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Recent months have seen a flood of consolidation among global brewers.
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Rapid growth in Asia's beer market has drawn global brewers to the region.
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Myanmar, which has emerged from decades of international isolation, has already attracted global brewers.
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The Dutch group is one of the few global brewers still managing to boost beer volumes.
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Earlier it conducted raids at the offices of global brewers such as Carlsberg and Anheuser Busch InBev.
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Vietnam is shaping up as a battleground for global brewers thanks to a youthful population and beer-drinking culture.
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Its enterprise value is now 37 times its core profit versus close to 15 for some of the largest global brewers, according to Reuters data.