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According to BusinessWeek magazine, Anheuser-Busch’s brand is rising in value. The publication ranked the “100 Best Global Brands” in a special report.

Budweiser - which the publication somewhat incongruously calls a “beer maker” - came in 30th overall, three spots better than it did last year, sandwiched between Sony and UPS. Its estimated brand value of $11.8 billion is 3 percent better than in 2008, according to Christopher Tritto, a reporter at the St. Louis Business Journal.

BusinessWeek noted that although Budweiser is squeezed in the U.S. by premium brews on one side and discount ones on the other, the “beer maker is growing strongly in emerging markets such as Vietnam.”

Tritto writes that “Bud’s modest climb up the ladder is a good sign for the brand and St. Louis. But many analysts, investors and other observers will be watching to see how Budweiser fares next year.” From the story:

InBev’s takeover of Anheuser-Busch has brought about an enormous amount of change in a short period of time. Top management from the old Anheuser-Busch has been shown the door. Some question whether the company’s marketing and advertising is heading in the right direction. And these days, growth of mass-produced beer brands in the mature U.S. market is hard to come by.

The combination with InBev, however, has greatly expanded Anheuser-Busch’s global footprint, and foreign markets such as China, Vietnam, Russia and South America could present fresh opportunities for Budweiser and other A-B brands. … Broader geographic reach bodes well for Budweiser’s future as a “best global brand.” But execution is everything. Stay tuned.

Just so. Some of those countries - including Russia, a big but under-developed beer market that is limping through the recession - pose major challenges for global brewers, as well as major promise. Time will tell if they pay off for Anheuser-Busch InBev.