This report provides a summary of the Vietnam chocolate confectionery market from 2010 to 2017. It finds that retail sales value and volume have registered stable growth of over 13% and 6% respectively in recent years. Foreign chocolate brands account for 60% of volume sales while local brands are cheaper but less famous. Bagged softlines are expected to see the fastest growth as Vietnamese consumers snack more on chocolate. While competition is increasing, opportunities remain for foreign investors, especially in the north, if they understand Vietnamese shopping behaviors and product preferences.

1. B&Company Vietnam
2014, Jannuary
Report on
Vietnam Chocolate Confectionery

2. Copyrights
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or by any means without the prior written permission.
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COPYRIGHT B&Company INC. ALL-RIGHTS RESERVED.

3. COPYRIGHT B&Company INC. ALL-RIGHTS RESERVED.
3
Market Overview
Retail sales value and volume registered stable growth rate of more than 13% and 6% over the last few years.
36.3
43.3
51.1
53.5
56.0
58.6
61.1
63.6
2010 2011 2012 2013e 2014f 2015f 2016f 2017f
Unit: Million USD*
3.1 3.2 3.4 3.7 3.9
4.2
4.4
4.7
2010 2011 2012 2013e 2014f 2015f 2016f 2017f
Chocolate Confectionery’s retail volume
sales
*: fixed 2013 exchange rates
e/f: estimate/forecast
Source: Euromonitor International, Vietnam Chocolate Confectionery Report, 2013
Unit: thousand tonnes
Retail market
Chocolate Confectionery’s retail value sales

4. COPYRIGHT B&Company INC. ALL-RIGHTS RESERVED.
4
Market Overview
Vietnam exports only a small quantity of chocolate due to small capability of production and non-recognized Vietnamese
brands in the world
Chocolate Confectionery’s export value
Source: International trade center, 2013
1.3
2.1
2.9
4.5
7.7
9.7 9.2
10.7
15.4
21.8
2008 2009 2010 2011 2012
Unit: Million USD
Export-import value
Export
Import

5. Chocolate Confectionery Classification
Despite the domination of Boxed Assortments, Bagged Selflines/Softlines volume sales is having high growth rates of over
9% and will become new trend in the years to come.
52.0 52.3 52.7
27.9 27.2 26.4
15.8 16.4 16.9
4.2 4.1 4.0
2010 2011 2012
100% = 3051 3241 3445
Unit: tones
Chocolate Confectionery of all types Sales
Source: Euromonitor International, Vietnam Chocolate Confectionery Report, 2013 5
Tablets
Boxed Assortments
Bagged Selflines/
Softlines
Countlines

6. Chocolate Confectionery Retail Market Share
Belcholat, a FDI local specialist, is leading in retail market which presents 12.3% of retail value meanwhile Storck KG,
Mars and Guylian NV, not too far behind Belcholat are 3 strongest foreign companies
Retail market share in value sales- 2012
100% = 51.1
Unit: US$ million
Source: Euromonitor International, Vietnam Chocolate Confectionery Report, 2013
Mars
Storck KG
12.3
10.7
10.1
9.7
7.96.2
4.7
4.3
34.1
Belcholat
Others
Guylian
NV
Maestrani
Schweizer
Schokoladen
AG
Hershey
Maestro
Godiva
No. Company Most consumed brands
1 Belcholat Belcholat (Tablets)
2 Storck KG Merci (Tablets), Toffifee (Boxed
Assortments)
3 Mars M&M’s (Bagged
softlines/Selflines)
4 Chocolaterie Guylian
NV
Guylian NV ( Boxed
Assortments, Tablets)
5 Maestrani Schweizer
Schokoladen AG
Munz (Bagged
softlines/Selflines, Tablets)
6 Hershey Van Houten (Bagged
softlines/Selflines)
7 Maestro Swiss
Chocolate
Vochelle (Boxed Assortments)
8 Godiva Godiva (Boxed Assortments)

7. Source: Online newspaper, company websites,
1: Bibica estimation, 2011
Competitive landscape
 Puratos - Grand Place
 Belcholat
 Kim Linh Trading &
Import
 Royal Foods Co., Ltd
 Chocolate Graphics
 D’art Chocolate
 Boniva
 Kinh Do
 Bibica
Importer
FDI chocolate
specialist
Local confectionery
manufacturer
Local chocolate
specialist
Customer segments Key characteristics Main players
 Middle – high end consumers
 High-end HORECA clients
 Mass corporate clients
 Sophisticated consumers
 High-end HORECA** clients
 Mass consumers
 Middle – high end consumers
 Mass corporate clients
 Mostly small importers
 Large distribution network
 Price: $3-$35/100 grams
 Big market share across local
players
 Both import and manufacture
chocolate
 Small market share across local
players
 Influence much by season factor
 Price: $1-$7/100 grams (2011)
 Wide range of chocolate
flavored confectioneries
 Few famous chocolate brands
 Price: $1-$7/100 grams (2011)
**: Hotel, Restaurant and Cafeteria
Foreign chocolate imported through Vietnamese importers account for 60% of volume sales annually, providing
premium products, while local chocolate are relatively cheap and mostly are not famous brands.

8. Most consumed Chocolate Confectionery brands
Top 10 most – consumed Chocolate Confectionery products mostly belongs to foreign specialists
Top 10 most - consumed chocolate confectionery products in
retail value sales-2012
2.1
3.8
4.3
4.7
6.2
6.3
7.8
7.9
9.7
11.1
Toffifee
Bella
Godiva
Vochelle
Van Houten
M&M's
Merci
Munz
Guylian
Belcholat
Source: Euromonitor International, Vietnam Chocolate Confectionery Report, 2013
Unit: %
100%= US$ 51.1 million

9. Brand positioning
High price
Low price
Snack Indulgence

10. Potential of Chocolate Confectionery in Vietnam
There are still rooms for foreign investors of chocolate confectionery in Vietnam but they must be aware of Vietnamese
shopping behaviors
Competition
• More international investors will invest in Vietnam, directly competing with the local manufacturers.
• Puratos-Grand Place plan: to build a new manufacturing plant with supporting logistic infrastructure in Bac Ninh to
expand the market to the North, producing ice-cream and decoration chocolate in 2013.
• Mars has set up a cocoa development center in Cu Hue commune of Ea Kar district in Dak Lak province
• Japan’s Lotte acquired Guylian, a Belgian chocolate company in 2008 which has brand in top most consumed chocolate
in 2012
• Several cake and candy manufacturers keep diversifying to produce chocolate products like Bibica (Choco bella), Kinh Do
(Koko Choco).
Products
• Bagged selflines/softlines volume sales is expected to register the fastest growth rate. The development will strongly link to
the growing habit of consuming chocolate as a daily snack, particularly among young consumers.
Customer behaviors
• Under 40 age of Vietnamese, accounting for nearly 70% of the population tends to buy chocolate.
• Vietnamese look for the designs which reflects premium and elegant when they purchase chocolate.
• Vietnamese prefer foreign brands to local ones and they prefer to buy these products through modern distribution channels
to guarantee their quality.
Source: Press search

11. Chocolate classification definition
Boxed Assortments:
• Includes assortments which may be budget or premium priced, and are typically adult-
orientated rather than being intended for children. Popular formats include picture boxes,
liqueurs, pralines and bouchées. Also includes selflines where the chocolates contained t
herein are identical.
Tablet:
• Moulded and segmented chocolate bars in a wide range of sizes ranging from bite-
size to family bars.
Some are filled with nuts and/or raisins and made of different types of chocolate (e.g.,
white, milk and dark). Others are simply plain.
Bagged selfline/Softline:
• These bagged products include either chocolate or sugar coated items with a solid centre
that is usually chocolate or nut-based. In some cases, it may include other types of centre
(e.g,. Honeycomb). This also includes all other selflines, many of which have liquid/soft ce
nters, such as cream or caramel
Countlines:
• Chocolate bars eaten as snacks. Many are filled and unsegmented (e.g., not precut into s
maller pieces/segments). Typical examples include Snickers and Mars. Countlines can be s
old in a diversity of formats, including multipacks or mini-fun sizes that are not twist-
wrapped and not sold in boxes

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Name B&Company, Inc. B&Company Vietnam Co., Ltd.
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