Evenings at the “sleepless” bookstore attract a large number of readers and tourists. Photo: QUỲNH TRÂN
Located at the intersection of Nguyen Hue and Ngo Duc Ke (District 1) – one of the most expensive rental areas in Ho Chi Minh City, Phuong Nam Bookstore has officially transitioned to a “sleepless” model.
This marks the first time a major cultural retail chain has committed to operating 24/7 in the city’s core area, breaking away from the traditional practice of closing during administrative hours.
The decision was made after a week-long trial run. Ms. Vo Thi Hoang Quan, CEO of Phuong Nam Culture Joint Stock Company, stated that the demand for nighttime cultural experiences and shopping among international tourists and young locals on the walking street is significant.
Both international and domestic visitors are enthralled by the 24/7 cultural space. Photo: QUỲNH TRÂN
Company representatives also revealed that if this model succeeds in Ho Chi Minh City, the next step will be to expand it to tourist-heavy areas in Hanoi and Da Nang. Targeting the night economy is expected to generate new revenue streams, offsetting the pressures faced by traditional book retailing.
The Gray Shades in the Financial Picture
A glance at the Q3/2025 financial report sheds light on why Phuong Nam is aggressively seeking new growth drivers. According to the consolidated financial statements, while the company has escaped the losses of the previous quarter (Q2/2025 loss of over 1 billion VND) thanks to the back-to-school season, the year-on-year decline remains evident.
Specifically, Q3 net revenue reached nearly 168.8 billion VND, an 8% decrease compared to the same period in 2024. Despite reductions in selling and administrative expenses, after-tax profit for the quarter still dropped by nearly 30%, to 2.9 billion VND from 4.1 billion VND in the previous year.
For the first nine months of 2025, net profit reached nearly 4.4 billion VND, down from nearly 6.9 billion VND in the same period of 2024. The net profit margin stands at 1% on revenue of nearly 460 billion VND.
2025 marks the first year Phuong Nam has joined the ecosystem of Thien Long Group (TLG) through its subsidiary Tan Luc Mien Trung (holding 49.49%). The acquisition, which took place early in 2025, has been hailed by analysts as a strategic M&A move enabling Thien Long to vertically expand its value chain.
Previously, the stationery giant had attempted to develop its own retail chains, Clever Box and Peektoy, but after three years, the effort plateaued at just 12 stores. Gaining control of Phuong Nam immediately grants Thien Long access to a network of approximately 50 strategically located bookstores. Mr. Nguyen Dinh Thu, Director of Strategy and Investment at Thien Long, noted that this is the most cost-effective and quickest way to expand their large-scale toy and lifestyle store system.
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