Indonesia’s COCO plans Momogi acquisition to gain control of Vietnam’s Bibica

COCO targets an established Vietnamese platform

PT Wahana Interfood Nusantara Tbk, also known as COCO or Win&Co Group, is seeking to expand in Southeast Asia through the planned acquisition of Momogi Group and its Vietnamese confectionery business, Bibica Corporation. Liputan6 reported that Bibica is one of Vietnam’s largest producers of candy and other confectionery products, with established brands, manufacturing capacity and a broad distribution network.

COCO signed a Conditional Share Purchase Agreement on 6 May 2026 covering the proposed acquisition of up to 99.99% of Momogi Group’s shares, according to a disclosure filed with the Indonesia Stock Exchange. Completion remains subject to all conditions precedent being satisfied. Bibica is already part of Momogi Group, making the transaction a route into Vietnam through an operating food platform rather than a new factory and distribution system built from scratch.

Combined markets cover about 387 million consumers

The proposed acquisition would give Win&Co direct access to approximately 287 million consumers in Indonesia and 100 million in Vietnam, or about 387 million people across the two markets. COCO President Director Sugianto Soenario said Vietnam’s position in Southeast Asia also provides access to a wider regional market of around 600 million consumers.

Vietnam’s population of more than 100 million, per capita income approaching US$5,000 and expanding middle class are supporting domestic consumption, including demand for snacks. Liputan6 cited the company’s assessment that Vietnamese labor costs are generally around 50% below those in China, strengthening the country’s role as a competitive manufacturing base. Vietnam’s economy grew by about 8% in 2025, while gross domestic product exceeded US$500 billion, according to the figures referenced by the company.

Confectionery and snack demand is forecast to expand

Statistics cited by COCO project Southeast Asia’s snack market to grow at a compound annual rate of about 6–8% through 2030. Third-party market research cited in the report estimates that Vietnam’s sugar confectionery segment will rise from US$0.4 billion in 2024 to US$0.6 billion in 2030. The country’s overall snack market is projected to increase from approximately US$2.42 billion in 2025 to US$3.01 billion in 2030.

Those forecasts place Bibica’s brands and distribution network at the center of COCO’s regional strategy. Bibica President Director Hoang Quoc Nguyen said combining the products of Win&Co and Momogi with Bibica’s portfolio and Vietnamese distribution network could broaden the selection offered to consumers and reinforce the companies’ position in the regional confectionery market.

Deal would broaden COCO’s role in regional food trade

Win&Co has operated as a domestic producer of cocoa ingredients. Adding Momogi and Bibica would extend its portfolio into branded confectionery and snacks, creating a more integrated fast-moving consumer goods platform spanning raw materials, manufacturing and downstream distribution. The transaction could also create channels for moving products and inputs between Indonesia and Vietnam, although the company has not disclosed planned trade volumes or a transaction value.

For importers and distributors, the immediate significance lies in the potential combination of Indonesian product capabilities with an established Vietnamese sales network. For exporters of cocoa ingredients and other food inputs, a larger manufacturing footprint could create new intra-regional supply opportunities. The timing and final structure remain dependent on completion of the conditional agreement, and COCO has not announced when the outstanding requirements are expected to be fulfilled.