BRUSSELS, July 31 Reuters Heineken, the world39;s secondlargest brewer by volume, on Monday cut its 2023 profit growth forecast after an economic slowdown in Vietnam depressed firsthalf earnings by more than expected.

The Dutch company, whose brands include Tiger and Sol, said it now expected growth in operating profit before oneoffs this year to be between zero and a mid singledigit percentage. It had previously forecast a mid to high singledigit percentage.

In the first half, Heineken sold 5.6 less beer than a year ago, and despite a jump in revenue due to higher prices, suffered a 8.8 likeforlike decline in operating profit, compared with the average 4.8 decrease forecast in a companycompiled poll.

Heineken said its results in Asia had been affected by an economic slowdown, notably in Vietnam, one of the company39;s largest markets, which is facing reduced global demand for its exports.

Beer volumes in the region fell by 13.2 and sales of more expensive premium beers by even more. Operating profit reduced by about a third.

The brewer whose namesake brand is Europe39;s topselling beer said it expected a strong overall turnaround of profit in the second half of the year.

Reporting by Philip Blenkinsop; Editing by Jacqueline Wong and Varun H K

Source Reuters