Thai billionaire’s group eyes $3.8mn acquisition of Vietnam’s Chuong Duong Beverages factory

The prospective buyer, F&N Ventures Pte. Ltd., is a subsidiary of Fraser and Neave Limited (F&N), a Singapore-based food and beverage group operating across Southeast Asia and part of the Thai Beverage Public Company Limited ecosystem controlled by Sirivadhanabhakdi through TCC Group.

According to documents disclosed by Chuong Duong Beverages, F&N Ventures has submitted an offer to acquire the Nhon Trach 3 soft drink factory project in Dong Nai Province, which neighbors Ho Chi Minh City.

Under the proposal, the buyer has offered around VND98 billion (approximate $3.8 million) for the project.

Of that amount, VND66 billion ($2.5 million) represents the value of tangible assets, including machinery and inventory.

The remainder reflects the value attributed to Chuong Duong Beverages’ Sa Xi, or Sarsi, brand.

The payment structure provides that 35 percent of the transaction value would be paid upon signing the transfer contract, 60 percent upon completion and the remaining balance retained to cover potential post transaction liabilities.

Chuong Duong Beverages said the offer would help address urgent cash flow needs, according to news site VnExpress, which cited company documents.

The company has reported losses for five consecutive years.

By the end of 2025, accumulated losses had reached nearly VND350 billion ($13.4 million), placing pressure on its equity base and overall financial stability.

Management said business performance has fallen short of expectations despite restructuring efforts, prompting the board to pursue additional measures to strengthen finances and stabilize operations.

The proposed sale comes as F&N continues to expand its footprint in Vietnam.

In late 2025, the group spent about VND6 trillion ($230.5 million) acquiring more than 96 million shares in Vinamilk, Vietnam’s largest dairy producer, reinforcing its position as the company’s largest foreign shareholder.

If approved, the acquisition of the Nhon Trach 3 factory would broaden the Thai billionaire’s presence in Vietnam’s non-alcoholic beverage market while providing Chuong Duong Beverages with much needed financial relief.