Vietnam's top ballpoint pen maker to invest $2.8 mln in Philippines

After acquiring Phuong Nam Bookstore, Vietnam's leading stationery maker Thien Long Group (TLG) is moving forward with a $2.8 million investment to expand its FlexOffice brand in the Philippines.

According to a recent board of directors resolution, the capital of nearly VND73 billion ($2.77 million) - will be funded entirely in cash, without additional borrowing.

TLG plans to establish or acquire an entity in the Philippines to import and distribute stationery and related products.

The move is part of the group’s broader internationalization strategy. Chairman Co Gia Tho noted in April that while the stationery and writing instruments industry in Southeast Asia has been shrinking as competitors shift into larger, more profitable sectors, overseas markets still present significant opportunities, with annual growth rates of around 35%.

Exports currently account for about 20% of TLG’s revenue. Over the past decade, the company’s overseas sales have maintained double-digit growth, and in 2024, revenue from foreign markets is expected to surpass VND1 trillion ($38 million) for the first time.

The board aims to lift this ratio further through a “glocalization” approach - leveraging domestic strengths and adapting them to international markets.

The Philippines investment follows a series of expansion efforts. In May, through its subsidiary Tan Luc Mien Nam, TLG acquired a stake in Phuong Nam Cultural JSC (PNC), owner of nearly 50 Phuong Nam bookstores.

TLG's management said the deal supports its push into new product categories, particularly toys and lifestyle consumer goods.

For 2025, TLG has set a revenue target of VND4.2 trillion ($159.5 million), up 12% year-on-year, with profit guidance of VND450 billion ($17.1 million), down nearly 3%.

In the first half of the year, the company reported revenue of VND2.04 trillion ($77.5 million), up 1.2%, while net profit fell more than 9% to over VND300 billion ($11.4 million) due to higher selling expenses.

On the Hanoi Stock Exchange (HNX), TLG shares closed Tuesday at VND52,700 ($2) apiece.