Thien Long, Vietnam’s leading stationery brand with over four decades of history and a presence in around 70 countries, is on the brink of a major strategic shift. Japanese conglomerate Kokuyo is preparing to acquire a majority stake, marking a pivotal milestone in Thien Long’s journey from a small workshop to a national icon.

TLG soon to be under Japanese ownership

Thien Long Group JSC (ticker: TLG) has announced that its largest shareholder, Thien Long An Thinh Investment JSC (TLAT), which currently holds 46.82% of TLG’s equity, is negotiating to sell its entire stake to Japan's Kokuyo Corporation.

In addition, Kokuyo plans to launch a public tender offer for nearly 16 million TLG shares - equivalent to 18.19% - to bring its total ownership to over 65%, thereby turning TLG into a subsidiary. The Japanese firm is expected to spend approximately VND 4,700 billion (around USD 192 million) on this deal, valuing TLG at over VND 7,200 billion (approximately USD 294 million), or over VND 82,000 (USD 3.35) per share.

As of the close of trading on December 9, TLG shares were priced at VND 64,800 (USD 2.65) per share, giving the company a market cap of about VND 5,690 billion (USD 232 million).

Kokuyo is projected to complete its purchase of TLAT’s shares by August 2026, followed by the public tender process between October and November 2026.

Kokuyo, with more than 100 years in the stationery and office solutions industry, is well-established in Vietnam through its Campus brand and previous partnerships with Thien Long. Following the acquisition, the Japanese firm plans to expand further in the ASEAN region, leveraging TLG’s distribution network to turn the region into its fourth major market after Japan, China, and India.

Thien Long’s remarkable growth story

Kokuyo’s ambition to take control of TLG is rooted in Thien Long’s robust development over the past decade.

Founded in 1981 by Co Gia Tho as a modest pen-making workshop, Thien Long has evolved into a leading manufacturer of pens and office supplies. It became a limited liability company in 1996, transitioned into a joint stock company in 2005 with a charter capital of VND 100 billion (USD 4 million), and was officially listed on the Ho Chi Minh Stock Exchange in 2010.

The brand is best known for its ballpoint pens under the Thien Long name and also owns FlexOffice (general stationery), Bizner (premium pens), and Colokit (art supplies).

TLG operates a fully integrated supply chain from production to sales, with two highly automated factories in Ho Chi Minh City and Dong Nai. Combined, these facilities produce around 800 million units annually. Thien Long currently holds about 60% of Vietnam’s pen market. Its distribution system spans roughly 3,800 retail points, including supermarkets, bookstores, and convenience stores nationwide.

The company also partners closely with corporate clients including banks, factories, and hospitals, and has made significant inroads into e-commerce via its own platform and major online marketplaces.

Thien Long’s growth has been rapid. Since 2011, its revenue has consistently surpassed VND 1,000 billion (USD 40 million). From 2022 to 2024, annual revenues ranged between VND 3,500–3,770 billion (USD 143–154 million). In the first nine months of 2025, TLG recorded VND 3,240 billion (USD 132 million) in revenue, up from VND 2,921 billion (USD 119 million) in the same period last year.

Profits have also shown strong performance, crossing VND 100 billion (USD 4 million) in 2012 and reaching VND 460 billion (USD 18.4 million) in 2024. However, the first three quarters of 2025 saw a dip, with after-tax profit at nearly VND 376 billion (USD 15 million), down from VND 421 billion (USD 16.8 million) year-on-year.

In May 2025, Thien Long acquired Phuong Nam Bookstore (PNC), Vietnam’s second-largest book retailer. This acquisition further strengthened its retail reach in the office supply segment.

Despite its dominance in the domestic market and broad international presence, Thien Long is now facing intensifying competition from both local players and low-cost imports from China. The recent profit decline suggests that pressure is mounting.

The potential partnership with Kokuyo could offer Thien Long a new global springboard - particularly in research and design - as it seeks to scale up and compete on an international level.

Manh Ha