An abridged version of this article first appeared in the JNA July/August 2023 issue.  

Cao Thi Ngoc Dung, founder and chairperson of Phu Nhuan Jewelry Joint Stock Company (PNJ), maintains a business philosophy that is hinged upon people, technology and sustainability.

She launched PNJ in 1988 with the goal of reviving Vietnam’s jewellery industry. Under her leadership, PNJ has grown from an initial team of 20 to become the largest jewellery retailer in Vietnam, employing nearly 7,000 staff and operating more than 400 outlets across the country.

"Over the past five years, PNJ has grown faster than expected and conquered bigger business platforms to compete with other major companies," remarked Cao. "In PNJ's 35-year journey, three significant factors have contrinuted to our success: Forward-looking philosophy, manufacturing expertise and ethical business pratices."

Valuing trust as highly as gold, Cao – recognised as the most powerful woman in Vietnam’s jewellery industry – introduced the “Gold Trust” philosophy as the guiding light of PNJ’s operations.

PNJ also owns the largest jewellery manufacturing facility in Ho Chi Minh City, which employs more than 1,000 workers and produces four million jewellery pieces annually. It recently opened a second factory in Long An. According to Cao, the Ho Chi Minh City facility will focus on high-end jewellery. Both factories use advanced manufacturing technology from Italy and Germany. With its massive production capacity, PNJ can adequately supply items for its stores nationwide. 

“PNJ owns another ‘asset’ to help ensure the high quality of goods that we deliver – our people,” shared Cao. “We value our team of talented designers and goldsmiths who are instrumental to PNJ’s success.”

It is also gaining ground on sustainability and technology. In 2022, PNJ became the first listed company in Vietnam to establish an Environmental, Social and Governance (ESG) sub-committee, which has since evolved to an ESG committee tasked to develop an ESG strategy based on stakeholder consultations.

Cao said PNJ “presses the refresh button” every five years to reassess its business strategy and map out plans to improve future operations. This proved most beneficial during the pandemic. Cao explained, "It was during these challenging times when we had to actively review our business and focus our efforts on digital transformation."

PNJ continues to strengthen its organisational structure and operating model. Going forward, it is aiming to accelerate existing business segments in a sustainable way and promote stronger research and development, according to Cao. 
 

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