ASIATODAY.ID, JAKARTA — Indonesian food company PT Wahana Interfood Nusantara Tbk (COCO), known as Win&Co Group, is expanding its regional footprint with a planned acquisition of Momogi Group, positioning Vietnam as the gateway to its next phase of growth in Southeast Asia’s fast-growing consumer market.
The deal, valued at approximately IDR1.17 trillion (around US$72 million) and supported by the company’s third rights issue, represents a strategic shift for Win&Co as it moves beyond its traditional cocoa processing business toward a broader fast-moving consumer goods (FMCG) platform.
The planned acquisition will bring together Win&Co’s manufacturing capabilities in Indonesia with Momogi Group’s consumer brands and access to Bibica Corporation, one of Vietnam’s established confectionery producers.
Win&Co announced the signing of a Conditional Share Purchase Agreement (CSPA) on May 6, 2026, to acquire up to 99.99% of Momogi Group shares. The transaction will proceed after all required conditions are fulfilled.
Vietnam: The New Engine of Growth
For Win&Co, Vietnam represents more than an export destination. It is a strategic entry point into one of Asia’s most dynamic consumer markets.
President Director Sugianto Soenario said the company chose an acquisition-led strategy to accelerate expansion by leveraging an existing business ecosystem rather than building operations from the ground up.
“We chose to enter early through an efficient strategy—not by building from zero, but through an established platform with strong brands, extensive distribution networks, and proven manufacturing capabilities,” Sugianto said.
Vietnam’s economic momentum has made it a major destination for global investment. The country recorded growth of around 8% in 2025, with gross domestic product exceeding US$500 billion.
With a population of more than 100 million people, rising purchasing power, and a rapidly expanding middle class, Vietnam has become one of Southeast Asia’s most attractive markets for food and beverage companies.
A Gateway to 387 Million Consumers
The acquisition is expected to provide Win&Co with access to a combined consumer base of approximately 387 million people across Indonesia and Vietnam.
The company’s strategy is to build an integrated regional platform covering the entire value chain—from cocoa processing and confectionery production to branded snack products.
Bibica’s established presence in Vietnam will become a key strategic advantage, supported by a distribution network reaching more than 140,000 sales points nationwide across traditional and modern retail channels.
Its products have also reached international markets including the United States, Japan, South Korea, Thailand, and the Philippines, providing additional opportunities for regional expansion.
Vietnam’s Snack Market Gains Momentum
The acquisition comes as Vietnam’s consumer food sector continues to expand rapidly.
Market estimates show Vietnam’s snack food industry is projected to grow from around US$2.42 billion in 2025 to more than US$3 billion by 2030.
The country’s sugar confectionery market is also expected to increase from approximately US$400 million in 2024 to US$600 million by 2030.
Meanwhile, Southeast Asia’s overall snack market is forecast to grow at a compound annual growth rate (CAGR) of around 6–8% through 2030, creating significant opportunities for companies with strong regional brands.
From Cocoa Producer to Regional FMCG Player
Win&Co’s move reflects a broader shift among Indonesian companies seeking regional scale through mergers, acquisitions, and strategic partnerships.
The company aims to transform from a domestic cocoa ingredient producer into a fully integrated Southeast Asian FMCG player, combining Indonesian manufacturing strength with Vietnam’s consumer market advantages.
With the planned acquisition, Win&Co is positioning itself not only to capture rising demand in ASEAN, but also to contribute to the growing presence of Indonesian brands in regional markets.
The transaction could become a landmark step in Indonesia’s ambition to build consumer companies capable of competing across Southeast Asia. (AT Network)
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