PNJ's ambition to reach out to Asia

Leading Vietnamese jeweler recognized with two Asian awards.

The leading jewelry company of Vietnam, the Phu Nhuan Jewelry JSC (PNJ), was named “ASEAN Outstanding Enterprise of the Year” and “Top 3 Retailers of Year” by prestigious Asian jewelry magazine Jewelry News Asia (JNA) on September 14 in Hong Kong.

The awards are international recognition of PNJ’s efforts and contributions to the regional jewelry retail market, affirming its vision of becoming Asia’s leading jewelry retailer while securing the Number 1 position in the mid and high-end segments in Vietnam.

Despite the extremely strict criteria for this year’s awards, PNJ was fully qualified thanks to its brand positioning in customers’ minds, retailing, and impressive business growth.

Casting an eye over its 29 years of development, the company has made continuous efforts to build a firm foothold in the hearts of consumers in Vietnam and Asia.

It regularly conducts market surveys through annual reports on client portraits, brand health, and customer satisfaction to understand their needs, identifying solutions to provide better services and raising its net promoter score (NPS) to 8.56 in 2016; a substantially high result that would be the dream of many retailers.

PNJ owns the largest jewelry retail system in Vietnam. Thanks to continuous network expansion, the company now has nearly 250 stores located in cities and provinces nationwide. Besides the domestic market, it has also gained a foothold in 13 countries on four continents.

The presence of PNJ both domestically and internationally plays an important role in the company’s revenue growth. Total revenue for the first half of this year rose 41 per cent year-on-year to VND5.545 trillion ($244 million), accounting for 62.5 per cent of the annual plan. Retail sales from jewelry grew an impressive 45 per cent year-on-year.

Research from Vietcombank Securities suggests that at the end of 2016, Vietnam’s jewelry market was quite fragmented. With 80 per cent of market share belonging to small businesses, the remaining 20 per cent was controlled by large enterprises and strong brands. Of that 20 per cent, PNJ held 26.5 per cent, or 5.3 per cent of the entire market.

Not only affirming its position in the domestic market, PNJ also holds great promise in the global gold jewelry market as it still has plenty of room for growth.

On the same day, PNJ was also honored by Forbes Vietnam magazine as one of the Top 50 Best Listed Companies in 2017 for the third consecutive year. The process of evaluating and selecting the Top 50 was strictly based on criteria such as doubled growth in turnover, profit, rate of return, and annual growth in the 2012-2016 period, which saw PNJ ranked second in the retail industry.

According to Forbes Vietnam’s figures, the Top 50 companies hold up to 60 per cent of market capitalization on Vietnam’s two stock exchanges, with total sales last year amounting to VND734.8 trillion ($32.4 billion), up 55 per cent against 2015, while total profits reached VND79.46 trillion ($3.5 billion), up 49 per cent.

by Quang Huy