Thiên Long plans to invest nearly $3 million in the Philippines

Thiên Long plans to invest nearly $3 million in the Philippines

The Thiên Long Group has announced its plans to expand into the international market.

Consumers choose Thiên Long products in the vibrant atmosphere of the back-to-school season. — Photo tuoitrethudo.vn

The Thiên Long Group has announced its plans to expand into the international market after completing the acquisition of Phương Nam Bookstore.

The Thiên Long Group recently announced a resolution from its board of directors regarding an investment in the Philippines to establish the FlexOffice Philippines brand with US$2.8 million in capital, or approximately VNĐ74 billion.

The total capital for this investment is already prepared in cash, without the need for additional loans.

The group will either establish an organisation or purchase shares and equity to participate in management, with the aim of importing and trading office supplies and related products in the Philippines.

This is a significant step in their "glocalisation" strategy, which leverages local strengths to expand globally.

Cô Gia Thọ, chairman of the group’s board of directors, said that the office supplies industry in Southeast Asia is shrinking, as many businesses are exiting the market.

However, the international market continues to grow at a rate of 35 per cent per year, presenting an opportunity for Thiên Long to expand.

Thiên Long’s export sector currently accounts for about 20 per cent of its revenue, with several years of double-digit growth. This sector was the first to hit the billion Vietnamese đồng mark last year.

The group achieved a revenue of over VNĐ2 trillion in the first half of this year, a 1 per cent increase compared to the same period last year.

After-tax profit exceeded VNĐ300 billion, down more than 9 per cent due to increased sales costs.

The company targets a revenue of VNĐ4.2 trillion this year, up 12 per cent year-on-year, with a profit of VNĐ450 billion, a slight decrease of nearly three per cent.

It has completed nearly 50 per cent of its revenue target and 66 per cent of its profit goal for the year. 

Bizhub