#16 | Vietnam and a strong transformation in the digital economy – Guest Dr. Chen, Vice President of Qualcomm
Thien Long Group, a brand founded in 1981, is now embarking on the next stage of “rejuvenation” in order to maintain its market-leading position in the stationery industry. Tran Phuong Nga, CEO of Thien Long Group, spoke on The Next Power talk show about the innovations of a brand that has accompanied generations of Vietnamese intellectuals.
On November 3, The Next Power talkshow, produced by S-World and VnExpress, welcomed Tran Phuong Nga – CEO of Thien Long Group, with the hosting of Truong Ly Hoang Phi – Chairwoman & CEO of IBP. Ms. Tran, who has been with Thien Long for over ten years, spoke in The Next Power talk show about the innovations and challenges that the company has been implementing in order to keep up with the new era and maintain its leading position within more than four decades in the Vietnamese market.
Thien Long currently owns thousands of products to serve a wide range of consumers, including students, office workers, and businesspeople. Thien Long also demonstrated consistent growth in the office supplies, capturing more than 60% of the domestic market share from 2016 to the present. Thien Long is known as the “national brand,” having won the title of Vietnamese High Quality Products for 24 years in a row. According to Plimsoll Financial Institution, UK, the group also entered the Top 40 Stationery Companies with the highest revenue growth in the world in 2019.
Thien Long began in 1981 with a modest production base and was officially recognized as a company ten years later for trading and producing stationery pens The following stage saw a gradual transformation of Thien Long into the global market and its listing on the stock exchange.
Thien Long now focuses on five major product lines: High-end pens, Colokit art and school supplies, ballpoint pens, traditional office products, “Diem 10” school supplies students, and Flexoffice office supplies.With the current journey, the group is pursuing the desire to “rejuvenate” the brand after nearly four decades of market leadership in the stationery industry.
Thien Long, as a large corporation with all processes in sync, is willing to accept risks and uncertainties because it sees this as an imperative and necessary motivation to make changes and innovations, contributing to the rejuvenation of the company apparatus. Furthermore, stability is created when the company has previously attempted to change its destination.
When the competition on the outside is becoming increasingly fierce and the enterprise’s apparatus is firmly fixed, adhering to a certain process, a change can also cause insecurity among the employees. Ms. Tran, on the other hand, stated that fear will only paralyze Thien Long, and that only by daring to transform will she be able to take new steps.
The biggest fear that Nga and her team will have to face in Thien Long’s next journey is that it will end. Despite many years of experience, leaders are constantly concerned about leading the next generation in the wrong direction. Accepting power to the next generation, on the other hand, is a necessity that must be accepted while some things remain ambiguous and difficult.
Owning a young and potential crew is one of Thien Long’s first achievements in the next innovation journey. Human resources are one of the factors that Thien Long Group is constantly working to improve. Furthermore, seeking strengths from all internal and external resources is a recipe for Thien Long to accelerate its innovation process.
Furthermore, Thien Long focuses on product improvement, has many new, youthful, and dynamic products, and puts priority on incorporating emotions into each of the company’s products. Thien Long’s creative team has always desired an emotional element, which is cleverly integrated into the products, because fashion and color elements are never go out of style and will contribute to valuable new experiences for customer satisfaction.
Considered as a traditional and long-standing enterprise, however, Thien Long’s management methods and mindset are extremely “open”. The company, in particular, has benefited from the 6T gold governance model: Talent – Mind – Love – Thrive – Velocity – Money.
The three most important factors “Talent – Mind – Love” are the first factors that the company emphasizes, emphasizing talented people, dedication, and the connection between internal members. Thien Long’s innovation process is based on this golden formula. As a result, money is only considered as the Group’s last consideration because financial fluctuations are within the company’s predictions and can be completely resolved within Thien Long’s control.
Another unique feature of Thien Long Group is the inverted triangle management model, in which leaders are no longer in charge but serve as solid pedestals for the next generation of leaders.
The organizers should not promote the ego of the leader or the others if we want a business to grow. When the business environment was simpler, one person could make decisions; however, for Thien Long, it now requires many elements of innovation, more resources, and dictatorship. Individuals will inadvertently “suffocate” that and will be unable to grow the organization. Thien Long, according to the CEO, is a network, with each person being a knot connected by emotions and feelings.
Owning traditional products such as ballpoint pens, gel pens, and quill pens, today’s consumer approach to the past cannot be the same because consumers’ thinking has changed.
Recognizing that customers are increasingly focused on product values to enhance experience, Thien Long leverages its existing ecosystem to expand the values that Thien Long can bring to customers. Thien Long recently collaborated with the PEGA brand to launch the slogan “Read knowledge, write emotions, draw souls.” Thien Long’s commitment to its customers is reflected in this statement.
Thien Long’s distribution ecosystem has spread across the country to the present day, taking various forms such as: traditional product distribution channel (General Trade), modern product distribution channel (Modern Trade), B2B distribution channel, and distribution partners (Partnership),… Thien Long has recently focused on expanding its distribution channel through partner channels and stores.