Kokuyo acquires Vietnam's largest stationery maker Thien Long for approx. USD 190 million -- aiming for dominance in the ASEAN stationery market

In May 2026, Japanese stationery major Kokuyo Co., Ltd. announced it would acquire 65.01% of the outstanding shares of Vietnam's largest stationery maker, Thien Long Group (TLG), for approximately VND 4.7 trillion (approx. USD 190 million). The deal, one of Kokuyo's largest overseas acquisitions ever, is drawing attention as a move that could redraw the map of the ASEAN stationery market.

The full picture of Kokuyo's two-stage acquisition

Kokuyo's acquisition will be carried out in two stages. In the first stage, it will acquire a 46.82% stake from Thien Long An Thinh (TLAT), Thien Long's largest shareholder. In the second stage, it plans to acquire the remaining 18.19% from public shareholders through a tender offer (TOB), securing a total of 65.01% control.

The share acquisition from TLAT is scheduled to be completed by August 2026. The tender offer will then be carried out from October to November. The offer price is expected to be VND 82,000 (approx. USD 3.35) per share or more, a premium of about 26% over the recent market price of VND 64,800 (approx. USD 2.65).

The total acquisition price of approximately JPY 27.6 billion will be funded entirely from Kokuyo's own cash. Its stance of not relying on outside borrowing shows the strong conviction Kokuyo's management has in this deal.

Who is Thien Long Group

Thien Long Group was founded in 1981 by Co Gia Tho as a small pen-making workshop. Over the 44 years since, it has built a position in Vietnam as the 'national pen,' and today it holds an overwhelming presence with about 60% of the pen market.

However, in fiscal 2025, revenue over the first nine months came to VND 3.24 trillion and profit to VND 375 billion, showing a slowdown. This is attributed to price competition with Chinese products and the rise of domestic rivals, and this deteriorating performance is also seen as one reason Thien Long accepted Kokuyo's acquisition.

Where this fits in Kokuyo's Asia strategy

Kokuyo is a long-established company more than 100 years old, but it is accelerating overseas expansion in anticipation of a shrinking Japanese market. It currently has three core markets, Japan, China, and India, and has a medium-term plan to grow ASEAN into its 'fourth core market.'

Within its vision of becoming 'Asia's No. 1 stationery brand' by 2030, three assets held by Thien Long were the deciding factors.

• Its domestic retail network of more than 3,800 points in Vietnam and export channels to 70 countries
• Two fully automated plants producing 800 million pens a year
• Overwhelming brand recognition within ASEAN

Kokuyo's 'Campus' brand is strong in the premium segment, while Thien Long's mainstay is the mass-market segment. The combination completes a full lineup covering everything from low-price to high-price segments.

Local reactions and industry voices

Thien Long's management explained to employees that 'at this stage, there is no direct impact on production or business operations,' stressing that there will be no layoffs or policy changes for the time being.

Within Vietnam's domestic investor community, the offer price of VND 82,000 or more per share is widely seen as 'fair value.' The company's enterprise value on a market-cap basis is calculated at approximately VND 7.2 trillion (approx. USD 294 million).

On the other hand, some emotional backlash can be seen on Vietnamese social media over 'a national brand falling into foreign hands.' This follows the same pattern seen when Sabeco (a major beer maker) and Kinh Do (a major confectionery maker) were acquired by foreign capital in the past.

Among securities analysts, the mainstream view is that 'Thien Long's slowdown is not temporary but a structural problem, and bringing in Kokuyo's management resources and know-how will advance the upgrading of its product portfolio and the rebuilding of its overseas sales channels.'

What it means for Japanese companies

This acquisition becomes a new model case for Japanese manufacturers entering the ASEAN market through 'acquisition-based expansion.'

Vietnam's market has a population of 100 million and a young average age of 31, with demand for stationery and office supplies on an expanding trend. Vietnam's writing instruments market is estimated at approximately USD 116 million as of 2026 and is projected to grow to USD 154 million by 2033.

When Japanese companies consider M&A in Vietnam, the Thien Long case offers three lessons.

• The effectiveness of acquiring an existing brand and distribution network wholesale, rather than simple technology transfer
• A downturn in performance is precisely the right timing for an acquisition
• The geopolitical rationale for using Vietnam as a base for expansion across ASEAN

The rapid growth of Vietnam's e-commerce market and The transformation of Hanoi's retail structure Taking these into account, the acquisition value of companies with offline distribution networks is likely to rise further.

Ripple effects on the ASEAN stationery industry

With Kokuyo bringing Thien Long under its umbrella, the competitive landscape of the ASEAN stationery market will change significantly.

Thien Long has already penetrated the school stationery markets of Cambodia, Myanmar, and Laos under its "FlexOffice" brand, and Kokuyo can channel its "Campus" notebooks and premium stationery through this existing network.

China's Chenguang and Deli Group have been waging a price offensive across ASEAN, squeezing Thien Long's profit margins. The key question is whether adding Kokuyo's R&D strength and quality control system will make it possible to differentiate from the Chinese players.

Regional stationery makers such as Thailand's Double A and Indonesia's Sinar Dunia Makmur are also said to be wary of this integration. If the Kokuyo-Thien Long alliance functions as an "ASEAN manufacturing hub," it could surpass competitors on both price and quality.

Chinese companies' entry into Vietnam is accelerating, this large-scale acquisition by a Japanese company presents one answer to an ASEAN strategy combining "Japanese brand x Vietnamese production."

Conclusion

Kokuyo's acquisition of Thien Long is a bold move for Japanese manufacturing to take the lead in the ASEAN market. It is a historic deal in that management control of a brand loved by the Vietnamese public for 44 years is changing hands, and the post-merger brand strategy and management of the local team will be key to its success. Attention is focused on the acquisition process proceeding through the latter half of 2026 and the integration effects across ASEAN.

Sources and references

• Nikkei Asia: Kokuyo makes $185m tender for Vietnam’s Thien Long Group
• VietnamNet: Vietnam’s iconic pen brand Thien Long nears historic takeover by Kokuyo
• Vietnam Investment Review: Japan’s Kokuyo moves to acquire majority stake in Vietnam’s Thien Long Group