Thien Long products in the international market Photo: TLG
The wave of ownership shift also poses new requirements for both businesses and management agencies in monitoring and better exploiting the opportunities that M&A brings to the Vietnamese economy .
The growth problem of Vietnamese brands
Data: Grant Thornton - Graphics: N.KH.
Updated information from Kokuyo Group (Japan), they will spend 27.6 billion yen (nearly 4,700 billion VND) to buy back more than 65% of shares of Thien Long Group (TLG). Thien Long's representative also confirmed that the deal is in the process of negotiation, agreement and signing. When the deal is completed, TLG will become a subsidiary of Kokuyo.
According to the latest report by Grant Thornton Vietnam Consulting Company on M&A activities, in October 2025 alone, the market recorded 52 M&A deals, reaching a total announced and estimated value of about 720.4 million USD.
In the first 10 months of the year, the market recorded more than 5 billion USD from more than 200 M&A deals. Among them, there were notable deals such as OCI Holdings (Korea) buying 65% of Elite Solar Power Wafer's shares, or Sumitomo Corporation (Japan) completing the acquisition of 49% of Cuu Long Power Consulting and Development JSC...
Experts say that after a period of stagnation, the M&A market is recovering with fewer transactions but deals of larger scale and strategic nature. Instead of focusing only on real estate, investors are prioritizing the expansion of technology, production capacity and supply chain - key factors for long-term competition.
Many foreign investment funds and corporations are stepping up their search for opportunities to penetrate or increase their presence in Vietnam, in the context of attractive corporate valuations and increasingly clear restructuring needs.
The M&A deal with Kokuyo is expected to open up opportunities for Thien Long to expand its international market, with Kokuyo's global network and strict quality standards system.
Thien Long can easily bring products to the Japanese and Asian markets and other markets with high requirements and complex technical barriers, where Kokuyo has a foothold.
For Vietnamese enterprises, choosing a strategic partner, even a foreign investor, is increasingly seen as a solution to maintain growth rate, upgrade governance, expand markets and participate more deeply in the global value chain.
In fact, from 2025, TLG will implement the "Glocalization" strategy, which means transforming itself into an international enterprise (global) based on a solid foundation in the Vietnamese market (local).
Data: Grant Thornton - Graphics: N.KH.
Competitive pressure and the law of market restructuring
Mr. Nguyen Thanh Tuan - branding expert, General Director of Sao Kim Branding Company - said that the acquisition of major Vietnamese brands by international corporations is no longer a surprise. This trend has appeared with many strong domestic enterprises recently. Accordingly, enterprises with good brands and high brand equity value but still operating mainly in the domestic market are under the observation of global corporations.
The fact that Japanese investors want to take control of Thien Long shows that Vietnamese brands are attractive enough to attract foreign capital.
But on the other hand, this is also a sign that many Vietnamese brands, when reaching a certain scale, often face growth limits.
In a rapidly changing environment of technology, commerce and consumer behaviour, if businesses fail to reposition, innovate and improve their international expansion capabilities, they will find it difficult to maintain growth.
A segment of consumers once regretted when Vietnamese brands fell into the hands of foreign investors, such as Sabeco, Hau Giang Pharmaceutical, Diana... However, according to Mr. Tuan, this feeling does not change the reality that businesses must always prioritize growth goals, especially in an increasingly competitive market.
Data: Grant Thornton - Graphics: N.KH.
From a professional perspective, Mr. Tuan pointed out three lessons for Vietnamese businesses.
Firstly, businesses often only think about repositioning when facing difficulties, while at their peak is when they need to proactively innovate to broaden their vision.
Second, many Vietnamese enterprises are strong in production and distribution but lack an ecosystem, have not invested properly in design, research and development, brand experience and international market expansion models. Meanwhile, multinational corporations have a complete value chain, helping their brands reach further when they are in the same system.
Third, M&A can be seen as a combination to leverage each other’s strengths. Foreign partners bring capital, technology and ecosystems; while Vietnamese enterprises can still preserve their spirit and core values to continue developing their brands. Sabeco is still Saigon Beer, Thien Long is still Thien Long. The problem lies in how to operate and promote Vietnamese values in a new ownership structure.
Dr. Le Duy Binh - Director of Economica Vietnam - said that attracting capital from foreign strategic investors, especially through indirect investment forms, is normal in the context of strong global capital flows. When participating, foreign shareholders not only bring financial resources but can also share technology - a very important factor even in a seemingly simple industry like stationery, where small details such as ballpoint pen tips also require high technical skills.
Dr. Binh also emphasized that we should not rush to assume that transferring shares means "losing the brand". There are deals where foreign investors only contribute capital but do not participate in operations, or commit to maintaining and developing the local brand.
"Immaculate" financial health
According to the consolidated balance sheet for the third quarter of 2025, Thien Long's total assets reached VND3,792 billion at the end of September 2025, an increase of 13% compared to the beginning of the year. Liabilities were at VND1,242 billion, an increase of 22%, but still showed a relatively low leverage and safe finances.
The company's equity reached VND2,550 billion, of which undistributed profit after tax amounted to VND1,047 billion. These figures reflect a safe financial structure, as Thien Long mainly operates on equity and maintains a debt level lower than the average level of the manufacturing industry.
Business results data from 2006 to present also shows that Thien Long has maintained continuous growth momentum, with revenue and profit in 2024 reaching VND 3,772 billion and VND 460 billion, respectively.
Mr. Huynh Anh Huy, CFA, Director of Industry Analysis at Kafi Securities, said that the expected transfer price of the deal is about VND82,000/share, 21% higher than the market price on December 5, so TLG may experience a short-term increase. However, in the long term, investors need to continue to monitor the stability of operations and the ability to integrate after M&A, because large deals such as Sabeco or Binh Minh Plastics have all gone through a restructuring period before entering a new growth cycle.
* Expert Duong Trung Hoa (Analysis Department of Phu Hung Securities - PHS):
Pressure from cheap Chinese goods
The stationery market has become an attractive piece of cake for manufacturers in the Southeast Asian region. However, Chinese brands are dominating in terms of scale and price, while Vietnamese enterprises such as TLG focus on R&D capacity, high-quality products, and environmental friendliness.
Expanding the market to private labels and new product lines with differentiated and highly competitive product features is the driving force for sustainable growth for Vietnamese enterprises.
Source: https://tuoitre.vn/dang-co-lai-doanh-nghiep-viet-van-ban-minh-20251207084246587.htm
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