Vietnam's Bibica sold to Momogi Group in $125M landmark deal
The PAN group completes the sale of Bibica for VND2.63 trillion
This sale is expected to drive growth in Vietnam while strengthening Momogi Group's presence in Southeast Asia and international markets.
The value of the deal is VND2.63 trillion ($125.2 million), combining a $69.9 million transfer price excluding cash and unused assets; $26.4 million in dividends paid by Bibica to PAN (excess cash that BBC did not use in its production and business operations). The remaining $8.8 million is valued by two real estate properties that PAN acquired from Bibica as previously announced, including one land plot in Danang and another in Dong Nai.
Bibica Capital owns 99.13 per cent of the charter capital of Bibica JSC. Following the completion of the transaction, Bibica and Bibica Capital are no longer subsidiaries of The PAN Group.
According to The PAN Group, when the group started to invest in Bibica in 2024, it recognised that this was more than just a financial investment.
Bibica is a Vietnamese food brand with a long history, deeply rooted in the memories and consumption habits of many generations of Vietnamese people, and this heritage is what needs to be preserved, nurtured, and developed in the long term.
Throughout their partnership, PAN has consistently pursued a clear direction: preserving the unique identity and position of the Bibica brand, while gradually strengthening its governance foundation, improving operational capabilities, investing in production, innovating products, and expanding its market.
In 2025, Bibica recorded a pre-tax profit of $6.4 million, a 20 per cent increase compared to the previous year and the highest level ever - a milestone demonstrating the company's sustained internal strength built over many years.
"After many years of partnership and repositioning, Bibica has entered a new phase with a more solid operational foundation, a clearer brand, and greater growth potential. This is also the time when The PAN Group sought a partner that could continue that journey - not only maintaining the values already built, but also helping Bibica go further in the confectionery and snack food industry," said Nguyen Thi Tra My, CEO of The PAN Group.
The most important criterion that PAN set in the partner selection process was a commitment to developing Bibica as an independent brand with its own identity and the ability to grow in the future.
Momogi Group perfectly aligns with this direction thanks to its deep operational experience in the industry, brand development capabilities, and ability to expand domestically, regionally and internationally.
The involved parties believe this deal will open a new chapter of development for Bibica: continuing to maintain its position as a Vietnamese brand trusted by consumers, while also creating conditions to gradually expand its presence in regional and international markets.
"Bibica is a brand that has been associated with many generations of Vietnamese consumers, and that is why the group views this brand with special respect. We believe that transferring to a suitable partner is not the end, but a necessary continuation, so that Bibica can enter a new, broader, and longer-lasting phase of development. Momogi Group is a partner we expect will continue to preserve and promote the values that have made Bibica famous," Tra My said.
Njoo Servin, CFO of Momogi Group said, "Bibica is not just a brand, but a part of the lives of many Vietnamese families. We see great potential to develop the company beyond the Vietnamese market. Together with Momogi Group, we expect to bring its products to more markets, build the brand into a regional brand, while still maintaining the values that consumers love."
For The PAN Group, one of the purposes of this deal is to reallocate resources for the core strategy. This transaction reflects the group's consistent approach to portfolio management, which means that it will accompany businesses in the foundation-building phase, support them in enhancing their competitiveness and long-term value, and then transfer them to the right partner to enable them to enter a new growth cycle. The resources freed up from the transaction will be reallocated to strengthen and drive growth in the Group's two core segments: agriculture and food.
Bibica and Momogi will focus on leveraging synergistic opportunities by combining their product portfolios and capabilities in the confectionery and snack food sectors. The two parties plan to integrate production and distribution systems in the Indonesian and Vietnamese markets, enhance research and development cooperation and leverage each other's strengths to expand into new markets.
