Japanese brewers are looking past China's $57 billion beer market to a country with less than one-tenth the population: Vietnam.
Japan's oldest beer maker, Sapporo Holdings Ltd., pulled out of China in 2004 and is boosting production in Vietnam. Rivals Asahi Group Holdings Ltd. and Kirin Holdings Co. have bought Southeast Asian companies to help offset domestic beer sales that have slumped for at least six years.
The brewers are making the fastest growing major economy, China, a lesser priority because of slowing population growth and strong competition.