On 3 November 2026, Thien Long Group (TLG, HoSE) received resignation letters from 5 of its 9 board members for the 2025–2028 term: founder Co Gia Tho, his younger sister, his two children and a former CEO. The company, meanwhile, is close to finishing its profit plan for the year. Consolidated net profit for the first nine months reached VND 423 billion against a full-year 2026 target of VND 440 billion. This is a handover taking place while the business is doing well, and what minority shareholders need to watch is where decision-making power will sit after 1 January 2027.
More than half the board asks to step down
The five are Mr. Co Gia Tho, Chairman and founder; Ms. Co Cam Nguyet, his sister; Mr. Co Tran Co Nguyen and Ms. Co Tran Dinh Dinh, his two children; and Mr. Nguyen Dinh Tam, the former CEO. All five cited personal reasons.
According to CafeF, Thien Long has published materials for an extraordinary shareholder meeting planned for 7 December 2026. Shareholders will vote to dismiss the five, effective 1 January 2027, and then elect five replacements for the rest of the term. The meeting will also consider amendments to the company charter and internal governance rules.
Mr. Tho founded Thien Long in 1981 as a ballpoint pen workshop. His two children joined the board only in 2025, so both would leave in under two years.Nguoi Dua Tin Among the four members staying on after 1 January 2027 is Ms. Tran Phuong Nga, the CEO, who presented the business results at the annual meeting in April 2026. Who chairs the board from 2027 depends on the five people elected on 7 December and on the board meeting that follows.
Honorary chairman: invited to meetings, no vote
Alongside the resignations, the board approved a consulting contract with Mr. Tho. He is appointed honorary chairman for three years, advising the company, representing Thien Long at events when the board asks, and maintaining relations with shareholders and partners. He will not work full time and attends meetings only when the company requests.VietTimes
The contract rules out two things clearly: Mr. Tho has no voting right on the board and takes no part in management. The fixed fee is VND 120 million a year, or VND 10 million a month, VND 360 million over three years, with no bonus or other payment under this contract.VietTimes
He also commits to confidentiality and to not competing with Thien Long's stationery business. The non-compete terms do not cover the existing operations of Pega Holding and Van Hoa Phuong Nam, where he remains in a leadership role.Nguoi Dua Tin
In short, from 2027 Mr. Tho's voice in board decisions will be advisory only. His rights as a shareholder remain: he personally owns 6.56% of Thien Long.Doanh Nhan Tre
Behind the seats: Kokuyo's two-step plan
The resignations come almost a year after Japanese stationery group Kokuyo announced its plan to buy Thien Long in December 2025. The plan has two steps.Tri Thuc
In step one, Kokuyo buys all shares of Thien Long An Thinh Investment JSC, which is owned by the founder and related parties and holds 46.82% of TLG. In step two, Kokuyo makes a public tender offer for up to a further 18.19% from other shareholders. If both steps complete, Kokuyo would hold up to 65.01% of Thien Long directly and indirectly. According to VietTimes, that level would give the Japanese side a veto over shareholder resolutions, and the total deal value is estimated at about JPY 27.6 billion.VietTimes
The deal has cleared two major hurdles. In September 2026, the National Competition Commission approved the economic concentration with conditions, including a requirement that the related group raise R&D spending in Vietnam by VND 3 billion a year over the prior year, for at least five consecutive years.Tri Thuc On 30 September 2026, Kokuyo's board approved a JPY 28 billion capital increase for its Singapore subsidiary Synergy Investing Asia to carry out the transaction.
Capital approval and competition clearance are not the same as a completed transfer. According to Nguoi Quan Sat, the Kokuyo deal has not been confirmed as complete. The tender price has not been announced either: Kokuyo has said it will disclose a specific price before launching the offer.Vnbusiness
Put side by side, the sequence is fairly clear. The founder and relatives leave the board, Mr. Tho moves to a role without a vote, and five seats open for new people. If Kokuyo completes both steps, a shareholder holding up to 65.01% would have the deciding voice in board elections at later meetings. At the April 2026 annual meeting, Mr. Tho said he was at ease handing Thien Long over to Kokuyo and would help the Japanese partner grow the business sustainably.
The results Thien Long brings to the handover
On consolidated accounts, Q3 2026 net revenue was VND 1,268 billion, up 7% year on year, and profit after tax was VND 107 billion, up 41.1%. For nine months, net revenue reached VND 3,621 billion, up 11.9%, while net profit rose 11.8%. The nine-month net margin held at 11.7%, in line with the same period last year.CafeF
The company attributes the Q3 revenue growth partly to a recovering market and partly to working with distribution partners and continued investment in brands and products. Profit grew faster than revenue thanks to a better gross margin and controlled selling expenses.CafeF
Against the 2026 plan of VND 4,400 billion net revenue and VND 440 billion profit after tax, Thien Long has delivered 82% of the revenue plan and 96% of the profit plan after nine months. Nine-month consolidated profit after tax of VND 423 billion is already close to the VND 445 billion earned in all of 2025 and the VND 460 billion of 2024, the company's most profitable year to date.Nguoi Quan Sat
Total assets at 30 September 2026 were VND 3,832 billion, up 7.4% from the start of the year. On the balance sheet, inventory rose from VND 814 billion at the start of the year to VND 1,138 billion and short-term borrowings reached VND 552 billion, while nine-month revenue grew 11.9%. The Q4 report will show whether that stock has sold through or is still in the warehouse.Nguoi Dua Tin
Put differently, Thien Long is not entering the handover after a weak year. A buyer would inherit a company on track to meet its annual profit plan.
The share price and the milestones ahead
On 6 November 2026, TLG closed at VND 54,100, down 0.37% on the day, while the VN-Index fell 0.88% to 1,725.36 points. The price has moved roughly sideways between VND 52,500 and 55,800 over the last ten sessions, including after the resignation news.
For anyone holding TLG, the next milestones run in this order:
- 7 December 2026, extraordinary shareholder meeting: shareholders vote on dismissing five members, electing five new ones and amending the charter. This is where minority holders use their votes on each candidate, so the candidate list and who nominated each name are worth reading before the meeting.
- 1 January 2027: the dismissals take effect if approved. The new board elects a chairman, and Mr. Tho moves to honorary chairman under the three-year contract.
- When Kokuyo completes step one and announces the tender offer: the notice will state the price, the maximum of 18.19% and the registration window. Minority shareholders will then have a buyer's price for the shares they hold, and each decides whether to tender or keep holding.
Control at Thien Long is shifting along the path Kokuyo announced in December 2025, and the handover is happening while profit is rising. The published documents give personal reasons as the cause of the resignations. For minority shareholders, two documents will show where they stand: the list of five candidates before 7 December, and Kokuyo's tender offer notice with a specific price.