Editor’s Note
This article highlights the dramatic surge in gold prices and its direct impact on the stock of PNJ, Vietnam’s sole listed gold-related company. As global volatility drives investors toward safe-haven assets, we examine the local market effects and the stock’s remarkable performance.
As domestic and international gold prices surged sharply, the only gold-related stock listed on the stock exchange rose more than 30% in just one month, reaching its highest level in 17 years.
Recently, the global financial market has shown significant volatility, with gold prices once approaching $5,600 per ounce, setting a historic high.
The unexpected surge in global gold prices quickly spread to the domestic market, causing gold bar prices to skyrocket to about 185 million VND per ounce overnight before calming down somewhat in morning trading on January 30.
Buoyed by the precious metals market’s upward trend, the stock price of Phu Nhuan Jewelry Company (PNJ), the only listed gold and silver company on the stock exchange, also surged sharply, continuously setting new all-time highs.
PNJ’s stock price rose more than 34% in just one month. At the close on January 30, the stock closed at 127,000 VND per share, marking its highest level since its listing on the Ho Chi Minh City Stock Exchange (HoSE) in 2009, with a market capitalization exceeding 43.3 trillion VND.
Not only did the price rise sharply, but PNJ’s liquidity also improved significantly. Previously, the stock’s average daily trading volume typically fluctuated between 70-100 billion VND.
The upward trend in PNJ’s stock price is linked to its 2025 business performance, which shows a clear divergence between revenue and profit.
According to the cumulative financial report, the company’s net revenue reached 34.976 trillion VND, a 7.5% decrease compared to 2024. The main reason for this decline is the ongoing difficulties in the 24K gold business segment due to raw material shortages and product supply limitations.
Specifically, 24K gold revenue in 2025 is expected to decrease by over 40% compared to the same period last year. Facing this pressure, PNJ is shifting its revenue structure, expanding the proportion of its jewelry retail segment. This segment enjoys higher profit margins and relatively stable demand compared to investment gold products.
Thanks to the change in product structure, despite the revenue decline, PNJ recorded a post-tax net profit of 2.829 trillion VND, a 33.9% increase. This performance contributed to the company exceeding its annual profit target by over 44%.
The report indicates that PNJ’s average annual gross profit margin reached 22%, a significant increase from 17.6% the previous year. This improvement is mainly due to the reduced proportion of low-margin products and the increased gross profit contribution from the jewelry retail segment.
Financially, the company announced plans to issue over 170.5 million bonus shares at a 2:1 ratio, expected to be implemented in the first half of 2026, increasing its charter capital to over 5.1 trillion VND. Previously, PNJ planned to pay an interim cash dividend for Q1 2025 at a 10% rate, with the total dividend expected to reach about 341 billion VND.
According to an assessment by Saigon-Hanoi Securities Company (SHS), PNJ’s stock performance is influenced by several factors, including the recent strong upward trend in gold and silver prices.
Rising precious metal prices help increase inventory value, supporting the business performance of companies in this industry.
SHS notes that besides market factors, changes in gold mining sector management policies could significantly impact the prospects of large enterprises.
The gradual review of easing the monopoly on gold bar production and the possibility of granting raw gold import and export quotas are expected to help alleviate the shortage in the official supply chain. This issue has long affected PNJ’s operations.
BIDV Securities Company (BSC) believes PNJ’s outlook for 2026 depends on several variables, including gold price fluctuations, actual consumer purchasing power, and the impact of new regulations related to gold market management.
Experts at DSC Securities share the same view, believing that in a context of tightened regulations on the legality of gold supply, large enterprises with well-structured management systems can gain relatively greater advantages compared to small independent gold shops.
However, PNJ’s ability to expand market share depends on future policy changes and market conditions.