Korean confectionery maker Orion reports impressive business in Vietnam, China
Korean confectionery maker Orion has announced that its business performance in the first half of 2024 has posted the highest growth rate ever recorded and a record revenue, with particularly impressive results in the Vietnamese and Chinese markets.
Orion's custard sold in China and Vietnam (Photo Courtesy of Orion)
Seoul (VNA) – Korean confectionery maker Orion has announced that its business perform🦂ance in the first half of 2024 has posted the highest growth rate ever recorded and a record 🦄revenue, with particularly impressive results in the Vietnamese and Chinese markets.
Accordingly, the company reported a revenue of 1.46 trillion KRW (1.07 billion USD) in the first six months of the year, and an operating profit of 246.8 billion KRW, representing increases of 6.5% in revenue and 16.8% in operating profit compared to the same period last year.
The company’s subsidiary in Vietnam grossed a revenue of 216.6 billion KRW, marking a 7.7% growth due to increased market share of Choco Pie, rice crackers, and mass-produced bread. Its operating profit reached 34.8 billion KRW, up 16.2% thanks to cost efficiencies, including reduced logistics and advertising expenses.
Orion Vietnam will focus on promoting key brands, such as reorganising product lines and expanding its consumer base by introducing new products targeting children, such as jelly and rice crackers.
Additionally, the company is actively targeting convenience stores and popular e-commerce channels among younger consumers.
It will also focus on securing future growth drivers through the expansion of its overseas business operations.
Meanwhile, Orion China reported 602.2 billion KRW in revenue, up 7.2%, and 110.1 billion KRW in operating profit, up 23.1%./.
The Republic of Korea (RoK)’s food industry targets Vietnam as a premier market for K-Food as companies entering the Southeast Asian country early continue to consider it as a key market for their overseas business operations, said insiders.
The sales revenue of the Republic of Korea’s Orion confectionery maker in Vietnam has surpassed 200 billion KRW (150 million USD) for the first time, further solidifying its highly positive growth trend in the Vietnamese market.
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