Vietnam has become one of Asia’s fastest-growing investment destinations. Strong economic growth, rising consumer spending, and an expanding middle class continue to attract multinational companies seeking new opportunities across Southeast Asia.
Recognizing this momentum, PT Wahana Interfood Nusantara Tbk (IDX: COCO), operating as Win&Co Group, has taken a strategic step by pursuing the acquisition of Momogi Group. Through this transaction, the company will gain access to Bibica Corporation, one of Vietnam’s leading confectionery manufacturers.
The expansion represents more than geographic growth. It also supports Win&Co Group’s long-term transformation from a cocoa ingredients producer into an integrated fast-moving consumer goods (FMCG) company serving regional markets.
The company announced the transaction after signing a Conditional Share Purchase Agreement (CSPA) on May 6, 2026. According to its public disclosure to the Indonesia Stock Exchange, the acquisition will proceed once all agreed conditions have been fulfilled.
Vietnam Continues to Attract Global Investment
Over the past decade, Vietnam has emerged as one of Southeast Asia’s most attractive investment destinations. International manufacturers and consumer goods companies continue expanding their operations to capture the country’s growing domestic market.
Economic performance remains one of Vietnam’s strongest advantages. In 2025, the country’s economy grew by approximately 8 percent, while gross domestic product exceeded US$500 billion. This performance positions Vietnam among the fastest-growing economies in Southeast Asia.
In addition, Vietnam offers direct access to the ASEAN market, which serves more than 600 million consumers. Its strategic location, competitive labor costs, and business-friendly environment continue to attract regional and global investors.
Vietnam’s population has also surpassed 100 million people. At the same time, the country’s expanding middle-income population continues to increase demand for packaged food, confectionery, bakery products, and premium snacks.
According to Statista, Southeast Asia’s snack market is expected to grow at a compound annual growth rate (CAGR) of approximately 6–8 percent through 2030. Meanwhile, several independent market research firms estimate that Vietnam’s sugar confectionery market will increase from around US$0.4 billion in 2024 to approximately US$0.6 billion by 2030.
The broader snack food market is projected to reach approximately US$3 billion by 2030. These projections highlight Vietnam’s long-term growth potential for consumer goods companies expanding across Southeast Asia.
Why Win&Co Chose Bibica
Rather than building a new business from the ground up, Win&Co Group chose to expand through an established market leader. Bibica Corporation has built a strong reputation as one of Vietnam’s largest confectionery manufacturers.
The company has operated for more than two decades and offers a diversified portfolio that includes cakes, candies, crackers, wafers, cookies, nutritional products, and seasonal confectionery.
In addition, Bibica owns several well-established brands, including Hura, Goody, Gooka, Sumika, Migita, Zoo, CheerY, and Quasure. These brands have gained strong consumer recognition throughout Vietnam.
Independent market research also ranks Bibica among Vietnam’s three largest candy manufacturers. This position reflects both strong brand equity and high customer loyalty.
For Win&Co Group, Bibica provides an established manufacturing platform, experienced management, and an extensive distribution network. As a result, the company can accelerate market penetration without building a new operation from scratch.
Bibica Provides a Strong Growth Platform
Bibica has consistently delivered solid financial performance in recent years. According to the company’s historical financial statements, revenue increased from VND1.219 trillion in 2020 to approximately VND1.781 trillion, or around US$73 million, in 2025.
This performance represents a compound annual growth rate of approximately 8 percent. Profitability also improved steadily as operational efficiency increased across the business.
EBIT margin rose from 1.9 percent in 2021 to 7.0 percent in 2025. During the same period, EBITDA margin improved from 8.3 percent to 11.1 percent.
These improvements demonstrate Bibica’s ability to strengthen profitability while maintaining sustainable business growth. Consequently, Win&Co Group sees significant value in integrating Bibica into its regional expansion strategy.
Distribution Network Creates Competitive Advantage
Beyond its financial performance, Bibica operates one of Vietnam’s largest confectionery distribution networks. The company serves more than 140,000 sales outlets through both traditional and modern retail channels.
Furthermore, Bibica exports its products to several international markets, including the United States, Japan, South Korea, Thailand, and the Philippines. This international presence strengthens the company’s position within the regional confectionery industry.
Its manufacturing operations have also expanded through a modern production facility in southern Vietnam. The factory still has available production capacity, providing additional opportunities for future growth.
These assets allow Win&Co Group to scale production more efficiently while focusing future investments on product innovation and market expansion.
Acquisition Supports Win&Co’s Long-Term Vision
According to President Director Soegianto Soenario, Vietnam represents one of Southeast Asia’s most promising growth markets. Therefore, the company selected Bibica as its strategic platform for long-term regional expansion.
Instead of entering the market independently, Win&Co Group chose to collaborate with an established local company that already possesses strong brands, manufacturing capabilities, and nationwide distribution.
Through the acquisition of Momogi Group and Bibica Corporation, Win&Co Group plans to transform into a fully integrated FMCG company. Its business portfolio will extend from cocoa ingredients and chocolate products to branded confectionery and packaged consumer foods.
Long-Term Opportunities Remain Strong
Vietnam’s growing economy continues to support rising consumer demand. Increasing disposable income, urbanization, and lifestyle changes are expected to drive long-term growth across the snack food and confectionery industries.
Looking ahead, Win&Co Group plans to strengthen product development, optimize regional distribution, and expand collaboration across Southeast Asia. These initiatives will support sustainable growth while improving the company’s competitive position.
Ultimately, the Vietnam expansion represents more than a single acquisition. It forms part of Win&Co Group’s broader strategy to become one of Southeast Asia’s leading FMCG companies while promoting Indonesian expertise and innovation throughout regional markets.
About Win&Co Group
PT Wahana Interfood Nusantara Tbk (IDX: COCO), operating as Win&Co Group, is an Indonesian food and beverage company specializing in cocoa and chocolate-based products. The company continues to strengthen its business through product innovation, digital transformation, strategic partnerships, and international expansion while supporting sustainable growth across Southeast Asia.
