A Phuong Nam bookstore, operated by Vietnam’s Phuong Nam Cultural Joint Stock Corporation. Photo: PNC
Phuong Nam Cultural Joint Stock Corporation (PNC) is the operator of the Phuong Nam bookstore chain in Vietnam. In mid-2025, stationery giant Thien Long Group acquired an indirect stake in PNC through its subsidiary, Tan Luc South Trading and Services Co., Ltd.
In a recent corporate move, Evertrust has officially become a major shareholder of PNC, after acquiring 5.34 million PNC shares on July 31, equivalent to a 49.49-percent stake in the latter.
The shares were transferred by Tan Luc South, which also owns 99.94 percent of Evertrust’s charter capital.
In effect, the deal, finalized on July 31, moved the PNC stake from one Thien Long subsidiary to another, leaving the ultimate ownership unchanged.
Thien Long explained that consolidating PNC shares into Evertrust allows more flexible divestment options.
Instead of piecemeal share sales, potential investors could acquire Evertrust directly, which holds nearly half of PNC.
Thien Long previously set a target of finding a partner to acquire Evertrust for at least VND144 billion (US$5.5 million).
Trading data from the Ho Chi Minh City Stock Exchange show that exactly 5.34 million PNC shares changed hands in a put-through transaction on July 31 at VND27,000 ($1.02) per share, for a total value of VND144.31 billion ($5.5 million), almost exactly matching Thien Long's target.
PNC’s market capitalization currently stands at about VND307 billion ($11.7 million), based on the August 7 closing price of VND27,850 ($1.06) per share.
Founded in 1982 as a bookstore business and converted to a joint stock company in 1999, PNC operates nearly 30 bookstores, book cafes, and airport retail counters.
The company’s Phuong Nam Phu Tho bookstore on 3/2 Street in Ho Chi Minh City recently announced it would permanently close on August 15 after 44 years of operation, according to Nha Dau Tu (Investor) newspaper.
Phuong Nam Phu Tho had been one of Ho Chi Minh City's longest-running bookstores.
Its closure comes shortly after Ca Chep, another famed and iconic bookstore brand in the city, also ceased operations.
The reduction in retail outlets comes as PNC has posted a significant quarterly loss.
In the second quarter of 2026, PNC recorded a net revenue of VND151 billion ($5.7 million), up five percent year on year, but a net loss of VND15 billion ($571,000), compared with a VND1-billion ($38,000) loss in the same period last year.
For the first half of 2026, PNC reported a VND13-billion ($495,000) loss, compared with a VND1-billion ($38,000) profit in the same period last year, while its net revenue rose slightly to VND292.3 billion ($11.1 million).
The company's equity had fallen to VND171 billion ($6.5 million) as of June 30 this year, from VND190 billion ($7.2 million) a year earlier.
Tan Luc South began investing in PNC in June 2025. Thien Long has viewed the investment as a channel to expand distribution of stationery and toys alongside its core business.
Nguyen Dinh Thu, legal representative and director of Tan Luc South, is also a PNC board member and acting CEO.
Evertrust, established in April this year with charter capital of VND144.9 billion ($5.5 million), is led by Co Gia Tho, chairman of Thien Long Group, who joined PNC’s board in April the same year.
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