Thien Long Group gearing towards ambitious revenue target

September 25, 2023 | 10:26
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As Vietnam’s number-one stationery-maker Thien Long Group is ramping up efforts towards reaching $410 million revenue target by 2027.

In July, Thien Long joined hands with Galaxy Education, a leader in online education based in Ho Chi Minh City’s Thu Duc city, in a deal which is set to aid Vietnamese people across the country to easily access educational products and services.

Thien Long Group gearing towards ambitious revenue target

“Cooperating with Galaxy Education is a stepping stone in the Thien Long ecosystem expansion plan as well as the company’s aim for a happy learning life for the Vietnamese people,” said Tran Phuong Nga, CEO of Thien Long Group.

Building a complete stationery ecosystem is deemed a perfect formula to help Thien Long maintain high growth in revenue and profits.

Along with this, early this month the group inaugurated two new Clever Box stores in Ho Chi Minh City’s Thu Duc and in Tien Giang, making five stores in total nationwide.

The Clever Box store system, under Thien Long Group, was launched at the end of 2022 with a view to elevating the shopping experiences for consumers.

In addition, Flexoffice Pte. Ltd. - a Singaporean-based trading company founded by Thien Long Group in 2020, saw its charter capital reaching $1.3 million from over $814,400 in the first half of the year in a bid to take advantage of the region’s potential markets such as Malaysia, the Philippines, and Indonesia.

A pipeline of ventures is expected to help Thien Long boost production capacity, optimise management expertise and slash operating costs.

For instance, last October the company contributed $1.05 million to form Pega Holdings JSC for the trade of print items such as books, newspapers, and magazines.

Earlier, in August, Thien Long announced an additional $2.1 million for South Thien Long Co., Ltd. for production expansion and creating new products.

Once the deal is completed, South Thien Long’s charter capital would reach $27.4 million, entirely owned by Thien Long.

Last year, Thien Long succeeded in raising its automation rate to 81.4 per cent compared to 78.8 per cent in 2021, along with putting into operation Thien Long Long Thanh Plant, as well as a vast distribution centre in Le Minh Xuan Industrial Park in Ho Chi Minh City’s Binh Chanh district, spanning over14,000 sq.m.

Thien Long efforts were duly rewarded. When numerous businesses could not reboot after challenging times and unfavourable market conditions, Thien Long Group secured stellar business results in 2022.

The company posted $148.5 million in revenue and nearly $17 million in post-tax profits, up 32 per cent and 45 per cent on-year, setting a record since 2005.

According to UK-based data analysis firm Plimsoll, Thien Long is the top performer in revenue growth in Southeast Asia and ranks 13th out of 40 stationary companies worldwide.

In 2024, Thien Long aims to launch new products with higher average pricing, simultaneously maintaining the average price of existing items.

Compared to other rivals like Japan’s Lihit Lab Inc, Denmark’s FE Bording A/S or Taiwan’s Koan Hao Enterprise Co., Ltd. Thien Long’s products are deemed to have a bigger competitive advantages with lower production costs and an expansive distribution network.

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