Indonesia’s SMA acquires Vietnamese confectioner Bibica

Indonesian consumer goods company Sari Murni Abadi (SMA), best known as the maker of Momogi snacks, has acquired Vietnamese confectioner Bibica Corporation from PAN Group, a move to accelerate its expansion in local and Southeast Asia market.

The acquisition reflects the Indonesian giant’s ambition to grow its international footprint and strengthen its position as a producer and distributor of fast-moving consumer goods across overseas markets.

“Through this collaboration with Bibica Vietnam, we believe the synergy will improve cross-border production and distribution efficiency,” SMA’s CFO Servin said in a statement ealier this week without revealing the deal’s value.

He added that SMA’s product portfolio will be broadened, extending from snacks to biscuits and other confectionery categories, while also enabling cross-border integration in manufacturing, innovation, and supply chains.

Bibica is one of the leading confectionery firms in Vietnam. It distributes products to more than 100,000 outlets nationwide and also exports to Japan, South Korea, and the U.S.

The company operates factories in Hanoi and the former Long An province (now part of Tay Ninh province), which was merged into the southern province of Tay Ninh in June.

PAN Group, led by chairman Nguyen Duy Hung, acquired a controlling stake in Bibica in 2018 after years of ownership disputes between the Vietnamese brand and South Korea’s Lotte Group. In 2022, PAN had raised its holding to 98.3%, turning Bibica into a wholly-owned subsidiary.

Bibica reported revenue of VND1.78 trillion ($67.65 million) and a net profit of nearly VND120 billion ($4.56 million) in 2024. In the first nine months of 2025, it earned VND70.9 billion ($2.69 million) in net profit, up nearly 17.4% year-on-year.

Following the sale, PAN set up a wholly-owned subsidiary, Bibica Capital Co. Ltd., with registered capital of VND1.65 trillion ($62.71 million), in a financial restructuring effort.