Thien Long Group will establish FlexOffice Philippines Inc, its first overseas subsidiary, as the Vietnamese stationery maker accelerates regional expansion.
Vietnam’s Thien Long Group has approved an overseas investment of $2.8 million to set up a wholly owned entity in the Philippines, marking its first direct presence in the market under the proposed name FlexOffice Philippines Inc.
The board of directors has authorised its chairman to oversee the investment process in the Philippines, including regulatory filings, capital transfers and adjustments required under local law.
Thien Long is deepening its footprint in Southeast Asia.
The move reflects Thien Long’s strategy to deepen its footprint in Southeast Asia, where its export revenues have consistently posted double-digit growth.
In 2024, overseas sales rose more than 20 per cent, with the Philippines emerging as a key market where FlexOffice has become a top-of-mind brand among local consumers. By contrast, domestic sales grew 9 per cent.
The group said the new entity will handle the import and distribution of stationery products and may expand into other categories permitted under Vietnamese and Philippine law. The entire investment will be funded by internal cash, with no borrowings or guarantees involved.
While many regional players have exited the stationery business for higher-margin industries, Thien Long sees room for expansion thanks to its stable margins and strong brand recognition.
The company is pursuing a “glocalisation” strategy, adapting its domestic strengths to international markets.
Beyond the Philippines, Thien Long is scaling up in Indonesia, maintaining market share in Myanmar, and exploring opportunities in Europe, Japan, the Middle East, South America and Africa.
For the first half of 2025, Thien Long reported revenue of VND2.04 trillion ($83.6 million), broadly flat year on year, while net profit fell 9 per cent to just over VND 300 billion. Higher selling expenses, which rose 35 per cent due to increased marketing and trade promotion, weighed on earnings. Gross margin improved to 49.5 per cent from 46 per cent.
Domestically, Thien Long has also expanded through acquisitions. In May, subsidiary Tan Luc Mien Nam acquired Phuong Nam Cultural JSC, operator of nearly 50 bookstores nationwide, as part of its plan to diversify into lifestyle and consumer goods.
