Sustainable growth of a Vietnamese Golden Star enterprise

On the evening of December 24, the Vietnam Youth Union and the Vietnam Young Entrepreneurs Association held the Vietnam Golden Star Award ceremony. This year's award has 293 nominated businesses.

According to statistics from the Organizing Committee, the top 200 enterprises honored with the Golden Star of Vietnam generated revenue of VND 799,000 billion and profit of VND 115,000 billion in 2023. The top 10 most excellent enterprises alone had a total profit of VND 36,500 billion, paid the budget VND 19,000 billion, and created jobs for 106,000 workers.

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PNJ is one of the Top 10 typical enterprises of Sao Vang Dat Viet 2024. Photo: Organizing Committee

This year is the first time Sao Vang Dat Viet has honored Phu Nhuan Jewelry Joint Stock Company (PNJ) in the top 10 most outstanding enterprises.

Mr. Le Tri Thong - Vice Chairman of the Board of Directors and General Director of PNJ said that this is both a source of pride and a gift recognizing the persistent efforts of more than 8,850 employees. This is also a motivation for PNJ to continue pursuing its vision of becoming the leading Lifestyle retailer in the region to bring products that honor the beauty of people and life.

According to Mr. Thong, in the past 5 years, PNJ has had a strong transformation in many aspects by innovating its thinking and working methods to consolidate its leading position in the domestic retail market and reach international standards.

The most obvious change can be seen from a technology perspective. PNJ invests heavily and selectively in technology, thereby creating new internal communication methods and reaching customers more effectively. By leveraging data to see customers at a deeper resolution, the company designs distinct value propositions for each customer segment.

The enterprises honored with the Vietnam Gold Star 2024 operate in many fields, but the common point is that they all have sustainable growth, continuously expanding their domestic and foreign business markets. Many of these enterprises are pioneers in production and business following new trends, promoting and effectively applying digital transformation and green transformation on a modern management platform.

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Permanent Deputy Prime Minister Nguyen Hoa Binh and First Secretary of the Central Youth Union Bui Quang Huy presented the Top 10 Golden Stars of Vietnam 2024 title to outstanding enterprises. Photo: Organizing Committee

PNJ - Comprehensive innovation to accelerate strong development

“Innovation and quick response are the key factors that drive PNJ forward in the context of the constantly changing business environment, competitors and customer shopping behavior. The company always identifies people as the focus of this “innovation revolution”. This is demonstrated by the company starting digital transformation from a leadership vision and culture of innovation, not just focusing on technology,” said a PNJ representative.

By properly positioning the role of technology to make appropriate investments and allocate resources, PNJ can deeply understand customers' shopping behavior. This is the key to helping the company quickly grasp trends to diversify its product portfolio. The company continuously introduces unique designs, typically "PNJ Betel Nut" launched last year, which has become the best-selling wedding jewelry collection ever. In addition, the company also cooperates with international brands to serve young customers.

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PNJ grasps market trends to diversify its product portfolio. Photo: Viet Hung

“The systematic investment in product research and development has helped PNJ expand its product range, ensuring that it fully meets the increasingly high and diverse needs of each customer group,” said Mr. Thong.

PNJ determined that market expansion and customer approach must be carried out in both depth (product portfolio) and breadth (geography). The company's management board said that it is developing the Tier 1 jewelry market, while accelerating in the Tier 2 and Tier 3 markets with many new sales models and business segments.

Currently, PNJ has a wide network of 424 stores spanning 58/63 provinces and cities. In the first 11 months of this year alone, the company opened 35 new stores and increased its presence in 3 new localities.

Not stopping at physical stores, PNJ also increased its presence in online shopping channels to meet the ever-changing needs of customers. While consumer sentiment is pessimistic and attracting customers becomes more difficult, the company boldly innovates business strategies and creative marketing methods to increase brand awareness, attract new customer groups and increase the rate of returning old customers. In addition, the company also regularly implements many meaningful community programs, thereby increasing customer engagement and trust as well as promoting business activities.

According to PNJ representative, comprehensive innovation from technology, products to communication and marketing methods is helping PNJ get closer to the highest business plan in the company's history. Specifically, after 11 months, PNJ recorded VND 25,210 billion in revenue, an increase of more than 19% over the same period and completed nearly 95% of the initial target. The company also reported a profit of VND 1,876 billion, an increase of more than 8% and completed nearly 90% of the target despite the retail market facing "headwinds".

Vinh Phu