% ti BHP, 4,87% ti BTB v 9,1% ti HAD.

BO CO NGNH BIA
Ti nhm cc cng ty con v cng ty LDLK ca Sabeco, c th thy bin li nhun rng c xu hng
gim hoc tng t, ch yu b nh hng t vic bin li nhun gp gim. Ti cc cng ty ny, gi
vn hng bn chim n 75%-85% doanh thu cng vi vic t trng ny tng trong nm 2016
khin cho bin li nhun gp gim, t bin li nhun rng cng gim theo. Trong nhm ny, cng
ty c bin li nhun tng trng n tng nht (t 10,54% ln 12,64% trong nm 2016) l SMB. Sc
tng ny c gii thch l do lng tiu th cc sn phm t doanh nh bia Qui Nhn (thuc phn
khc bia trung cp) v bia hi tng mnh. Cng vi l vic cng ty tch cc tit kim nguyn vt
liu v nng lng, s dng cc nguyn vt liu v vt t thay th ct gim chi ph sn xut v
mua hng, nh t trng gi vn/doanh thu gim khin cho bin li nhun gp cng nh bin li
nhun rng trong nm 2016 ca SMB tng.
IV. Tnh hnh ti chnh
1. Tnh hnh ti sn
(T ng) Quy m ti sn - Vng quay ti sn Nhm Tng cng ty, 2012-2016

14000 TSNH 1.8
1.59
TSDH 1.6
12000
Vng quay TTS
1.24 1.4
1.23
10000 1.13
1.2
1.26 0.97
8000 1.0
0.82 0.80
0.98 1.02
6000 0.8
0.6
4000
0.4
2000 0.2
0 0.0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
SAB BHN
Trong giai on 2012-2016, Sabeco c vng quay ti sn xoay quanh mc 1,2 trong 4 nm (t 2012
n 2015) v tng ln 1,59 trong nm 2016. T 2012-2015, Sabeco lin tc u t xy dng v a
vo vn hnh cc nh my bia mi nh nh my Bia Si Gn Sc Trng, nh my Bia Si Gn
Ninh Thun, nh my Bia Si Gn Vnh Long v mi y nht trong nm 2016 l nh my Bia Si
Gn Khnh Ha. Do vy, vng quay tng ti sn ca Sabeco trong giai on u t ln ny dao
ng quanh mc 1,2 vi ti sn di hn tng t 2012-2014 v gim trong 2 nm sau do Tng cng ty
thc hin thoi vn mt s khon u t di hn. Cng trong giai on ny, vic ch trng xy dng
thm v u t nng cng sut nh my gip cho u ra doanh thu tng trng tt. Sang n nm
2016, vng quay ti sn ca Tng cng ty Bia Si Gn tng ln 1,59, do trong nm ny doanh thu tip
tc tng trng 12,62% so vi nm 2015 v tng ti sn gim 13%. C th, trong nm 2016, do khng
c hot ng u t ln m ch tp trung i mi my mc thit b, nng cao cng sut nhy my;
cc nh my mi khnh thnh i vo hot ng n nh khin cho u ra tng trng tch cc.
Bn cnh , tng ti sn ti Tng cng ty Bia Si Gn cng gim do phi np b sung 1200 t tin
thu Tiu th c bit.
Habeco li c vng quay tng ti sn thp hn, trong 4 nm lin tip lun mc di 1. Habeco cng
tch cc u t xy dng v m rng cc nh my sn xut nh xy dng nh my Bia H Ni
Qung Tr, xy dng v di di khu vc sn xut s 1 ca Cng ty CP Bia H Ni Hi Phng; song
song vi l u t xy dng cng trnh, chi nhnh phn phi trong giai on 2012-2016. Trong
nm 2016, ch s vng quay ti sn trong nm 2016 ti Habeco tng ln 1,02 vi tng ti sn gim
1,02% cng cng do np b sung thu Tiu th c bit.

BO CO NGNH BIA
Quy m ti sn - Vng quay ti sn Nhm Cng ty con & LDLK, 2016

T dng
900 TSNH 2016 TSDH 2016 Vng quay TTS 2016 1.8
800 1.69 1.6
700 1.27 1.4
1.17
600 1.2
500 1.19 1.0
0.83 1.08
1.04 0.87
400 0.98 0.8
300 0.6
200 0.4
0.46
100 0.2
0 0.0
SAB BHN
C cu ti sn ti cc cng ty con & LDLK ca Sabeco c chung mt c im l t trng ti sn di
hn trn tng ti sn mc cao, vo khong 60%-80% do c Tng cng ty ch trng u t pht
trin nng cp nh my vi h thng my mc thit b tn tin. c bit, SMB v SB1 c vng quay
tng ti sn tng i cao so vi cc cng ty cng nhm khc, ln lt l 1,27 v 1,17, nh vo cc
hot ng t doanh, tn dng hiu qu cng sut hot ng ti cc nh my.
V pha cc cng ty con ca Habeco, THB c hiu sut s dng ti sn cao nht, mc 1,69, nh
vo lng tiu th u ra tng trng tt vi sn phm bia Thanh Ha lun nm trong top 10 loi bia
c a thch nht trong nc theo thng k ca Euromonitor. Bn cnh , BHP v BTB li c vng
quay tng ti sn thp hn do cc khon u t xy dng v di di khu sn xut ca BHP v u t
i mi my mc thit b trong cc nm gn y ca BTB cha mang li doanh thu tng ng cho
doanh nghip. Ngc li, HAD li c vng quay ti sn cao (1,08) nhng khng n t hiu qu s
dng ti sn (doanh thu trong nm 2016 gim 4,57%) m do khi ti sn c nh ca doanh nghip
n giai on khu hao gn ht.
2. Tnh hnh ngun vn

Tnh hnh s dng N - n by ti chnh Nhm Tng cng ty, 2012-2016
T ng
9000 2.5
8000 1.93 1.88
7000 1.68 1.74 1.78 2.0
1.53 1.65 1.63
6000 1.50
1.5
5000
1.54
4000
1.0
3000
2000 0.5
1000
0 0.0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
SAB BHN
N NH N DH n by (TTS/Vn CSH)
T trng n ngn hn trn tng n ca hai Tng cng ty lun mc cao (khong t 70%-80%) ch
yu do cc khon phi tr ngi bn, thng chim 25%-30% tng n ngn hn v cc khon phi
tr v thu. Trong giai on 2012-2016, n di hn ti Sabeco gim dn do mt s khon vay di hn

BO CO NGNH BIA
n hn tr v c Sabeco ch ng chuyn i sang vay ngn hn c hng li sut thp

hn.
Cng trong giai on ny, n by ti chnh ti 2 Tng cng ty u gim dn v mc 1,5 do c tim
lc ti chnh tt, lng tin mt di do nn nhu cu i vay ca Sabeco v Habeco u khng cao.
Tnh hnh s dng N - n by ti chnh Nhm Cng ty con & LDLK, 2016
N NH 2016
500 4.50
3.92
450 N DH 2016 4.00
400 3.50
n by (TTS/Vn CSH)
350
3.00
300
T ng
2.50
250 2.02
1.87
1.57 1.57
2.00
200 1.45 1.53
150
1.76 1.81 1.12 1.50
100 1.00
50 0.50
0 0.00
SAB BHN
C cu n ngn hn trn tng n ti nhm cc cng ty con v lin danh lin kt cng rt cao do cc
khon phi tr ngn hn cao. n by ti chnh dao ng mc 1,5-1,8. c bit, t ngy 01/02/2017,
Sabeco bt u thu tin nguyn vt liu i vi cc n v hp tc sn xut ngay sau khi xut ha
n bn hng s gy p lc gia tng chi ph ti chnh cho cc cng ty con v phi i vay ngn hn
tr tin nguyn vt liu cho Tng cng ty.
Ring BTB c n by ti chnh ln ti 3,92 trong nm 2016 vi c cu n di hn chim t trng cao

hn n ngn hn trn tng n do ang c mt khon vay di hn ln u t xy dng nh my
bia vi cng sut 50 triu lt/nm.
3. Hng tn kho
Hng tn kho Nhm Tng cng ty, 2013-2016

2500
12.56 Hng tn kho 14
10.43 10.39 Vng quay HTK 12

2000
11.01 10
8.42 8.57
8.14
T ng
1500 8
1000 5.02 6
4
500
2
0 0
2013 2014 2015 2016 2013 2014 2015 2016
SAB BHN
Vng quay hng tn kho ca Sabeco lun cao hn Habeco trong giai on 2013-2016. iu ny c
ngha l s ngy tn kho v thi gian b chn vn ca Sabeco thp hn v tnh hnh tiu th u ra
cc sn phm bia Si Gn cng tt hn bia H Ni. Vng quay hng tn kho ca Sabeco trong nm
2016 l 11,01 trong khi ca Habeco ch l 8,14.

BO CO NGNH BIA
Hng tn kho Nhm Cng ty con, 2015-2016

120 16.0
HTK 2015 HTK 2016 Vng quay 2015 Vng quay 2016
14.03 14.0
100
12.0
80
10.0
10.06
60 7.44
8.0
6.0
40
5.23 4.0
20
2.0
0 0.0
SAB BHN
Vng quay hng tn kho ti hu ht cc cng ty con v LDLK khng c s bin ng qu ln do phn
ln u ra (tr cc sn phm t doanh) u c hai tng cng ty kim sot v thu mua theo k
hoch ra. BSQ v SBL l hai cng ty c vng quay tng mnh, ln lt t 10,06 ln 14,03 v t
5,23 ln 7,44 nh vo s tng trng n tng ca doanh thu trong nm 2016 vi mc tng 25,33%
ti BSQ v 13,43% ti SBL, t khin cho gi vn cng tng theo.
4. Khon phi tr & Khon phi thu
Khon phi tr Nhm Tng cng ty, Khon phi thu Nhm Tng cng ty,
T ng
2013-2016 T ng
2013-2016 ngy
ngy
2000 38 40 700 14
33 36
1800 13
31 35 600 12
1600 10
27 30 9
1400 500 10
28 29 25
1200 400 7 8
1000 20 8
22 8
800 300 8 7 6
15
600 200 4
10
400
5 100 2
200
0 0 0 0
2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016
SAB BHN SAB BHN
Khon phi tr S ngy Phi tr Khon phi thu S ngy phi thu
S ngy phi tr ca hai Tng cng ty ri vo khong 30 ngy. Ch s ny nhn chung c xu hng
gim trong giai on 2013-2016. Tnh n nm 2016, s ngy phi tr ti Sabeco v Habeco ch cn
28-29 ngy. iu ny c th do l tnh trng khan him ca cc nguyn vt liu u vo khin cho cc
doanh nghip phi ch ng thay i chnh sch mua hng, rt ngn thi hn tr tin hng c c
ngun nguyn vt liu kp thi.
S ngy phi thu ca cc doanh nghip hot ng trong ngnh hng tiu dng nhn chung tng i
thp do c th ngnh c vng quay sn phm v tc tiu th nhanh nn thi gian gia vic doanh
nghip bn hng v nhn tin v rt ngn. C th, s ngy phi thu ti Sabeco thng l 8 ngy trong
giai on 2013-2015 v gim xung cn 7 ngy trong nm 2016. Tng t nh vy, s ngy phi thu
ti Habeco cng mc thp, gim t 13 ngy trong nm 2013 xung cn 7 ngy trong nm 2014
nhng tng dn trong hai nm tip theo. Trong nm 2016, s ngy phi thu ca Habeco l 10 ngy.
Vic s ngy phi thu tng ln cho thy cng ty ang ni lng chnh sch bn hng trong n lc kch
thch tiu th, ci thin tnh hnh tng trng ch trong sn lng v doanh thu bn hng.

BO CO NGNH BIA
Cc cng ty con & LDLK ch yu mua nguyn vt liu u vo t Tng cng ty v bn thnh phm cho
cc cng ty thng mi l cng ty con ca hai Tng cng ty. Do vy, s ngy phi thu v phi tr ti
nhm cc cng ty ny s ph thuc vo chnh sch bn nguyn vt liu v thu mua sn phm u ra
ca Sabeco v Habeco.
5. Hiu sut sinh li
Hiu sut sinh li ROE, ROA Nhm Tng Cng ty, 2012-2016
40% 35.8%
37.4% ROE ROA
35%
30% 26.4% 23.5%
22.5% 24.3%
25% 21.7%
18.3%
20% 15.7% 16.7% 15.8% 15.6%
15% 12.9% 12.5% 12.2%
11.2% 10.3%
9.5% 9.6% 8.1%
10%
5%
0%
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
SAB BHN
Hiu sut sinh li ROE ca Sabeco nhn chung c xu hng tng trong giai on 2012-2016 (ch gim
trong nm 2013) nh vo vic doanh thu tng trng tt v qun l chi ph hiu qu vi t trng mi
loi chi ph trn doanh thu tuy c tng qua cc nm nhng tng vi tc gim dn. Ch s ROA
cng tng trong giai on 2012-2016 cho thy cc khon u t ln ca Sabeco trong cc nm qua
tp trung xy dng cc nh my mi v nng cao cht lng dy chuyn sn xut mang li hiu
qu nht nh. Tnh n nm 2016, Sabeco c ROE l 37,4% v ROA l 24,3%.
Ngc li vi xu hng tng trng tch cc trn, ROE v ROA ca Habeco li gim dn. Mc d
n lc qun l chi ph, tit kim cc loi chi ph sn xut v qun l ng thi y mnh chi cho
hot ng qung b sn phm nhng tng trng doanh thu ti Habeco khng my ci thin trong
cc nm va qua. Chnh vic b ginh git th phn t c cc cng ty bia trong nc v c cc hng
bia ngoi gy ra gim st trong tiu th cc sn phm bia H Ni, nh hng xu n hiu sut
sinh li ca Habeco. ROE v ROA ca Habeco trong nm 2016 ln lt l 12,2% v 8,1%, thp hn
ca Sabeco rt nhiu.
Hiu sut sinh li ROA Nhm Cng ty con & LDLK, 2016
18% ROA
16.0%
16%
14% 12.8%
11.9%
12%
9.4% 9.8%
10%
8% 7.4%
6% 4.9%
4% 3.4%
1.6% 2.3%
2%
0%
SAB BHN
ROA ca nhm cc cng ty con cng c s khc bit gia cc cng ty trc thuc Sabeco v cc cng
ty thuc Habeco. Nhm cc cng ty con ca SAB c ROA mc kh cao, vi WSB, SMB v SBL l
ba cng ty s dng ti sn hiu qu nht. Trong nm 2016, ch s ROA ca WSB, SMB v SBL ln
lt t 11,9%, 16% v 12,8%. Hot ng ca WSB v SBL kh vt tri hn so vi cc cng ty con

BO CO NGNH BIA
cn li nh tp trung vo cc sn phm thuc phn khc trung v cao cp, c bin li nhun ln.
SMB li t c hiu qu kinh doanh trong nm 2016 nh mng t doanh mang li kt qu tt.
Trong khi ROA ca cc cng ty thuc Habeco rt thp, ch t 1%-4%. ROA ca HAD trong nm
2016 l 9,8%, cao hn so vi cc cng ty trong cng h thng khc. Tuy nhin, con s ny khng
phi l kt qu ca vic s dng ti sn hiu qu m do ti sn trong nm khu hao gn ht.
6. Phn tch Du Pont
Phn tch Dupont Nhm Tng cng ty, 2012-2016

40% 37.44% 2.5
35.77%
35%
2.0
30%
25% 21.69% 23.49%

26.37% 1.5
22.49% 18.30%
20%
15.77% 15.63%
15% 1.0
12.19%
10%
0.5
5%
0% 0.0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
SAB BHN
T sut LNST ROE Vng quay TTS n by TC
Trong giai on 2012-2016, Sabeco c hiu sut sinh li cao hn Habeco ch yu n t bin li
nhun tng dn (c ci thin nh c tng trng lng tiu th u ra v qun l chi ph hiu qu)
cng vi vng quay ti sn tng v lun mc cao hn vng quay ti sn ca Habeco. iu ny c
ngha l cc chin lc u t xy dng m rng nh my ca Sabeco ang mang li kt qu tt cho
Tng cng ty, gp phn gia tng hiu sut sinh li cho Sabeco. Ngc li, ROE ca Habeco th hin
xu hng gim r rt, do bin li nhun sau thu v n by ti chnh gim dn, trong khi vng quay
ti sn ch tng nh.
Phn tch Dupont Nhm Cng ty con & LDLK, 2016
25% T sut LNST ROE Vng quay TTS n by TC 4.5
23.3%
19.6%
4.0
20% 22.2% 3.5
16.6%
3.0
15% 12.64% 14.9%
11.0% 2.5
8.8% 2.0
10%
7.7%
1.5
5.4%
5% 1.0
2.8% 0.5
0% 0.0
SAB BHN
C th thy WSB, SMB v SBL l cc cng ty c ROE nhnh hn hn cc cng ty con & LDLK khc.
WSB c ROE cao t t sut li nhun sau thu v n by ti chnh, iu ny cng khin cho cng ty
c ri ro ti chnh cao hn. Ngc li, SMB tuy c n by thp nhng li t c hiu qu cao trong
s dng ti sn, v cc sn phm u ra tiu th tt khin cho ROE ca SMB trong nm 2016 t

BO CO NGNH BIA
23,3%, cao nht trong nhm cc cng ty con. Mt khc, SB1 c ROE nm 2016 ch mc 7,7% do
mng t doanh cn gp nhiu kh khn, cha to lp c th trng tiu th vng chc.
Mt khc, ROE nm 2016 ca nhm cc cng ty con ca Habeco thp hn rt nhiu. ROE ca THB
v BHP thp l do bin li nhun sau thu rt thp. BTB c ROE cao hn, mc 8,8% nhng khng
n t hiu qu kinh doanh m do n by ti chnh rt cao. BTB ang c k hoch xy thm nh my
nn c khon vay n ln, t ko n by ti chnh tng cao. HAD c ROE cao nht trong nhm
cng ty con ca Habeco do c bin li nhun sau thu cao nht.
V. Dng tin
1. Dng tin t hot ng kinh doanh
Dng tin HKD Nhm Tng cng ty, 2014-2016

t ng CFO
3,500 18%
CFO/Doanh
2,899 thu 15.8% 16%
3,000
14.2% 14%
2,500
2,158 12%
11.5%
2,000 10%
1,447 1,368
1,500 7.9% 8%
6%
1,000 827
4%
500 2.7% 295 3.0%
2%
- 0%
2014 2015 2016 2014 2015 2016
SAB BHN
Dng tin ca Sabeco v Habeco trong giai on 2014-2016 b nh hng mnh do p lc np b

sung thu TTB khin cho t trng dng tin t hot ng kinh doanh trn doanh thu ca Sabeco v
Habeco gim dn. CFO/Doanh thu ti Sabeco gim t 11,5% xung ch cn 2,6% vo nm 2016 do
trong nm Sabeco np 3295,31 t thu TTB vo ngn sch. Tng t nh vy, ch s ny ca
Habeco cng gim t 15,8% trong nm 2014 xung cn 3% trong nm 2016 do trong nm Habeco
thc hin np 4461,45 t ng thu TTB vo ngn sch Nh nc.
Dng tin HKD Nhm Cng ty con & LDLK, 2014-2016

t ng 2014
400 40%
36.85%
2015
300 29.13% 2016 30%
26.72%
CFO/Doanh thu 2016 20%
200 18.14%
20.06%
10.53%
5.08% 14.76% 10%
100 0.65%
0%
0
WSB SMB BSP BSQ SBL SB1 THB BHP BTB HAD -10%
-100 SAB -18.36% BHN -20%
-200 -30%

BO CO NGNH BIA
CFO ca WSB v SB1 trong nm 2015 m l do phi np thu TTB h Tng cng ty, khon ny
c Sabeco hon tr vo nm 2016. CFO ca BSP m trong nm 2014 l do khon phi thu t pha
Tng cng ty tng mnh. Trong nm 2016, CFO ca SBL m do cng ty thc hin tr n ngi bn
v c bit l np mt khon thu TTB l 398,3 t. T trng CFO/Doanh thu ca nhm cng ty con
& LDLK ca Sabeco trong nm 2016 mc cao hn so vi nhm cng ty ty con Habeco, trung bnh
trong khong 20%-25%. Ring BSQ c CFO cao t bin trong nm 2016, khin cho ch s
CFO/Doanh thu ln n 36,85% l do c hon li khon thu TTB 146,61 t ng np h Cng
ty m.
CFO/Doanh thu nm 2015 ca nhm cc cng ty con ca Habeco thp hn rt nhiu so vi cc cng
ty con & LDLK cn li thuc Sabeco, ch yu ri vo khong di 10%. Dng tin ca nhm cng ty
ny cng b nh hng ch yu l do bin ng ca cc khon phi thu v phi tr vi Tng cng ty
Bia H Ni.
2. Dng tin t hot ng u t
Dng tin u t Nhm Tng cng ty, 2012-2016
SAB BHN
t ng 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
500 382.7
CFI
300
Tin u t cho TSC
100 -331.0
-100
-280.9 -299.9
-300 -429.9
-238.3
-424.2 -308.7 -489.0
-500 -325.7
-494.7 -482.4 -467.1
-700 -538.5
-900 -762.1
-955.8 -874.8 -845.1
-1,100 -971.1
-1,110.9
-1,300
Hot ng u t ti sn c nh ca Sabeco tng trong giai on 2012-2014. y l giai on m
cng ty y mnh u t m rng cng sut v xy dng nh my mi nh nhc n phn trn.
Sang n 2015, dng tin u t cho ti sn c nh gim t 955,8 t xung cn 308,7 t khin cho
CFI ca Sabeco trong nm ny dng. Nm 2016, CFI ca Sabeco m nhng khng phi do cng ty
u t vo ti sn, nh my m do khon tin gi c k hn di 1 nm vi li sut 4,5%-7,2% tng
t 692,8 t trong nm 2015 ln n 3174,3 t ng. Dng tin chi cho u t ti sn c nh c k
vng s khng tng t bin trong vi nm ti do s lng nh my khp c nc ca Sabeco
qu nhiu (23 nh my) v cn nhiu nh my vn cha khai thc ht cng sut.
Habeco cng u t mnh cho ti sn c nh trong giai on 2012-2014. Dng tin u t cho ti sn
c nh t nm 2015 bt u gim t 538,5 t xung cn gn 300 t. B li, dng tin u t tng trong
2015 v 2016 cng l do BHN tng tin gi ngn hn t 409,6 t trong nm 2014 ln n 1837,9 t
tnh n cui nm 2016.

BO CO NGNH BIA
Dng tin u t Nhm Cng ty con & LDLK, 2014-2016

SAB BHN
t ng WSB SMB BSP BSQ SBL SB1 THB BHP BTB HAD
30
-20
-70
2014 2015 2016
-120
-170
-220
-270
-320
Dng tin u t ca Nhm Cng ty con & LDLK ch yu dng u t ti sn c nh. WSB trong
nm 2013 v 2014 chi tng cng 718,69 t ng u t xy dng v nng cp hai nh my bia
ti Cn Th v Sc Trng. Nh my ti Sc Trng chnh thc i vo hot ng t thng 01/2014 v
dy chuyn ng b ti nh my bia Cn Th chnh thc i vo hot ng t thng 11/2014. Sang n
2015, 2016, WSB ch thc hin mt s khon u t nh nng cp thit b my mc sn xut vi
tng s tin u t cho ti sn s nh trong hai nm l 87 t ng. CFI trong nm 2015 ca WSB
dng l do vic thanh l gii th nh my bia Sc Trng c mang v cho doanh nghip 37,7 t
ng. Chi u t ti sn ca c nh ca SMB tng u trong giai on 2014-2016, c bit trong nm
2016, SMB trin khai u t dy chuyn chit bia lon nng cng sut nh my bia ti k Lk ln
70triu lt/nm vi tng gi tr u t l 103,19 t ng. y chnh l l cho khin cho CFI nm 2016
ca SMB tng. V pha BSP, u t trong nm 2016 tng do doanh nghip u t mua thm my mc
thit b mi, chuyn i s dng v lon 202 v thay thng giy RSC sang thng Wrap Around. BSQ,
SBL v SB1 cng khng u t ln trong giai on 2014-2016 ngoi mt s d n u t ci thin v
nng cp my mc thit b nh my.
Nhm cc cng ty con ca Habeco trong giai on 2014-2016 khng c cc khon u t qu ln

ngoi chi bo tr hoc mua mi mt s loi my mc. Ring BHP trong giai on 2012-2014 thc
hin d n di di khu vc sn xut s 1 (Lch Tray, Hi Phng) sang nh my s 2 (Qun Tr, Hi
Phng) khin cho CFI trong nhng ny cao t bin. HAD c CFI tng dn trong nhng nm gn
y do my mc thit b li thi nn phi u t hin i ha dy chuyn sn xut.
3. Dng tin t hot ng ti chnh
Dng tin ti chnh Nhm Tng cng ty, 2012-2016

SAB BHN
t ng 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
0
-500
-256.2 -281.8 -240.6
-1,000 -505.5 -514.4
-1,500 -1,172.3 -979.9
-2,000 -1,359.5
-2,500
-2,230.0
-3,000
-3,500
-4,000
-4,500
-4,207.1
CFF ca Sabeco bin ng ch yu do cc khon tr n vay v tr c tc. c bit, trong nm 2016,

Sabeco phi tr n tng cng 4336,1 t v tr 3757,5 t ng tin c tc khin cho dng tin CFF trong
nm ny tng t bin. Dng tin ti chnh ca Habeco cng ch yu dng tr n vay v tr c tc.

BO CO NGNH BIA
C hai doanh nghip ny u c xu hng gim vay di hn, gia tng vay ngn hn v ng thi gi
tin vi k hn ngn. Trong giai on 2012-2016, vay di hn ca Sabeco gim t 1444,6 t xung
164,4 t ng v vay di hn ca Habeco gim t 736,13 t xung cn 446 t ng. iu ny khin
cho p lc tr n hng nm gim dn v dng tin tr n ca c hai Tng cng ty ch yu dng chi
tr cho cc khon vay ngn hn.
Dng tin ti chnh Nhm Cng ty con & LDLK, 2014-2016

SAB BHN
100
-100
2014 2015 2016
-200
-300 -248.8
Nhn chung, dng tin ti chnh ca Nhm cng ty con v LDLK thng m ch yu do cc p lc tr
n vay v chi tr c tc. Ring CFF ca WSB trong nm 2016 c bin ng t bin do trong nm
cng ty vay thm mt khon gn 899 t ng trong phn ln l vay ngn hn phi tr ngay trong
nm. iu ny lm tng dng tin tr cho cc khon i vay ca WSB t 63,9 t trong nm 2015 ln
n 1090,4 t trong nm 2016. Bn cnh , cng ty cng thc hin tr n trc tin i vi n vay
t hai d n u t ln ti nh my bia Cn Th v Sc Trng, khin cho CFF ca WSB trong nm
ny l -248,8 t.
VI. Cp nht thng tin cng ty
1. Tng Cng ty C phn Bia Ru Nc gii kht Si Gn (HOSE: SAB)
Tng Cng ty C phn Bia Ru Nc gii kht Si Gn (HOSE: SAB) 24.07.2017

Vn ha (VND) 151.021.719.303.000 C ng ln T l s hu
Gi ng ca gn nht 235.500
Gi cao nht 52 tun 237.500
Gi thp nht 52 tun 132.000
B Cng Thng 89,59%
KLLH hin ti
641,2812
(triu c phiu)
P/E (4 qu gn nht) 32,4
Sn phm chnh
Sabeco chuyn sn xut v kinh doanh cc sn phm bia, ru v nc gii kht vi c cu doanh
thu c bia chim t trng ln nht (98% trong nm 2016) v phn cn li v ru v nc gii kht.
Cc sn phm bia ch lc ca Sabeco gm c: Bia Lon Si Gn 333; Bia Chai Si Gn 355; Bia Chai
Si Gn 450; Bia Chai Si Gn 330; Bia Lon Si Gn 330 thuc cc thng hiu 333 Export, Saigon
Export, Saigon Lager Beer v Saigon Special. Ngoi tr Saigon Lager Beer ch c tiu th trong
nc, 3 thng hiu cn li u c xut khu sang 27 th trng bia trn th gii nh Malaysia,
Nht, Anh, Php, M
V mng ru v nc gii kht, Sabeco ni ting vi nc gii kht S X v ru Bnh Ty.

BO CO NGNH BIA
im mnh
Sabeco c th phn tiu th ln nht th trng trong nhiu nm nay v hin cha c du hiu
suy gim th phn.
S hu thng hiu bia Si Gn lu i vi 142 nm lch s ngun gc, l ci tn mang tnh i
din cho quc gia, dn tc. Thng hiu bia Si Gn t lu tr nn quen thuc vi ng o
th h ngi tiu dng Vit.
S hu 23 nh my sn xut bia, 01 nh my sn xut ru v 01 nh my sn xut nc gii
kht vi tng cng sut l 1,8 t lt/nm. C th, Sabeco c 7 nh my ti min Bc, 15 nh my
c xy dng ti min Nam. Bn cnh l h thng phn phi bn hng rng khp vi 01
CTCP Thng mi Bia Si Gn, 10 CTCP Thng mi Bia Si Gn khu vc qun l 44 chi nhnh
trn ton quc, 08 Tng kho phc v lu tr v iu phi sn phm, 800 Nh phn phi Cp I v
trn 32000 im bn khp c nc. Ton b sn phm ca Sabeco cng c CTCP Vn Ti
v Giao nhn Bia Si Gn chu trch nhim vn chuyn. Nh ph mnh, cc sn phm bia
ca Sabeco d dng tip cn c vi mi tng lp i tng khch hng c nng thn v
thnh th. y chnh l li th cnh tranh ca Sabeco so vi cc hng bia khc, v cng khin
cho Sabeco tr nn v cng hp dn i vi nhiu hng bia trong thng v thoi vn ang din
ra ca B Cng Thng.
Tim lc ti chnh vng mnh khin cho Sabeco lun sn sng cho cc hot ng u t trng
yu cn lng vn ln nh xy dng thm nh my, ci tin my mc thit b v cc hot ng
qung co hnh nh thng hiu sn phm.
im yu
Bin li nhun b nh hng mnh bi tnh trng ngun cung v gi c nguyn vt liu u vo.
Hnh nh thng hiu bia Si Gn t lu gn lin v gn gi vi tng lp ngi dn lao ng
Vit Nam, vi cc dng bia trung cp, gy kh khn cho doanh nghip trong n lc xm nhp
vo phn khc bia cao cp ang mang li bin li nhun rt cao cho ton ngnh.
Cc sn phm bia cao cp ca Sabeco vn cha th cnh tranh c vi sn phm ca cc
hng bia ngoi khc.
Ri ro u t
Ri ro n t cc hng bia ngoi ang xm nhp t vo th trng cng vi s kin thu nhp
khu c ct gim nh vo cc hip nh thng mi t do.
ng lc tng trng ca ton ngnh bia Vit Nam ni chung v ca Sabeco ni ring khng
cn cao nh trc do ngnh bia Vit Nam t n quy m ln, tc tng trng trong lng
tiu th bia c du hiu chng li v sc p cnh tranh trong ngnh ngy cng ln.
Nhm cc cng ty con & LDLK:
Cng ty C phn Bia Si Gn Min Ty (UPCoM: WSB)
Cng ty C phn Bia Si Gn Min Ty (UPCoM: WSB) 24.07.2017

Vn ha (VND) 787.350.000.000 C ng ln T l s hu
Gi ng ca gn nht 54.300 Sabeco 51%
Gi cao nht 52 tun 94.900 Robert Alexander 4,83%
Gi thp nht 52 tun 36.000 Stone
KLLH hin ti
14,5
(triu c phiu)

BO CO NGNH BIA
WSB hin ang s hu hai nh my ti Cn Th v Sc Trng vi tng cng sut 100 triu lt/nm.
Nm 2016, WSB sn xut vt cng sut vi sn lng 119,64 triu lt/nm, tng 22,08% yoy, doanh
thu t 903,02 t ng vt k hoch 23,82% v li nhun sau thu t 109,4 t ng tng ng
vt 78,98% k hoch. Qu I/2017, WSB thu v 244,19 t ng Doanh thu, tng 24% yoy v t 32%
k hoch doanh thu nm 2017. Li nhun sau thu Qu I/2017 l 34,88 t ng, tng 60% yoy v t
47% k hoch LNST 2017.
Cng ty C phn Bia Si Gn Min Trung (UPCoM: SMB)
Cng ty C phn Bia Si Gn Min Trung (UPCoM: SMB) 24.07.2017

Gi cao nht 52 tun 54.800 CTCP TM a c Vit 12,55%
Gi thp nht 52 tun 23.000 Cng ty TNHH MTV S 5,37%
s kin thit Ph Yn
KLLH hin ti
29,84665 Capital Shine Limited 5,32%
(triu c phiu)
VP Tnh y Bnh nh 2,41%
SMB hin ang s hu 3 nh my ti k Lk, Qui Nhn v Ph Yn vi tng cng sut l 143 triu
lt/nm. Nm 2016, SMB tiu th c 154,4 triu lt bia Si Gn v bia t doanh trong lng tiu
th bia Si Gn tng 2,3% yoy v tiu th bia t doanh tng 49,3% yoy. Doanh thu nm 2016 t
821,54 t ng, tng 8,4% yoy v t mc cao k lc. Li nhun sau thu t 103,67 t ng, tng
30% yoy.
Trong vng 6 thng u nm 2017, SMB thu v tng cng 414,13 t ng Doanh thu, tng 2,7% yoy
v t gn 40% k hoch doanh thu nm 2017. Li nhun sau thu 6T.2017 l 42,29 t ng, tng
1,6%. c bit, ring Qu II/2017, doanh thu ca SMB t 254,29 t ng, tng 12,4% yoy. Li nhun
sau thu Qu II/2017 l 33,42 t ng, tng 43,31% yoy. Tng trng t bin ny c th n t xu
hng tiu th bia lon tng ln ti khu vc min Trung v dy chuyn chit lon c u t ti nh
my bia k Lk bt u i vo hot ng t 15/05/2017 mang li ngun doanh thu ln cho SMB
trong Qu II/2017.
Cng ty C phn Bia Si Gn Qung Ngi (UPCoM: BSQ)
Cng ty C phn Bia Si Gn Qung Ngi (UPCoM: BSQ) 24.07.2017

Gi ng ca gn nht 23.600 Sabeco 66,56%
Gi cao nht 52 tun 38.000 Nguyn Th Hnh 3,95%
KLLH hin ti
45
(triu c phiu)
P/E (4 qu gn nht) 14
Nh my Bia Si Gn Qung Ngi hin c tng cng sut 120 triu lt/nm. Nm 2016, BSQ tiu
th c 112,85 triu lt bia, tng 20% yoy. Doanh thu nm 2016 t 955,59 t ng, tng 25,3% yoy
v li nhun sau thu t 84,89 t ng, tng 2,4% yoy. Qu I/2017, BSQ thu v 235,59 t ng doanh
thu, tng 9,62% yoy v thc hin c 28,4% k hoch nm 2017. Li nhun sau thu qu I/2017 l

BO CO NGNH BIA
19,33 t ng, tng gp hai ln li nhun sau thu cng k nm ngoi v t 33% k hoch nm
2017.
Cng ty C phn Bia Si Gn Ngh Tnh (UPCoM: SB1)
Cng ty C phn Bia Si Gn Ngh Tnh (UPCoM: SB1) 24.07.2017

Gi ng ca gn nht 14.000
Sabeco 54,73%
KLLH hin ti
10,5
(triu c phiu)
Nh my Bia Si Gn Ngh Tnh hin c cng sut 50 triu lt/nm. Nm 2016, SB1 tiu th c
50,2 triu lt bia, tng 3,8% yoy. Doanh thu nm 2016 t 296,2,59 t ng, tng 1,8% yoy v li
nhun sau thu t 12,5 t ng, gim 40% yoy.
Cng ty C phn Bia Si Gn Ph Th (UPCoM: BSP)
Cng ty C phn Bia Si Gn Ph Th (UPCoM: BSP) 24.07.2017

Vn ha (VND) 310,000,000,000 C ng ln T l s hu
Gi cao nht 52 tun 52.000 V S Dng 8,43%
Gi thp nht 52 tun 24.800 CTCP Bia, Ru Si 6,82%
Gn ng Xun
KLLH hin ti
12,5
(triu c phiu)
Nh my Bia Si Gn Ph Th hin c cng sut 50 triu lt/nm. Nm 2016, BSP tiu th c 50

triu lt bia, tng 25% yoy. Doanh thu nm 2016 t 478,6 t ng, tng 8,3% yoy v li nhun sau
thu t 37,91 t ng, tng 0,8% yoy. Qu I/2017, BSP thu v 121,82 t ng doanh thu, tng 22,2%
yoy v thc hin c 24,5% k hoch nm 2017. Li nhun sau thu qu I/2017 l 13,44 t ng,
tng 382% yoy v t 30,5% k hoch nm 2017.
Cng ty C phn Bia Si Gn Bc Liu (UPCoM: SBL)
Cng ty C phn Bia Si Gn Bc Liu (UPCoM: SBL) 24.07.2017

Gi ng ca gn nht 19.200 WSB 20%
Gi cao nht 52 tun 37.000 Sabeco 10%
Gi thp nht 52 tun 19.200 Nguyn Th Phng Khanh 6,5%
KLLH hin ti Phm Th Hng Hnh 5,06%
12,012
(triu c phiu)

BO CO NGNH BIA
Nh my Bia Si Gn Bc Liu hin c cng sut 50 triu lt/nm. Nm 2016, SBL tiu th c
53,6 triu lt bia, tng 19,11% yoy. Doanh thu nm 2016 t 321,03 t ng, tng 13% yoy v li
nhun sau thu t 39,36 t ng, gim 19% yoy.
Trong 6 thng u nm 2017, SBL thu v 139,69 t ng doanh thu, gim 17,1% yoy v thc hin
c 48,1% k hoch nm 2017. Li nhun sau thu 6T.2017 l 16,56 t ng, gim 26,5% yoy.
Hot ng kinh doanh ca SBL b nh hng nghim trng bi s xm ln th trng ca bia Larue.
Nhn chung, cc cng ty trn ch yu sn xut cc loi bia Si Gn vi u vo v u ra chu s chi

phi v qun l ca Sabeco. C th, Tng Cng ty bia Si Gn s chu trch nhim nhp khu nguyn
liu u vo v bn li cho cc cng ty con v LDLK trong h thng do vy m khon phi tr ti
nhm cc cng ty ny thng l giao dch vi cc bn lin quan, m c th y l Sabeco v mt
s cng ty con & LDLK khc thuc cng h thng. Nhim v ca cc cng ty con & LDLK l qun l
v thc hin khu sn xut trong chui gi tr. V u ra, Sabeco cng thc hin thu mua ton b sn
lng bia Si Gn m cc cng ty con & LDLK sn xut, v chu trch nhim cho khu qung co
tip th v tiu th sn phm. Do vy khon phi thu ti nhm cng ty con phn ln u l giao dch
vi cc bn lin quan v chi ph bn hng thp. Cng chnh v b kim sot v sn lng sn xut,
nh my ca nhm cc cng ty con c th ri vo tnh trng d tha cng sut do u ra b hn ch
theo nh mc m Cng ty m quy nh.
Ngoi sn xut bia Si Gn theo ng k hoch ca Tng cng ty, SMB v SB1 l hai cng ty c
thm mng t doanh mt s sn phm ung khc. C th, SMB sn xut thm cc loi bia khc
nh bia Lowen, bia Qui Nhn, bia hi, nc ung ng chai, sa bp, ru Serepok Ngoi ra,
SMB cn gia cng sn phm v cung cp dch v kho cho Pepsico. Tng t nh SMB, SB1 cng
c hot ng t doanh cc sn phm bia v ung mang thng hiu Vida. Nh vng quay ti
sn ti hai cng ty ny so vi cc cng ty cng nhm c phn kh hn, do khai thc hiu qu cng
sut d tha ca cc nh my sn xut.
2. Tng Cng ty C phn Bia Ru Nc gii kht H Ni (HNX: BHN)
Tng Cng ty C phn Bia Ru Nc gii kht H Ni (HNX: BHN) 24.07.2017

Gi ng ca gn nht 78.800 B Cng Thng 81,79%
Gi cao nht 52 tun 225.800 Carlsberg 17,51%
KLLH hin ti
231,8
(triu c phiu)
Sn phm chnh
Cng nh Sabeco, Habeco sn xut v kinh doanh cc sn phm bia l ch yu, sn lng sn xut
v tiu th mng ru v nc ng chai ch chim t trng rt nh.
Cc sn phm chnh ca Habeco bao gm cc loi bia chai v bia lon Trc Bch, bia H Ni v bia
hi H Ni. Bn cnh , cng ty cn mi hon thnh u t xy dng h thng sn xut nc tinh
lc v chnh thc a vo hot ng t nm 2014. Sn phm ca dy chuyn ny c t tn l
UniAqua hin c mt ti hu ht cc tnh pha Bc v min Trung. V mng ru, Habeco sn
xut v phn phi cc sn phm nh Vodka H Ni, La Mi, Np mi

BO CO NGNH BIA
im mnh
L mt trong ba doanh nghip c th phn tiu th bia ln nht c nc

S hu thng hiu bia H Ni lu i v quen thuc vi ngi tiu dng
Tng cng sut ton h thng t trn 800 triu lt/nm. S hu 17 cng ty con v 6 cng ty lin
kt chu trch nhim sn xut v thng mi khp cc tnh t min Bc n min Trung. V h
thng phn phi, Habeco c 03 Cng ty Thng mi v khong 345 i l phn phi cp 1 trn
khp c nc.
Cng tng t nh Sabeco, Habeco cng c nng lc ti chnh vng mnh, d dng tip cn
vi cc khon vay vn ln, thun li cho hot ng u t m rng v qung b hnh nh thng
hiu.
im yu
Bin li nhun b nh hng mnh bi tnh trng ngun cung v gi c nguyn vt liu u vo.
Bia H Ni ang mt dn th phn vo tay cc hng bia khc v ang dn dn b thay th trong
nhn thc v thi quen tiu th ca ngi dn Vit Nam.
Hnh nh thng hiu bia H Ni t lu gn lin v gn gi vi tng lp ngi dn lao ng
Vit Nam, vi cc dng bia trung cp, gy kh khn cho doanh nghip trong n lc xm nhp
vo phn khc bia cao cp ang mang li bin li nhun rt cao cho ton ngnh.
Cc sn phm bia cao cp ca Habeco vn cha th cnh tranh c vi sn phm ca cc
hng bia ngoi khc.
Ri ro u t
Ri ro n t cc hng bia ngoi ang xm nhp t vo th trng cng vi s kin thu nhp
khu c ct gim nh vo cc hip nh thng mi t do.
Trong cc nm gn y, th phn cng nh doanh thu v bin li nhun rng ca Habeco lin
tc gim cho thy ng lc tng trng khng cn. Doanh nghip gp kh khn trong vic
kch thch tiu th u ra mc d n lc u t ln cho cc hot ng qung co tip th. D
a tng trng ca Habeco trong cc nm sp ti tng i thp, c bit l trong bi cnh
cnh tranh gay gt v xu hng tiu th ca ngi dn ang dn chuyn sang cc dng sn
phm bia ngoi.
Nhm cc cng ty con
Khc vi c cu sn phm trong nhm cc cng ty con v LDLK ca Sabeco, hu ht cc cng ty

con ca Habeco u c mng t doanh, sn xut thm cc sn phm bia mang thng hiu a
phng. c bit, do vn ha tiu th ti min Bc a chung bia hi, cc cng ty con thng sn
xut v kinh doanh thm mt hng ny.
Cng ty C phn Bia Thanh Ha (HNX: THB)
Cng ty C phn Bia Thanh Ha (HNX: THB) 24.07.2017

Gi ng ca gn nht 18.500 Habeco 55%
Gi cao nht 52 tun 24.500 Ng Qu Lm 45%
Gi thp nht 52 tun 16.000 Lng Xun Dng 6,13%
KLLH hin ti CTCP Chng khon
11.42457 NH u t v Pht 3,69 %
(triu c phiu)
trin Vit Nam

BO CO NGNH BIA
CTCP Bia Thanh Ha c hot ng chnh l sn xut v kinh doanh cc sn phm mang thng hiu
bia Thanh Ha bao gm bia hi cc loi, bia chai, bia lon (chim trn 70% sn lng bia sn xut ti
nh my) v sn xut bia H Ni theo k hoch t ra ca Tng cng ty. Nh my bia Thanh Ha c
cng sut 70 triu lt/nm. Nm 2016, THB tiu th c 64,55 triu lt bia, tng 0,7% yoy. Doanh thu
nm 2016 t 582,14 t ng, tng 6,5% yoy v li nhun sau thu t 11,86 t ng, gim 19,8%
yoy.
Trong 6 thng u nm 2017, THB thu v 267,72 t ng doanh thu, tng 5,8% yoy v thc hin c
44% k hoch nm 2017. Li nhun sau thu 6T.2017 l 5,05 t ng, gim 0,4% yoy.
Cng ty C phn Bia H Ni Thi Bnh (UPCoM: BTB)
Cng ty C phn Bia H Ni Thi Bnh (UPCoM: BTB) 24.07.2017

Gi ng ca gn nht 12.000 Habeco 66,31%
KLLH hin ti
7.69122
(triu c phiu)
P/E (4 qu gn nht) 13
Cng tng t nh THB, BTB cng sn xut bia chai H Ni v v t sn xut, kinh doanh thm bia
hi Thi Bnh. Trong nm 2016, lng tiu th ca bia H Ni trn tng sn lng ti cng ty l 68%
v t trng tiu th bia hi Thi Bnh l 32%. Hin nh my ca BTB ang c cng sut 50 triu
lt/nm. Nm 2016, BTB tiu th c 34,6 triu lt bia, tng 4,5% yoy. Doanh thu nm 2016 t
186,59 t ng, tng 4,7% yoy v li nhun sau thu t 8,2 t ng, tng 23,5% yoy.
Trong 6 thng u nm 2017, BTB thu v 75,72 t ng doanh thu, tng 5,8% yoy v thc hin c
38% k hoch nm 2017. Li nhun sau thu 6T.2017 l hn 498 triu ng thay v l 1,5 t ng
cng k nm 2016.
Cng ty C phn Bia H Ni Hi Phng (UPCoM: BHP)

Cng ty C phn Bia H Ni Hi Phng (UPCoM: BHP) 24.07.2017
Gi ng ca gn nht 10.700 Habeco 65,01%
KLLH hin ti
9.17929
(triu c phiu)
P/E (4 qu gn nht) 22.7
Hai nh my ca BHP hin c tng cng sut 75 triu lt/nm. Sn phm chnh ca BHP l bia hi,
vi t trng lng tiu th chim n 78%. Theo sau l bia chai H Ni chim 19% v bia chai Hi
Phng chim 3% tng lng tiu th trong nm 2016.
Nm 2016, BHP tiu th c 49,9 triu lt bia, gim 1,6% yoy. Doanh thu nm 2016 t 391,6 t
ng, tng 1,59% yoy v li nhun sau thu t 4,44 t ng, tng 18,53% yoy.

BO CO NGNH BIA
Cng ty C phn Bia H Ni Hi Dng (HNX: HAD)
Cng ty C phn Bia H Ni Hi Dng (HNX: HAD) 24.07.2017

Gi ng ca gn nht 37.700 Habeco 55%
Gi cao nht 52 tun 58.000 ng Th Nguyt 3,84%
Gi thp nht 52 tun 33.900 AFC VF Limited 3,5%
KLLH hin ti
4
(triu c phiu)
HAD hin c cng sut 50 triu lt/nm. Trong nm 2016, HAD tiu th c 36,78 triu lt bia, gim
2,4% yoy trong t trng tiu th bia Hi Dng l 66% v bia H Ni l 34%. Doanh thu nm 2016
t 189,2 t ng, gim 4,4% yoy c gii thch do sn lng tiu th bia chai gim. ng thi li
nhun sau thu t 17,11 t ng, gim 19,8% yoy do sn lng tiu th gim v thu TTB tng
nhng doanh nghip khng tng c gi bn.
Trong 6 thng u nm 2017, HAD thu v 74,43 t ng doanh thu, gim 4,8% yoy v thc hin c
39,8% k hoch nm 2017. Li nhun sau thu 6T.2017 l 6,33 t ng, gim 9,6% yoy cng do cc
l do va nhc n trn.

BO CO NGNH BIA
Tuyn b min trch nhim
Cc thng tin v nhn nh trong bo co ny c cung cp bi FPTS da vo cc ngun thng tin

m FPTS coi l ng tin cy, c sn v mang tnh hp php. Tuy nhin, chng ti khng m bo tnh
chnh xc hay y ca cc thng tin ny.
Nh u t s dng bo co ny cn lu rng cc nhn nh trong bo co ny mang tnh cht ch

quan ca chuyn vin phn tch FPTS. Nh u t s dng bo co ny t chu trch nhim v quyt
nh ca mnh.
FPTS c th da vo cc thng tin trong bo co ny v cc thng tin khc ra quyt nh u t

ca mnh m khng b ph thuc vo bt k rng buc no v mt php l i vi cc thng tin a ra.
Ti thi im thc hin bo co phn tch, FPTS nm gi 40 cp THB. Chuyn vin phn tch khng
nm gi c phiu no ca cc cng ty cp trong bo co ny ti thi im thc hin bo co.
Cc thng tin c lin quan n chng khon khc hoc cc thng tin chi tit lin quan n c
phiu ny c th c xem ti https://ezsearch.fpts.com.vn hoc s c cung cp khi c yu
cu chnh thc.
Bn quyn 2010 Cng ty chng khon FPT
Cng ty C phn Chng khon FPT Cng ty C phn Chng khon FPT Cng ty C phn Chng khon FPT
Tr s chnh Chi nhnh Tp. H Ch Minh Chi nhnh Tp. Nng
S 52 ng Lc Long Qun, Tng 3 - Ta nh Bn Thnh 100 Quang Trung, Qun Hi Chu,

Qun Ty H, thnh ph H Ni TimeSquare 136-138 L Th Hng Tp. Nng, Vit Nam
T: (84.4) 3 773 7070 / 271 7171 Gm, Qun 1, Tp.H Ch Minh T: (84.511) 3553 666
Fax: (84.4) 3 773 9058 T: (84.8) 6 290 8686 Fax: (84.511) 3553 888
Fax: (84.8) 6 291 0607

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BO CO NGNH BIA

Mc cnh tranh s tip tc gia tng

NGNH BIA TH GII

Ngnh bia th gii c th c miu t bng hai xu hng l xu hng hp nht bt u t th

NGNH BIA VIT NAM

www.fpts.com.vn Bloomberg FPTS <GO> | 2

www.fpts.com.vn Bloomberg FPTS <GO> | 3

CAGR Tc tng trng kp hng nm

USDA B Nng nghip Hoa K

TTB Tiu th c bit

TTCK Th trng chng khon

LDLK Lin doanh lin kt

FTA Hip nh thng mi t do

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A. TNG QUAN NGNH BIA TH GII .......................................................................................... 6

II. Vng i ngnh Bia th gii ........................................................................................................ 12

III. Chui gi tr ngnh Bia th gii ................................................................................................... 16

IV. Cc yu t tc ng n cu v xu hng tiu th ca ngnh Bia th gii............................... 32

V. nh gi trin vng ngnh Bia th gii ....................................................................................... 36

B. TNG QUAN NGNH BIA VIT NAM ....................................................................................... 37

I. Lch s hnh thnh ngnh Bia Vit Nam ..................................................................................... 37

II. Vng i ngnh Bia ti Vit Nam ................................................................................................ 38

III. Chui gi tr ngnh Bia Vit Nam ................................................................................................ 39

NGNH VIT NAM

V. Mc cnh tranh ca ngnh Bia ti Vit Nam ......................................................................... 59

C. TRIN VNG NGNH BIA VIT NAM ...................................................................................... 62

I. Phn tch SWOT ngnh Bia Vit Nam ........................................................................................ 62

II. Xu hng v trin vng ngnh Bia Vit Nam ............................................................................. 63

III. Khuyn ngh u t ..................................................................................................................... 65

D. CP NHT CC CNG TY NGNH BIA VIT NAM................................................................ 66

I. Cp nht nhng ch s ti chnh quan trng ca cc cng ty..................................................... 66

II. C cu c ng s hu cc cng ty bia Vit Nam ..................................................................... 67 DOANH NGHIP

III. Hiu qu hot ng ca cc cng ty trong ngnh ...................................................................... 68

IV. Tnh hnh ti chnh ....................................................................................................................... 74

V. Dng tin ..................................................................................................................................... 80

VI. Cp nht thng tin cng ty........................................................................................................... 83

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A. TNG QUAN NGNH BIA TH GII

I. S lc lch s pht trin ngnh Bia th gii qua cc giai on

K t th k 14, cc tu vin dn mt i v th trung tm trong ngnh bia, thay vo cc c s bun

Rt nhiu yu t nh hng n c cung v cu ng gp cho s pht trin ca ngnh bia thi k

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th trng ni a, nh h thng giao thng vn chuyn pht trin, sn phm ru c th tip cn

Th k 18 v 19 l giai on c rt nhiu pht kin khoa hc ng gp vo quy trnh sn xut bia. C

Bn cnh , nhng ci tin lin quan n my hi nc cho php s dng cc loi my mc

Th k 19 n 20 li l thi k ca c tng trng v suy gim, hp nht v ton cu ha.

Tng trng v suy gim:

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Sn lng sn xut bia th gii, 1996-2015

Sn lng bia th gii Tng trng

Ngun: Barth-Haas Group Report

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(t lt) Sn lng tiu th bia th gii, 1997-2015

Lng tiu th bia th gii Tng trng

Ngun: Kirin Holdings

Xu hng hp nht t th k 20:

Bc tranh th trng bia hin ti l kt qu ca qu trnh hp nht bt u t th k 20th. C th ni

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Th phn cc hng bia ln, 2003

Others, Cho n u nhng nm 1990, cc hot ng

Th phn cc hng bia ln, 2015 Trong sut hn 10 nm tr li y, hot ng

Vo thng 10/2016, AB Inbev hon tt qu trnh thu tm SABMiller vi gi tr ln ti 106 t USD, tr

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