Growth of each product category in the confectionery industry in Korea Figure 12.. OBJECTIVE OF THE ESSAYSThe main objective of this essay is to analyze the global strategy of Bibica Joi
OVERVIEW OF THE COMPANY
Company Introduction
Bibica Joint Stock Company (BBC), originally known as Bien Hoa Confectionery Joint Stock Company, was founded in 1999 and specializes in producing and distributing a wide range of confectionery products, including jelly candy, soft candy, hard candy, snacks, cookies, biscuits, layer cakes, moon cakes, chocolate, and cereal powder.
Figure 1 Bibica factory in Bien Hoa province
Bibica Joint Stock Company is a leading confectionery manufacturer in Vietnam, well-known for its popular brands like Hura, Goody, Quasure, Zoo, aHHa, and Migita Annually, the company supplies over 20,000 tons of confectionery to meet modern consumer trends Committed to "Continuously improving product and service quality," Bibica invests in advanced production technologies and maintains strict quality control processes while focusing on the research and development of nutritious new products.
PAN Group, a leading confectionery brand in Vietnam, has successfully acquired the Bibica brand, enhancing its presence in the confectionery sector Previously, Lotte Confectionery, a Korean investor, held a 44% stake in Bibica and aimed for full ownership, intending to rebrand it as a subsidiary rather than expanding its market share However, in May 2022, PAN Group officially became Bibica's parent company after purchasing over 7.38 million shares, effectively "Vietnamizing" the brand This strategic move marks a significant shift as traditional domestic enterprises navigate the challenges posed by foreign investors, allowing PAN Group to reclaim the Bibica brand for the Vietnamese people.
Figure 2 Bibica's shareholder structure was previously held by Lotte and PAN group.
The PAN Group is headquartered in Tan Binh district, Ho Chi Minh City, and operates four production factories located in Bien Hoa City, Dong Nai Province; Ben Cat Town, Binh Duong Province; Vinh Loc 2 Industrial Park in Long An Province; and Long Bien District in Hanoi (The PAN Group, 2023).
Bibica typically experiences improved performance in the last quarter of the year as it prepares for the Tet shopping season With the Lunar New Year occurring in February this year, the confectionery industry has seen a surge in consumption from the start of the year due to increased consumer shopping Additionally, the recovery of the macro economy and rising consumer demand have further boosted Bibica's business growth.
The company is committed to sustaining a long-term growth target exceeding 15% annually by advancing research and development for innovative products Additionally, it emphasizes its nutritional product lines and six key brands: Hura, Goody, Gooka, Zoo, Migita, and Sumika (Q D, 2024).
Figure 3 The Pan Group’s corporate structure and management structure
Bibica prioritizes product quality above all, ensuring that consumers receive safe, nutritious, and delicious offerings The company has earned multiple international certifications for food quality and safety, including ISO 22000:2018 and HACCP, demonstrating its commitment to excellence.
Bibica is committed to continuous innovation and creativity, consistently enhancing both its product offerings and production processes The company has introduced a variety of new product lines, including cookies, sponge cakes, candies, and chocolates, to cater to the diverse needs of the market (Vietnam Report, 2024).
Bibica is dedicated to sustainable development and actively engages in environmental protection and community contributions The company has undertaken various initiatives aimed at conserving energy, minimizing emissions, and effectively treating wastewater.
People are the most valuable asset: Bibica always values and invests in human resource development The company creates a professional working environment, trains and develops employees' capacity (Vietnam Report, 2024).
To become TOP 1 confectionery company in Vietnam with quality and constant creativity.
Table 1 Bibica Joint Stock Company’s Mission
Formation and Development History
Table 2 The formation and development process of Bibica
Product Portfolio
○ They have many flavors such as: Butter, Green Rice, Coconut, Milk, Strawberry, Bran.
○ Bibica owns many unique products in the Vietnamese market that no other company can make such as 3- layer sponge cake, fresh milk cream sponge cake,
Dry Bakery Products There are 3 types of dry bakery products: Cookies, Crackers, Wafers.
Is also considered as an indispensable breakfast.
Business's Success and Achievements
Figure 5 Bibica representative received the title of Top 50 typical enterprises - units of Ho Chi Minh City in 2025
Bibica Joint Stock Company has proudly been recognized for the eighth time in the Top 50 Leading Enterprises with Key Brands and Products of Ho Chi Minh City in 2025, coinciding with the celebration of the 50th anniversary of the Liberation of the South and the Reunification of the Country (VnExpress, 2025).
Bibica's recognition as one of the Top 50 companies is a significant honor that highlights the company's dedication, innovation, and substantial contributions to the growth of Ho Chi Minh City In an increasingly competitive economic landscape, this acknowledgment reinforces Bibica's brand stature and market prestige.
ANALYSIS OF THE MACRO ENVIRONMENT IN KOREA
Economy
South Korea's economic recovery was robust in 2021, with a growth rate of +4.6%, but is projected to slow to +2.7% in 2022 and +1.4% in 2023 due to declining external demand and a downturn in the electronics sector However, GDP growth is expected to pick up in 2024, fueled by a rebound in global trade, improvements in the electronics cycle, increases in real household income, and monetary easing by the Bank of Korea (BoK) (Allianz Trade, 2025).
In 2023, South Korea's GDP is projected to reach $1.6 trillion, with a growth rate of 2.2 percent anticipated for 2024 By 2025, real GDP is expected to increase by 2.0 percent as the economy aligns with its potential growth and the output gap decreases, primarily fueled by robust semiconductor exports.
In October 2024, inflation decreased to 1.3 percent year-on-year and is anticipated to stay near the 2 percent target in 2025 Meanwhile, GDP growth is projected to slow to 2.0 percent in 2025, attributed to a gradual recovery in domestic demand.
Figure 6 Korea’s 2025 GDP growth outlook
Source: GOVT LOWERS 2025 GROWTH OUTLOOK
Figure 7 Korea’s GDP growth forecast for 2025
Under the Vietnam - Korea Free Trade Agreement (VKFTA), numerous Vietnamese confectionery products benefit from a preferential import tax rate of 0% when entering Korea Specifically, HS codes that comply with VKFTA requirements are exempt from import duties However, it is important to note that imported goods in Korea are also subject to a 10% Value Added Tax (VAT).
Figure 8 Import tax rate of Korea
Business Environment
2.1 Trade agreements between Vietnam and Korea
For Vietnamese companies, especially in the confectionery industry, Korea is not only a potential market but also a strategic partner thanks to free trade agreements (FTAs) and a favorable business environment.
According to the VKFTA, Vietnam will remove 90% of the tariff lines on items imported from South Korea, and South Korea will remove 95% of the tariff lines for Vietnam.
Figure 9 Vietnam’s exports to the South Korea
The Double Taxation Agreement (DTA) between Vietnam and Korea is crucial for enhancing economic and investment collaboration, fostering a stable tax environment In Vietnam, the DTA covers personal income tax, profit tax, and profit remittance tax, while in Korea, it pertains to corporate tax, residence tax, and income tax.
2.2 Business environment and consumer market.
The 18-24 age group is a potential group because they have the highest snacking habits and needs and are easily accessible because they are familiar with technology and social media. Consumers aged 25-34 and 35-44 are the most noteworthy markets that businesses should target because they account for 23.9% and 24.2% of those who buy and consume confectionery products in Korea, respectively This group of customers often buy confectionery products as gifts for friends and relatives on important occasions.
Figure 10 Korean confectionery products consumer profiles by age in 2021
Country’s attractiveness
The South Korean confectionery market is valued at USD 7.8 billion in 2023 and is projected to grow at a CAGR of 2.56%, reaching USD 8.63 billion by 2027 By that year, confectionery production is expected to hit 841.6 million kg, with a per capita consumption of 16.28 kg in 2023 Key segments driving this market include chocolate, sugar candy, cakes, and ice cream.
South Korean consumers aged 20 to 40 are increasingly seeking convenient, low-sugar products that feature appealing packaging This growing demand for healthy food options makes Vietnamese nut cookies an attractive choice for this demographic (Innova Market Insights, 2024).
The South Korean confectionery market is projected to reach a revenue of US$5.41 billion by 2025, with an annual growth rate of 3.12% expected from 2025 to 2030 This growth is fueled by the rising trend for healthy and convenient consumption, leading to increased demand for low-sugar and individually packaged products, similar to the low-sugar biscuit offerings in Vietnam (Statista, 2025).
Figure 11 Growth of each product category in the confectionery industry in Korea
Korea is a demanding market with many strict import requirements on hygiene, plant quarantine and food safety measures, especially for agricultural products.
Korean consumers prioritize product quality when selecting goods, and any negative information regarding a product's quality or safety can lead to a boycott of that product and its brand Consequently, Vietnamese products must maintain consistent quality to successfully penetrate the Korean market, even with preferential tariffs in place.
From 2016 to 2023, the percentage of individuals aged 25-34 in Korea without a high school diploma has consistently remained below 5% This stability highlights Korea's strong educational framework, contributing to one of the highest quality labor forces among OECD countries, where over 95% of people in this age group hold university degrees.
Figure 12 Trends in the share of young Korean go to university
Korea may not be a primary supplier of raw materials like sugar and flour for the confectionery industry, but it boasts an effective import system that guarantees a consistent supply for food production As a result, South Korea has secured its position among the world's Top 10 in the confectionery market.
In 2020, Seoul achieved a remarkable milestone by ranking in the Top 5 of the Global Innovation Index, marking the highest position among Asian countries, ahead of Singapore (8th), China (12th), and Japan (13th) This impressive result underscores Seoul's steadfast commitment to investing in new technologies, setting it apart from its regional competitors (KBS, 2021).
South Korea boasts a high Logistics Performance Index (LPI), reflecting its modern logistics infrastructure With major seaports like Busan and an efficient distribution system, the country ensures fast, accurate, and reliable delivery of products to consumers.
Figure 13 Korea and other countries’ LPI scores in 2023
South Korea's transparent tax system is designed to support foreign businesses through various treaties Corporate tax rates vary from 10% to 25%, with the highest rate applicable to companies earning over 300 billion KRW (approximately 220 million USD) Additionally, a value-added tax (VAT) of 10% is imposed on most goods, including confectionery.
According to PwC - South Korea Tax System, tax rates can be reduced for businesses investing in R&D or strategic industries, giving an advantage to businesses investing in product innovation.
The Korean government offers subsidies to foreign businesses, although the confectionery industry is not a key focus for direct support According to the U.S Department of State's South Korea Investment Climate 2024 report, there is notable assistance available for green manufacturing initiatives, including interest subsidies for companies transitioning to sustainable packaging Bibica could benefit from these opportunities by prioritizing eco-friendly packaging solutions.
Korea boasts exceptional infrastructure, particularly in logistics and information technology, which significantly benefits its confectionery industry The World Bank's Logistics Performance Index 2023 ranks Korea 24th worldwide in logistics performance, highlighting its major seaports like Busan and a state-of-the-art transportation system that facilitate rapid product distribution.
Korea's government contracts feature a transparent bidding process, yet foreign companies typically require strong local partnerships to navigate it successfully The Public Procurement Service (PPS) of South Korea oversees public contracts valued at approximately 120 trillion KRW ($90 billion) annually, focusing primarily on construction and technology sectors, along with contracts for supplying food to schools and the military.
South Korea's political stability index is expected to reach 0.61 in 2023 (on a scale of - 2.5 to 2.5), up slightly from 0.58 in 2022, but high-profile corruption scandals could weigh on investor confidence.
According to the IMF - 2024 Article IV Consultation Korea, South Korea's GDP growth is expected to reach 2.2% in 2024 and 2.0% in 2025, but inflation is forecast to rise to 1.6% in
2025, which could increase production costs and reduce purchasing power.
The South Korean confectionery industry is fiercely competitive, dominated by leading domestic brands like Lotte Confectionery and Orion According to USDA - South Korea Food Regulations, the stringent food safety standards set by the Ministry of Food and Drug Safety (MFDS) necessitate significant investments in product quality, thereby raising the costs of competition.
High labor costs and stringent compliance regulations pose significant operational risks for businesses As reported by WageIndicator.org, the minimum wage in South Korea is set to rise to 10,030 KRW per hour (approximately 7.2 USD) by 2025, which is considerably higher than the minimum wage in Vietnam.
Figure 14 Leading confectionery companies based on sales value in South Korea in 2023
High barriers to entry in the South Korean market stem from stringent product quality requirements, rigorous food safety standards enforced by the Ministry of Food and Drug Safety (MFDS), and strong customer loyalty towards established brands.
Society
South Korea, home to around 51 million residents, boasts a significant urban population, with 81% residing in key cities like Seoul and Busan The country's youthful demographic leads a fast-paced lifestyle, driving the demand for convenient and healthy products.
South Korea boasts a well-educated population with a strong emphasis on STEM disciplines, leading to a competitive and skilled workforce Consequently, companies that prioritize research and development, along with employee training, can gain a significant competitive edge in the South Korean market (OECD, 2022).
Culture
South Korea, home to around 51 million people, boasts a predominantly ethnic Korean population exceeding 96% The nation’s society is significantly shaped by Confucian values, which foster a social environment where both personal and collective relationships are crucial in daily life and business interactions.
The Korean business landscape is significantly shaped by chaebols like Samsung, Hyundai, and LG, characterized by a centralized decision-making approach Establishing trust with senior management is crucial for market entry Additionally, Korea boasts a youthful and educated workforce, with 41.4% of adults holding university degrees, which enhances the market's receptiveness to high-quality imported goods (Global Business Culture, 2022).
Korea's remarkable economic growth, termed the "Miracle on the Han River," has elevated per capita income from $80 in the 1960s to over $30,000 today, fostering a substantial middle class with varied consumer preferences As a result, Korean consumers are increasingly inclined towards imported products, particularly foods that offer unique cultural experiences Additionally, the dynamic nature of the Korean market means that delays can be perceived as a lack of interest, which can negatively impact business partnerships (Global Business Culture, 2022).
ANALYSIS OF COMPETITORS
General competitors
Bibica's potential competitors in the Korean market are leading confectionery companies with large revenues, strong brands, and high market dominance.
Orion, a leading confectionery company in Korea, generates revenue of 731.56 billion won and holds a significant 60% market share in the snack segment, largely due to its deep understanding of Korean consumer preferences Known for iconic products like Choco Pie, Orion continuously innovates to align with modern trends, introducing low-sugar and high-protein snack options Their strong partnerships with major retailers such as Lotte Mart and E-Mart further enhance their distribution capabilities As a formidable competitor, Bibica must learn from Orion's adaptability and scale to effectively compete in the market.
Figure 15 South Korea sale retails in 2018
Lotte Wellfood, a significant contender for Bibica, generated revenue of 446.62 billion won and is part of the Lotte Group, a major South Korean conglomerate with global revenues exceeding 80 trillion won The company boasts an extensive distribution network, including supermarket and convenience store chains like Lotte Mart and 7-Eleven, which collectively operate over 13,000 locations nationwide Lotte's products, particularly gum and Pepero snacks, have become cultural staples in Korea, especially during festive occasions such as Pepero Day on November 11, where annual sales of Pepero reach 60 billion won.
Lotte's strong supply chain integration and brand power create significant barriers for Bibica's market entry To effectively navigate this competitive landscape, Bibica should explore strategic partnerships with Lotte, leveraging their established distribution system rather than engaging in direct competition in the initial phases.
Potential competitors
Bibica will encounter not only potential competitors but also traditional rivals—smaller companies with a less significant market share that remain competitive in specific segments.
Nongshim, generating revenue of 403.31 billion won, is renowned for its instant noodle products like Shin Ramyun In addition to its flagship noodles, the company boasts a diverse range of confectionery and snacks, which contribute approximately 15% to its overall revenue.
Figure 16 Shin Ramen is on display at a large supermarket in Korea.
Nongshim, while not a dominant force in the confectionery sector, benefits from competitive pricing and a robust presence in convenience stores, making it a go-to choice for daily snack purchases among Korean consumers In contrast, Bibica can carve out a competitive edge by emphasizing distinctive confectionery items that showcase a strong Vietnamese identity, allowing it to stand out in the market.
Crown Confectionery, with a revenue of 336.5 billion won, and SPC Samlip, at 325.51 billion won, are key competitors in the confectionery market Crown Confectionery, renowned for its caramel candy and sweet snacks, boasts over 70 years of history in Korea, while SPC Samlip specializes in packaged bread and confectionery, often reaching consumers through small retail channels Despite having stable market shares, neither company holds significant advantages in brand recognition or distribution compared to industry giants like Orion or Lotte Nonetheless, they remain competitive threats to Bibica in the mid-priced segment, catering to Korean consumers seeking familiar and accessible products.
DESCRIPTION OF THE GLOBAL STRATEGY
Global ambition
Bibica aims to expand its presence in the Asian market, particularly targeting South Korea for its strategic importance in the region The company's global ambitions align with its global strategy framework, which outlines its desired role in the world market and the reasons behind its globalization efforts Bibica's approach is consistent with John Dunning's market-seeking objective, focusing on increasing sales in international markets.
South Korea presents a lucrative opportunity for Bibica, driven by its prosperous middle class and increasing appetite for confectionery products The company strategically positions itself as a regional contender in Asia, prioritizing competitive advantage within this market over global expansion Bibica's strategy is underpinned by its commitment to harnessing expertise in Asian flavors to meet the preferences of Korean consumers, aligning with the significant share that Asia holds in the global confectionery demand.
Global positioning
Bibica's global positioning in the Korean market is defined by two key elements: strategic country selection and a compelling value proposition The company has identified Korea as a vital player in the Asian confectionery sector, driven by its significant market size, robust growth rate, and high-quality consumer demand This targeted approach enables Bibica to effectively compete and establish a strong presence in the region.
Bibica offers a unique value proposition by delivering high-quality confectionery products tailored to Korean preferences, featuring flavors like ginseng candy and green tea cookies This strategy blends global differentiation with standardization, enabling Bibica to establish a competitive edge in the market.
Global organization
Bibica's global organization is strategically structured to enhance its operations in Korea, encompassing a global framework that includes structure, processes, human resource management, and coordination As the company is in the initial phases of globalization, it can implement the "early export" organizational model, where the export department is integrated within the marketing and sales division, focusing primarily on activities in Vietnam while leveraging distributors or agents in Korea.
Bibica should establish an international database to analyze the Korean market and implement financial instruments to enhance export activities By sending experienced export managers to collaborate with local partners, Bibica can effectively manage operations in Korea while preserving its domestic corporate culture during this initial phase This approach allows for efficient oversight from Vietnam, ensuring successful integration into the Korean market.
Global business system and entry strategy (entry modes) of the company
Bibica can enhance its innovation by creating products tailored to Korean preferences, like candies and cookies featuring local flavors Leveraging its production capabilities in Vietnam will help maintain low costs and high efficiency To strengthen customer relations, Bibica should focus on marketing and distribution efforts in Korea to increase brand awareness and connect with consumers effectively.
Bibica should evaluate country risks, government policies, and strategic objectives when entering the Korean market, which presents low political and economic risks but high competition Utilizing a "license/franchise" approach will enable Bibica to collaborate with local partners for product distribution, reducing the need for significant direct investments This strategy not only minimizes risks during initial market entry but also leverages the expertise of Korean partners to enhance market penetration.
CONCLUSION
Expanding into the Korean market is an important strategic step for Bibica in its journey to affirm its regional position and gradually move towards the global market.
Korea's market is characterized by stringent quality, food hygiene, and safety standards, along with strong loyalty to domestic brands To succeed, Bibica must develop a global strategy that is both methodical and adaptable, highlighting the unique identity of its Vietnamese brand Opting for franchising or partnering with local distributors is a strategic approach that will allow Bibica to mitigate risks while effectively leveraging the existing distribution network in Korea.
Bibica's global strategy goes beyond mere expansion; it aims to establish a modern and high-quality Vietnamese brand image for international consumers By adopting a flexible localization approach and prioritizing customer needs while ensuring superior product quality, Bibica is well-positioned to make a significant impact and thrive in the competitive Korean market, one of Asia's most demanding regions.
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