Vietnam’s Leading Stationery Company, TLG, Expands its Horizons
We’re talking about
CTCP Tap doan Thien Long (TLG),
one of Vietnam’s most renowned stationery companies.
Thien Long Group has recently announced its investment in the Philippines, aiming to establish the FlexOffice brand in the country
with a capital investment of 2.8 million USD
(approximately 74 billion VND). Notably, the Group has this entire amount readily available in cash, with no need for additional loans.
The Group intends to form an economic organization or contribute capital by purchasing shares to participate in the management of a company that will import and trade stationery and other products in the Philippines, a country comprising over 7,000 islands.
As part of their international expansion strategy, Thien Long Group established a branch in Indonesia in March 2025.
Prior to that, TLG had two subsidiaries based in Southeast Asia: FlexOffice Pte. Ltd. in Singapore and ICCO Marketing in Malaysia. According to TLG’s annual report, FlexOffice Pte. Ltd. was established in 2019 with a charter capital of approximately 30 billion VND. The company specializes in trading and services in Asian markets. Meanwhile, ICCO Marketing in Malaysia was established in August 2022 as a subsidiary of FlexOffice Pte. Ltd. Singapore, with a capital contribution of 60,000 Ringgit, equivalent to 60% of the newly established company’s capital. This enterprise primarily engages in the retail of books, newspapers, magazines, and stationery.
In recent times, the Thien Long Group has also been expanding its core business operations. Specifically, in late May, through its subsidiary Tan Luc Mien Nam,
the Group announced its investment in and acquisition of CTCP Van hoa Phuong Nam.
This company owns a chain of nearly 50 bookstores of the same name nationwide, mostly located in prime locations within shopping centers, book streets, and prominent tourist and shopping destinations in Ho Chi Minh City.
TLG’s management has stated that the investment in PNC is a strategic step towards developing new product lines, particularly in the toy and lifestyle sectors, which they have been pursuing in recent years.
A Closer Look at Thien Long Group’s Business
Thien Long’s products have been exported to 74 countries and territories worldwide. Illustration purposes only
According to its Q2/2025 financial report, Thien Long’s net revenue reached 1,245.8 billion VND, a 3.21% increase compared to the same period last year. After expenses, their net profit for Q2/2025 was 222.68 billion VND, an 8.1% decrease compared to Q2/2024. In the first half of 2025, Thien Long achieved a net revenue of 2,040 billion VND (a slight increase of 1.2% compared to the same period last year) and
a net profit of 301.57 billion VND
, an 8.79% decrease compared to the previous year. With these results, TLG has achieved nearly half of its annual revenue target and two-thirds of its profit plan for 2025.
At the Annual General Meeting of Shareholders held in April 2025, the Thien Long Group announced its focus on six strategic pillars for the year: domestic business, international business, R&D, digital transformation, sustainable supply chain, and human resources and corporate culture.
Notably, for 2025, the Group set a target of 4,200 billion VND in net revenue, a 12% increase compared to 2024, and a profit of 450 billion VND, a slight decrease of nearly 3%.
Thien Long’s ballpoint pens have been a staple for generations of Vietnamese students. Illustration purposes only
CTCP Tap doan Thien Long, formerly known as Co so But bi Thien Long, was established in 1981. Despite the emergence of new products, their most famous and longstanding product remains the ballpoint pen. In fact, generations of Vietnamese students have grown up with Thien Long’s affordable ballpoint pens (priced at just a few thousand dong, equivalent to the cost of an iced tea).
According to the 2024 annual report,
Thien Long’s products have been exported to 74 countries and territories worldwide.
The Group is also ranked among the top 18 most profitable companies in the global stationery industry.
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