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The ranking was published in the first quarter of 2021 based on business results from 2016 to 2019 with reference to the business results in 2020.
|The representatives of Thien Long Group receiving the FAST 500 certification|
FAST500 is an annual ranking based on independent research and assessment according to international standards by Vietnam Report with consultation from domestic and foreign experts and an advisory council.
With the aim of honouring businesses with the fastest revenue growth with good and stable business performance, FAST500 is a high-class playground for Vietnam’s leading businesses and entrepreneurs, and a bridge for Vietnamese brands to reach the world market.
Along with large enterprises in the fields of banking, real estate, insurance, as well as post and delivery, amont others, such as Viettel Post Corporation, Aviva Vietnam Life Insurance, Ecopark Corporation JSC, and Chubb Vietnam Life Insurance. Thien Long Group was also part of this star-studded line-up.
Being registered in the FAST500 rankings this year is a special point of pride for Thien Long as 2021 also marks the fourth decade of its continuous development.
Previously in 2020, Thien Long set the revenue target of VND2.8 trillion ($121.74 million), with VND220 billion ($9.57 million) of after-tax profit, respectively 86.1 and 63 per cent of its 2019 performance. With these results, the enterprise has fulfilled 95.8 per cent of its revenue plan and exceeded its after-tax profit target for the whole year.
According to Thien Long’s leaders, in 2020, the group’s operations and business were affected by COVID-19, especially in the first half, but the company has taken several measures to minimise the consequences. Specifically, Thien Long has changed the distribution structure of products with low profit margins, thereby gross profit margin in 2020 has increased 38.4 per cent against the average of the past three years.
The company has also proactively cut operating costs, management costs, sales expenses, and focused on traditional communication activities while reforming a leaner apparatus.
Thien Long recently announced its financial statement for the first quarter of 2021 with positive revenue and profit over the same period last year. Specifically, net revenue in the period reached nearly VND680 billion ($29.57 million), an increase of 45.3 per cent over the same period, the cost of goods sold increased by less than the increase in net revenue, so the gross profit was more than VND285 billion ($12.4 million), growing almost twice as fast as in the corresponding period in 2020.
The gross profit rate was 42 per cent compared to 29 per cent last year, due to changes in the distribution of products with low-profit margins and strong sales of high-margin products. After subtracting expenses, Thien Long reported an after-tax profit of nearly VND85 billion ($3.7 million) while in the same period last year saw a loss of nearly VND20 billion ($870,570). Thien Long said that the good control of the COVID-19 epidemic has helped students continue regular attendance and the market to gradually return to normal, allowing business to soar in this first quarter.
With the advantage of a strong brand and advanced production technologies, Thien Long is constantly expanding its international markets, bringing Vietnamese brands to many regions and countries around the world.
Now, taking on the digital transformation at its 40-year milestone, Thien Long understands its role not only in manufacturing and supplying a variety of stationery items for learning and teaching but also in addressing wider societal concerns over health and environmental protection.
Entering its fourth decade of supplying Vietnam’s education while stepping into the 4.0 era, Thien Long Corporation is officially opening the "New Era of the Power of Knowledge", building on the firm belief that knowledge is the universal key to decipher all the difficult problems and endless challenges for people.
With the backdrop of the global economic picture in 2020, Thien Long and many other Vietnamese enterprises are creating a "miracle" as Vietnam is among the few countries to have maintained positive growth to become the fourth-largest economy in Southeast Asia, and one of the 16 most successful emerging economies in the world.