Vietnamese office supplies company Thien Long plans to invest US$2.8 million in the Philippines as part of efforts to expand in Southeast Asia.
It will establish the Flex Office Philippines brand to distribute stationary products imported from Vietnam, according to a recent announcement.
In an interview with Read in April, the company’s chairman, Co Gia Tho, had outlined plans to gain a bigger share of the Southeast Asian stationary market.
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Co Gia Tho, Chairman of Thien Long. Photo by Read/Thanh Nguyen |
In recent years the pen and stationery market in the region has been shrinking, with businesses shifting to more profitable industries, offering Thien Long the chance to expand overseas, he said.
Exports currently account for 20% of the company’s sales, and have been growing in double digits over the last decade, reaching VND1 trillion ($38 million) for the first time in 2024.
The management aims to increase this share in the coming years through a “glocalization” strategy, leveraging domestic strengths and adapting them for international markets.
In May, through a subsidiary, it acquired Phuong Nam Cultural Corporation, which operates a chain of nearly 50 bookstores.
The management said the purchase is a strategic step to develop new product categories, particularly toys and lifestyle consumer goods, on which the company has been focusing in recent years.
This year Thien Long targets revenues of VND4.2 trillion, a 12% increase from 2024.
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