Diageo ups Vietnam vodka stake

Drinks giant Diageo said it had raised its stake in Vietnam's Hanoi Liquor, the country's leading vodka supplier.

The company has spent £14m, taking its ownership of Hanoi, Vietnam's leading domestic branded spirits producer, up to 45.5%.

Diageo said that the move demonstrated its commitment to work with Halico in the rapidly growing Vietnamese branded spirits sector.

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"As Halico's strategic partner, Diageo will continue to assist Halico in enhancing its capabilities across a range of functions, including innovation, branding, supply and distribution," the firm said.

Diageo would remain a long term equity investor in Halico, it added.

It will independently continue to develop its international premium spirits portfolio in Vietnam, including Johnnie Walker, Smirnoff and Baileys, through its wholly owned subsidiary Diageo Vietnam.