Orion Corp., a South Korean confectionery and snack manufacturer, recently received dividends from its Vietnamese subsidiary for the very first time, reflecting the company’s strong performance in the Southeast Asian market.

According to sources within the industry in Seoul, the renowned producer of Choco Pie snack cakes had already received a 50 billion won ($37.4 million) dividend from its wholly-owned subsidiary, Orion Food Vina Co., in the previous month. Additionally, the South Korean company is poised to receive an extra 60 billion won in the upcoming month.

“We will use the dividends of 110 billion won to buy sites in Jincheon, expand facilities, build logistics centers and repay loans,” said a company official, referring to the county about 100 kilometers (62 miles) south of Seoul.

In 2022, Orion recorded its highest-ever earnings, primarily attributable to robust sales in emerging markets like Vietnam. As part of its growth strategy, the company intends to construct a third factory within the Vietnamese market.

The export of Choco Pie to the country commenced in 1995, and Orion Food Vina was founded in 2005 as a result.

Last year, the subsidiary achieved sales surpassing 400 billion won, marking significant growth from the 300 billion won in 2021 and the 200 billion won in 2016.