Vinacacao and Libeert, two major cocoa firms from Vietnam and Belgium, recently signed a commercial cooperation agreement to create development opportunities for the cocoa industry and cocoa growers in Vietnam.

The two sides will buy and sell goods directly and help each other enter the other’s market. Their arrangement is immune to changes in exchange rates and will open up new markets for each instead of pushing up competition.

Initially, the two companies will deliver chocolate in the shape of Santa Claus, penguins, and reindeer to children in Vietnam before adding shapes more familiar to Vietnamese people. The Vietnamese market, with a population of 100 million, including 16 million children, offers massive potential to chocolate businesses, according to Tran Van Lieng, Chairman and Founder of Vinacacao.

The move creates an opportunity for Vietnamese finished product manufacturers to penetrate into world markets. The signing of the arrangement between Vinacacao, which has been operating for nearly 20 years in the production, supply, and distribution of cocoa-based products in Vietnam, and Libeert, a Belgian brand with 100 years of history, will create synergy in strength, helping the two sides profit from both buying and selling.

According to the Vietnam Coffee-Cocoa Association (VICOFA), Vietnam’s chocolate consumption is about 5,000 tons a year. Famous brands and products arriving in the country have become increasingly diverse, and there has also been a strong rise in domestic brands, of which Vinacacao is one.

It products are found in 20 countries and territories around the world, with the largest being the US, South Korea, and Malaysia. In addition to traditional exports, sales to foreign importers in the form of co-branding and exclusive branding sees Vinacacao diversify its raw material sources through cooperative programs with cocoa farmers and foreign partners. Famous Vietnamese chocolate brands featuring Vietnamese cocoa as the main ingredient include Marou, Stone Hill, and Vinacacao.