The Government of Vietnam has reportedly transferred all of its ownership stake in country’s largest brewery Saigon Beer Alcohol Beverage Corp (Sabeco) to the State Capital Investment Corporation (SCIC).

The government’s stake in Sabeco was reported to be more than VND2.3tr ($99.3m), which is said to be 36% of Sabeco’s charter capital.

The stake was transferred to SCIC by the Vietnam Ministry of Industry and Trade (MoIT).

Vietnam Deputy Minister of Industry and Trade Cao Quoc Hung said: “The transfer will not interrupt production or business activities of Sabeco and will comply with the current regulations.”

MoIT transferred the stake as per the prime minister’s decision that was issued in June this year, which directed 14 companies to transfer state capital to SCIC before 31 August.

Sabeco is said to be the first among the 14 companies to complete such a transfer.

Until now, SCIC is said to have received more than VND21.9tr ($945.3m) in state capital from 1,068 enterprises.

Upon completion of the transfer, SCIC will be responsible for divesting all state capital from Sabeco as per the prime minister’s decision.

SCIC Chairman Nguyen Duc Chi said: “SCIC would create the best possible conditions for Sabeco to continue to grow, bringing investment efficiency to all shareholders, including state shareholders.”

In 2017, Chang beer maker Thai Beverage (ThaiBev) acquired a 54% stake in Sabeco from the Ministry of Industry and Trade.

Other overseas companies hold a 9.71% stake in Sabeco, while the remaining stake is held by other small shareholders.

In February this year, the European Parliament voted in favour of the EU-Vietnam trade agreement, paving the way for the removal of a 45% tariff currently levied on Irish whiskey in Vietnam.