- Green Growth
- Your Consultant
At its recently-held annual general shareholders' meeting, the board of directors of Thien Long Group (HSX: TLG) has secured approval to expand the company's overseas footprint by priming up investment in Singapore.
From childhood and early education to employment and beyond, stationery products touch every stage of life. Thien Long’s various experiences in the field can ensure that their products are of good quality and priced competitively.
Thien Long Group seeks to expand its international markets with a new subsidiary in Singapore
Thien Long is receptive to approaches from overseas investors. Ideal investors should have in-depth experience in the stationery industry and should be able to help the firm accelerate its outbound business activities. Thien Long also welcomes co-operationg with distribution partners from other countries in the Asia-Pacific. This move is a clear indication of Thien Long’s strategy of increasing its presence at international markets.
The value of Thien Long’s outbound investment is approaching $814,402, equivalent to VND18.73 billion. It also plans to form a wholly-owned subsidiary in Singapore by the early third quarter, as Thien Long’s chief executive officer Nguyen Dinh Tam told the shareholders' meeting in May. This wholly-owned subsidiary is expected to bolster the group's growth prospects and improve their competitive position against other players in the field.
The increasing demand for stationery attracts more firms to the market. Photo: Shutterstock
The subsidiary, named Flexoffice, will concentrate on wholesale, importing and exporting school and office stationery, plastic teaching aids, and processed plastic products. As many countries now focus on increasing education, the stationery market is receiving a great boost.
Tam said that the company also has an in-house legal team to ensure compliance with Singapore's investment laws and smooth operations.
Currently, Thien Long is exporting products to 61 nations and is preparing the ground works and technology for further expansion. The firm aims to increase its overseas revenue from 16 to 20-25 per cent by 2020.
In its latest financial report, Thien Long recently announced 2018 pre-tax profit of $12.8 million, which is 10 per cent higher than in 2017. The Ho Chi Minh City-based firm was originally established in 1981, and is the number one school and office stationery provider with 110 distributors and 65,000 retail sales points in Vietnam.