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485 - 5032 Assignment 1 Greenwich University (Pass)

Business Environment (University of Greenwich)

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ASSIGNMENT 1
FRONT FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 1: Business and Business Environment

Submission date March 5,2022 Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name Vo Tran Minh Nhu Student ID GBD201927

Class GBD1003 Assessor name Ngo Hai Quynh

Student declaration

I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I
understand that making a false declaration is a form of malpractice.

Student’s signature Nhu

Grading grid
P1 P2 P3 M1 M2 D1

1
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Summative Feedback: Resubmission Feedback:

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

Signature & Date:

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Contents
INTRODUCTION------------------------------------------------------------------------------------------------------------------------------------------------------------------ 4
COMPANY PROFILE-------------------------------------------------------------------------------------------------------------------------------------------------------------- 5
TYPES AND PURPOSES OF ORGANIZATIONS------------------------------------------------------------------------------------------------------------------------------ 5
1. PUBLIC SECTOR----------------------------------------------------------------------------------------------------------------------------------------------------------- 5
1.2. PURPOSE--------------------------------------------------------------------------------------------------------------------------------------------------------------- 5
1.3. EXAMPLE--------------------------------------------------------------------------------------------------------------------------------------------------------------- 5
2. VOLUNTARY SECTOR:----------------------------------------------------------------------------------------------------------------------------------------------------- 6
2.1. VOLUNTARY SECTOR------------------------------------------------------------------------------------------------------------------------------------------------ 6
2.2. PURPOSE--------------------------------------------------------------------------------------------------------------------------------------------------------------- 7
2.3. EXAMPLE--------------------------------------------------------------------------------------------------------------------------------------------------------------- 7
3. PRIVATE SECTOR:--------------------------------------------------------------------------------------------------------------------------------------------------------- 7
3.1. PRIVATE SECTOR------------------------------------------------------------------------------------------------------------------------------------------------------ 7
3.2. PURPOSE--------------------------------------------------------------------------------------------------------------------------------------------------------------- 8
3.3. EXAMPLE--------------------------------------------------------------------------------------------------------------------------------------------------------------- 8
SIZE AND SCOPE OF PNJ------------------------------------------------------------------------------------------------------------------------------------------------------- 9
1. INTRODUCTION ABOUT PNJ:-------------------------------------------------------------------------------------------------------------------------------------------- 9
2. SIZE AND SCOPE-------------------------------------------------------------------------------------------------------------------------------------------------------- 12
FUNCTIONS OF PNJ------------------------------------------------------------------------------------------------------------------------------------------------------------ 17
1. THE STRUCTURE CHART OF PNJ------------------------------------------------------------------------------------------------------------------------------------------17
2. THE MAIN FUNCTIONS OF VARIOUS KEY DEPARTMENTS OF PNJ-------------------------------------------------------------------------------------------------------18
THE RELATIONSHIP BETWEEN THESE DEPARTMENTS----------------------------------------------------------------------------------------------------------------- 20
COMPLEXITIES OF DIFFERENT ORGANIZATION AND STRUCTURE------------------------------------------------------------------------------------------------- 21
CONCLUSION-------------------------------------------------------------------------------------------------------------------------------------------------------------------- 22

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INTRODUCTION
With the advancement of human civilization, there is a greater need for a range of items in many
disciplines, particularly in the sphere of beauty, such as fashion or jewelry. As a famous
jewelry brand in Vietnam, starting from Phu Nhuan Jewelry store in 1988 and
now in 2021, PNJ has grown to become one of the leading corporations in the
field of manufacturing. Professional jewelry business.

Currently, the company's main areas are manufacturing and trading gold, silver, gemstone jewelry,
business gifts, fashion accessories, ... and real estate business. The company has nearly 6000
employees with a wholesale network, and more than 300 retail stores spread across the country.

I choose this company for analysis because with 34 years of experience in Vietnam, I am sure PNJ
is a successful company, gain a solid foothold in the Vietnamese market. This report will provide
content related to types and purposes of organizations, size and scope of PNJ, functions of PNJ, the
relationship between departments, complexities of different organization and structure, etc.

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COMPANY PROFILE
 Company name: Phu Nhuan Jewelry Joint Stock Company (PNJ)
 Ownership: 346 stores covering 52/63 provinces and cities.
 The headquarters: 170E Phan Dang Luu, Ward 3, Phu Nhuan District, Ho
Chi Minh City, VN
 Phone: (+84) (028) 3995 1703
 Fax: (+84) (028) 3995 1702
 Charter capital: 2.276.123.620.000 VND
 Website: www.pnj.com.vn
 Ticker symbol: PNJ
 The structure of shareholders:

TYPES AND PURPOSES OF ORGANIZATIONS

There are several types of sectors, including: public sector, private sector and
voluntary sector. Each sector will have a different concept, type and purposes
1. Public sector
1.1.Public sector: that part of the economy under the control of government and its agencies and
where the state establishes and runs the different types of organization on behalf of its citizens and
for their general well-being. (Wikipedia, 2019)
1.2. Purpose: public sector brings great benefits, provide public services include public goods
and governmental services as the military , police , public education along with health care and
those working for the government itself. They might provide services that a non-payer cannot be
excluded from, services which benefit all of society rather than just the individual who uses the
service. (FineLine Solutions, n.d)

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1.3. Example: Petrolimex

List of the Shareholders structure of Petrolimex - Annual Report 2020

According to Vietnamese regulations, a company is in the public sector when
the state owns more than 50% of the shares. Therefore, Petrolimex is a state-
owned enterprise because Representative of Government’s shares occupied
around 82.61% of the total shares. (Petrolimex, 2021)
2. Voluntary sector:
2.1. Voluntary sector: comprising those organizations, including charities, voluntary bodies and
community businesses, that are not-for-profit enterprises and non-governmental. (Wikipedia,
2019)

- Social enterprise: is defined as a business with specific social objectives that serve its
primary purpose. Social enterprises seek to maximize profits while maximizing benefits to
society and the environment, and the profits are principally used to fund social programs.
(Barone, A. 2020)

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- Non-government organization(NGO): is a non-profit group that functions

independently of any government. NGOs, sometimes called civil societies, are organized on
community, national and international levels to serve a social or political goal such as
humanitarian causes or the environment. (Folger, J. 2018)
2.2. Purpose: is usually comprised of organizations whose purpose is to
benefit and enrich society, often without profit as a motive and with little or
no government intervention. One way to think of the voluntary sector is that
its purpose is to create social wealth rather than material wealth.
(PrivacySense.net, 2015)

2.3. Example: World Vision International

World Vision International Global Annual Report 2020

In terms of statistics, this is a charity in the voluntary sector since it spends

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all of its finances on social programs rather than trying to make a profit.
(www.wvi.org, n.d)
3. Private sector:
3.1. Private sector: that part of the economy where ownership and control of
the organization is in the hands of private individuals or groups and where
profit-seeking is a central goal (Wikipedia, 2019).
There are 4 types of private sector:
- Solder trader: is a business created, owned and self-employed by an
individual. They will be held accountable for all of the company's labor and
debt. There will be no legal entity for a solo proprietorship. (Twin, A. 2020)
- Partnership: is a business where at least 2 people cooperate, contribute
capital and operate. All participants in these businesses will share the
same obligations and earnings, and they will be called limitless partners.
Limited partners are also people who just give funds to the firm. This type
of sector has legal entity status. (Koop, C.N. 2020)
- Limited liability company: is a company with fewer than 50 members
and limited m embers rights. There are 2 types of Limited liability
company: Limited liability company with one member and Limited liability
company with equal or more than 2 members. And this kind of company
has legal entity status. (Kenton, W. 2019)
- Joint stock company: is a company in which you may contribute funds by
purchasing shares. They are called shareholders. The number of
shareholders of a joint stock corporation is not restricted, but there must
be at least 3 and they have limited liabilities. This is a public company and
has legal status. (Investopedia, 2020)
3.2. Purpose: The goal is to earn a profit for the company's creator as well as the
stakeholders. They aspire to achieve other goals as well, such as providing
jobs for the unemployed and establish a position and reputation for the

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company in the market. (www.indeed.com, n.d.)

3.3. Example: PNJ

List of the Shareholders structure of PNJ - Annual Report 2020

PNJ is a joint stock company in private sector because all the capital of the company is sold in the
form of shares and the state has no share in the company.

SIZE AND SCOPE OF PNJ

1. Introduction about PNJ:
First of all, PNJ is a profit company - joint stock company with the vision to become
an asian leading jewelry manufacturer and retailer with products honoring beauty, reach global
market. As the result, PNJ focus on:
- Producing and trading jewelries, gold, silver, gems, fashion accessories, souvenirs, watches, gold
bars.
- Inspection services of diamonds, gems, precious metals.
- Real estate.

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From the Gross Profit that the company earns from the sale of goods and
rendering of services, PNJ has to pay for the tax, which is obligatory
according to the regulation. In 2020, net revenue reached more than 17,510
billion VND and net profit reached more than 1,069 billion VND. PNJ brand has

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been constantly increasing in value and is valued at 93.1 million USD by Forbes Vietnam. With the
huge amount of profit, PNJ is strongly believed to have a sustainable development.
Consolidated Income Statement for the year 2020 – Annual Report 2020

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Secondly, PNJ is a public company. PNJ’s share is freely traded on the stock exchange. People
who pay money for shares will become a shareholder of the company, without any requirement of
management skills. The biggest benefit of selling stocks through the Stock Market is that it is
possible to raise vast sums of money rapidly. One downside is that the original shareholders will
lose ownership of a company if large amounts of shares are acquired as part of a 'take-over deal'.
Furthermore, information, including price per share, is public to all people in a transparent way.
Therefore, shareholders find it easy to keep track of the fluctuation in the stock market.

Stock of PNJ on the Stock Exchange – Investing.com

Finally, PNJ is a private enterprise which is under the control of Ms.Cao Thi
Ngoc Dung – Chairman cum CEO. She has been with PNJ for 32 years and is a
great contributor to the development and success of PNJ at the present time.
All the profit belongs to the company, as well as all liabilities. In addition, this business
organization has to make decisions on its own, without any intervention from the state.

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2. Size and scope

2.1. Size:
According to the Annual Report 2020 of PNJ, it can be seen that in the 2020, the total assets are
8,4 billion VND, owner’s equity is 5,2 billion VND and liabilities is 3,2 billion VND. In
comparison with the data of 2019, the company's total assets and capital resources
decreased by 1.4%. In addition, the debt of the company is still lower than the total assets.
Therefore, PNJ can afford it and the remaining profit is still enough for innovating company. These
figures prove the gradual development toward the top brand name in local and in the world.

Key Financial Indicators of PNJ

According to the “Net revenue” chart, it is obvious that the net revenue of
PNJ in the period of 4 years from 2018 to 2021 experienced an outstanding
increase, from 14,5 billion VND to 19,6 billion VND, which means that PNJ
had a remarkable improvement. The rise in revenue plays a key role in
sustainability and gaining trust from customers.

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PNJ has more than 6000 employees working in different domains in different
regions. In order to be part of this company, workers need to meet a wide
range of criteria. As the result, all staffs are well-educated, creative,
productive, and devoted to the development of the company. PNJ also has an
incentive scheme, which encourages employees to be more industrious, for
the one who has excellent performance. 2020 recognized many awards from
prestigious organizations for PNJ's human resources activities: 7 consecutive
years in the ranking of “Top 100 best workplace in Vietnam” (from 2014 to
present) and continues to advance 04 ranks to 23rd, ranking 2 in the Retail
sector, Wholesale, Trade; Top 50 Enterprises with attractive Employer Brand;
Enterprise award with excellent human resource responding policy - Vietnam
HR Award 2020 - One of two Vietnamese enterprises in the Top 10 enterprises
honored; etc.
 The data above confirms the fact that PNJ is a large company and
successful enterprise.
2.2.Scope:
PNJ’s vision is to become an asian leading jewelry manufacturer and retailer with products
honoring beauty, reach global market. Vision is the company's key source and chief. It is an image
of how a company should look in the future, formulating a core philosophy and the intent of the
company's life, directing the basic path of the desired company's growth.
PNJ’s mission desires to bring topquality products and services for
Vietnamese people to enhance the international reputation, PNJ has constantly
been creative to bring exquisite jewelry products with real values to honor people’s beauty and life.

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PNJ’s sustainable development philosophy is: “Integrate the customer and

society benefits into the company’s interests”.

The unit had 353 stores at the end of November, an increase of 33 stores
from the start of the year. There are 286 PNJ Gold stores, 63 PNJ Silver
stores, 4 CAO stores, and 24 PNJ Watch stores in the chain. With 7 member
companies, the PNJ Group is based at 170E Phan Dang Luu, Ward 3, Phu
Nhuan District, Ho Chi Minh City:
- Customer Era Company Limited - PNJ Watch
- Dai Viet Energy Joint Stock Company
- S.G Seafood Joint Stock Company (S.G Fisco) PNJ Jewelry Manufacturing
and Trading One Member Company Limited (PNJP - PNJ Art)
- PNJ Appraisal One Member Co., Ltd. CAO Fashion One Member Co., Ltd

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Economic objectives and Social Objectives:

a) Sustainable growth:
The company ensure annual profit growth compared to the general market level, compared to
previous periods. They use capital resources effectively, bring the highest benefits to shareholders
and investors, it helps increase brand value, competitiveness, maximize market share and increase
new market share, exploit niche market.
b) Developing talented human resources
They create a working environment to help employees develop their capacity and increase work
efficiency, complete policies to attract and retain talents. They also promote cooperation, creating
synergies for execution capacity instead of competing against one another, develop HR policies to
respond flexibly and catch up with trends.
c) Developing green capital market and establishing sustainable business ecosystem
They connect businesses through trade activities, strategic cooperation combined with reference
implementation of the Sustainable Business Index- CSI, standards for making sustainable
development reports - GRI. They also coordinate with stakeholders to create a favorable
environment to promote entrepreneurship, coordinate with stakeholders to contribute to the
development of the

green capital market, provide financial support for emissions reduction activities, develop green
financial products and instruments, and contribute to "greening" products. stock,.. They enhance
the position of women in senior leadership positions, raising the level of activities for gender
equality.
d) Completing the social security system

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They strengthen study promotion activities, promote the development of the educational
environment, develop an action plan for community health and evaluate its effectiveness annually,
pioneer and spread out activities to protect, take care and promote legal strengthening for
vulnerable groups. They also support disadvantaged households, especially in rural areas, to
develop their economy and improve their lives.
e) Protecting the living environment
They upgrade technology to minimize loss, use efficiently and save resources, build up an
advanced waste treatment system, treating the maximum amount of waste before releasing it into
the environment and linking up with a third party to handle 100% of emissions, launch large
campaigns to collect waste, clean up the environment, increase green areas in the community and
call for the community's response. Activities are maintained, associated with economic and social
activities.
Stakeholder

External factors Customers They are interested in product

quality and customer services;
Prestige, brand in the market.
Partner, supplier Cooperating and developing,
ensuring stable input with
suppliers. Strictly
implementing the agreed
terms and conditions,
indicating openness and
transparency in cooperation.
Internal factors Investors and shareholders Effective use of the enterprise’s capital.
Information transparency, ensuring
benefits of investors. Market value of
stocks and corporate value. Corporate
management capacity
Employees They are interested in good benefit and
remuneration policies, ensuring
training and development
opportunities.Ensuring safe working
conditions, equality, freedom, and
occupational health care.

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How the vision, mission and objectives meets the needs and interests of the stakeholders?
From the collected data, it can be said that the objectives, vision and mission that PNJ has set forth
can meet a very large part of the needs of stakeholders.
Firstly, from the perpective of economic goals, PNJ has stated that the company's primary mission
is to increase earnings and build the firm. There is also the minimum need for stakeholders.
Therefore, fulfilling social objectives means meeting their needs. In terms of social
objectives, each object has different responsibilities and interests. For
beneficiaries such as shareholders and investors, what they get is ensure
annual profit growth, use capital resources effectively, bring the highest
benefits to shareholders and investors. The customers have good product
quality and customer services. From those activities, they may trust more and
agree to be a customer for that company.
Secondly, PNJ’s mission. Through those ideas, the stated is very specifc and
focuses on the needs of main target groups: Customers, employees and
shareholders.
Finally is the company's vision. In addition to the main customer, PNJ's vision
is quite large: to contribute to the nation' wealth and strength. With such a
broad vision, it is obviously that all stakeholders will be satisfied with their
needs, especially in terms of sustainable development and profits, topquality
products and servicesreach global market.

3. How size and scope help PNJ to achieve PNJ’s objectives/goals and products/services:
On a domestic level, PNJ has successfully gained the trust of the Vietnamese market, as seen by its
outstanding achievements and substantial revenue, particularly in 2020, when the pandemic is still
raging. PNJ still reaps profits, huge up to 17,511 billion VND

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PNJ's annual report in 2020

In foreign markets, although it has not really resonated or expanded in other countries but only
focuses on domestic activities, PNJ has always been one of the companies with remarkable
achievements when regularly entered the Best Retailer rankings, JNA awards, cooperated with Walt
Disney, accompanied the APEC 2017 conference. With this continuous development, PNJ is
expected to expand its market soon. its market to other Asian countries and even the whole world.
PNJ's constant growth and success is a testament to its goal of becoming a leading Asian company
in jewelry manufacturing and retailing products that honor its beauty and reach out to the world.
FUNCTIONS OF PNJ
1. The structure chart of PNJ
Corporate governance structure are able to track and positively impact the growth of portfolio
companies. This structure is essential because it allows private equity firms to raise more funds
from their investors in the future as well as succeeding rival investors in future investment
opportunities and eventually serving their obligation to the economy as a whole (Bruce Kogut; Peter
K. Cornelius, 2003).

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The Corporate Structure of PNJ – Annual Report 2020

2. The main functions of various key departments of PNJ

The given graph is the Governance Structure of PNJ. To be particular, shareholders at the General
Meeting has the highest authority in the company. With lower power, Board of Directors headed
by the Chairman – Mrs. Cao Thi Ngoc Dung consists of nine members, including three
independent members. It is followed by the Board of Management for which also Mrs. Cao Thi
Ngoc Dung takes responsibilities. PNJ also has Supervisory Board to support General Meeting of
Shareholders

According to the Corporate Structure section in the Annual Report 2020 of PNJ, there are some
main functions of these departments:

1.1. General Meeting of Shareholders:

Supervise and ensure that the Board of Supervisors understands the Company's operations;
Decisions, management and administration activities of the Board of Supervisors and the Board
of Directors have had a very good coordination with the Board of Management to make timely
and correct decisions and policies to overcome challenges, knowledge of the market and the
business to achieve the best results for the business. In addition to discussing and exchanging at

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regular meetings/other meetings of the Board of Management, the Board of Supervisors also
regularly exchanged by phone, email as well as other means of information about the strategic
situation, production and business results, the implementation of the Resolution of the General
Meeting of Shareholders and the goals set out by the General Meeting of Shareholders for the
year.
1.2. Administrative Council:
They decide on the company's strategy, medium-term development plan and annual business
plan. Proposing the type of shares and the total number of shares to be offered for sale of each
class; Decide to offer new shares within the number of shares authorized to be offered for sale of
each type, decide to raise additional capital in other forms, decide the offering price of the
company's shares and bonds, decide to repurchase shares as prescribed in Clause 1, Article 91 of
this Law. To decide on investment plans and investment projects within the competence and
limits prescribed by this Law or the company's charter. Decide on solutions for market
development, marketing and technology; through purchase, sale, borrowing, lending and other
contracts with a value equal to or greater than 50% of the total value of assets recorded in the
company's most recent financial statements or a smaller percentage specified in the company's
charter, except for contracts and transactions specified in Clauses 1 and 3, Article 120 of this Law
Appointment, dismissal, dismissal, signing and termination of contracts with the Director or
General Director and other important managers as provided for in the company's charter; decide
on the salaries and other benefits of such managers; appoint an authorized representative to
exercise ownership of shares or capital contributions in another company, to decide on the
remuneration and other benefits of such persons. Supervising and directing the Director or
General Director and other managers in running the company's day-to-day business. To decide on
the organizational structure, internal management regulations of the company, to decide on the
establishment of subsidiaries, branches and representative offices, and to contribute capital and
purchase shares of other enterprises. Approve the agenda, content of documents in service of the
General Meeting of Shareholders, convene the General Meeting of Shareholders or collect
opinions for the General Meeting of Shareholders to pass a decision.
Submit the annual financial settlement report to the General Meeting of Shareholders; Proposing
the level of dividends to be paid; decide on the time limit and procedures for paying dividends or
dealing with losses incurred in the course of business. Proposing the reorganization, dissolution
or bankruptcy of the company; Other rights and duties as prescribed by this Law and the
company's charter
1.3. The General Director:
The General Director will directly write the plan, operate and report the business results of the
group to the chairman. On the other hand, the General Director will be a consultant advising on
group development strategies, important plans, forecasts or long-term visions in business for the

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field that the business is pursuing.

1.4. Board of Supervisors:
Supervising the preparation of the Annual General Meeting of Shareholders (GMS) in 2020.
Supervising the implementation and implementation of the Resolution of the General Meeting of
Shareholders in 2020. The Supervisory Board considers and selects an audit unit for the 2020
financial statements. Supervising the implementation of the Company's Charter, Corporate
Governance Regulations. Monitor the implementation of the resolutions of the Board of Directors.
Monitor the implementation of information disclosure according to regulations. Supervising the
recording of accounting documents in the company; review the financial ratios in the published
financial statements. Monitor the implementation of the production and business plan in 2020 of
the General Director and the Executive Board. Attend meetings of the Board of Directors to
announce. The Supervisory Board did not receive complaints from shareholders about the Board of
Directors and the Board of Management
Select one objective and show how key departments help to achieve that objective
Through the data, we can see that General Meeting of Shareholders is a very vital division of the
company's revenue, especially in recent years. The company's purpose is to become an asian
leading jewelry manufacturer and retailer with ROE of 26.08%.The corporate structure,
management skills and financial ratios are important to evaluate subject's business commitment.
There can be no doubt that this is a large profit-making department that is closely related to the
objective of the company.
THE RELATIONSHIP BETWEEN THESE DEPARTMENTS
As key parts of the Enterprise, these parts are required to have a close connection with each other to
ensure the sustainable development of the business. In PNJ too, departments such as the General
Meeting of Shareholders, the Board of Directors, the Supervisory Board, the General Director have
extremely close links with each other, supporting each other to develop the company. For example:
- The General Meeting of Shareholders: is the most competent department, responsible for
considering and handling violations of the members of the Board of Directors, the controller
causing damage to the company, and the company's shareholders to decide to reorganize, dissolve
the company, decide on the budget or total remuneration, bonus and other benefits for the Board of
Directors, the Supervisory Board, approve the internal governance regulations; operating
regulations
of the Board of Directors, Supervisory Board, and election; exempt; dismissing members of the
Board of Directors…
- Board of Directors: Supervising and directing the Director or General Director and other
managers in running the company's daily business, deciding on the organizational structure and
internal management regulations of the company. company, decide on the establishment of
subsidiaries, branches, representative offices and the contribution of capital, purchase of shares of
other enterprises, approve the program and content of documents in service of the General Meeting
of Shareholders, convene the General Meeting of Shareholders or collect opinions Suggestions for

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the General Meeting of Shareholders to pass resolutions, elect; remove and remove the Chairman
of the Board of Directors, etc.
- General Director: organize and implement resolutions and decisions of the Board of Directors,
issue internal management regulations (except for the General Meeting of Shareholders and the
Board of Directors), present financial statements to the Board of Directors, make
recommendations; company organization plan...
- Board of Supervisors: The Supervisory Board is responsible for inspecting and reporting to the
agency representing the company owner on the rationality and lawfulness in operating activities of
the company; in recording accounting books and financial statements; propose measures to
supplement, amend and improve the organizational structure, management and operation of the
company; Other duties as prescribed by the charter. To perform its duties, the Supervisory Board
has the right to request the General Meeting of Shareholders and the Board of Directors to provide
complete and timely information and documents on the company's business activities.

If there is one department change, it will definitely affect to organizational structure and
objective?
As the parts are closely related to each other, the decision to remove a certain part will greatly
affect the remaining parts. First, it will mess up the company's inherent operating regulations,
departments will have to change their operating processes, for example, if they cut off the Board of
Directors, the CEO instead of reporting to the Board of Directors. will have to report to the General
Meeting of Shareholders and vice versa, instead of having a Board of Directors responsible for
supervising the General Director, the General Meeting of Shareholders will have to do that.
Second, the other parts will have to do more work than before the part is dropped. Because one part
is missing, the workload of the part that is dropped will be divided among other departments. A
large workload with great responsibility can easily affect the mental health of others. And finally,
because the amount of work is divided among other departments, it is possible that the quality of
work will not be stable leading to to the situation of reduced working efficiency affecting the
development of the company.

COMPLEXITIES OF DIFFERENT ORGANIZATION AND STRUCTURE

As mentioned above, PNJ currently has no outstanding activities in foreign markets. However, the
company still achieved remarkable achievements and won many prestigious awards. It is likely that
in the future, PNJ will have plans to attack foreign markets, if there is no prevention of the
epidemic, because currently in the domestic market the company has achieved a lot of great
achievements with 341 stores nationwide.

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In order to easily penetrate foreign markets, I think PNJ should: Research and learn thoroughly
about interests, business environment, emerging trends in foreign markets; learn about the culture
of the country you are intending to invade, especially taboos about behavioral culture to avoid
conflict; learn about politics avoid political problems; get legal, regulatory and legal advice.

However, before entering directly by expanding new branches, PNJ can create an online website
first (already did) and promote to customers in other markets by running ads, communication
through social networking sites such as Instagram, Youtube and social networking sites used by
many people in the market they want to promote such as Naver, SNS (Korea), Wechat (China) and
especially Tiktok - The platform is very popular with young people around the world or through
dating apps (Tinder, Bumble, ...)

With 34 years of experience in Vietnam, I am sure PNJ will not face many difficulties when
entering other markets with its experienced staff.
CONCLUSION
It can be seen that PNJ is a successful company with many outstanding achievements such as: Set a
record for the first enterprise to invest in current and largest jewelry production technology in
Vietnam (2007), Asia-Pacific Quality Award (2010), Vietnam Gold Star Award (2010), Top 500
leading retailers in Asia - Pacific (2011), Top 100 best places to work in Vietnam (2015), Award
“Employer of the Year” awarded by JNA magazine (2015), National brand (2016), Outstanding
enterprise of the Year – ASEAN (2017), HR Asia Awards (2018), etc.
With a long history of achievements from home to abroad, PNJ is really proving its solid foothold
in the Vietnamese market and is gradually going out to the world.

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