Thien Long CEO asserts: a business can’t be judged by financial figures alone; it’s a living, moving body with interconnected parts.
In an afternoon conversation with Ms. Trần Phương Nga, CEO of Thiên Long Group JSC (TLG), we had to pause three times due to her tight schedule. However, this busyness has never worn down Thiên Long’s “female commander” because, for her, work is both passion and happiness.
“Every day, I feel joy and excitement in my work, even diving into it passionately on weekends. Since my school days, I’ve found joy in attending class each day. For me, both learning and working are endless sources of delight,” she shared.
It is known that Ms. Trần Phương Nga received a full scholarship from the Australian Government through the AusAID program, choosing to major in Finance and Accounting at the University of Sydney’s School of Economics and Finance.
In her first ten years after graduating, she worked for various organizations, averaging two years at each, and took on numerous roles intending to learn as much as possible. In the following decade, she decided to work in Vietnam. While working at an investment fund, Ms. Nga took notice of Thiên Long and joined the company in 2012.
After a long tenure as Deputy CEO, during which she was given opportunities to engage in various company operations and served as an assistant to the Chairman of the Board, Cô Gia Thọ, Ms. Nga officially assumed the role of CEO of Thiên Long in June 2021. This marked the first time Vietnam’s leading stationery group appointed a female leader to its highest position.
In 2022, one year after Ms. Nga took on the CEO role, Thiên Long reported record-breaking revenue and profit. Although there was a decline in 2023, by the second quarter of 2024, the Group once again witnessed a new quarterly profit record of VND241.5 billion —a 44% increase compared to the same period the previous year.
Ms. Nga shared that this success is the result of the solid foundation the entire Thiên Long team has built over many years. However, the CEO noted, “Thiên Long’s wealth of experience is an invaluable asset, but we can’t just be satisfied with that; my team and I want ‘more.'”
Her academic background in finance has been instrumental in her role as CEO of a manufacturing company, providing her with a long-term vision and flexibility from observing the highs and lows of businesses from an investment perspective. At the same time, she has developed a financial management system to serve as a robust backbone, driving the company toward continued growth.
And particularly important is the understanding of the stories behind the numbers.
Ms. Nga explains that while revenue, profit, and customer growth figures are recorded and reported, what truly matters for a CEO is the ability to continuously ask questions: Why is this product or market successful while that product or market has failed? Why is the employee turnover rate at this level, rather than another figure?
“The numbers are just bare facts, but digging deeper reveals the story, which is also the future. She said that by continuously asking questions to uncover the reasons behind the results, we can obtain the most complete and comprehensive answers, which will inform our business strategy,” she said.
In light of Thiên Long’s impressive business results, CEO Trần Phương Nga has faced a few questions. Is it true that being a CEO means she is a “finance person,” having previously worked for an investment fund, making it easy for her to “manipulate” the numbers?
In response, Ms. Nga affirmed that while it’s possible to “manipulate” the numbers, it can only be done for a year; it cannot be sustained over the long term. At Thiên Long, her philosophy is always to focus on long-term sustainability, so actions aimed at beautifying financial reports in the short term do not align with her mindset.
Before taking office, Ms. Trần Phương Nga learned extensively from partners, and books, and found enjoyment in working with people, building a team culture, and focusing more on developing a legacy team.
“The numbers are just a foundation, so to build upon that foundation, the human element is what truly matters,” she asserted.
The female CEO believes a business cannot be evaluated solely based on simple financial figures; instead, it should be viewed as a living organism with many interconnected parts. Even when discussing strategy, numbers are merely a “necessary condition” to begin with.
In her top executive role, Ms. Nga’s decisions are not heavily based on figures. On the contrary, the first question she asks when deciding is: What goal do we want to achieve? What will the company trade-off? What are the associated risks? And what does the future hold?
“All of these questions don’t involve numbers,” Ms. Nga said. It is only after answering them and linking them together that a leader should consider the figures.
Moreover, the numbers associated with each decision are merely hypothetical. The success of past products is reflected in revenue, profit, and growth rates; however, that essence is simply a representation of the past used as a “hypothetical” reference for future planning.
Therefore, according to the CEO of Thiên Long, in every decision made by an executive, half relies on hypothetical numbers while the other half is based on judgment. A leader’s judgment is built on many factors, including experience within the company, practical experience, social relationships, and market information.
“Most importantly, it’s about knowing how to listen. Being a CEO doesn’t mean making emotional decisions solely based on one’s judgment; a CEO must listen to their team. Listening and asking questions allow others to challenge ideas, and only then can a final decision be made,” Ms. Nga emphasized.
Ms. Nga spoke about how she initiated a “revolution” at Thiên Long by placing the CEO role at the end of the decision-making process for every important decision. This means that Thiên Long would increase the responsibility and proactivity of team leaders, department heads, and middle management. She believes this approach is very effective because it helps to stimulate the motivation of employees at lower levels, allowing the team to advance independently without needing the CEO to “push” them. Specifically, Thiên Long’s revolutionary management theory consists of four pillars.
First, she emphasizes perseverance with the philosophy of “innovation for growth.” Innovation is a great journey that initially comes with challenges and loneliness, and leaders must continuously ponder the moves they have made and those they will take.
Second, she advocates for leadership without titles. Ms. Nga applies a reverse management model, meaning that the “boss” is positioned at the bottom to support employees.
Third, she pursues sustainable development goals. The CEO of Thiên Long encourages the company to invest in clean production projects to minimize environmental impact. She also focuses on maintaining and enhancing product quality to meet the increasing demands of consumers, especially in the context of global integration.
Fourth, she prioritizes people management. At Thiên Long, there are “6 T’s” in Vietnamese and “4 Human Letters.” The 6 T’s include “Tai – Talent” – seeking talented individuals for the company; “Tam – Heart” – recognizing that many have been with Thiên Long for a long time; “Tinh-Affection,” “Tien Toi – Progress,” and “Toc Do – Speed.” Finally, there is “Tien – Money.” The 4 Human Letters consist of Humanistic products that serve education; a Humanistic environment; humane treatment among people; and a strong relationship between the company and its customers based on empathy.
One can envision a business as a machine in operation, where the gears need to interlock smoothly. For Thiên Long, Ms. Nga’s management philosophy is: “As long as we think and make decisions with a positive mindset, the values we receive will also be positive.”
For her, she admits to “loving” Thiên Long, always wishing the best for the company, and this passion helps her fulfill her role effectively.
The achievement of Thiên Long is the ballpoint pen, and the “pain” of Vietnam’s leading stationery group is also the ballpoint pen. Ms. Trần Phương Nga has noted that when people mention Thiên Long, they only think of ballpoint pens, forgetting that the company has many other products. Although it seemed challenging to change this perception, Thiên Long has succeeded.
Ms. Nga proudly mentions the color pens, highlighting that Thiên Long’s color accuracy is highly rated and that they are exported to European and American markets, demonstrating their safety for users.
Thiên Long is also successfully developing the Surgical Skin Marker, a marking pen for surgical procedures. Ms. Nga recounts that in 2017, an American company sought a supplier for surgical marking pens and chose Thiên Long due to its experience, production capabilities, and particularly its ability to meet cleanliness and sterilization standards.
Currently, Thiên Long is producing this product for this partner, with strong sales growth. Additionally, Thiên Long supplies this type of pen for use in hospitals and beauty clinics throughout Vietnam.
Reflecting on her journey of more than three years as CEO, Ms. Nga admits that there were times when she had doubts: Can a company with such a rich history change? Change not only means embracing the new but also accepting the risks of potentially losing everything that already exists.
At this moment, she expresses her happiness with the results, such as a younger workforce that integrates quickly, Thiên Long maintaining its position, and continuing to grow with its core product lines while leading the way in launching new products.
The e-commerce channel has also shown positive signals, achieving a 200% growth in the first nine months compared to the same period in 2023, ranking top in the stationery category on platforms like Shopee and Lazada.
Ms. Nga believes this initial success is due to the strength of the collective, where experienced individuals and younger employees strive to find common ground with the spirit of “for Thiên Long.” In this success, the CEO sees herself merely as a support.
In a rapidly changing social landscape, Ms. Nga asserts: “We must always have a spirit of diversity and integration. When people are willing to change and renew themselves, they will not hold biases, making it easier for us to adapt to the VUCA (Volatile, Uncertain, Complex, Ambiguous) world.”
Initially, during the transformation journey, she sometimes felt lonely, but after nearly four years, Ms. Nga felt quite the opposite. She feels fortunate to have a diverse and passionate team around her, consisting of colleagues with exceptional technical expertise and production management skills—people she greatly admires—and younger individuals who dare to think and act—those she wishes to learn from.
“The more I work, the more grateful I feel to be accompanied by a united, skilled team, and above all, we move forward for one common goal: our love for Thiên Long,” Ms. Nga said.
