PNJ shares its strategy to maintain long-term growth

At the Vietnam Access Days event on February 3, representatives of Phu Nhuan Jewelry Joint Stock Company (PNJ) directly presented to hundreds of domestic and foreign investors about strategies to maintain high profit growth during a period of volatile jewelry market.

Ms. Tran Phuong Ngoc Thao – Vice Chairman of the Board of Directors mentioned that PNJ’s brand and product strategy is gradually moving beyond the role of a traditional jewelry company, to become a lifestyle retailer. This strategy has been pursued by the unit for about 5 years with a diverse brand portfolio.

The main brand PNJ contributes the majority of sales, while Style by PNJ focuses on young customers. Mancode by PNJ launched two years ago exclusively for men. CAO Fine Jewelery aims to serve the high-end segment and the upper class.

In terms of technology, according to data, about 70% of Vietnamese people tend to look up information on the Internet before deciding to make a purchase. Particularly at PNJ, Ms. Thao said about 50% of current transactions are related to online behavior. Therefore, in recent years, the company has invested large resources in technology and sees this as a strategic piece to understand customers’ psychology and shopping behavior.

“We apply and continuously upgrade technology to understand what potential customers want and what we should do to best meet that need,” said a PNJ representative.

In fact, technology is present in every aspect of the jewelry industry’s leading enterprise. Indicators such as average order value and frequency of return purchases are closely monitored and managed thanks to the information system. From observing these two indexes moving in line with forecasts, management said they have confidence in the recovery of consumer purchasing power, especially in high-value items.

PNJ also aims to expand the system to 500 stores before 2030. The company said it will increase its presence in tier 2 and tier 3 cities, with special priority given to the Northern region due to its stable operating performance. The board of directors said they planned to close ineffective stores in the shopping center to switch to a more efficient model.

PNJ representative also mentioned the story of supply chain and inventory management as an important piece of the puzzle that created last year’s success, and considered this a foundation for building stability in the coming years.

PNJ’s growth story over the past time has been strongly supported by a series of “personalized customer experience” activities. The period 2024-2025 records a clear rejuvenation of brand identity. Jewelry making technology and creativity have also been significantly increased by this enterprise. According to PNJ leaders, each product is now attached to a story and message to create intimacy and define a unique quality for each customer. The company also refined the shopping space so that the store was not just a jewelry selling point, but also created a better service experience.

Thanks to the compatibility of these pieces, PNJ reports a profit of more than 2,830 billion VND in 2025, a record in its 37-year history of operation. Gross profit margin also improved to 22%, significantly higher than nearly 18% in the same period. Network of 431 stores covering 31 out of 34 provinces and cities. Brand value is assessed by Brand Finance as increasing year by year, reaching 523 million USD.

PNJ representative said that business results in the first month of 2026 recorded very positive growth signals. Revenue increased by 80% over the same period last year, while profit after tax doubled. According to the unit, this result clearly reflects the recovery of jewelry purchasing power in the market, and also shows the effectiveness of the goldization product development strategy, closely meeting current consumer needs and trends.

Looking at the medium and long term, many institutional investors and analyst groups believe that PNJ still has great room for growth because of both its business capacity and policy support. Most forecast that this business’s revenue and profit can maintain a double-digit increase for many years.

From an internal perspective, PNJ management said they are continuously refreshing their product portfolio, increasing product value through a different shopping experience compared to the market. The company also develops high-end fashion for men through cooperation with the Canali brand (Italy).

Regarding policy, according to some securities companies, eliminating the State monopoly in the field of gold bar production opens up many opportunities for private enterprises like PNJ. New regulations on import-export quotas can help companies solve the problem of shortage of official raw material supply. The new policy also opens up opportunities for PNJ to become a gold processing unit for banks qualified to produce gold.

In addition, increasing control over the legality of gold supply can put pressure on traditional jewelry stores, but is good for large-scale chains and ensures compliance.