Mondelez gains large stake in Vietnam’s leading snack business

DEERFIELD, Ill. — Global snack brand Mondelēz International has closed its acquisition of an 80% stake in Kinh Do, Vietnam’s leading snack business, the company announced Thursday.

The Vietnamese company is known for its Kinh Do mooncakes and biscuits, Cosy biscuits, Solite soft cakes and AFC crackers.

“This acquisition is a perfect fit for our growth strategy in Asia Pacific, strengthening our core snacking categories in a high-growth dynamic market,” said Tim Cofer, executive VP and president of Mondelēz’s Asia Pacific and Eastern Europe, Middle East & Africa division.

In the acquisition, Mondelēz will gain access to 90 million potential consumers in Vietnam.

“The addition of Kinh Do’s deep understanding of Vietnam’s consumers and routes to market enhances our capabilities in the region,” Cofer said. “Combined with our global knowledge and resources, including world-class innovation, marketing, food safety and quality, the future is bright for our business in Vietnam.”