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Vietnamese Jewelry Brands Overcome Difficulties To Grow, PNJ Leads The Vietnamese Market

Jewelry is a highly diverse asset that can be used for many different purposes and meets different users. Investing in jewelry, especially gold jewelry, is gradually becoming more popular as gold can bring benefits to investors in many different economic contexts.

According to the World Gold Council's report on gold demand trends, Vietnam's gold demand in the second quarter of 2023 decreased by 9% compared to the same period in the previous year. Vietnam's jewelry demand decreased from 4.5 tons in the second quarter of 2022 to 3.7 tons in the second quarter of 2023, down 18% compared to the same period.

Vietnamese consumers' demand for jewelry has been affected by the economic downturn. Furthermore, gold prices have been impacted by the Central Bank's monetary policy, resulting in an increase in gold prices and a decrease in jewelry consumer demand. Consequently, the business results of businesses in the jewelry market significantly affected.


PNJ Company was established on April 28, 1988, originally under the name of Phu Nhuan Jewelry Store. In 2004, the company officially changed its name to Phu Nhuan Jewelry Joint Stock Company. PNJ is one of the leading brands in the Vietnamese jewelry industry.

By 2022, PNJ will have a total of 362 stores in 55/63 provinces. This includes 341 PNJ Gold stores, 7 PNJ Silver stores, 3 CAO Fine Jewelry stores, 5 Style by PNJ stores, 3 PNJ Watch stores, and 3 PNJ Art stores. With the goal of opening 30-35 stores in 2022, PNJ has completed their set plan.

With the difficult market context, PNJ's revenue in the third and fourth quarters of 2022 decreased sharply. However, with efforts to promote business activities, PNJ's cumulative revenue for the whole year of 2022 reached 33,786 VND billion, an increase of 73.3% compared to 2021. Accordingly, the jewelry brand's profit after tax was recorded at 1,810 VND billion, an increase of more than 800 billion compared to the previous year.

PNJ's high revenue in 2022 is due to new customer development activities, effective customer care, appropriate merchandise strategies, and diverse and flexible sales and marketing programs suitable to the needs of each market and target customer group.


DOJI Group, formerly known as TTD Technology Development and Trading Company, was established in 1994. In 2007, it changed its name to DOJI Jewelry & Trade Investment Joint Stock Company. DOJI Gold and Gems mainly imports gold grains from Switzerland and processes them into gold bars of high purity, meeting market requirements.

Up to now, DOJI has 15 member companies, including 5 affiliated companies contributing investment capital, with more than 61 branches, 200 business centers, over 400 agents, and jewelry selling points nationwide. Gold products widely exploited and traded by DOJI Jewelry Group throughout the system include gold bars and fine art jewelry.

After a series of acquisitions to expand their distribution system, DOJI has become the jewelry business leader in Vietnam, with a revenue of up to 100,000 VND billion. However, in recent years, DOJI's revenue has been declining rapidly. Specifically, in 2022 the jewelry brand recorded a revenue of 77,191 VND billion, a decrease of 19.7% compared to 2021.

Although DOJI still holds the largest revenue position in the Vietnamese jewelry market, its profit after tax is extremely low compared to PNJ's. DOJI's profit in 2022 is projected to be only 1,016 VND billion, much lower than PNJ's profit.


Established in 1988 as the Saigon Jewelry Company, on September 16, 2010, SJC changed its name to the Saigon Jewelry One member Company Limited. SJC is a state-owned enterprise under the People's Committee of Ho Chi Minh City, operating according to the parent company-subsidiary model as a multi-industry business group in which the production and trading of gold and jewelry are the main businesses, in addition to real estate, financial investment, and services.

Currently, the company has 23 large branches, 6 subsidiaries, 6 affiliated companies, and 13 additional invested enterprises. Furthermore, there are more than 200 main stores, 43 large agents, and over 3,000 affiliated retail stores nationwide, covering almost every area in the country. Additionally, currently SJC is considered the gold pricing unit in Vietnam, directly reflecting domestic gold prices and future trends.

In 2022, SJC's business situation has improved. Specifically, this brand has achieved revenue of 27,153 VND billion, an increase of nearly 10,000 VND billion compared to 2021. Accordingly, SJC's profit also increased slightly and reached 48.5 VND billion.

Bao Tin Minh Chau

Bao Tin Minh Chau Jewelry Company was established on May 21, 1989. With 34 years of development, Bao Tin Minh Chau has three business establishments in Hanoi and over 200 agents nationwide, with two main products: Thang Long Dragon Gold and high-quality jewelry gold.

In recent years, the revenue of this jewelry brand has significantly increased. Despite being affected by the Covid epidemic, Bao Tin Minh Chau still experienced tremendous growth during this period. Specifically, this brand's 2022 revenue is recorded at 1,069 VND billion, an increase of 33.1% compared to 2021.

Bao Tin Minh Chau's revenue is extremely high, but its profit after tax is very low, only a few billion Vietnamese dong. Bao Tin Minh Chau's profit of more than 4 VND billion in 2022, is the highest profit in the last three years for this brand.

Mi Hong

Mi Hong Gold Shop belongs to Mi Hong Company Limited, established in 1989. Mi Hong operates in the fields of manufacturing and trading gold and silver jewelry, gemstones, buying and selling gold bars, real estate business and mortgage services.

In 2021, Mi Hong had a slight decline in both revenue and profit, but by 2022, this company had a pretty good recovery. Mi Hong's revenue and profits have increased again and even increased more than in previous years.

Specifically, Mi Hong recorded a revenue of 585 VND billion, an increase of 43.8% over the same period in 2021. Accordingly, this company's profit also increased significantly, profit in 2021 is just over 533 VND million. When entering 2022, it has nearly doubled to more than 1 VND billion.

Diamond World

Diamond World is one of the leading brands in Vietnam specializing in diamonds and jewelry, established in 2005. On April 30, 2020, Diamond World officially became a member company of the DOJI group. Up to now, the Company has a team of more than 800 employees and a system of more than 100 stores nationwide.

Diamond World's revenue after becoming a member company of DOJI is growing quite well. The net revenue of this jewelry brand in 2022 reached more than 1,800 VND billion, an increase of 500 billion VND compared to 2021. The most surprising thing is that Diamond World's profits increased extremely strongly. While in 2020 this brand was suffering a loss of more than 1 VND billion, only 1 year later this loss became a profit of more than 27 VND billion.

Kim Tin

The predecessor of Kim Tin Jewelry Group is a gold, silver and gemstone trading and gemstone manufacturing company founded in 1979. Kim Tin Gold Silver Gems Group in Cao Bang currently has an area of about 1 thousand m2 and is used as retail business space for all kinds of gold, silver, gemstone products, 9999 gold.

Kim Tin's revenue in 2021 and 2022 will not fluctuate much, only around 180 VND billion. This brand's profit is similar to revenue, reaching about 1.2 VND billion. However, compared to 2020, Kim Tin's profit decreased by about 27%.


D.I Company Limited is a 100% foreign-invested enterprise specializing in manufacturing high-end jewelry products for export to America, Europe and Asia markets. Along with the policy of developing and diversifying products, D.I always provides high-end products with many diverse and modern designs, suitable for the developing needs of the current market.

In the period 2020-2022, D.I's business situation is considered quite good when the company's annual revenue increases by more than 200 billion VND. However, D.I's profits did not grow as well as revenue. In 2022, this company's profit will reach about 57 billion VND, slightly down compared to 2021 but not too large.

Jewelry Khan

Jewelry Khan Company Limited was established in 1978 in Korea. By 2017, this company officially entered the Vietnamese market and the company was located in Hung Yen. Jewelry Khan is a leading enterprise in the jewelry industry in Korea. Specializing in designing, processing, manufacturing, distributing, and exporting gold, silver, and gemstone jewelry products.

In 2021, Jewelry Khan's business was quite good when revenue and profits increased significantly, but by 2022 this number decreased quite a lot. Specifically, in 2022 Jewelry's revenue will reach 1,263 VND billion, down 22.2% compared to 2021. This company's profit will decrease by nearly half to only about 12 VND billion compared to 23 VND billion in 2021.

Gold jewelry is not only a beauty accessory, but it has also played a role in preserving property value throughout history in Vietnam. Currently, Vietnam is a country with a dynamic economy, strong development potential, and rapid growth. The rise of the middle class and income growth in Vietnam will create momentum for gold jewelry purchases in general and create opportunities for the gold processing industry in particular.

Source: Vietdata's jewelry industry report


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