Scotch whisky society reveals investment in Vietnam

The Society, which was established in Edinburgh in 1983, has more than 42,000 members who can access single malt whiskies from a vast collection of casks from distillers around the world based on a direct-to-consumer model, primarily through e-commerce, which generates 90% of its revenue. It has member rooms in Leith, Edinburgh, Glasgow and London, in addition franchises and partner bars in multiple locations across the globe.
The investment in Vietnam comes despite a challenging period for the Scotch whisky industry, which has been feeling the impact of geopolitical tensions and economic slowdown in key markets and is now dealing with fresh import tariffs in the US introduced by President Donald Trump. In early April, shortly before Mr Trump announced a sweeping round of reciprocal tariffs on 'Liberation Day', Artisanal reported earnings before interest, tax, depreciation, and amortisation of £1.1 million for the year ended December 21, marginally ahead of forecasts, against a 'backdrop of uncertain economic conditions in some markets', including the US and China.
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Since then, major industry players Diageo, Pernod Ricard, and Remy Cointreau – owner of the Bruichladdich Distillery in Islay – have signalled the impact of global uncertainty, including US tariffs, on their financial prospects. Early this month, Remy cited the volatile backdrop as it scrapped a key long-term objective, stating that the 'conditions required to maintain its 2029-2030 targets are no longer in place'.
Despite the tough backdrop, there remains excitement within the industry in certain energy markets, including Vietnam. Artisanal said this morning that the launch of its new franchise in the country allows the SMWS to serve members in one of the world's top 10 markets for ultra-premium Scotch whisky, with an estimated total addressable worth $239 million, according to drinks industry research analysts IWSR.
Scotch whisky exports to Vietnam were worth £22.7 million in 2024, according to the latest figures from the Scotch Whisky Association, with the equivalent of 2.5 million 70cl bottles shipped to the destination.
Andrew Dane, chief executive of Artisanal, said: 'The addition of the new market in Vietnam further expands our footprint in Asia and gives us direct access to one of the top 10 ultra-premium Scotch whisky markets, helping us to capture demand for our unique combination of ultra-premium and limited-edition whiskies and outstanding experiences and knowledge.'
Artisanal is not along in recognising the promise of Vietnam. Scotch whisky industry veteran Billy Walker, owner of the GlenAllachie Distillery on Speyside, spoke recently about the potential of the industry in the market.
In an interview with The Herald, Mr Walker highlighted the emergence of Vietnam and recovery of Japan as encouraging developments for the distiller as he declared that Asia was the 'fastest-growing' market for GlenAllachie. He said: 'I see Japan, actually, as being quite an exciting market now. It flatlined for a long time but it appears to be in significant recovery mode. I popped into Vietnam, [and] it is going to be a great market.'
Asked if his enthusiasm for Vietnam can be explained by growing affluence in the country, Mr Walker said: 'I think that is part of it, for sure. People have got more disposable income. I think they are also more educated and aware of what Scotch whisky is about and the differentials between blended Scotch and single malt, and indeed the varietals within both of these categories.'
He added: 'We like to connect with informed, educated, inquisitive, curious customers and see quite a lot of that activity within an emerging market like Vietnam. It won't happen overnight, but it is going to be an exciting development.'
Shares in Artisanal were trading up nearly 2.5% at 50p around 1pm.

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