Indonesian food manufacturer and distributor Momogi Group has acquired Vietnamese confectioner Bibica in a bid to establish a dominant regional platform in the two populous nations.

Pan Group, whose chairman is Nguyen Duy Hung, has transferred its 99.13% stake in Bibica Capital to Momogi for 1,748 billion dong ( US$68 million ). Bibica Capital is the Pan Group entity that managed the holding. Hung is also the chairman of Vietnamese securities firm SSI, headquartered in Ho Chi Minh City.

Further, Pan has transferred related assets, primarily real estate, bringing the total transaction value to 2,630 billion dong, or over US$101 million.

Momogi did not publicly disclose the stake transfer value but noted that its strategic acquisition unites two of Southeast Asia’s most prominent snack brands under a single operational platform.

According to data from Statista, Vietnam’s confectionery market reached US$1.77 billion in revenue last year, and is projected to grow at an average annual rate of 6.1% through 2030. With a population exceeding 100 million and a surging appetite for processed foods, Vietnam has solidified its status as one of the most attractive investment hubs in Southeast Asia.

By integrating Bibica’s local manufacturing expertise with Momogi’s regional scale, the combination will serve a total consumer base of more than 370 million people across Indonesia and Vietnam, says Momogi.

Significant synergies

The two companies expect the deal to unlock significant synergies in cross-border distribution and production capacity optimization. Beyond logistics, Momogi adds, the partnership will focus on collaborative research and development to tailor product offerings for diverse consumer tastes in both markets.

Servin Njoo, director of Momogi Group, describes the acquisition as a pivotal step in building a sustainable regional consumer goods platform. She notes that by merging the branding and manufacturing strengths of both companies, Momogi is well-positioned to accelerate its expansion and lead the snacks segment across Southeast Asia.

The group intends to leverage these new efficiencies to enhance profitability while maintaining the long-standing heritage of the Bibica brand.

Pan Group director Nguyen Thi Tra My says the deal is a core component of the company’s strategy to optimize its portfolio and reallocate capital into its primary agricultural sectors. She says Ho Chi Minh City-based Bibica has found the right strategic partner to navigate its next growth phase, adding that the union of the two iconic brands will create a formidable competitor on the international stage.

The transaction follows a banner year for Bibica, which recorded a record-breaking pre-tax profit of 160 billion dong, or US$6.1 million, last year, a 20% increase over 2024. This performance, the highest in the company’s history, underscores the strength of Bibica’s market position as it transitions to Momogi’s ownership.

Moving forward, the Indonesian group will focus on operational integration and expanding its footprint into broader global markets, it adds.