At the Vietnam Access Days event on 3/2, representatives of Phu Nhuan Jewelry Joint Stock Company (PNJ) presented to hundreds of domestic and international investors on strategies to maintain high profit growth in a volatile jewelry market.

PNJ's brand and product strategy is evolving beyond that of a traditional jewelry company, aiming to become a lifestyle retailer. Ms. Tran Phuong Ngoc Thao, Vice Chairwoman of the Board of Directors, noted that the company has pursued this approach for about the last five years, cultivating a diverse brand portfolio. The main PNJ brand drives the majority of sales, while Style by PNJ targets young customers. Mancode by PNJ, launched two years ago, caters exclusively to men. CAO Fine Jewellery serves the high-end and affluent segments.

Ms. Tran Phuong Ngoc Thao, Vice Chairwoman of the Board of Directors, answers investor questions at Vietnam Access Days 2026. Photo: Organizers

Technology forms a strategic component for PNJ, enabling a deeper understanding of customer psychology and shopping behavior. Data indicates that about 70% of Vietnamese consumers research information on the internet before purchasing. At PNJ, approximately 50% of current transactions are linked to online activity. Therefore, the company has invested significant resources in technology, continuously upgrading its systems to anticipate and meet customer needs. Technology is integrated into every aspect of PNJ's operations, allowing for close monitoring of metrics such as average order value and repurchase frequency. Observing these metrics align with forecasts gives the leadership confidence in the recovery of consumer purchasing power, especially for high-value items.

PNJ also aims to expand its network to 500 stores before 2030, with a focus on increasing its presence in tier 2 and tier 3 cities. The Northern region is a priority due to its stable operational efficiency. The leadership plans to close underperforming stores in shopping centers, shifting to more effective models. A PNJ representative highlighted supply chain and inventory management as a crucial factor in last year's success, viewing it as a foundation for stability in the coming years.

PNJ's recent growth has been strongly supported by its "customer experience personalization" initiatives. The 2024-2025 period saw a clear rejuvenation of the brand identity. The company significantly enhanced its jewelry crafting technology and creative output. According to PNJ leadership, each product is now associated with a story and message, fostering familiarity and defining a unique character for each customer. PNJ has also refined its shopping spaces, transforming stores into service experience centers rather than just points of sale.

A PNJ representative speaks about the brand strategy. Photo: Organizers

These integrated strategies led PNJ to report a profit of over 2,830 billion VND in 2025, a record in its 37-year history. The gross profit margin improved to 22%, significantly higher than the nearly 18% recorded in the same period. PNJ's network now includes 431 stores across 31 of 34 provinces and cities. Brand Finance assessed PNJ's brand value at 523 million USD, demonstrating consistent annual growth. The business results for the first month of 2026 show very positive growth, with revenue increasing by 80% and after-tax profit doubling compared to the same period last year. This performance reflects the recovery of jewelry purchasing power and the effectiveness of PNJ's gold-focused product development strategy, which closely aligns with current consumer needs and trends.

Looking at the medium and long term, many institutional investors and analysis groups believe PNJ has significant growth potential, supported by its business capabilities and favorable policies. Most forecast that the company's revenue and profit can maintain two-digit growth for many years. Internally, PNJ leadership stated they are continuously refreshing their product portfolio, enhancing product value through distinct shopping experiences. The company is also developing a high-end fashion segment for men through cooperation with the Canali brand from Italy.

Regarding policy, some securities companies believe the elimination of the State's monopoly in gold bar production creates many opportunities for private enterprises like PNJ. New regulations on import and export quotas could help PNJ address the shortage of official raw material supply. The new policy also positions PNJ to become a gold processor for banks qualified to produce gold. Additionally, increased control over the legality of gold supply may pressure traditional jewelry stores, but it benefits large-scale chains that ensure compliance.

Hoai Phuong