A Saigon Beer production line in Viet Nam.  — Photo cafef.vn

HA NOI (Biz Hub) — The industry and trade ministry has appointed Bui Ngoc Hanh as chairman of the executive board of the Sai Gon Beer Alcohol Beverage Joint Stock Corporation (Sabeco) from August 18.

Hanh, a permanent member of the Sabeco's Management Board, will hold the post on a temporary basis.

Hanh, 56, replaces Phan Dang Tuat who took the post from 2008. The ministry had signed a decision, terminating Tuat's appointment as a representative of State-owned capital at Sabeco. Tuat will be assigned to another job by the ministry.

Sabeco has a charter capital of VND6.4 trillion (US$284.95 million), more than 89 per cent of which is owned by the state. The ministry plans to sell the state-owned shares in Sabeco to bring down the state's stake to 36 per cent.

In its previous plan, Sabeco planned a total net profit of almost VND3.11 trillion ($138.47 million) for the whole year, up just 2 per cent over last year's result, and the dividend was projected at 25 per cent.

The target of total sales was expected to be VND31.721 trillion ($1.41 billion), equivalent to 1.425 billion litres of beers, up 2 per cent over 2014, of which Saigon Beer will account for 1.388 billion litres. — VNS