MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH CITY UNIVERSITY OF ECONOMICS AND FINANCE

FACULTY OF MARKETING

MARKETING
MANAGEMENT
PHU NHUAN JEWELRY JOINT STOCK
COMPANY
LECTURERS: N. Đ. Công
TEAM 4 CLASS: B02E
MEMBERS:
Vo Thi Dong Anh
Pham Cao Hong Ngoc
Le Trong Duc
Bui Quang Dieu
Huynh Thi Truc My
Pham Hong Phuc
 FOREWO
AT SOME DEPTH
BELOW THE RD IN A SMALL
COUNTRY ON THE "DIAMONDS"
THOSE ARE THE

EARTH'S SURFACE, EARTH'S SURFACE, THAT HAS MADE

THE THE CHALLENGES UP A PNJ FULL OF
TEMPERATURE ARE PLENTY MIRACLES IN A
AND PRESSURE IS ENOUGH AND STRESSFUL YEAR
HIGH ENOUGH TO PRESSURE IS OF 2022.
FORM BEAUTIFUL STRONG ENOUGH
DIAMONDS. TO FORM GREAT
W PEOPLE.
ith the philosophy of "Integrate the customer and society benefits into the company’s
interests", PNJ has made many important contributions to the community. PNJ had developed
humanitarian human resources policies to ensure the life, health, mental and economic life of all
employees and their families. When the well-being of each individual was guaranteed, PNJ
united to become "yellow-shirt warriors", initiating the program of "Zero Dong Mini
Supermarket" and participating in social security programs such as "Vietnamese Arms" and
"Accompanying Labor and Delivery". The images of the PNJ "yellow-shirt warriors" have
spread greatly across the country. At the same time, the "yellow-shirt warriors" also made
impressive milestones in terms of economics.
In the "new normal" conditions, PNJ has updated the Group's development strategy for the
period 2022 -2027 in line with the company's challenges, opportunities, and potential.
Accordingly, in order to create a growth engine for the future PNJ would accelerate the existing
business segments and promote the research and development of new business segments.
Simultaneously, through an innovative approach and interaction, PNJ would continue to enrich
customer relationship assets with the motto "customer-centric", as well as selecting strategic
business partnerships and co-operations. Moreover, PNJ brand value would continue to increase
through the linkage and resonance among brands in the PNJ ecosystem, increasing the
integration and efficiency of business programs and social activities.
Being attached to PNJ's business strategy is a sustainable development strategy. In fact, thanks
to the philosophy of concentrating on sustainable development from the early stages, PNJ has
been developing rapidly and “authentically” sustainably, even in the most difficult times. In
2022, PNJ would re-standardize work related to sustainable development activities in
accordance with international standards. The new and pioneering establishment of the
Environment- SocietyManagement Subcommittee (ESG) with the standing of members of the
Board of Directors is expected to enhance the long-term strategy and open up the future for the
sustainable development of the Group. Together with the Subcommittee’s consultancy, PNJ
would continue to promote innovation initiatives and sustainable development activities right
from the unit level. In addition, PNJ would focus on "Green House" technology, green area
development projects by maximizing fuel economy, as well as participating in reforestation
projects, clean water development, etc.
 TABLE OF CONTENT
CHAPTER I COMPANY INFORMATION................................................6
1. BUSINESS MARKET AND NETWORKS..........................................6
2. DEVELOPMENT HISTORY................................................................7
3. VISION - MISSION - CORE VALUES SUSTAINABLE
DEVELOPMENT PHILOSOPHY............................................................7
4. MAIN BUSINESS INDUSTRIES..........................................................8
CHAPTER II PESTEL 2022 - MARCO ENVIRONMENT.......................8
1. POLITICAL............................................................................................8
2. ECONOMIC............................................................................................9
3. SOCIAL..................................................................................................12
4. TECHNOLOGICAL.............................................................................15
5. ENVIRONMENT..................................................................................17
6. LEGAL...................................................................................................19
CHAPTER III MARKET ANALYSIST....................................................22
1. MARKET SIZE.....................................................................................22
2. MARKET GROWTH...........................................................................23
3. MARKET SHARE................................................................................23
4. MARKET BRAND................................................................................24
5. MARKET NEED...................................................................................25
6. MARKET DEMAND............................................................................26
CHAPTER IV COMPANY ANALYSIS....................................................27
1. 5M...........................................................................................................27
2. CANVAS................................................................................................37
CHAPTER V FIVE FORCES - MIRCO ENVIRONMENT....................49

CHAPTER VI SWOT ANALYSIS.............................................................54

1. OPPORTUNITIES................................................................................54
2. THREAT................................................................................................55
3. STRENGTHS........................................................................................56
4. WEAKNESSES.....................................................................................56
CHAPTER VII QUESTIONNAIRE...........................................................57
1. WHO.......................................................................................................57
2. WHAT....................................................................................................58
3. WHY.......................................................................................................58
4. WHERE..................................................................................................59
5. WHEN....................................................................................................59
6. HOW.......................................................................................................59
7. HOW MUCH/ HOW MANY...............................................................60
CHAPTER VIII CUSTOMER ANALYSIS...............................................60
SURVEY....................................................................................................60
CHAPTER IX CUSTOMER PORTRAIT.................................................61
1. CUSTOMER PORTRAIT....................................................................61
2. SPECIFIC CUSTOMER PHOTOGRAPHY.....................................62
CHAPTER X SEGMENTATION...............................................................65
1. GEOGRAPHIC.....................................................................................65
2. DEMOGRAPHIC..................................................................................65
3. PSYCHOGRAPHIC.............................................................................67
4. BEHAVIORAL......................................................................................67
CHAPTER XI TARGETING......................................................................68
1. Partition address...................................................................................70
2. Demographic Segmentation.................................................................70
3. Psychological zoning.............................................................................71
4. Segmentation by behavior....................................................................71
CHAPTER XII POSITIONING..................................................................72
1. COMPETITIVE ADVANTAGES.......................................................72
2. POSITIONING MAP............................................................................76
3. Positioning strategy...............................................................................77
CHAPTER XIII MARKETING OBJECTIVES........................................77
1. MARKET COVERAGE.......................................................................77
2. SALES GROWTH................................................................................79
3. MARKET SHARE................................................................................84
4. SMART..................................................................................................86
CHAPTER XIV 4P’s MARKETING MIX FOR PNJ...............................88
1. PRODUCT.............................................................................................88
2. PRICE....................................................................................................99
3. PLACE.................................................................................................102
4. PROMOTION.....................................................................................104
 CHAPTER I COMPANY
INFORMATION
Name of company: PHU NHUAN JEWELRY JOINT STOCK COMPANY
Abbreviation: PNJ
Address: 170E Phan Dang Luu Street, Ward 3, Phu Nhuan District, HCMC
Phone: (84-28) 39951703
Email: pnj@pnj.com.vn
Fax: (84-28) 39951702
Type of business: Joint stock company
Charter capital: 2.462.478.600.000
Website: www.pnj.com.vn
Shares outstanding: 227.366.563 shares
1. BUSINESS MARKET AND NETWORKS

56 BRANCES

342 STORES NATIONWIDE

13 EXPORT MARKETS
2. DEVELOPMENT HISTORY
Phu Nhuan Jewelry Joint Stock Company, better known with abbreviation name as
PNJ, is one of the most renowned and respected jewelry retailers in Vietnam. Not only
is successful in the country but also PNJ is honored in Asia by Retail Asia magazine
(Singapore) as one of the top 500 retailers in Asia Pacific between 2004 and 2009.
Officially established on 28 April 1988 by twenty progressive like-minded people in
Phu Nhuan district. PNJ has been since showing strong and consistent development
and performance and has consolidated its position as the biggest player in the
Vietnamese jewelry sector.
PNJ has not only established its dominant presence nationwide but also advance to do
business internationally. Over 35 years of establishment and development due to the
diligence, persistence, and smart moves sanctioned by the board of management that
special Ms. Cao Thi Ngoc Dung, who is the chairperson of PNJ. So the company has
achieved many remarkable achievements: being in the Top 500 leading retailers in
Asia Pacific, Asia Pacific Quality Award, National Brand, Top 500 100 Best Working
Environments in Vietnam, Best Working Environments in Asia, Vietnam HR Awards
2020…
With the vision of becoming the leader in the jewelry fashion industry in Vietnam,
incorporate with the proposed philosophy “Customer benefits is our commitment”.
And the core values that PNJ has pursued, PNJ has owned human resources with a
professional working style, high labor efficiency, and above all, the employee
connection with the organization. Modern facilities are equipped to ensure employees
are working in the best conditions. PNJ has received many praiseworthy achievements
and is well on the way to approaching its prospects.
PNJ’s mission is always to enhance customers’ satisfaction, by diversifying products
and services at the highest quality and reasonable price, by advancing management
and manufacturing system, and improving craftsmen’s skills. To continue to affirm
PNJ's position in Vietnam and the world, PNJ is expanding our business development
system and needs to add talented candidates to our professional staff
3. VISION - MISSION - CORE VALUES
SUSTAINABLE DEVELOPMENT PHILOSOPHY
VISION MISSION

TO BECOME A LEADING JEWELRY PNJ HAS CONSTANTLY BEEN CREATIVE

MANUFACTURER AND RETAILER IN
ASIA, TO HONOR BEAUTY AND REACH
GLOBAL MARKET.
CORE VALUES
TO BRING EXQUISITE JEWELRY
PRODUCTS WITH REAL VALUES TO
HONOR PEOPLE’S BEAUTY AND LIFE.
PNJ CONSTANTLY INNOVATES TO BRING
EXQUISITE PRODUCTS WITH TRUE
VALUE TO HONOR THE BEAUTY OF
PEOPLE AND LIFE
BUSINESS PHILOSOPHY

1. TO WORK WITH INTEGRITY TO LAST INTEGRATE THE CUSTOMER AND

2. BE CONSTANT TO TARGET SOCIETY BENEFITS INTO THE
 3. BE CARING TO GROW TOGETHER
4. BE DEDICATED FOR CUSTOMERS COMPANY’S INTERESTS
5. BE PIONEERING TO MAKE
DISTINCTIONS

4. MAIN BUSINESS INDUSTRIES

PRODUCING AND TRADING JEWELRIES, GOLD, SILVER, GEMS,
FASHION ACCESSORIES, SOUVENIRS
PNJ GOLD CAO FINE JEWELLERY PNJSILVER &
JEWELRY ACCESSORIES

STYLE BY PNJ BRAND PREMIUM CORPORATE DISNEY|PNJ BRAND

GIFTS

TRADING WATCHES
PNJ WATCH

CHAPTER II PESTEL 2022 - MARCO

ENVIRONMENT
1. POLITICAL
Vietnam currently has a single party controlling and leading the country, the
Communist Party of Vietnam.
In the context of conflicts and riots occurring in many parts of the world, Vietnam is
considered as a country with stable politics under unified leadership. This is an
advantage of our country compared to other countries.
We have a multilateral
foreign policy, Vietnam has
diplomatic relations with 189
member countries of the
United Nations, established a
strategic partnership and a
comprehensive partnership
with 30 countries, including
all major countries in the Asia-

[Source: Government newspaper]

Pacific region and all five permanent members of the United Nations Security
Council.
Vietnam has established vaccine diplomacy combined with policies to help Vietnam
overcome the Covid-19 pandemic.
The Prime Minister emphasized resolutely and persistently fighting to firmly protect
independence, sovereignty, unity, territorial integrity, political stability, ensuring
social order and safety, security and safety , people's safety; implement the foreign
policy of independence, self-reliance, diversification and multilateralisation, being a
good friend, a reliable partner and a responsible member of the international
community; determined to build an independent, self-reliant economy and
actively integrate into the world deeply, substantively and effectively.
Corruption is also a serious problem in Vietnam. The situation of corruption
crimes is complicated, occurring in many fields, branches and levels. But in recent
years, the work of preventing and combating corruption and negativity has made
breakthrough progress, achieving many important and comprehensive results, creating
positive effects.

[Vietnam's Corruption Perception Index for the period 2012-2022]

Building economic diplomacy for development; taking people, localities and
businesses as the service center, making foreign affairs and diplomacy really become
a strong driving force for rapid and sustainable development of the country.
Actively review and rearrange the organizational structure, resolutely remove the
intermediary stage, especially reducing the level of the General Department.
The Government of Vietnam recognizes the non-stop contributions of businesses.

2. ECONOMIC
Vietnam's macroeconomics quickly overcomes the pandemic and returns to normal.
Vietnam has seized the new opportunity from the reorganization of the global
supply chain, which can attract many high-quality FDI sources.
Dr. Nguyen Trong Binh said that Vietnam has achieved many successes with a
growing economy and hunger eradication and poverty reduction.
Vietnam has expanded its commodity export market to the world, especially the
countries of the European Union (EU), the US, and Japan.
Currently, the world economy is complicated and unpredictable; normal inflation,
low growth; political competition, armed conflict; natural disasters, epidemics, and
climate change adversely affect all countries. Countries with small economies like
Vietnam are often shaken.
The added value of the INDUSTRIAL PRODUCTION 11 MONTHS 2022
whole industry in the GROWTH RATE OF THE INDEX OF INDUSTRIAL PRODUCTION (IIP) OVER THE
SAME PERIOD LAST YEAR
first 11 months of 2022
Processing and
was estimated to Mining manufacturing
increase by 8.6% over
the same period last year 8,6
INDUSTRY
(in the first quarter, it %
WIDE
increased by 7.16%; in
the second Electricity
quarter by Water supply
and waste and
8.9%; in the third and
production wastewater
quarter by 12.12%).
distribution In treatment
which, the processing
[Information published by the General Statistics
and manufacturing industry increased by 10.69% (in the first quarter, by 7.85%;
Office]
in the second quarter by 11.07%; in the third quarter by 13.02%); electricity
production and distribution increased by 7.7%; water supply and waste and
wastewater treatment industry increased by 7.1%; mining industry increased by
6.5%.
Import and export activities ensure the connection of goods with the world and
have a positive surplus. But the slow recovery of the global supply chain is still
affecting the recovery and socio-economic development of the country.
The whole country had 149.4 thousand newly registered businesses and returned
to operation, down 0.03% over the same period last year; On average, each month,
there are 18.7 thousand new businesses established and returned to operation. The
number of businesses withdrawing from the market was 124.7 thousand, an increase
of 15.6% over the same period last year; On average, 15.6 thousand businesses
withdraw from the market every month.
Implemented investment capital from the State budget in August was estimated
at 61.3 billion VND, up 29.1% over the same period last year. Overall, for the first 8
months of 2023, realized investment capital from the State budget is estimated to
reach 352.1 billion VND, equal to 49.4% of the year's plan and an increase of
23.1% over the same period last year (same period). In 2022, it will account for
47.6% and increase by 17.1%).
Inflation is still well controlled, the average consumer price index (CPI) in 6 months
of 2023 reached 3,37%
(CPI) in August 2023 increased by 0.88% compared to the previous month.
Total retail sales of goods and consumer service revenue in August were estimated
at 515.4 trillion VND, up 0.9% over the previous month and up 7.6% over the same
period last year.
The service industry, which accounts for a large proportion, suffered a serious
decline in the same period last year due to the impact of the Covid-19 pandemic, is
gradually recovering strongly and vibrantly again.
Consumer demand grew strongly, in which retail sales of goods in the first nine
months of 2023 increased 6,5% compared with 2022
The money market, interest rates and exchange rates are relatively stable; Credit
growth in 9 months reached about 11%, focusing strongly on production and
business.
Prime Minister Pham Minh Chinh stated: It is estimated that in 2023, the GDP
growth rate will reach about 8%, exceeding the set target (6-6.5%). According to
the World Bank (WB), Vietnam's GDP per capita in 2021 is 3,694 USD/person.
Estimated GDP per capita in Vietnam in 2023 is 7,500 USD/person.
According to information from the General Statistics Office (Ministry of Planning and
Investment), the labor market prospered with positive changes; workers' income
continued to improve. The average income of workers in the Southeast region
has improved the most.
Vietnam is a developing country, so the cost of production and business activities
is still very attractive. Low costs help attract labor force as well as attract foreign
investment, promote infrastructure, economy, increase productivity, increase
investment in people.
Our country's economy is still modest and highly open, so most of the factors that
affect us are from the outside, difficult to control, it is necessary to make an
appropriate choice.
FDI attraction has not been as expected, in which the very important factor is
where to attract and how to disburse. Production and business activities in some
areas are still difficult, the number of enterprises withdrawing and dissolving is
still high.
Vietnam's e-commerce industry still maintains a stable growth rate of 16%, an
increase of 20% over the previous year... The proportion of B2C e-commerce revenue
compared to the total retail sales of consumer goods and services nationwide will
exceed the 7% mark in 2021, reaching from 7.2% to 7.8%.

B2C revenue Growth rate

[Source: Vietnam e-commerce white book

2022]
Input costs such as raw materials, labor, etc. have all increased and are still
present, leading to products that are difficult to consume, unbalanced cash flow…
Cost cutting, labor reduction is taking place.
After 3 years of responding to the Covid-19 Pandemic, businesses had to
temporarily close or dissolve, mostly due to financial difficulties, especially cash
flow difficulties to maintain regular operations. One component that is very badly
affected is more 350,000 individual and commercial households, they contribute a
lot to GDP but cannot borrow money and the recovery is very slow.
Enterprises also have difficulty in accessing capital and do not give priority to
innovation activities to improve productivity and competitiveness.

3. SOCIAL
Vietnam's current population is 99,855,920 people as of September 19, 2023
according to new figures. The population living in urban areas accounts for 38.05%
and living in rural areas. country. Recent average life expectancy 73,7.
The labor force aged 15 and over in the second quarter of 2023 is 52.3 million
people, an increase of more than 100 people compared to the previous quarter and 0.7
million people over the same period last year.
Labor market growth is more sustainable with the increase concentrated mainly in
workers with formal jobs. Unemployment and underemployment rates both
decrease.
In recent years, a number of foreign newspapers and media have reported on the
poor treatment of tourists by Vietnamese locals.
Periodic social security and sustainable poverty reduction continue to receive
attention and direction.
Promoting Vietnamese cultural values and human strength is a task with a
particularly important position in the current cause of national construction and
defense and international integration, contributing to the realization of development
aspirations. prosperous and happy country, successfully realized the goals set out by
the 13th Party Congress.
The forecast of the Covid-19 epidemic is still complicated and unpredictable with
the appearance of many new strains. In Vietnam, many localities have recorded a new
variant with the ability to spread quickly.
According to information from the General Statistics Office (Ministry of Planning and
Investment), the labor market in the third quarter of 2022 prospered with positive
changes; workers' income continued to improve. The average income of workers in
the Southeast region improved very much
Based on data from the report, the
most prominent trend of
Vietnamese users on the internet
is online shopping and cashless payment. The number of consumers shopping
online for the first time in Vietnam may reach 60 million. With 75% of people using
the Internet, Vietnam has 74.8% of Internet users participating in online shopping.
Clothing, shoes, cosmetics; household appliances; technology and electronics; books,
flowers, gifts, food... are the goods and services that consumers choose to shop online
the most.
Users tend to consume smarter by tightening spending, prioritizing essential
things. Vietnamese people also have high expectations for brands, especially in terms
of price and service quality. Specifically, up to 65% of users are interested in price
stabilization and discounts and promotions.
Along with the rise of the middle class. The growing middle class currently accounts
for 13% of the population and is expected to grow to 26% by 2026.
Vietnam officially entered the period of "population aging" with the elderly
population (age 60 and older) accounting for over 10% of the total population since
2011 and is one of the 5 countries with the fastest aging rate. the fastest. world's best
The first half of this year has been a very difficult time for investors. Currently, many
investors tend to return to the "defensive" position with gold. However, according
to experts, gold should only be considered a safe haven instead of a profit channel.
In the midst of modern society, personal style has become a factor that helps
people assert themselves, expressed through clothing styles or personal preferences,
the choice of products and brands that each individual needs. user. People are willing
to spend effort and money to discover and test many new things, thereby finding
the right product for them.
Consumer standards not only stop at quality but also come from requirements
on design. For young people, a product that combines quality and beautiful design
promises to open up unique and meaningful experiences for themselves and those
around them.
Green consumption is increasingly concerned with activities related to
environmentally sustainable production and consumption.
Vietnam, a country with a long life, has many customs that have been maintained
ever since.
Businesses lost markets, labor shortages and debt piled up.
In the post-pandemic recovery period, it is difficult to recruit workers, both in
quantity and in skills of workers. The rate of informal employment is still high, the
rate of workers who have not undergone any form of vocational training is still high,
and the skill level of workers is still low.

4. TECHNOLOGICAL
Information technology and digital technology are being evaluated as the
field/key to shorten the gap between Vietnam and the world. For Vietnam - a
developing country, this is the only opportunity to rise up. Technology as a means of
supporting the transformation of existing activities to adapt to new situations, new
needs.
With the current online shopping trend, more and more e-commerce platforms such
as Shopee, Lazada, etc. sell many different items from popular to luxury. Stores
and businesses also build and promote their own shopping website development.
Quickly develop domestic e-commerce platforms, connect to global distribution
networks, quickly develop distribution systems for products with competitive
advantages both in the country and abroad.

4G and 5G network technologies are being strongly developed and expanded by

carriers and governments across Vietnam. Public Internet spots are also set up in many
places to provide connectivity for users.
5G technology opens the door for ultra-high-speed, ultra-low latency applications in
the entertainment industry with Streaming Video HD/4K/8K, cloud gaming, AR/VR,
and more; assembly and line monitoring in the smart factory…
Governments and businesses accelerate the adoption of digital technologies.
Artificial intelligence (AI), cloud computing (Cloud Computing), blockchain
(Blockchain) and big data (Big Data) will continue to grow strongly in Vietnam today.
The Government has also issued a National Strategy on Research, Development and
Application of AI to 2030 in order to make AI an important technology field of
Vietnam in the Industrial Revolution 4.0. Businesses invest more heavily in digital
transformation, use AI and Big Data technologies to increase customer experience
and marketing effectiveness.
Big data analytics (Big Data)
combining AI and machine learning is
also changing the way organizations and businesses operate and make decisions
based on historical data analysis, bringing efficiency and efficient in terms of
revenue development, market expansion, and brand value.
In 2023, Blockchain will continue to be tested by businesses and organizations in
many new fields such as finance, banking, insurance, etc. to ensure transparency,
safety and trust in transactions between parties.
Public infrastructure such as bus stations and billboards are also developed
intelligently such as running automatic ads, touch ads to help consumers learn more
about the information that appears.
Augmented reality (AR) and virtual reality (VR) experiences are developed in online
shopping so customers can preview products, increasing product accessibility.
In particular, small and medium enterprises (SMEs) are also not out of the digital
transformation game thanks to having access to more solutions and services.
In order to improve productivity and product quality, many Vietnamese
enterprises have actively invested in innovation and application of science and
technology to improve their competitiveness in the context of international
integration.
In the context of the ongoing epidemic, solutions towards zero or limited physical
contact such as QR technology will be the key to reducing the possibility of
infection and increasing the user experience.
In addition to the above technologies, digital transformation and remote work make
the rate of cybercrime and the risk of security attacks increase exponentially.
The survey results of the Vietnam Confederation of Industry and Trade (VCCI) show
that the biggest barrier preventing SMEs from digital transformation is the cost.
59.8% of businesses have problems with digital transformation costs, while
infrastructure barriers are 37.5%, lack of information is 35.9%... Currently, the
cost of digital technology application is still high compared to enterprises, especially
for SMEs, accounting for 98% of the total number of enterprises in Vietnam today.
Technology also has limitations such as in the service industry such as sales,
consulting machines cannot replace humans in words, dedicated customer service.

5. ENVIRONMENT
The process of socio-economic development has revealed many shortcomings and
created great pressure on the ecological environment.
Environmental pollution in industrial parks, industrial clusters and craft villages
is at a worrying level. Solid waste is a hot, urgent issue that needs to be prioritized
for investment and settlement in Vietnam today, with tens of millions of tons of
domestic and industrial waste, hundreds of thousands of tons of hazardous waste and
garbage. plastic waste generated every year.

Vietnam is considered a country with diverse mineral resources with more than
5,000 mines, with about 60 different types of minerals. Those with large reserves
such as bauxite, apatite, titanium, coal, rare earth and granite, or those with high
value such as gold.
Businesses are licensed to exploit, but many businesses have exceeded the
allowable limit by several tens to hundreds of percent. Some businesses even
exploit hundreds of times. This affects the reduction of natural resources and affects
the economic development of the country.
Serious pollution incidents occur on a large scale in recent years have greatly
affected the ecological environment, people's health, and the uneven population
density in tarnished areas.
The area of primary forest has decreased dramatically. The sharp decline in forest
quality is one of the main reasons for the increase in frequency scale and intensity of
natural disasters occurring in recent years, such as: tube floods, flash floods,
landslides, inundation, drought and saltwater intrusion.
Flooding seriously affects
production, daily life and activities of
people; damaging construction
works, destroying technical
infrastructure works. The lack of
trees in cities also leads to impacts
such as the ability to block smoke
and increase the greenhouse effect.

[Floodiing in HCMC]
In Vietnam, the impact of climate change is also clearly
shown through the late arrival of this year's winter.
Vietnam is ranked among the most vulnerable countries in
the world to climate change. Extreme heat is easy to cause
but damage to facilities or fire occurs continuously.
Factories and manufacturing plants discharge chemicals
into the water environment, causing acid rain that can
damage products and cause air and water pollution.
[Fire in Viet Nam]
6. LEGAL
The Government ensures stable supply and demand, prices of essential
commodities for production and life, especially on holidays, Tet holidays and early
2023.
Actively, flexibly and appropriately manage interest rates exchange rate and
exchange rates; ensure the stability of the monetary and banking system
Departments and branches, even though the workload is a lot but need to try to solve
the procedures as quickly as possible.
To solve tax problems for businesses. The Government issued Decree No.
15/2022/ND-CP stipulating tax exemption and reduction policies according to
Resolution No. 43 of the National Assembly.
Decree 85/2021/ND-CP issued by the Government in 2021 on amendments and
supplements to a number of articles of Decree No. 52/2013/ND-CP on e-commerce
mentioned supporting content e-commerce enterprises such as reducing the scope of
licensing for e-commerce activities.
The Prime Minister also said that it will strengthen the management and
effective use of land and resources; environmental protection, natural disaster
prevention and response to climate change.
Decree No. 38/2022/ND-CP stipulating that the minimum wage for employees will
increase Resolution 43/2022/QH15 also provides a number of other policies such as:
+ Housing rental support for employees who are renting, boarding or working in industrial
parks, export processing zones and key economic areas.
+ Support individuals to buy, rent and buy social housing, build new/renovate, repair
houses, social housing policies, support jobs...
+ Specific regulations on cases in which overtime is allowed from over 200 hours to 300
hours in a year to ensure long-term benefits for employees; one additional day off with full
pay for employees adjacent to National Day September 2; additional cases where the
employee is allowed to take a leave of absence and still receive the full salary.
Large enterprises easily access support policies through official documents. While
small businesses access information through informal channels.
The Ministry of Natural Resources and Environment is developing regulations,
related to standards for emission and waste standards for manufacturing industries
with very strict requirements.
The Government promulgates policies and solutions to support businesses to recover,
especially policies on reducing input costs, production materials, and effectively
using the Stabilization Fund to limit price increases and reduce insurance taxes
environmental protection for petroleum, policies to stabilize prices and foreign
currency markets.
The amount of capital disbursed for the support packages is still slow compared
to the plan, due to complicated conditions and procedures, in which the procedure for
borrowing loans with interest rate support is not really appropriate and has not
requirements.
National Assembly Chairwoman Vuong Dinh Hue said that besides indirect policy
groups, Vietnam also provides direct cash support on a relatively large scale, such
as spending from the Unemployment Insurance Fund, direct payments through
through subsidies from the Government and local authorities...to support workers,
disadvantaged groups, low-income people...
Support policies were issued very quickly and in a timely manner, but the
implementation was generally slow, so the beneficiary results did not meet
expectations. The administrative procedures are cumbersome, many sub-licenses
related to the operation of the business. Supported subjects focus on a number of
industries, while many professions that are really difficult have not been supported in
a timely manner.

CHAPTER III MARKET ANALYSIST

1. MARKET SIZE
Over the years, the jewelry and gemstone market has witnessed the strong
development of the "big guys" in the industry such as Bao Tin Minh Chau, Doji
billionaire gold group, SJC, PNJ, ... or even even Newcomers like VSJ are also hoping
to bring Vietnam's strength to the world, FJC of FLC Group, or AVA Ji of TGDD
(Closed). Besides Vietnamese companies, the jewelry market also continues to
welcome foreign companies such as Pandora (jewelry giant from Denmark), Pranda of
Thailand.
In a study by Vietnam Direct, in Vietnam, there are about 10,000 stores dealing in
gold, silver, and gems. However, the jewelry industry currently has no brand
dominating the market even though there are many big names such as PNJ, SJC,
DOJI, Bao Tin Minh Chau.
Before the crisis caused by the Covid-19 epidemic, the gem industry also suffered
damage, a number of jewelry, gold, silver, and gemstone shops had to close, reducing
the number of stone shops precious. The jewelry retail industry is expected to recover
in a K-model after the epidemic when many small businesses with insufficient
financial capacity are forced to abandon the market, creating conditions for businesses
with large scale and financial potential strongly expand market share.
Regarding the Vietnamese jewelry market, this is a fertile market that has not been
fully exploited. According to preliminary statistics, current brands only account for
about 30-40% of the current market. The leader of PNJ also said that the scale of the
mid-end and high-end jewelry retail market is expanding. While the majority of the
market share of this industry is being held by small business units, businesses with
large sizes and brands are still sharing a small portion of the market share.
The jewelry market is gradually recovering from the pandemic with positive sales
signals in the first quarter and the following months for big brands.
In 2022, branded jewelry accounts for 25-30% of the jewelry market, a marked
increase compared to 2011.

2. MARKET GROWTH
The global luxury jewelry industry is still doing very well, despite rising inflation and
a looming recession. “Jewelry is generally more resilient than other luxury goods in
times of crisis,” said Federica Levato, senior partner at Bain and Company in Milan. If
we look at luxury goods, jewelry is taking more market share than other segments.”
Even during the peak of the Covid-19 pandemic, the high-end jewelry market in 2021
is still valued at about $22.8 billion, up 7% compared to 2019. Jewelry demand in
Vietnam alone reached 12 tons. in 2021, 11% higher than in 2019.
According to economic experts, the growth rate of Vietnam's gold jewelry market is
about 7-11%.
The global gold market rebounded in the first quarter of 2022, up 34% year-on-year,
thanks to strong ETF inflows, reflecting gold's status as a safe-haven investment
during this time. geopolitical and economic turmoil. Along with the recovery of global
gold demand, consumer gold demand in Vietnam increased from 18.6 tons in precious
4 of 2021 to 19.6 tons in precious of 2022, up 6% period last year. This growth was
driven by a 4% increase in total demand for bullion and gold coins, from 13.5 tons in
the first quarter of 2021, to 14 tons in the same quarter of 2022, and increased jewelry
demand 10%, from 5.1 tonnes in precious 1 2021 to 5.6 tonnes in precious 1 2022.
The latest gold demand trend report of the World Gold Council (WGC) shows that the
gold demand of Vietnamese consumers has increased from 12.6 tons in the second
quarter of 2021 to 14 tons in the second quarter of 2022, 11% increase over the same
period. This growth was driven by a 5 percent increase in total demand for bullion and
copper, from 9.1 tons to 9.6 tons, and a 28% increase in gold jewelry demand, from
3.5 tons to 4,5 tons.

3. MARKET SHARE
Although the jewelry playground has many opportunities to develop, the retail jewelry
industry does not always bring sweet fruits. For example, in mid-July, Mobile World
Group officially announced to close the AVAJi Source:
jewelryREPORT
segment
OFafter six months
EVEREST of
SECURITIES
market launch. COMPANY
 PN
Retail J
chains 7%
20%
Small
shop
73%

By the end of the second quarter of 2022, the number of enterprises granted
certificates of eligibility to produce gold jewelry and fine arts in Vietnam was 5,935
enterprises. But the impact of the Covid-19 epidemic also made a small part of
household stores close, leaving a part of the market share for other competitors.
However, there are still many private jewelry businesses occupying a large market
share in the Vietnamese market. These enterprises also import machinery, equipment,
chemicals and gold processing technology. It is this that makes the level of
competition increasingly fierce, especially the jewelry product line when it is
industrialized, with beautiful designs, low prices, and uniformity.
Currently, PNJ is considered as a major brand in the industry in Vietnam. The largest
jewelry retailer in Vietnam currently owns more than 300 stores. By the end of 2021,
PNJ accounted for 56.5% market share in middle- and high-end jewelry sales
nationwide. Despite its high market share, PNJ still has ample room for growth, in our
opinion.
Globally, in just a decade, the trend has changed. In 2022, branded jewelry will
account for more than 25-30% of the jewelry market
Experiencing the Covid-19 epidemic, some major brands were also affected. An
example is two brands PNJ and SJC. While SJC's 2021 profit is only 43 billion dong,
while PNJ's is 1,033 billion dong, meaning that SJC's full-year profit is only half of
PNJ's monthly income.
Profit declines SJC has closed some stores. As for PNJ, in 2021, PNJ opens 20 new
Gold stores and one Style store; while closing 21 stores to restructure the retail system
to a more prime location. The jewelry business recorded 342 stores at the end of last
year.

4. MARKET BRAND
Vietnam is a place with many opportunities to develop the jewelry industry through
which many established and even established brands enter the Vietnamese market.
They have a certain loyal customer base and position in the jewelry market. Some new
gold brands of banks are also asserting their position in the Vietnamese market such as
ACB gold of Asia Bank, Sacombank gold bar of Thuong Tin bank. Here is a summary
of famous jewelry brands in Vietnam:
PNJ: A very prominent jewelry brand in Vietnam with more than 300 stores
accounting for more than 50% of the market share in Vietnam.
DOJI: A brand of gold, silver, and gemstones with a variety of types and unique
designs. DOJI has more than 70 stores in Vietnam.
Skymond Luxury: Established on 8/8/2008. Dominate the market in the high-end
segment with uniquely designed jewelry models.
Phu Quy: Highly appreciated for updating new trends, improving product designs. In
particular, the brand also owns exclusive design products such as 9999 gold round
rings, Loc 12 Con Giap set.
Bao Tin Minh Chau: As a brand that is no stranger to Vietnamese people, this brand is
strong in 24k gold jewelry and gold bars. BTMC has more than 100 stores nationwide
SJC: Is a state-owned enterprise. SJC gold bar is known as a brand with a long history
and prestige, which is accepted by both domestic and international markets. SJC also
has more than 100 stores nationwide.
Pandora: As a foreign enterprise with the strength of charm jewelry, it has never been
out of date. Therefore, it is also welcomed by young people and has never stopped
being hot in the jewelry store market.
Cartino: Known as the most famous wedding jewelry brand in Ho Chi Minh City
today. Proud to be one of the pioneers in the development of Platinum jewelry lines in
Vietnam with 3D product design services according to customers' ideas.
5. MARKET NEED

According to Maslow's hierarchy of needs, people are born with needs, but needs do
not come from society or are cherished by the advertising industry. Needs have the
characteristics of changing over time, not fixed. As people grow financially or
spiritually, their needs will increase.
Purchasing power for non-essential goods grew beyond expectations.
We can see that using jewelry belongs to the group of needs for self-actualization,
individuality and the need to be esteem. Jewelry is clearly a middling need. It is not as
essential as physiological well-being - for food, water or sex - but neither is it
explicitly a part of something as lateral as self-actualization. Jewelry acts as an agent
of personality.
An assertion of their wealth and of their status. As the living standards of the average
person in many societies have improved that there is less worry of food and shelter -
i.e., the physiological needs - people find themselves, like kings, seeking out jewelry
as a sign of status.

6. MARKET DEMAND
Jewelry is an item with little fluctuation in demand because jewelry is considered an
indispensable product on Valentine's Day, Tet, wedding...etc. In addition, the trend of
consuming fashion jewelry is a common trend of women today and the demand for
this item is increasing because people's income has improved over the years. Gold
jewelry is considered by consumers as an investment that has both beauty value and
cumulative value. At the same time, the demand for domestic jewelry remains strong,
due to travel restrictions, customers cannot buy jewelry abroad as before, so giving
priority to domestic products is inevitable.
In addition, we expect high demand for diamond and diamond jewelry due to delayed
wedding ceremonies during the social distancing period and the desire for safe-haven
assets amid the current economic crisis. Stability in other investment assets should
help spur the recovery.
When consumers have a need to express themselves and be respected, they also have
financial capacity. At this point Need will be converted to Demand.Currently, the
trend of buying gold jewelry of Vietnamese people has changed a lot. They tend to

GLOBAL JEWELRT MARKET

buy gold jewelry to wear on people rather than before buying to hoard. So their
demand are also different from before. They demand products of high quality,
Others
sophistication, beauty and reasonable price. But when affordability doesn't allow them
Bracelet

Earring

Necklace

Ring

to buy the right products, they are forced to choose productsSource: Grandviewsearch
that don't meet their
expectations. Demand of Jewellery is different such as rings, necklaces, depending on
the customer's ability to pay.
Jewelry demand in Vietnam reaches Asian average.
According to management consulting firm Boston Consulting Group (BCG), per
capita income in Vietnam will increase from 1,400 USD/year to 3,400 USD/year by
2021. The number of middle class people also increases, means that the demand for
gold, silver and jewelry will also increase exponentially. In addition to beauty needs,
many customers, especially young customers, also need jewelry and accessories to
express their fashion and personality. Therefore, they are willing to shop and
constantly innovate, placing high demands on the diversity, richness and variation in
designs, materials, and product categories.
 CHAPTER IV COMPANY ANALYSIS
1. 5M
1.1 MANPOWER
The right people for the right positions are a sure bet for the effectiveness and
efficiency of an organization.
Currently, Mr. Nguyen Anh Hung is the
senior director - human resources of PNJ. He
holds a Master of Business Administration and
a Bachelor of Finance from Ho Chi Minh
University of Economics. He has 20 years of
experience in the field of human resources in
different positions and businesses, famous as
human resources director of PepsiCo Binh
Duong and head of human resources at Nestle.
a. Human resources are valuable assets
From the early days of establishment, PNJ has always maintained the principle that
people are the focus, the decisive factor to help businesses transform strongly in the
face of all changes, as well as be able to respond flexibly to unexpected factors. In the
heart of the storm, when businesses face many difficulties and have to make decisions
to cut resources or close businesses, PNJ has remained steadfast, maintained the
mentality, focused on making operational policies to care and develop internal
resources. Because, simply, they have the valuable foundation of the assets that
brought PNJ's success today.
Overcoming a turbulent 2022, PNJ confronted and overcame challenges to build a
strong internal strength, established a fast breakthrough momentum, created great
miracles. PNJ's achievements today have been built on the hard work of each
individual, from PNJ management to staff under the pressure of the times. Over time,
PNJ has increasingly shone as it has not merely conquered economic goals, but also
continuously spread positive values to the community, making efforts to contribute to
forming the ideal environment for human development and sustainable-growth
business population.
b. Human resources structure, diversity and equal opportunity of PNJ’s
According to the annual report of PNJ in 2021 announced by PNJ on 4/4/2022. In
2021, PNJ had more than 6,400 official employees diverse in age, gender, ethnicity,
religion and professional qualifications. PNJ has encouraged diversity and equality in
the work culture, without any discrimination or boundaries of gender, ethnicity or
religion. All of the company's labor policies are geared towards the development of
the "PNJ’s One Family Culture", contributing to a friendly working environment
where everyone cares about each other and there is no discrimination between bosses
and employees.
 Year 2018 2019 2020 2021
Total labor force 5.648 6.087 6.011 6.473
Gender Male 2.103 2.262 2.286 2.478
Female 3.545 3.825 3.725 3.995
Age < 30 3.004 3.143 2.770 4.486
30 – 50 2.507 2.765 3.047 1.946
> 50 137 179 194 41
Region North 564 774 763 679
Central 752 1.068 1.013 1.475
Southof PNJ
Source: Annual Report 4.332 4.245 4.235 4.319

All PNJ employees have an equal opportunity to express their values and contribute to
the overall success of the organization. The company specifically upholds the spirit of
gender equality for women workers. PNJ always places a top priority on raising
awareness of the role of women, both in the family and in society.
PNJ's human resources have been increasingly young and dynamic in parallel with
improving skills, in line with PNJ's strategy of "rejuvenation" as it has expanded the
market to attract young customers. With a dynamic, dedicated staff, it promises to
make a breakthrough for the success of PNJ Next.
PNJ's labor structure is still concentrated mainly in the Southern region due to the
specificity of production and business areas. The company currently owns and
operates two large-scale production facilities in Ho Chi Minh City: Go Vap and Long
Hau Factories with production capacity of up to 4 million and 2 million products,
respectively. By region, the North and Central markets are still very modest compared
to the South, there has been still a lot of potential. However, PNJ has been planning to
expand its operations, attacking more aggressively in the Northern and central
markets. This is also an opportunity for PNJ to create jobs and attract more quality
human resources from all regions of the country.
c. Talent acquisition
PNJ's policy of attracting talent is not competitive with salary but by long-term
commitment and sharing of achievements. With the number of recruits in 2021 more
than 1,700 employees, PNJ's recruitment team has excellently met the needs of
business development as well as production of the Group in the context of fierce
competition in the retail industry (the development and expansion of the system of a
series of retail chains & F&B industry in the country as well as of foreign brands
penetrating into the Vietnamese market) as well as the pandemic impacts.
As a company with a large and prestigious brand, together with a visionary
management board, modern management system, competitive compensation policies
according to market surveys have so far been built and perfected, PNJ has certain
advantages in attracting talent by receiving high rankings in the voting Best Working
Place in Vietnam" and "Employer of Choice”.
 d. Human resource skills training & development
In the KPIs set of PNJ, there is always a team capacity development section in which
the leader/head of the unit must be responsible for building, organizing training
programs and developing the team of their unit. It accounts for 10% of total KPIs.
With the characteristics of the jewelry industry that requires high skills in the
manufacturing department as well as communication skills when working directly
with customers, PNJ has always focused on skills training for the workforce. PNJ's
training programs include mandatory programs as prescribed by law, skills training
programs to develop the orientation capacity of the organization, skills upgrade
programs for Leadership and Management as well as sharing activities, spreading
internal knowledge.
Year 2019 2020 2021
Number of training 465 508 522
courses
Number of 20.695 24.257 35.330
employees
Source: Annual Report of PNJ
e. Improving team's performance, morale and combat readiness
PNJ continuously has had policies and activities to improve the performance, morale
and combat readiness of employees throughout the system. The new business rewards
policy was also effectively applied to bring positive encouragement to the team and
created excitement for the entire business force. The monthly job bonus policy was
also applied in testing at office units, helping PNJ create motivation towards high
achievement development
Simultaneously, online training solutions were constantly being implemented to
refresh team capacity, equipped with in-depth knowledge and skills and spread
knowledge in the system, ensuring construction of a team to be rich in both "quality"
and "quantity". Corporate culture is also a factor invested by PNJ through its activities
of communication, reminders and examples.
f. Human resources in manufacturing
The jewelry industry always requires manual processing, especially for product lines
PNJ's high-end products such as CAO Fine Jewelry should be the quality of the
workers Jewelery is a decisive factor in product quality and business success Karma.
PNJ's team of jewelers is new and recruited by the company training from scratch.
During the working process, the specialized department will detect and advanced
training for highly skilled workers and increase the level of compensation support to
retain workers. PNJ has about 1,000 jewelers, of which, over 160 jewelers are
classified as “jewelry artists” and account for about 70% of Vietnamese artisans.
1.1 MARTERIALS
Source of input materials
PNJ's input materials are mainly raw gold, raw silver, gold bars, precious stones, and
diamonds. The peculiarity of this group of materials is the constant volatility of prices.
since most of PNJ's input materials are nonrenewable materials. Therefore, PNJ's
Board of Management has always paid constant attention to the efficient use of input
materials, thereby reducing negative impacts on the environment and nature.
The company also has a policy of purchasing used products of customers to make
renewable materials and has a process of recovering precious metals when disposing
of waste.

INPUT MATERIAL TABLE IN 2021

Unit 2019 2020 2021
Renewable Rubber Kg 2.191 1.534 2.145
materials Gilding Liter 223,6 1572 4.573
water
Non- Gold Kg 22.412 15.688 6.592
renewable material
materials Silver Kg 1.145 801 1.158
materials
Brass + Kg 1.297 90 741
other alloy
materials
Dimond Kg or pcs 1.970 16.974.161 2.715.404
Was Kg 1.967 1.377 1.950
material
Plaster Kg 55.744 39.021 51.942
material
Source: Annual Report of
PNJ
The source of the golden material
PNJ's main source of raw gold comes from direct purchases of current customers or
from other domestic gold sources. This amount of raw gold is divided into 2 groups:
SJC group (which is SJC-branded gold bars with a unified list price across the
country) used for gold bar trading activities, buying and selling, non-gold bullion
group. SJC or unbranded is purchased at the market price of 99.99% gold at a much
lower price than SJC gold and quite close to the world gold price. This group will be
purchased by weight of gold and used as the main production material for PNJ's gold
jewelry. The supply of this material gold in Vietnam is very rich, so the risk of
shortage of gold material of PNJ is not significant.
Besides, PNJ and Agribank Gold, Silver and Gems are also licensed by the State Bank
(SBV) to import raw gold for jewelry making. Although it is not too difficult for
businesses to buy raw gold in the market. However, being able to import gold with a
tax rate of 0% will save businesses a lot of costs, thereby reducing product costs. But
the difficult problem for the State Bank is how to check the amount of imported gold
used to produce jewelry because currently Vietnam has more than 6,000 gold
production and trading enterprises, most of which are gold small enterprises.
The source of the silver material
Because it is not subject to legal restrictions, PNJ owns mainly imports silver material
through a number of supply partners such as Métaux Précieux SA Métalor.
The source of the gemstone material
Through its partner, Netis Gems in Vietnam. This company imports raw materials and
PNJ reprocesses them. Since 2018, PNJ collaborated with Swarovski to offer products
with exclusive cutouts. At the same time, in collaboration with fashion brands, Disney
to come up with private collections to enhance the value of products.
The source of the gemstone material
PNJ imported from Forte, bought it from the people and had a PNJLap room to
evaluate product quality.
Demand for electricity and fuel
With two factories and a nation-wide network of stores and branches, PNJ's electricity
and fuel energy demand is mainly focused on the purpose of manufacturing and
maintaining operations, of which the demand for energy arises the largest at PNJP.
The Enterprise is powered by the city's electricity gridline. It registered for support to
saving energy at Ho Chi Minh City Energy Saving Center. In addition to consuming
electrical energy for its operations, PNJP equipped itself a stand-by generator with the
capacity of 870KVA in case of power failure; the fuel used for the generator is 120
liters of DO oil used for 1 hour of power outages.
Water supply & water consumption volume
The input water is used by PNJ for domestic and production purposes. In 2021, the
amount of water purchased and the amount of water consumed increased sharply
compared to 2020. Specifically, the total amount of water purchased in 2021 increased
by 79%, the total amount of water consumed increased by 42% (compared to 2020).
That was due to the recovery of the economy after the Covid-19 distancing, increased
demand for production, production output was on the way to recover with a growth
rate of 27% in the past year.
Especially in 2021, Long Hau Factory was just put into operation, the water use and
treatment system in this plant was not completely effective compared to Go Vap
factory, making the average amount of water used per product and the amount of
recycled water not as optimized as in the last 5 years. However, as an enterprise that
has always integrated great importance to environmental factors in production, PNJ
has still tried to optimize the water output, ensuring the rate of water treatment before
discharging into the environment at 84%, even higher than in recent years.
Year 2019 2020 2021
 Purchased water 19.556 20.445 36.607
(m3)
Total water 21.840 25.864 36.618
consumption
Output 3.295.173 1.837.037 2.335.589

1.2 MACHINE
Currently, PNJ has a system to determine product quality for the company is PNJ Lab.
PNJ Laboratory Company Limited was established by PNJ as an leading inspection
company for diamonds,
gemstones, precious metals
in Vietnam. PNJLab is now
the leading inspection
company in Vietnam and
among a very few
Vietnamese accrediting
companies that are
successfully built and
operated according to
international standards
ISO/IEC 17025. More than
20 years of operation, a
team of experienced and well informed experts and modern technology equipment, the
responsibility, precise, transparency, neutral behavior and high has empowered PNJ
Lab to affirm its reputation towards domestic and foreign customers.
PNJ jewelry factory with a capital of 120 billion VND and production capacity of over
4 million products/year and is one of the largest jewelry manufacturing enterprises in
Asia with an area of 3,500 m2. The factory scale consists of 6 floors, with a total
construction area of 12,500 m2. Currently, PNJ has only exploited over 50% of the
factory's capacity and 90% of the local human resources, so the risk of capacity
overload is very unlikely. At the same time, the demand for investment in fixed assets
until 2025 is high trivial.
PNJ uses technologies such as laser technology, CAD-CAM technology, casting
technology with stone beads, cutting technology with diamond knives, 3D printing
technology… to make products more diverse and tend to specialize in high chemistry.
PNJ uses Data Analytics to analyze and optimize inventory and on-the-go goods.
Because PNJ's products such as gold and silver jewelry are often small, but the value
is very large, and the financial costs are also very large.
PNJ also applies Computer vision technology combined with artificial intelligence,
turning security cameras into cameras to help read customer behavior and
salesperson's behavior. Thereby helping businesses rearrange shelves in the store,
facilitating the flow of customers, optimizing the efficiency of staff use as well as
rearrange shifts and crews.
PNJ successfully launched go-live the new HR management system with 9 modules
(such as Recruitment, Attendance checking, Salary – Bonus, Tax ...), 15 online
accepting processes with a system capacity of 10,000 users. By using the human
resource management system – CAFE, nearly 90% of manual operations have been
automated by the HRIS system, helping to minimize human intervention.
All inventory management and direct sales activities are done on SAP 4HANA
software system, inventory management and sales module. As a result, the Board of
Directors and related departments of PNJ can immediately access data and business
results of each store in real time (Real-time) and significant increase management
efficiency as well as risk control. In addition, the SAP system and the investment in
AI (Artificial Intelligence) also help PNJ connect and understand the needs of
customers to provide a better experience, which is a springboard for PNJ to develop
new distribution channels and business related to e-commerce.
In order to maintain a stable balance as well as a suitable balance in such a global
difficult situation, PNJ's Board of Directors has still maintained a deep investment in
technology, technical equipment to ensure modernity. amount, using raw materials
effectively.
To ensure optimal power use and avoid waste, PNJ implements an energy saving
program through the installation of an automatic air conditioning power shutoff
system: reducing air-conditioning time after 15 minutes of work and before 15
minutes before the break. Converting steam welding technology from gas and gasoline
to NH3, reducing energy consumption and CO2 emissions. Installing water cooling
ventilation system at the walls of the floors.
For industrial purposes, the supply water has been always saved as PNJ has been
using Italian top-notch machines. PNJ decided that the important measure is to build
an appropriate wastewater treatment system and the quality of the treated water meets
the standards for discharge into the receiving source. Wastewater treatment system
applies physico-chemical technology combined with micro - organisms, this is a
modern technology with large investment costs.
One of the peculiarities of the jewelry manufacturing industry is that the raw materials
lost in the production process (gold and silver powder) are of great value. Each year
PNJ uses nearly 5 tons of gold, the average loss rate of PNJ is about 1%, equivalent to
a loss of about 50kg of gold (70 billion VND). PNJ invests in modern production
machinery system to reduce the amount of wasted materials and has effective
technology to recover this loss.

1.3 MONEY
According to the financial statement of the third quarter of 2022, PNJ's payable debt is
quite large, although it has decreased compared to the beginning of the year from 4.6
trillion to 4.1 trillion, although not much, but there are signs. The positive is that
equity increased by 2 trillion.
Gold accounts for a large proportion of inventory (about 33% for both raw gold and
gold bars) but is quite liquid and easy to convert into cash. PNJ has an advantage over
others because PNJ is a gold consumer and also a gold buyer, so there is always
diversity to ensure harmony and balance at all times. PNJ does not advocate trading in
gold bars but optimizes inventory from time to time
In the 3rd quarter of 2022, PNJ's net sales revenue increased significantly compared to
the same period last year of 8 trillion. In which, revenue mainly comes from the sale
of gold, silver, gems and 24k gold revenue increased 698% yoy thanks to the recovery
of the market and the change of investment trend during the inflation period.
In terms of expenses, selling and administrative expenses both increased compared to
the previous year, but in general, it was mainly due to increasing business activities
and optimized operating costs and increased labor productivity.
1.4 METHOD
PRODUCTION PROCESS

Product design steps

Step 1: Craft sketches.
Step 2: Design graphics using
computer software and create
design models using 3D
graphics. Some popular software
such as Jewel CAD, Rhinoceros
(Rhino) and Matrix.
Step 3: After the product design
is approved by the Research and Design Council, it will be transferred
to the product and sales department, these two departments will
decide the production output based on market demand and strategy
marketing of PNJ.
Distributing to PNJ stores
PNJ currently has 4 warehouses in Ho Chi Minh City, Can Tho, Da
Nang and Hanoi with strict security due to the characteristics of high-
value stored goods. To transport to branches as far away as Da Nang,
Hanoi, PNJ has specialized transport specialists by air and specialized
cars in the presence of authorities. Distribution activities of PNJ on a
national scale are carried out on a weekly basis.
Packaging products
The State Bank has regulated the
packing and sealing of gold bars
purchased and sold between the
SBV and credit institutions and
enterprises: Accordingly, gold bars
after being verified must be packed
into boxes in batches, each batch
consists of 100 (or multiples of 100
and up to 500) gold bars. The gold
bar box is a stainless steel box, the
size is suitable for the amount of
gold in the batch, in the velvet
lining, the top side of the box has 2
buttons for convenient locking,
sealing, and clamping. All PNJ
products have been checked for quality before packing with 2-layer
sealing. Your product is placed in a PNJ jewelry box and sealed with
a PNJ Stamp. The shipping box will be sealed, sealed with 02 PNJ
Stamps in the middle of each box lid and glued with PNJ brand tape
around the box.
g. Shipping to customers
For wholesale distribution, customers go to PNJ store to receive
goods or PNJ transports them by themselves. To cope with the current
time, PNJ has deployed to customers a completely free delivery
service nationwide for all orders. PNJ's packaging and preservation
process always complies with many
regulations. regulations and strict standards
to ensure product quality. In addition to free
shipping, delivery speed is the next most
important factor in the shopping journey. In
order for meaningful jewelry gifts to always
be delivered on time, PNJ has deployed 3h
Delivery service (PNJ3H) in many areas.
This is considered an experience that
minimizes the gap between online and offline shopping for customers.
PNJP’S DOMESTIC SOLID WASTE COLLECTION AND
TREATMEAT PROCESS
Domestic solid waste

Collection and
Classfication

Stroring

Handover of collection
& processing function
unit

2. CANVAS
2.1 CUSTOMER SEGMENTS
PNJ
PNJ's customers are those
who want to make
themselves more
beautiful. Everyone can
use PNJ's products.
DOJI SJC
SJC Gold, Silver and
Gems Company occupies
the market share of SJC
gold bars, accounting for
over 90% of the national
Anyone with a high
demand for beauty
belongs to the customer
segment of PNJ. In other
words, PNJ targets the
mass market
However, if we talk about
priority customers,
perhaps the upper-class
customers prefer high-end
branded products in the
Vietnamese market.
In addition, PNJ has a
pawn service. PNJ
Company also targets
customers who need to
mortgage products to
receive money with
interest rates
corresponding to
regulations of the State.
2.2 VALUE PROPOSITIONS
PNJ
Customers choose to use
PNJ's products because of
the prestige and quality of
the products. When a
customer buys PNJ's
products, the PNJ party
offers a 6-month warranty.
As for watches, the
DOJI
Support customers to
order online at the website
anytime, anywhere.
Policy to buy, sell,
exchange jewelry and
gems is applied
throughout the high-end
Jewelry distribution
market share. “It seems
that any consumer
wishing to hoard gold also
looks to the SJC brand.”
As a dominant company
in terms of market share,
the Company does not
take it as a subjective but
always innovates to meet
the needs of customers not
only in the domestic
market as well as abroad.
SJC gold is a commodity
that customers cannot pay,
so the bargaining power of
customers.
Customers proactively
inform about prices,
products, brands, etc., and
are very price sensitive.
The product is very
popular among customers.
Dealers who source
products are SJC.
The degree of duplication
of customers is large, the
ability to replace is low.
Customers: Enterprises,
Commercial Banks,
People, Private stores in
the jewelry industry, ...
The position of customers
towards the company is
not high, so the company
has the ability to dominate
the negotiation.
SJC
Customer care through the
24/7 support hotline.
Solve jewelry problems
and complaints that
customers encounter
during and after purchases
related to SJC products,
the company will resolve
company warrants from 1
to 5 years from the date of
invoice.
For long-term customers
or buy many products, the
company will receive an
electronic gift certificate
(PNJ E-GIFT
DIAMOND)
PNJ's highly qualified
transaction staff are
trained to serve PNJ's
customers to help
customers feel satisfied
and comfortable when
purchasing. Attentive
customer care makes
customers feel valued and
cared for
0% interest installment
payment for customers
who do not have enough
conditions to own PNJ's
quality products, the
installment payment when
helping customers get
their favorite things with
PNJ brand.
Recruiting people who
have a need to work with
PNJ it can solve
unemployment in today's
difficult society
2.3 CHANNELS
PNJ
The stores of PNJ are
concentrated in big cities,
where the people have a
good average income.
PNJ's market share and
distribution channels grow
system of DOJI Jewelry
Group...
Lots of customers but no
waiting in line. The
company has developed
the application software
EGOLD. Everyone just
needs a few simple steps
to have DOJI products
while sitting at home.
Buy goods at DOJI
without paying in cash.
Excuse
Buy at DOJI without
paying in cash. Payment
by bank transfer and
swiping card.
Recruiting people who
have the need to work
with DOJI it can solve
unemployment in today's
difficult society.
When buying goods on
the web, the web always
updates the prices on the
web every day to help
customers have more
choices for their personal
finances.
Assess metals (gold,
silver, platinum and white
gold =) and stones for free
for customers and
provides knowledge for
customers to better
understand gold or stones
(diamonds, rubies, colored
stones).
DOJI
Expanding DOJI's retail
channels. DOJI Group has
50 branches, nearly 200
centers, stores and more
than 400 agents and points
of sale nationwide.
them as soon as possible.
Provide customers with
knowledge about gold or
other metals. On the other
hand, it helps many
consumers to better
understand the gold
market or distinguish real
or fake gold.
The company offers
attractive after-sales
policies for wholesale or
retail customers. For that
reason, SJC is considered
the most prestigious when
customers want to trade
gold.
Due to the market's need
to test gold quality, SJC
established a formal gold
content testing center for
gold jewelry products, the
company's activities have
contributed to building a
standard for the market.
trading in gold jewelry,
creating great trust for
users. "Prestige -
Accuracy Honesty", is
affirmed to create a
leading position for the
company. Then when you
are a customer of SJC,
you do not need to bear
any fees.
SJC
Up to now, SJC has 22
branches, extensive
distribution network with
nearly 200 stores, selling
points and agents present
in 22 provinces and cities.
year by year, so PNJ
mainly focuses on
distribution channels to
create influence because
distribution channels will
become the perfect tool to
connect the company with
customers row
Thanks to PNJ being in
the top of the jewelry
industry in previous
decades, it will have the
advantage of PNJ's rich
experience, they have
continuously expanded the
market, making other
competitors also afraid to
confront. directly with the
"queen" of PNJ. Even Bao
Tin Minh Chau, a strong
competitor of PNJ in the
same industry in Hanoi,
has encountered many
difficulties when trying to
expand the market.
In addition, PNJ is also
gradually following the
trend of 4.0 era to convert
sales numbers on their
own website. Customers
do not need to go directly
to the point of sale but can
transact through PNJ's
own Web.
2.4 CUSTOMER RELATIONSHIPS
PNJ
When customers buy
goods, PNJ always keeps
customer information for
convenient care and
communication with
customers. When
launching a new jewelry
model, they will contact
customers who already
have contact information.
In addition, DOJI Group
also conducts wholesale
business as a reputable
jewelry wholesaler,
constantly creating the
best conditions for
customers with goodwill
to cooperate. DOJI is
committed to always
accompanying you on the
way to conquering the
jewelry market across the
country.
Create the EGOLD app
and develop it for busy
customers who can't go to
the store in person. Create
your own DOJI website to
optimize the search for
DOJI brands on the
INTERNET.
DOJI
Store customer
information when buying
PNJ's products. Receive
customer feedback, praise
or criticism to develop
better and better products.
Become a member of
Elite Club. Rank
customers according to
sales volume, equivalent
Distributing agents take
SJC's products spread
throughout the provinces.
Also, in 2010 the number
of overseas trading
customers reached 100
customers and exported 2
lots of jewelry and bright
silver to the US, CH Se
The agents are the
international market.
SJC
When customers buy goods, PNJ
always keeps customer
information for convenient care
and communication with
customers. When launching a
new jewelry model, they will
contact customers who already
have contact information. If
customers love luxury and new
designs, that is the way for old
If customers love luxury
and new designs, that is
the way for old customers
to come to PNJ
The attraction of new
customers is not only
thanks to the product but
also the attitude of the
consultant when serving
customers attentively
must get customer
satisfaction, so turning
new customers into long-
term customers is These
are all very important
Price is one of the
important factors that
stimulate demand for
consumers. PNJ Company
offers monthly
promotions and discounts.
The accumulation of
points to receive
incentives as well as other
businesses. Hit the
customer's psychology
thinking: "Buying the
product also has other
incentives, while buying,
you will also receive other
benefits from PNJ".
2.5 REVENURE STREAMS
PNJ
Revenue is mainly from
retail channels of PNJ's
sales system. Gold bars
witnessed the strongest
from 1 point to 1,500 customers to come to PNJ.
points, Customers will The attraction of new customers
become owners of is not only thanks to the product
different Membership but also the attitude of the
Card Classes including: consultant when serving
Member Elite, Silver customers attentively must get
Elite, Gold Elite, customer satisfaction, so turning
Platinum Elite, Diamond new customers into long-term
Elite. customers is These are all very
Communicating with important.
customers when Offer preferential policies for
launching new products: long-term customers who come to
this will help customers SJC company from the first days:
think that they are valued Applicable to all kinds of jewelry
and not forgotten. 41.7%, 68%: casting with CZ
Download DOJI's stones, attached with semi-
EGOLD app to precious stones , machine chain,
accumulate points to get cotton tassel, ring simene; 99%
customer information. jewelry (except rings, bracelets)
When DOJI has a new for an order:
product, it will launch Customers who buy jewelry in
new products or special quantity from 50 items to less
offers for customers who than 100 items: discount 6% of
are members of DOJI. the salary.
Customers who buy jewelry in
quantity from 100 items to less
than 200 items: discount 7%
salary.
Customers who buy jewelry in
quantity from 200 items to less
than 300 items: 8% discount on
wages.
Customers who buy jewelry with
the quantity from 300 items to
less than 500 items: 10% discount
on wages.
Customers who buy jewelry in
quantity 500 or more: discount
12% of wages.
SJC Jewelry Brand Agent: 12%
discount on wages
DOJI SJC
Doji focuses on building a The revenue stream of
brand image with pre-tax profit of this gold
impressive media bar business with 100%
campaigns, with the goal state capital under the
growth. PNJ's gold bar
sales in the first month of
the year increased by 79%
compared to January
2020, reaching 438
billion, accounting for
20% of total revenue.
In addition, Revenue from
gold bullion investors in
large quantities In January
2022, PNJ recorded net
revenue of VND 3,476
billion, up 60.2% over the
same period and profit
after tax of VND 270
billion
In addition, the pawn
service of PNJ also brings
a part of revenue.
Export with foreign
countries their products
are mainly exported to the
United States, United
Kingdom, Germany,
Oceania markets
2.6 KEY RESOURCES
PNJ
With our proven product
design and manufacturing
capabilities, we have the
ability to create jewelry
based on your samples,
sketches or even just an
idea that you have to
share. thanks to the highly
technical staff in the
jewelry industry. The
combination of state-of-
the-art facilities and
equipment, highly skilled
of becoming an icon in the
jewelry industry, bringing
new communication
trends in the industry that
are familiar with
traditional marketing
methods.
Besides the jewelry retail
space, Mr. Do Minh Phu
also opened restaurants
and spas, leased offices to
increase revenue, and at
the same time marketed to
attract customers to shop
for jewelry.
Besides gold, silver and
precious stones, Do Minh
Phu's corporation also has
a special interest in real
estate. In which, Doji
Tower is located at 5 Le
Duan, Hanoi, 16 floors
high and 3 basements with
a total usable area of
18,883 m2 being used by
Doji as its headquarters.
Profits from DOJI's
subsidiaries: Diamond
World, Hai Phong Plaza
Trading Joint Stock
Company and others.
DOJI
DOJI can fully mine and
produce gold for
distribution to the market
by itself. Therefore, they
will suppress the source of
good raw materials,
protect the high volume of
distribution products in
the market. The most
typical feature at DOJI is
blistered gold with a
variety of designs to
attract buyers from all
People's Committee of Ho
Chi Minh City in 2019
reached VND 67 billion,
VND 74 billion in 2020
and reduced to VND 56
billion in 2021 due to the
pandemic. Covid-19 and
the first 9 months of 2022
reached 53 billion VND.
The retail system is no
less than the gold bar
business after the
epidemic break, as the
demand for beauty
products of consumers
does not decrease, but the
jewelry business also
increases.
In addition, SJC also
issued shares on the
financial market to help
businesses attract many
domestic investors.
SJC
Because this is a state-
owned company that
manages raw materials to
produce abundant
products.
Highly qualified sales
staff help satisfy
customers and solve
problems when customers
have complaints about
SJC's products. Technical
staff must have experience
to make quality handmade
and well-trained workers walks of life. products
and experienced DOJI's greatest asset is SJC jewelry products fully
management team enables people. At DOJI, there are meet the standards
us to provide our more than 2,000 skilled required by Circular 22 on
customers with excellent and ethical employees measurement management
services and facilities. with technology such as in gold business and
High quality strength with Mr. Trong, who have quality control of gold
reasonable price. produced tens of jewelry and fine art
PNJ hires foreign thousands of designs and circulating on the market
consultants to standardize also "brainchild" of Mr. with the ability to large
the management system Trong traveling around quantity response and fast.
according to international the country, reaching the Customers when buying
standards. Human hands of Mr. consumers SJC jewelry products are
resources from other under the DOJI brand. completely assured of the
countries are also one of The capital is mentioned product's prestige and
the indispensable as a "boring" market quality, plus good after-
resources in PNJ. because of the view that sales service.
March 2009, PNJ shares gold is only for hoarding, Main business, besides
were officially listed on but for Mr. Trong, gold- real estate, financial
HOSE, increasing charter related work for more than investment and services.
capital to 400 billion a decade has never been
dong. The main source of "stale".
capital mobilization is Revenue streams from
also through the issuance retail channels, gold bars
of shares to keep the cash in addition, DOJI also
flow in the company high. encroached on real estate
Main raw materials for the and finance. Currently,
production of products are DOJI has become a multi-
mainly foreign, but must industry company with
be licensed by the state many profit sources from
because this belongs to the members of DOJI
foreign trade abroad. group.
Using top quality raw Long-term customers have
material to ensure top been with the company
quality jewelry. since the first years of the
Highly qualified sales company. Helps create
staff help satisfy long-term relationships
customers and solve with customers
problems when customers DOJI Jewelry Group was
have complaints about honored to be honored
SJC's products. with the Vietnam National
Brand in 2022. This is
also a milestone marking
12 consecutive years that
DOJI Group has been
recognized as the Vietnam
National Brand. Building
credibility with customers

2.7 KEY ACTIVITIES
PNJ
PNJ chose the main
product as gold bars,
because the consumer
trend at that time was to
hoard gold bars. PNJ's
peak was in the period
2009-2011. Before the
2018-2022 epidemic, the
gold bar business was
growing because the
demand for gold for
hoarding was increasing
-Promoting marketing
campaigns by sponsoring
major contests: Miss
Universe 2008 contest, ...
Find the characters The
"big" characters of
Showbiz Vietnam such as
THANH HUNG, DIVA
MY LINH, ...
Open a chain of systems
stretching in Vietnam so
that pages named PNJ are
easily accessible to those
who want to buy to be
beautiful
One of the indispensable
activities of PNJ is in the
process of producing and
selling products through
PNJ's system chains.
There is also OEM and
ODM Service, this is a
service to create products
based on customers'
and building the
headquarters DOJI Tower
Building of DOJI Group
was honored to be named
as one of the winning
architectural works at the
Architizer A+
Architecture Award.
DOJI
Developing business
strategies on holidays
During the occasion of the
God of Wealth, DOJI
Tower is the place to
gather a huge number of
sophisticated and top-class
gold and jewelry products
in the market. To prepare
for the "Golden Festival
2022", DOJI Group
launched 380,000
products with luxurious,
sophisticated and
meaningful designs.
Researched and created
new products to launch to
the market DOJI launched
a unique 999.9 blister gold
version Kim Dan Chieu
Tai, Kim Dan Phat Loc
with the image of Kim
Dan symbolizing the
power to attract
prosperity. , great fame,
glorious career, tons of
business and fortune
During the Golden Day,
DOJI opens free to visit
the Vietnam Gems
Museum with caves and
display areas, which were
built on the 4th and 5th
floors of DOJI Tower.
Trading in gold bars,
always creating the
SJC
Research and develop
products always for new
products to match the
changing needs of
consumers over time.
-Run ads on social
networking sites and use
optimization on GOOGLE
ads to optimize keywords
about SJC so that
consumers can easily
search.
-Offer discount strategies
for the holidays or couples
who buy jewelry as
wedding gifts.
-Expanding the brand by
launching and creating
many branches spanning
the provinces of Vietnam
Or expanding the agent
system.
-Continuously recruiting
personnel for SJC
company to provide solid
human resources to create.
-Always update the world
gold market news or
events organized by SJC
on their own website to
help consumers update the
latest information about
gold.
requirements and ideas.
Promote PNJ brand on
Google page (using
google ads) to optimize
consumer search to attract
more potential customers,
increase sales, develop
better business without
don't spend too much
money.
prestige and trust of
people and businesses
when there is a need to
buy and sell this special
item.
Trading in gems and
opening a gem museum
for customers to visit for
free to impress customers
when coming to DOJI.
Run the Marketing
strategy to the holidays
because that is the
opportunity of DOJI. They
always take advantage of
opportunities for
companies in the jewelry
industry, for example,
giving a huge gift of a
Mercedes-Benz C250 car,
worth up to nearly VND 2
billion for lucky
customers to be awarded
immediately. at the event.

2.8 KEY PARTNERSHIPS

PNJ
Fedex service is a
shipping service that helps
ensure the credibility of
Fedex with PNJ.
In addition to issuing
shares, PNJ also
cooperates with banks to
facilitate borrowing to
raise capital for the
company.
Phu Nhuan Jewelry Joint
Stock Company (PNJ) has
signed a brand
cooperation agreement
with Swarovski Group,
one of the world-famous
Austrian brands, bringing
to the Vietnamese jewelry
market more features. new
look as well as bring
DOJI
Regarding DOJI trading in
gold, silver and gems, the
main link is with mining
companies. YEN BAI
Minerals & Investment
Company is a state-owned
enterprise converted to
operate under the model
of a Joint Stock Company
since 2001.
In addition, at the
beginning of 2012, DOJI
Group officially expanded
its business activities into
the field of Finance and
Banking and became a
strategic shareholder of
Tien Phong Commercial
Joint Stock Bank (TP
Bank).
SJC
Most of the small and
medium private
enterprises associated with
SJC.
Saigon Jewelry Company
SJC bought 67.9 million
dong/tael, sold 68.5
million dong/tael;
Eximbank bought gold at
67.5 million dong/tael,
sold 68.45 million
dong/tael… The
purchasing power of
precious metals in the
market was quite weak but
SJC gold bar was still
"entrenched" at high price,
leading to more expensive
world to 19 million
VND/tael
customers exciting One of DOJI's main
experiences about new affiliates is Blue Stars Co.,
product lines of PNJ, Ltd. This is a company
when combined with the specializing in providing
prestigious Swarovski accounting and auditing
stone brand, famous services, hiring
around the world for the consulting, business
past 120 years. establishment consulting
for the Southern market.
Dojo chooses partners and
celebrities with great
influence in the public
such as singers Dam Vinh
Hung, My Tam, Luong
Trieu Vu, Uyen Linh.
Doji's Wedding Land
wedding ring jewelry is
also the brand chosen by
Dong Nhi - Ong Cao
Thang at the wedding of
this famous couple
2.9 COST STRUCTURE
PNJ DOJI SJC
Research and Focusing on The cost of space for
development of this manufacturing and chain stores throughout
product is an manufacturing Vietnam is quite a large
indispensable expense of sophisticated 24K gold expense.
PNJ, accounting for a jewelry products with Corporate Income Tax
large part of the company very high accuracy in According to the General
because mainly PNJ wants maintenance machinery Department of Taxation,
to bring to customers new costs DOJI has invested a in 2011 and the first 6
and unique products when lot in growing machines to months of 2012, the
they come to PNJ to create quality products member units of SJC paid
create They have a new and pretty. Using the nearly 200 billion VND of
feeling, not a familiar technology of vacuum CIT into the state budget.
feeling. casting, automatic Human cost is an
Marketing and sales welding, 3D milling and indispensable expense, if
expenses are equally cutting, 3D plating has you want to maintain a
important costs when PNJ been successfully applied. business, you must have
wants to sell goods, it The cost of using attractive incentives that
must have good preferential campaigns to make SJC employees stick
employees to be able to customers, for example: with the company for a
market or pay for In addition to the offer of long time and work
marketing campaigns. receiving E-voucher, effectively and with
In addition, if you want a customers also receive: quality for the company.
company to go in Increase 5% when using company.
systematically, Jade Moon restaurant
management and
administration are
indispensable in a
company to help the
company work and make
the business grow more
and more.
Corporate income tax is a
direct tax, collected based
on the final results of
production and business
activities of organizations
and enterprises. Objects to
pay corporate income tax
include organizations and
businesses that produce
and trade in income-
generating goods and
services, PNJ is required
to pay this type of
expense.
Expenses for marketing
campaigns.
The cost of space for
chain stores throughout
Vietnam is quite a large
expense.
service.
Extra 15% room rate and
5% food service charge at
guests
(Applicable together with
DOJI Elite Club card
offer).
Discounts for couples who
buy wedding clothes.
Personnel costs when
DOJI has more than 2000
employees working, there
must be remuneration
regimes for employees so
that employees can stick
with the company for a
long time and DOJI
always focuses on
developing human
resources through
compensation.
maintenance and training;
authorize; create
opportunities for
promotion and self-
expression for each
employee so that they can
promote their abilities and
develop comprehensively
in all aspects. Many
professional skills training
and personal development
programs are organized by
enterprises. New
employees will be trained
in professional knowledge
from internal instructors
with many years of
experience in the
profession.
The cost of space for
chain stores throughout
Vietnam is quite a large
expense.
Corporate Income Tax, in
2013, DOJI Group was
ranked as the largest
income tax payer in
 Vietnam. According to the
assessment, in the context
of macroeconomics and
businesses facing many
difficulties today,
businesses ranked in
V1000 have the right to be
legitimately proud of their
rise in business activities
and dedication.
contributions to the
national and social
budgets. Honored to rank
993/1000, DOJI Group
has not only affirmed the
sustainable development
in business activities and
business ethics of the
Group, but also built its
good image to the
company. domestic and
foreign partners. This is
also the foundation to
build the Group's
reputation before the law,
creating a sustainable
DOJI brand in the market,
not only trusted by
customs, tax authorities,
local authorities and
partners, but also
recognized by the
community and society.

CHAPTER V FIVE FORCES - MIRCO

ENVIRONMENT
1. THREAT OF NEW ENTRANTS
1.1 BARRIES TO ENTRY
Barriers to entry are very high because the industry is strictly regulated by the state
due to a lengthy licensing process. The number of high-quality artisans and crafters is
not much when big brands have owned them all

1.2 ECONOMICS OF SCALES

Responding to the press recently, Mr. Nguyen Thanh Long, Chairman of the Vietnam
Gold Business Association, said: "The demand for jewelry of Vietnamese consumers
is gradually increasing as life is getting better and better." According to research by
Vietnam Direct, in Vietnam at present, there are about 10,000 stores dealing in gold,
silver, and gems. But in terms of economic scale, PNJ has a large scale with many
stores across the country. Mr. Le Tri Thong, Vice Chairman of the Board of Directors
of PNJ said that in terms of business results, in the first quarter of 2022, PNJ grew by
42-43% over the same period last year. The company also plans to open many new
stores this year to increase its coverage across the country. This is what potential
competitors don't like
1.3 CAPITAL REQUIREMENTS
It can be said that the gold and gem jewelry industry is one of the industries with very
high requirements for market entry costs. This makes potential competitors afraid,
afraid of losses. With small capital, it will be difficult for potential competitors to
expand the market and compete with PNJ when consumers are familiar with the old
brand. As well as the cost to create new products to compete with big brands

1.4 CUMULATIVE EXPERIENCE

As a long-standing company, established in 1988. PNJ has accumulated a lot of
experience in the Vietnamese market and market knowledge since then, becoming a
leading enterprise in the production and trading of jewelry in Vietnam. For potential
competitors, this is a challenge when they are just starting to enter the market.

1.5 GOVERNMENT POLICIES

During the ceremony to announce Sustainable Enterprises in Vietnam 2021, PNJ
continued to be honored as Top 10 in 100 sustainable enterprises, thereby marking 6
consecutive years of staying in the Top 10. Proud title This is the recognition of the
Government, ministries, agencies, business community, organizations and society on
the activities of pioneering businesses, making outstanding contributions to the
sustainable development of the Vietnamese business community. Male. This also
helps PNJ improve its reputation and brand, attract many customers, improve its
competitive energy with international brands in the context of international integration

1.6 ACCESS TO DISTRIBUTION CHANNELS

PNJ has had distribution channels for a long time, which makes it difficult for
potential competitors to convince distributors who are working with their competitors
in the market, often requiring measures to reduce prices, share share advertising
costs… All of these measures will reduce profits. Sometimes these barriers are so high
that new entrants have to build an entirely new distribution system, which is very
time- and cost-intensive

1.7 SWITCHING COST

PNJ has supported customers well in service stages. PNJ provides customers with
good and high-quality products, this is a factor for PNJ to retain customers and also
increase switching costs. For a long time, Vietnamese people have been ingrained in
the subconscious of Vietnamese people, since then PNJ has positioned the brand in the
hearts of customers. Along with promotions have made customers extremely satisfied.
The high cost of switching PNJ makes it difficult for customers to change to another
brand without receiving the same incentives as before.

2. BARGAINING POWER OF BUYERS

2.1 NUMBERS OF CUSTOMERS
PNJ is a large jewelry business, so it is almost not dependent on a few key customers
and cannot be pressured on prices from customers. They have a very large number of
customers choosing them because of their reputation

2.2 SIZE OF EACH CUSTOMERS ORDER

The existence and development of the seller is strongly influenced by the buyer, so for
customers who buy large volumes, PNJ will be negotiated and paid a low price by the
customer. Immediately, PNJ will have to have incentives for them.

2.3 DIFFERENCES BETWEEN COMPETITORS

It is easier for customers to get quality products in terms of customers from different
sources of supply. Capturing customer trends is important for customers to always
find their products.

2.4 PRICE SENSITIVITY

According to the latest Gold Demand Trends Report of the World Gold Council, the
total
Gold demand for the whole year of 2021 in Vietnam reached 43 tons, an increase of
8% compared to the same period last year
despite the impact of the COVID-19 pandemic. In which, the demand for jewelry in
Vietnam alone will reach 12 tons in 2021, 11% higher than 2020 although this
demand has been pulled down deeply in the fourth quarter - which is the key
consumption quarter of the year. The full-year demand for gold bars and coins in
Vietnam reached 31 tons, up slightly from the 29 tons bought in 2020. According to
the data shown in the above report, it can be seen that the price of gold fluctuates
according to the trend. The upward trend does not affect customers' decision to buy
gold and jewelry too much. When the market entry price is relatively high, customers
will choose to buy less quantity rather than eliminate it completely. The most typical
is in wedding gold, gold bars.

2.5 BUYER’S INFORMATION AVAILABILITY

When the buyer has an understanding of information such as demand, the actual
market price, and even the supplier's cost, often gives the customer a bargaining
power. PNJ will have to reduce product costs, causing revenue to decrease

3. THREAT OF SUBSTITUTE PRODUCTS

3.1 NUMBER OF SUBSTITUE PRODUCTS AVAILABLE
Currently, the jewelry market in Vietnam is extremely rich, there are many jewelry
stores across the country, so the products are extremely diverse. Famous Vietnamese
or international brands such as Doji, SJC, Bao Tin Minh Chau have a lot of rich,
trendy, high-quality products in terms of materials and trends are other choices of
customers. shop instead of choosing PNJ to buy jewelry. This is also PNJ's difficulty
when it comes to continuously improving customer experience to avoid letting other
brands dominate the market

3.2 BUYER PROPENSITY TO SUBSTITUTE

In any industry, it is important for businesses not only to provide any products or
services, but above all, businesses also need to focus on the process of providing
products and services to customers so that they have the best experience. great
experience. Satisfaction about experiences, products and services helps businesses
retain old customers as well as expand new customer groups, contributing to increased
revenue and brand enhancement in the market. For the gem industry, the issue of
providing customer experience plays a really important role. PNJ already has a large
loyal customer base at a safe level but also has to create new customer files to expand
the market. Customers will not choose PNJ if their product is not convincing enough
compared to other alternatives in the market.

3.3 RELATIVE PRICE PERFORMANCE OF SUBSTITUTE

In any industry, it is important for businesses not only to provide any products or
services, but above all, businesses also need to focus on the process of providing
products and services to customers so that they have the best experience. great
experience. Satisfaction about experiences, products and services helps businesses
retain old customers as well as expand new customer groups, contributing to increased
revenue and brand enhancement in the market. For the gem industry, the issue of
providing customer experience plays a really important role. PNJ already has a large
loyal customer base at a safe level but also has to create new customer files to expand
the market. Customers will not choose PNJ if their product is not convincing enough
compared to other alternatives in the market.

3.4 PRECEIVED LEVEL OF PRODUCT DIFFERENTIATION

Consumers have a wide variety of products and brands to choose from. They will have
a different perception of the difference of each product. It is possible that PNJ's
products are good in one way but not so good in the other.

4. BARGAINING POWER OF SUPPLIERS

4.1 NUMBER OF SIZE OF SUPPLIERS
Suppliers can be viewed as a threat when they can force higher prices or lower
requirements for the quality of inputs they supply to the company, thereby reducing
the company's profitability. According to Porter, suppliers have the most power when:
"The product that the supplier sells is "less likely to be 'substitutable and important to
the company'." In Vietnam, the demand for gold in Vietnam is increasing. When the
demand for gold and silver increases, it is still difficult to import gold when it depends
a lot on the world political situation. However, with the situation recovering and
following the trajectory of the world economy in general and Vietnam in particular,
the bargaining power of suppliers is not very high

4.2 UNIQUENESS OF EACH SUPPLIER’S PRODUCT

When buyers can switch between suppliers at low cost, it thus incites firms against
each other to lead to lower prices. Mistakenly bringing efficiency in revenue
generation as well as attracting customers, PNJ is also having promotional activities
such as buying installments with 0% interest rate or love combos at low prices or
some other forms of promotion. When buyers use threats against suppliers when they
have the ability to integrate, will use this ability as a tool to get discounts.

4.3 FOCAL COMPANY’S ABILITY TO SUBSTITUTE

With the culture of favoring gold as a dowry and speculating on gold bars like in
Vietnam, the potential from the jewelry market is huge. However, most of the
enterprises participating in this segment are state-owned enterprises with a passive
business strategy, focusing on trading gold bars as collateral. Pursuing a different
vision, realizing that it is necessary to spend a lot of brainpower as well as ingenuity
and sophistication in products to create added value and gain high profit margins, so
the company focuses on the segment Jewels production foundation creates a
sustainable advantage
PNJ owns the largest jewelry manufacturing factory in Vietnam on an area of 3,500
m2 including 6 floors with more than 1,000 workers. Each year the enterprise supplies
4 million products. All production machinery of PNJ uses technology from Italy and
Germany, two powerhouses in the jewelry manufacturing industry. A newly designed
product is approved, transferred to the factory, in just one morning, there will be the
production process, time for each stage, loss cost, labor cost and...total cost.

5. RIVALRY AMONG EXISTING

COMPETITORS
5.1 NUMBER OF COMPETITORS
There are many competitors in the jewelry industry with PNJ, even there are
international brands, but in the Vietnamese market, a competitor worthy of PNJ can be
mentioned as jewelry retail chains. big power like DOJI, SJC. These are the only two
competitors who have enough resources, materials and reputation to compete and
dominate the market with PNJ. From that, we see that PNJ's direct competitors are
very few. Opening up many opportunities for PNJ to cover the entire Vietnamese
jewelry market
For SJC is a formidable opponent because:
+ As one of the leading corporations in the gold, silver and gems market in Vietnam
+ Total equity at the parent company is quite large
+ Distribution system throughout cities and urban areas across the country
+ There are many promotional methods that bring good response from customers
+ Customer care service also received high satisfaction

5.2 DIVERSITY OF COMPETITORS

PNJ's competitors are increasingly improving their products, increasing the number of
models and materials to increase the experience and attract customers to them. If PNJ
does not jointly offer better products in all aspects such as price, materials, and
designs, it will cause PNJ to be turned away by customers. SJC, a competitor of PNJ,
is a brand that has entered the minds of customers as a product of trust, prestige, and
quality. SJC products are diverse with many categories from popular to high-end.
Especially, it has a moderate price that is suitable for many customers and meets their
needs.

5.3 INDUSTRY GROWTH

Vietnam's jewelry market is assessed to have a rapid and strong increase. In recent
years, the growth rate has reached 7%-11%/year, this number clearly opens up many
opportunities for gold businesses in general and jewelry in particular when
participating in production and business. Because of that, the big jewelry giant
Pandora is present in Vietnam with an investment of 100 million USD to build a
factory. Regarding the profit growth of brands, the acquisition of a giant in the jewelry
industry helps DOJI Group increase its profit after tax in 2021 to VND 132 billion.

5.4 QUALITY DIFFERENCES

Different businesses always have a different way of producing jewelry. Leading to
product differences, depending on PNJ has a large number of customers, the product
quality may not be as good as the jewelry from the brand. DOJI has made it clear that
the difference in its products is the effort to choose not to mix with other brands, that
difference helps customers own only 1 product.

5.5 BRAND LOYALTY

Both of PNJ's two competitors, DOJI and SJC, offer their customers the best
experience in terms of prices and customer care policies that bring maximum benefits
to customers. Therefore, they will have a loyal customer base that is difficult to
change or choose other brands.

CHAPTER VI SWOT ANALYSIS

1. OPPORTUNITIES.
O1 - Vietnam is a country with a stable governance, the government has multilateral
policies with countries around the world.
O2 - Economic diplomacy develops, has policies to help Vietnam overcome
difficulties
O3 - Import and export activities are guaranteed to connect with the world.
Continuously expanding export market
O4 - State and foreign investment capital increased sharply
O5 - Inflation is well controlled
O6 - A thriving manufacturing and mining industry
O7 - Consumer index increased, especially in jewelry and watch industry.
O8 - Consumer demand increased sharply, in which retail sales increased compared to
last year
O9 - GDP per capita increased year on year. The income of people in some places has
improved
O10 - Vietnam is a developing country, so production costs are still low, which opens
up many opportunities for manufacturing enterprises
O11 - E-commerce revenue increased sharply compared to the same period last year.
E-commerce platform is preferred by users
012 - Many businesses were dissolved after the pandemic, leaving much of the market
share
O13 - Urban population increases with middle and upper class
O14 - Periodic social security and sustainable poverty reduction continue to receive
attention and direction.
O15 - The first half of this year is a very difficult time for investors. Currently, many
investors tend to return to the "defensive" position with gold.
O16 - Consumers are willing to spend effort and money to discover and test many
new things, thereby finding the right product for them.
O17 - Developing technology, many software are being applied in enterprises to
increase revenue.
O18 - Vietnam is considered as a country with diverse mineral resources.
O19 - The Government ensures stable supply and demand, prices of essential
commodities for production and life, especially on holidays, Tet and early 2023.
O20 - The government introduced policies to reduce taxes and support interest rates
for businesses.
O21 - Large enterprises easily access support policies through official documents.
While small businesses access information through informal channels.

2. THREAT
T1 - Inflation still shows some signs
T2 - The economy is modest and highly open, so most of the impact factors are from
outside
T3 - Attracting FDI has not been as expected. Production and business activities in
some areas are still difficult, the number of enterprises withdrawing and dissolving is
still many.
T4 - Input costs such as raw materials, labor, etc. have increased and remained at the
current level, resulting in difficult products to be sold.
T5 - The forecast of the Covid-19 epidemic is still complicated and unpredictable with
the appearance of many new strains.
T6 - Users tend to consume smarter by tightening spending, prioritizing essentials.
High expectations for the product.
T7 - Green consumption is increasingly interested in activities related to
environmentally sustainable production and consumption.
T8 - In the post-epidemic recovery period, it is difficult to recruit workers both in
terms of number and skills of workers.
T7 - In the period of digital transformation, conversion costs are an obstacle for
businesses. Limited technology in the service industry
T8 - The process of socio-economic development also revealed many shortcomings,
creating great pressure on the ecological environment.
T9 - In Vietnam, the impact of climate change is also evident, causing a lot of damage
to infrastructure.
T10 - The Government strengthens the management and efficient use of land and
resources; environmental protection, disaster prevention.
T11 - Government issues regulations on gold, silver and diamond jewelry
T12 - Gold price in the market is full of unpredictable fluctuations

3. STRENGTHS
S1 - Applying high technology and techniques in jewelry making:
S2 - Having many years of experience in the jewelry industry, being a strong brand,
trusted by consumers
S3 - High quality products, diverse designs
S4 - Wide stores and agents for product distribution and introduction
S5 - Highly trained and qualified staff
S6 - Good staff, professional and effective management system
S7 - Invest in R&D a lot
S8 - Creative marketing strategy
S9 - There are many preferential policies and promotions for customers
S10 - Sustainable partnership
S11 - Have great financial ability
S12 – Have course teach staff

4. WEAKNESSES
W1 - Raw materials are mostly imported from abroad
W2 - Pricing products higher than competitors. Should only focus on customers with
average income and above
W3 - PNJ is not as favorable in the North as it is in the South
W4 - Gold bar market is not high
W5 - The proportion of exports in total revenue of PNJ is still very small
W6 - PNJ has a temporary imbalance because a part of PNJ's long-term assets are
financed by short-term capital.

SWOT MODEL
S – O Stragety S – T Strategy
S1, S2, S4, S7, S8, S10 + O3, O4, O8, S1, S8, S11, S3, S9, S12 + T1, T4, T6,
O7, O11, O17, 021, O12 => Market T8
development international strategy => Product differentiation strategy and
S1, S3, S4, S8 + O16, O9, O11, O17 => product development strategy
Product differentiation strategy
W – O Stragety W – T Strategy
W1, W2, W5, W3, W7 + O3, O9, O18, W2, W3, W4 + T6, T1 => Horizontal
O20 => Horizontal integration strategy integration strategy
Implementing the strategy of "Differentiating products" helps PNJ make a
difference, stand firm in the increasingly fierce competitive environment and meet
the diverse needs of customers. PNJ has built a strong brand that is trusted by many
consumers with a large system of stores and agents, serving well for distribution
and product introduction. The company also trains a qualified sales team with good
product knowledge. PNJ has affirmed its leading position in the jewelry business.
Overcoming all the difficulties and challenges, PNJ has become a leading enterprise
in the jewelry business, a strong brand of Vietnam. With the new product
development strategy (product differentiation, always requires the company to
create new, creative and beautiful jewelry models, ... to meet the increasing
demands of customers.
On the other hand, the potential for development of the jewelry industry in Vietnam
is still very large. The growth rate of the industry in recent years is very large and is
expected to continue to increase sharply in the coming years when the demand for
beauty as well as the people's income is increasing. The advantage is very close for
PNJ to implement the strategy and consider the "domestic market penetration"
strategy as a backup strategy.
 CHAPTER VII QUESTIONNAIRE
1. WHO
• Gender?
- Both Male and Female but mostly Female.
• Age?
- Ranging from 15 to 45 years old
• Job?
- Student, freelancers, actor, singer, public employees, white collars; celebrities ,
businessmen, businesswomen, senior executives. ...
• Income?
- From 6 million VND/month.
• Marital status?
- Single or married.
• Who is the buyer and who is the payer?
- If men or women buy for themselves they will be the buyer and payer. In case of the
parents buy for their children or a man gives jewelry to a woman, the buyer are
children or woman and the payer is parents or a man.
• People who directly influence purchasing decisions?
- Friends, family who have used the product, famous people such as actors, singers,
tiktoker

2. WHAT
• What do customers like the product?
- Eye-catching design, light, compact, in shape, durable, stainless ...
• What do customers usually care about the most? (price, quality, promotion...)
- Affordable price, new models, trendy designs, good product quality.
• What makes customers decide to buy faster?
- Brand, price is lower than customer expectation (thinking), thhe product has a
beautiful design, according to the customer's preferences
• What problems do customers have that our products can solve?
- Customers need new jewelry, jewelry to match the outfit or jewelry, accessories to
attend a certain party
- Customers need gifts to give someone.
• What media channels are they interested in?
- E-commerce sites or social networking sites such as Facebook, Youtube, Tik Tok.

3. WHY
• Why do customers need our products?
- Because customers need jewelry products with beautiful design and quality
• Why do customers buy our products?
-Due to the advantages compared to competitors such as good quality, diverse designs,
there are many preferential policies for customers such as loyalty policy, return policy,
free jewelry cleaning incentives.
• Why customers choose our products?
- Because we have many years of experience in the market and are a strong brand
trusted by consumers, high quality products, diverse codes, distribution system spread
all over the country.
• Why do customers know their products are of high quality and prestige?
- Because we have more than 30 years of experience in the jewelry industry, along
with the popularity of the brand has shown a high reputation. Reviewed from
customers who have used it as high quality.

4. WHERE
• Where do customers buy goods?
- Buy directly at the store or buy online on PNJ's website or e-commerce sites like
Shopee and Lazada,...
• Where do customers read news?
- Customers will often read news on social networking sites, surfing the web to see
product introduction ads, online advertising, outdoor advertising. TV news
• Where does the customer live?
- Throughout Vietnam but mainly in urban areas, in large cities and more concentrated
in the South. In addition, there are also overseas customers.

5. WHEN
• When customers need to buy goods?
- When the customer need jewelry to match their outfit on special occasions or need a
wedding ring when they get married
- When they need to give themself a new accessory or jewelry
- When they need a meaningful and valuable gift to give someone on special
occasions.
• When do customers want to buy again?
- When the customer's jewelry is old or damaged, needs to be exchanged for a new
one, or when customer likes new products and want to own them
• What time do customers usually buy goods?
- On holidays such as International Women's Day, Valentine, … is a good time when
the number of customers buy PNJ's products the most.
• When do new customers use the product?
- When they need jewelry and accessories and has sufficient economic conditions.
• When is the most convenient for customers to receive goods?
- Delivery within administrative time
• When will customers seek information?
- When they need a watch, jewelry to wear or as a gift

6. HOW
• How do customers buy?
- Buy directly at the store or buy online through PNJ's websites
• How do customers pay?
- Through payment methods such as cash, bank transfer, credit card, installment with
0% interest
• How do customers know about their products?
- Stores are usually located in the center or in the mall, which is easy to see. Through
social networking site, through online and outdoor advertisements, customers have
experienced shared products. Through the recommendation of friends, surfing the
web, seeing advertisements introducing products, seeing outdoor billboards, news
from the radio.

7. HOW MUCH/ HOW MANY

• How many products do customers buy in 1 time?
- Depending on the purpose of purchase. It can be one or more products or a whole
collection if customers feel like it
• How much customers are willing to buy, how much are they willing to pay for a
product?
- Depending on the customer's finances and the products purchased by the customer.
depending on the weight and material of the product. Jewelry that weighs less will be
worth less than large jewelry and gold and silver will cost less than diamonds. For
example, silver jewelry only costs from 300.000 VND.
 • How much customers are willing to pay for 1 purchase?
- From 1 million or more, depending on the product the customer buys is gold, silver
or gems, diamonds. Many customers are willing to pay hundreds of millions for 1
purchase at PNJ
• How many products do customers buy during their lifetime with the company?
- On average, customers will shop at PNJ 2 to 3 times a year.

CHAPTER VIII CUSTOMER ANALYSIS

SURVEY
A total of 550 people participated in the survey.
Personal information:
Sex: Male and Female
Out of 550 people who participated in the survey, 64% corresponded to 350 customers
female and 36% corresponded to 200 male customers. The jewelry market's main
customers are still women, men still have demand but lower than with females. Also
out of 200 male customers said that they came here to buy gifts for their woman
mother and lover.

CHAPTER IX CUSTOMER PORTRAIT

1. CUSTOMER PORTRAIT
Demography Psychology Geography Need Things to cherish

Psychological: Area: + Products with + Jewelry, accessories can

Love fashion, want throughout beautiful, be engagement rings,
Sex: Both male and
to assert yourself Vietnam and diverse, wedding rings or maybe
female but mostly
and be a successful abroad. In sophisticated customers wear it on
Female .
person, aspirant, a Vietnam are and trendy special occasions or as a
mainstream, mainly designs gift to someone. so they are
Age: concentrated very important and
+ Group from 15 to in urban areas + Product meaningful to customers. It
Attitude:
25 years old. such as Ho quality is good, has not only spiritual value
Interested in Chi Minh, no breakage, no but also material value.
+ Group from 25- beads, silver
fashion, trends, Hanoi, Da Customers spend money to
45 years old.
desire to own the Nang, Nghe does not change buy with the desire for
product they like An, Can Tho... color after a beautiful and quality
+ Group over 45
and more period of use products
years old
customers in
Status: Life behavior:
the south than +There are
 +Young
+Single/ married Often search and product
+ With/without consult information warranty and
children about jewelry redemption
+ Older products and policies.
accessories, match
accessories, jewelry
to match the outfit
and often have
many jewelry and
accessories for
different occasions..
Income: Middle Personality:
income (class B+ 6
to 13 million Confidence,
VND/month) to materialistic,
high income (class acquisitive, self- in the north
A 13 to 20 million expression,
VND/month or meticulous, stylish,
more) like perfection
Occupation:

Student, freelancers,
actor, singer, public
employees, white
collars; celebrities ,
businessmen,
businesswomen,
senior
executives. ...
2. SPECIFIC CUSTOMER PHOTOGRAPHY
1.1 CUSTOMER 1
Demographic

 - Age: 29 years old, living and working in

Ho Chi Minh City.

- Working as an office worker at at a cosmetic

company with an income of 10 million/month.

- Single.
- Someone who pays attention to her fashion and
looks
Demand

 Buy trendy, simple, sophisticated jewelry

Name: Huynh Thi Tra My
Office workers have stable jobs and good
income. Fashionable, love beauty, luxury,
nobility. Knowledgeable and interested in
product quality.
that's easy to wear every day to work
 Good quality, affordable price suitable for
income
 Choose a reputable brand with a warranty
policy
 with reputable brands and the price is not
too high because pnj has some mid-range
products, suitable for income.

Hobbies and habits

• Regularly surf social networking sites such as

Facebook, TikTok... on lunch break, free time.

• Enjoy shopping and hanging out with friends

and colleagues. Have a taste in jewelry and
accessories, always pairing outfits with the right
jewelry.

Shopping behavior

• Consider and learn before buying jewelry

• Where to buy: buy at famous jewelry stores, reputable brands

• Shopping occasions: usually buy on promotional occasions or at the end of the year to buy
new jewelry to take out for Tet
• Purpose: beautify yourself

• Often influenced by colleagues, friends, relatives, social networks...

• Prioritize products with beautiful, compact, trendy, easy-to-wear designs with high quality.

• Payment for orders is about 2-3 million VND, priority is given to buying according to the
discount promotion program. Cash payment and transfer. Delivery during business hours.

• Purchase preferences

• Usually buy goods on e-commerce platforms.

Purchase barrier

 More attractive competitors' promotions and prices

 When buying new jewelry, the old jewelry is not used, reselling will be at a loss

=> discount from 30 - 50% on product value

1.2 CUSTOMER 2
Demographic

Age: 30 years old, living and working in HCMC.

Working as a female CEO at a real estate company with an income of 100

million/month.
- unmarried

- Someone who cares about life

costs and product
purchases.penses and buying
products.

Demand

- Wearing jewelry on
the body, has confidence,
elegance, makes a woman
more beautiful.

- Buy quality products

Name: Amy Nguyễn
With reputable brands and
Business owner, has a stable job and high income. do not care about the price
because of affordability,
 beauty, luxury and quality.

Hobbies and habits

 Regularly read online

newspapers, and social
Knowledge and care about product quality. networking sites such as
Facebook, tiktok... In your
free time.
 Likes reading books,
newspapers, shopping,
going to the gym.

Shopping behavior

 Where to buy: buy goods at genuine stores such as PNJ,....

 Agency
 Shopping occasions: weddings, birthdays, events, etc.
 Purpose: buy to solve a need.
 Usually originate from colleagues, relatives, social networks...
 Prefer high quality, durable products.
 A customer can buy up to 5-10 products in 1 year.
 - Usually buy goods on e-commerce platforms or at companies

Purchase barrier

meet the needs

CHAPTER X SEGMENTATION
1. GEOGRAPHIC
Regio Northern Typically is:
n VietNam: +Ho Chi Minh City: has the advantage of air transport,
 Red river located in the southern key economic region,
delta especially Saigon port with the largest loading and
 North unloading capacity in the country. Abundant and
central highly skilled workforce. Infrastructure developed
coastal strongly, especially in Transport & Communications.
Received the attention of the State & is the largest
Southern
foreign investment attraction in the country.
VietNam:
 Central
+Hanoi: is the capital, located in the northern key
highlands economic region, attractive to the surrounding areas.
 South
Has a long mining history. Abundant and highly
central
 coastal skilled workforce. It is an important traffic hub in the
 South North. Received the attention of the State & attracted
eastern the second largest foreign investment, after Ho Chi
 Mekong Minh City
river delta
Densit Urban, suburban
y
City 50000-250000; 250000-500000; 500000-2000000; 2000000-8000000;
size 8000000+

2. DEMOGRAPHIC
Age Group from 15 to 25 Generation Z, not fully
years old financially independent.
Decisions are still
influenced by people
around.
Tend to be unique,
affordable and diverse in
design.
PNJ Silver Store: Targets
young customers aged 15-
25. The customers of this
group are often those who
love fashion accessories
and like to assert
themselves.
Group from 25- 45 years Generation Y, the average
old. income at this age is 14-
21 million dong
Generation Y, the average
income at this age is 14-
21 million dong.
Pay more attention to
quality and price.
Customers are mainly
female customers and have
a good average income and
spending level.
PNJ Gold Store: Targets
female customers aged 25-
45. These customers
usually have a good
average income and
spending.
Group over 45 years old. Generation X
Income is not stable,
 buying decisions are greatly
influenced by people
around.
Family life cycle Young, single, married, with/without children, older,
under 18, other
Gender Male, Female Except for PNJ Gold and
Income Middle income to high Silver, to suit the higher
income segments, PNJ has
launched more unique
jewelry and accessories
options designed for each
audience - STYLE BY PNJ
CAO Fine Jewelry Store:
The customer group that
PNJ wants to target are
high-income customers.
Are overseas Vietnamese
customers, or foreign
tourists, who are willing to
pay for expensive jewelry
products.
Occupation Professionals, white collars, celebrities, affluent
businessmen, businesswomen, senior executives,
managers, officials
Generation Gen X, Gen Y, Gen Z
Nationality Mostly Vietnamese, other Not only works in domestic
foreigners occasionally: array.
North American, Latin Up to now, PNJ is the only
American, British, enterprise operating in this
French, Chinese, Indian, export segment. The
Japanese. markets that PNJ targets are
mainly the markets of the
US, Germany, Denmark,
etc.
Social class Working class, middle class, upper class

3. PSYCHOGRAPHIC
Social class Working class, middle class, upper class
Lifestyle Love your family, live a Love family, old- fashioned way
modern lifestyle, work of life, loyal to long-term
hard, are devoted to products, know knowledge about
your friends, and are gold, diamond, have social
engaged in your relatonship
community
Personality Confidence, materialistic, acquisitive, unpleasant
self-expression, meticulous, stylish, personality, have
 like perfection high requirements
for the quality and
durability of the
product, be careful

4. BEHAVIORAL
Behaviour Group from 15 to Group from 25- Group over 45
25 years old 45 years old. years old

Buying Habits This is the age Because this is also When at this age,
when Gen Z will the age when focus on the
usually have access having a lot of quality of a
to a lot of social stable income will product for
networks and many be important in example the
sales apps. financial matters, it quality of the
Because this is the is quite normal to product is good, no
age when there are buy gold to hoard breakage, no grain,
not many people or many people silver does not
with high and will have a habit of change color after
stable income, buying gold as a period of use so
they will focus gifts for friends they will choose
and pay attention when they I don't brands popular. In
to many like giving money addition, they
programs. but giving gifts. choose to buy
promotion. In Gene. Often gold as a source of
addition, this is influenced by savings to leave
also the age to colleagues, for their
focus on new and friends, relatives, descendants after
favorite beauty social networks. . they lose their
products they will At this age, they dowry.
focus on finding often have the
habit of shopping
after a working
day.
Loyalty Since they associate the brand with luxury and nobility, the
Status majority of them flock to PNJ for the high quality and fresh
designs that the products offer to customers. resulting in
increased customer loyalty to PNJ.
User status Young people These people often have the mindset that
often think that products should prioritize quality and
shopping is a durability over beauty. In addition,
hobby or a habit to persistence is required for long-term
relieve stress after storage as this is not a product that is
a while or a constantly being replaced. There are
working day, and many adults who will invest in gold to
in addition to make a profit.
 young people, they
pay great attention
to fashion,
matching clothes
with current
jewelry products
PNJ hours.
Customer Consumers will often behave curiously to consult jewelry
Lifecycle websites first to fulfill their jewelry-related needs. As a result,
stores will be able to conveniently collect information, deliver
new products to Gen Z, and continuously support Gen Z
services. So this is the kind of service GenZ wants to be. Fort.
the store's care and affection.
Attitude Usually at these This generation will usually have a
toward ages, it is easy to steady source of income to support their
product get bored when personal lives and finances. They will
using a product often adore and cherish jewelry
with an old model purchased with their own money or that
that is too outdated of a loved one.
and wants to have
a need to buy new
ones..

CHAPTER XI TARGETING
- The target audience is both male and female. PNJ stores are
aimed at the age group of 25 - 45. These customers usually have
Variables average, good income and spending.
- target customers in the south. Mainly concentrated in big and
densely populated cities such as Ho Chi Minh City, Dong Nai,
Binh Duong, Can Tho,...
 - As a leading enterprise in the jewelry industry, always gold
Segment size before storms. The new vision turns PNJ into a leading company in
and growth Asia in the field of jewelry manufacturing and retailing. Helping
customers honor beauty and bring products to the world.
- To achieve this new goal, the PNJ jewelry center has been
building a strategy to develop both depth and breadth.
Comprehensive development of production, distribution and retail.
Continuing to expand production trade with a team of designers -
creating separate models. Promote store expansion, launch more
new brands targeting each customer segment in the market.
Develop separate, low-resolution product lines to reach customers
closer. This will be a new strategy, long-term direction of PNJ.
- PNJ will continue to enrich customer resources through
personalization and experience, leading the market in applying
technology in business, upgrading and expanding the point of sale
and omnichannel sales system to bring the best customer
experience. more comprehensive. In parallel, PNJ will increase the
efficiency of supply chain management to ensure continuity and
make a difference in value and product quality with world leading
standards.”
-PNJ will continue to enrich customer resources through
personalization and experience, leading the market in applying
technology in business, upgrading and expanding the point of sale
and omnichannel sales system to bring the best customer
experience. more comprehensive. In parallel, PNJ will increase the
efficiency of supply chain management to ensure continuity and
make a difference in value and product quality with world leading
standards.”

Family life Young, single/married, with/without children;

cycle Older, married with children
Income Middle income (B+ 6 to 13 million
VND/month) to high income (class A 13 to 20
million VND/month)
Occupation Professionals, white collars; celebrities, affluent
businessmen, businesswomen, senior
executives.
Nationality Vietnamese, foreigners occasionally.

Social class Middle class to upper class

Lifestyle Succeeders, aspirers, mainstreamers

Personality Confident, like to show, like luxury beauty

 Occasions Special occasions: Wedding, engagement,
prom, formal meeting, diner gala party and
celebration.
Benefits Aesthetically pleasing, symbolize wealth and
sought social status, express personality, increase self-
esteem and boost confidence.
User status Potential user, first-time user, occasional users
and ex-users.
Attitude Positive, increasing level of customers’
toward satisfaction.
product

PNJ targets long and wide market segments that are already
study non-stop to fully understand
customer needs and ultimately deliver outstanding performance
Structural jewelry products. Brand products are made to
attractiveness In accordance with the distinct needs of different types of
client. Moreover, with the rise of the middle
class and economy are forecasted positively, PNJ is
operating in a highly segmented market
attractive and account for more than 62%
population. Therefore, the marketing strategy that PNJ
in use are Direct and Special

1. Partition address
With a focus on developing the domestic market, PNJ represents its influence by
operating 173 stores across major cities and suburban areas across the country, and the
number is growing. Enterprises not only aim to have a significant appearance in Ho
Chi Minh City, but also left a mark on the image of a prestigious brand for local
people in the city emerging economic cities such as Binh Duong, Can Tho, . In
general, PNJ is more concentrated in the South Vietnam market, accounting for 85%
and 70% of total revenue for PNJ gold.and PNJ silver respectively, only from this
region.

2. Demographic Segmentation
In general, almost all of PNJ's jewelry products are for female customers, only one
some exceptions such as some men's watch collections and some exclusive designed
CAOs Fine jewelry ordered by the executive.
PNJ offers 4 distinct branded products targeting 4 different customer groups. Arrive
Initially, PNJ Silver aims to serve the requirements of girls from 15 to 25 years old,
who love fashion and is always looking for self-expression, by offering graceful and
elegant bracelet cars and line line. Next is JEMMA, a brand selection specifically for
young female office workers, people interested in finding good and renewing
themselves. Third, the PNJ gold segment from 25 to 45 years old, including more
prominent women and the middle to upper class are less price conscious. Finally, the
famous CAO Fine Jewelry connotes luxury and high class.
The collection is specially crafted to serve high-income and Vietnamese customers
abroad.

3. Psychological zoning
Here, we use the 4Cs lifestyle classification, which stands for Transcultural Consumer
Characteristics proposed by (Young & Rubican).
Customers for PNJ's high-end product line are usually senior managers, executives,
side businessmen and politicians. They are job-centered achievers, high social
address, confidence and brand choice are often geared towards reputable brands.
Aspiring people are people who care about their looks, tend to be younger and eager
to learn. They care about their image in the eyes of others and may care about material
things to some extent. These difficult customers contribute the largest proportion of
PNJ's revenue.
Mainstream customers account for the largest number of customers coming to PNJ
and are potential customers user. However, they are the vast majority of society,
normal, sentimental and more familiar with the use of the label “family”.

4. Segmentation by behavior
Undoubtedly, PNJ is most interested in the occasions when consumers spend income
applicability to jewelry products, because the common characteristic of jewelry is only
optional items, value for money and used only in specific events. number is
predictable times of the year when demand is high, such as the start of the wedding
season from September every year. Various events are relatively unpredictable but
happen all year round such as proms, partner meetings, official company parties and
gala dinners.
Customers who visit a PNJ store often have a number of reasons to buy jewelry at
their store mind. For whatever reason, they are potential users of PNJ, and a
percentage people with goodwill and ability to buy will become first time users. The
increasing satisfaction that PNJ brings is pulling more customers back brands and they
are occasional customers. However, the jewelry market in Vietnam is highly
competitive, with many substitutes offered by competitors affecting loyalty and pull
buyers away from PNJ.
 CHAPTER XII POSITIONING
1. COMPETITIVE ADVANTAGES
PNJ dominates the jewelry market with 3 main competitive advantages:
1.3 Product differentiation
Since its inception in 1988 until now, PNJ has been constantly innovating,
combining handicraft art and modern production technology to offer
sophisticated, luxurious and trendy products to honor the beauty of the world.
and true value for customers. Importantly, PNJ always knows how to deeply
research into the psychology of many classes of customers. PNJ differentiates
itself from competitors by selling a variety of products and goods from
customers' needs, and jewelry lines are constantly renewed in terms of designs
and designs. Especially objects. Customers are also expanded from age to style,
even pricing is also rich according to the variety of products. This helps PNJ
attract all customers, sell goods in all segments. .

 PNJ Silver Jewellery: Appearing on the Vietnamese jewelry market

from 2001 to present, PNJSilver has brought PNJ's silver line to all
provinces in Vietnam, satisfying the youth's thirst for fashion jewelry and
bringing new and youthful colors. more for PNJ. The criteria for selecting
PNJ's silver collections are grace, courtesy, age appropriateness and
reasonable prices.
 PNJ Gold Jewellery: is dedicated for mature adults and middle-aged
women. This line extension aims to serve customers who want items that
symbolize their happiness, prosperity and elegance. The products of this
line are often decorated with diamonds, gemstones, or pearls. In addition,
PNJ also produces gold bars
 CAO Fine Jewellery: are marked with distinctive luxurious products and
collections. This brand is for financially strong individuals, thus quality is
equal to price purchased
 PNJ Watch: Starting to enter the watch market in 2012, PNJ focused on
the mid- and high-end market segments, similar to the company's market
domination strategy for the jewelry segment. PNJ Watch brand has been
making steady progress with product lines that are popular with
consumers such as: Longines, Movado, Michael Kors, Tissot,...
 Disney PNJ: This product line was born from the partnership between
PNJ and Walt Disney with the goal of bringing passionate fans of unique
characters from Walt Disney with contemporary fashion products of
outstanding quality and value. dominant from PNJ. The designs are
created from images revolving around iconic Disney characters such as:
Frozen Elsa, Princess Cinderella, Snow White, Pooh Bear and Friends,
and mouse. Mickey, ... brings extremely new experiences, not only
awakening and honoring the beauty of personality from the love of each
character, but also conveying the message of youth, optimism, aspiration.
life, aspiration for action and a pure childhood in each person.
 PNJ Art corporate gifts: With the strength in design level, processing
technology and a team of skilled artisans and jewelers, PNJ not only has
 masterpieces of jewelry honoring the beauty and joy proud of women, but
also one of the pioneer brands in developing the gift product line for
corporate customers. The corporate gift segment has 6 main product lines
to help businesses have many options to show their respect, gratitude or
mark a development stage in the brand's history.
Honorary Gifts; Gift cards; Jewelry gifts; Fashion gifts; Gift masterpiece
1.4 Service differentiation
Not only winning the hearts of domestic and international customers because of its
superior quality products and exquisite designs, PNJ is loved by customers for its
quick, convenient and safe services for customers to obtain. That is a competitive
advantage.
a. Online shopping on the site:
Professional website layout, highly comprehensive and easy to navigate.At the
website pnj.com.vn, everything is always improving day by day, specifically:
arranging tens of thousands of jewelry items in hundreds of categories
scientifically, providing the most user-friendly and streamlined interface. ,
providing customers with the best options for their needs. With the above series
of improvements, pnj.com.vn now owns a convenient "2 clicks to buy" interface.
b. Fast delivery 3 hours:
Along with simple but effective experiences on the website, the brand also
continuously strengthens its fast delivery system. The program is applied to
products with the icon "3H fast delivery", in the inner city: Ho Chi Minh City,
Hanoi, Da Nang, Hai Phong, Bac Ninh, Thu Dau Mot, Di An, Thuan An, Bien
Hoa, BA Ria Vung Tau. In particular, any of your orders will also receive free
shipping.

In addition, the packaging and preservation process of PNJ's goods always

complies with many strict regulations and standards to ensure maximum safety
and benefits for customers. Customers when receiving goods from the shipping
staff are allowed to check the integrity of the package with 2 sealing stamps, and
can open the goods to check the goods inside. PNJ also encourages customers to
record videos during the goods inspection process to easily solve arising
problems.
c. Buy and get advice on multiple platforms
Realizing that the demand for home shopping is increasing strongly, in addition
to improving purchase methods such as Hotline, Facebook, etc., PNJ has taken
advantage of this opportunity to make improvements that are very convenient
for customers all over the world. platforms.

In addition to directing users to buy goods online on the website, hotline and
Fanpage, PNJ also deploys a purchase channel through the Zalo platform. With
the free messaging application used by the most Vietnamese people, many PNJ
customers can now quickly interact and capture information from the brand. For
PNJ's Zalo Official Account (Zalo OA) channel, customers can view products
and place orders right on this platform. Online consultants will respond, answer
and advise all about products, services and promotions.

The first PNJ switchboard and hotline (1800 54 54 57): One of the first call
centers operating in jewelry industry in Vietnam opened in October 2014 with
the mission of proving the help and Professional support for warranty and after-
sales service.
d. Installment 0%:
Now, owning a jewelry of PNJ will be easier than ever with a smart way of
spending: 0% interest installment installment – split the payment gently with 0%
PAYMENT PROGRAM BY CREDIT CARD. Now, owning a PNJ jewelry will
be easier than ever with a smart way of spending: 0% interest installment
installment. 0% interest program applies to payments. card payment from
5,000,000 VND. Especially, flexible tenor up to 12 months. Not only has an
easy payment form, simple procedure, this offer also has no limit on the number
of purchases.
e. Many beneficial policies for customers:
+ Warranty and return policy in favor of customers
+ Free permanent cleaning at the store
+ Loyalty policy
+ Use special offers, earn points, discount when buying
f. Precious metal consultation and Diamond inspection service run by PNJ
Laboratory Company limited:
“PNJ was the first Vietnamese company that had the certification ISO 17025”,
issued by ISO (International Organization Standardization). Therefore, PNJ’s
gemstone certification and other accreditation services are widely accepted
worldwide.
1.5 Channel differentiation
 Distribution channels are easily accessible. PNJ's stores are spread
throughout Vietnam, with a dense number of stores, nearly 400 stores
nationwide, mainly in big cities in prime locations such as city centers
and shopping malls where the population has a fairly average income,
and here people also have a much higher demand than in other
provinces. PNJ expands in all markets and it is difficult for other gold
jewelry businesses to jump into retail competition with PNJ. That is
the difference compared to Bao Tin Minh Chau, a strong brand in
Hanoi but facing many difficulties when expanding its scope of
activities further. The number of pnj's stores is more than double the
total number of stores of all 3 brands SJC, Doji and Bao Tin Minh
Chau combined, this system helps businesses reach customers
nationwide and dominate the market share.
 Four main depots in Ho Chi Minh City, Can Tho, Da Nang and Hanoi
ensure the fastest delivery of products to customers.
1.6 Image differentiation
The PNJ’s brand image in customers’ minds is a luxurious, trustful and
professional.
a. Logo
+ PNJ logo design means "Convergence and shine".
+ PNJ logo is inspired by the precious and attractive diamond symbol.
Diamonds are considered the most precious and valuable of all gemstones.
Using diamonds in the logo PNJ brand wishes about permanence and
transparency.
+ The 5 rays of light in the PNJ jewelry logo represent the diversity of the
company's fields of activity but are all based on core values since its
inception. 5 simple but powerful, flexible and skillful rays of light represent
the jewelry industry - the brand's main activity. In addition, these 5 rays of
light in the PNJ logo also represent the five elements, meaning the continuous
movement and continuous development of PNJ. The symbol of 5 rays of light
originating from a point radiates and converges again from that point.
+ The iconic part in the PNJ jewelry logo also includes the word PNJ
(abbreviation of the brand name) designed with legs to create certainty and
curving lines to show softness and flexibility.Slogan
Faith and style
b. Slogan
“Belief and Style” PNJ's slogan, PNJ logo all create a sense of brand
consistency. While the PNJ logo creates a sense of fashion, style and creates
trust, PNJ's slogan is also "belief and style". PNJ wants customers to trust the
quality of products and services. and emphasized that the products at PNJ will
bring their own style to customers. Only 5 words with two expensive nouns
that PNJ has oriented consumers to know about its brand.

c. Colors in the PNJ logo

+ The two main colors of the PNJ logo are yellow and blue with meaningful
messages. Gold color is the color of gold metal - the main material in precious
jewelry making.
+ The gold color in the PNJ logo helps people easily associate the company's
supply field. Yellow is also a symbol of prosperity and wealth, bringing
positive emotions, warmth and luck.
+ The blue color in the PNJ logo is the color of the sky, the color of the ocean
is a symbol of trust and assurance. That is also the quality commitment that
PNJ wants to convey to customers through the PNJ logo. In addition, blue is
also considered as the color of cooperation, success and sustainability chosen
by many big brands. The combination of these two tones gives the logo
design a youthful, fashionable and stylish look.
+ The overall PNJ logo, although it looks simple, is quite suitable for the
industry and carries many deep meanings that bring prosperity, luck and
sustainability to the brand.
2. POSITIONING MAP
+ With advanced technology and a dominant number of artisans, PNJ is
creating the highest quality jewelry products for the domestic market. Higher
quality comes with a higher price tag, and customers willing to shell out the
big bucks get more sophisticated pieces, glued with more precious materials.
PNJ's competitors can mention other large jewelry retail chains: DOJI, SJC
(retail of gold bars, much lower profit margin), BTMC.
+ For many years now, SJC, DOJI have accounted for 90% of the market
share of gold bars in the market. However, starting from May 25, 2012, the
state monopolized the production of gold bars and currently SJC is only
allowed to process for the State Bank of Vietnam. country. Moreover, the
profit margin of gold bars is also much lower than that of jewelry. Therefore,
in order to develop, nothing more needs to be done than to expand investment
into the gold jewelry field. Become a big competitor for PNJ. However, gold
bars are still the main business products of SJC and Doji. SJC and Doji are
still quite "loyal" to the traditional gold bar business. So when comparing
quality, SJC and DOJI designs are not comparable to PNJ.
+ As for Bao Tin Minh Chau, also one of the big brands with many years of
experience, good product quality, mid-range price, but only developed in the
North.
+ Pandora is an international brand that is loved by many young people with
outstanding products such as bracelets and Charm. A brand from Denmark
with large scale, high quality and expensive price. PNJ has cooperated and
distributed Pandora's products, jewelry brand products from Denmark will be
displayed in PNJ Next and PNJ Center stores. This contributes to the
rejuvenation of the group of customers who come to PNJ, and at the same
time increases the diversity and freshness of choices for jewelry believers. In
addition to the benefits of optimizing store business efficiency through
increasing revenue and controlling operating costs, cooperating with Pandora
to help PNJ implement the multi-brand strategy, will be an important step for
internationalization and youth. branding. Further, this strategy also helps PNJ
achieve its goal of becoming the leading professional retailer in Asia.
+ In addition to the large enterprises mentioned above, there are currently
about 12,000 gold trading enterprises in the country, which are the main
competitors in the current popular jewelry market. The price is much lower,
the management level is not high and traditional.
3. Positioning strategy
PNJ applies the positioning strategy "more for more" to affirm its position as a
high-end jewelry brand. Vietnam is one of the countries with high growth rate in
the world with a large population of over 90 million people, the majority of the
young population is of working age. The increasing income of Vietnamese
people leads to an increase in the demand for providing high-class goods and
services, including the demand for jewelry. PNJ provides high quality jewelry
products and class service by suitable pricing. The higher the price a customer is
willing and able to buy, the more valuable their product is. Higher prices come
with increasing benefits and more sophisticated designs. The direction of the
"more for more" strategy is more luxurious and advanced, which means that the
business will bring products/services to the market with superior quality, higher
value and higher pricing to confirm. that position.

CHAPTER XIII MARKETING

OBJECTIVES
1. MARKET COVERAGE
PNJ is the leading brand in Vietnam in the field of manufacturing and retailing
jewelry made of gold, silver, and precious stones. PNJ products are increasingly
favored by countries in Asian and European markets. PNJ specializes in
manufacturing and trading gold, silver, precious stones, business gifts, fashion
accessories, souvenirs, watches, providing inspection services for diamonds, precious
stones, precious metals, etc.
PNJ has 3 sales channels: retail, wholesale and export. In which, retail is identified by
PNJ as the most important spearhead in the company's development orientation.
According to the Vietnam Report, the Top 10 prestigious retail companies in 2022 are
evaluated. Appearing at the 3rd position in the top 10, PNJ is also one of the leading
brands in Vietnam in the field of manufacturing and retailing gold, silver and
gemstone jewelry.
In the first quarter of 2022, the PNJ Gold chain opened 2 new stores and upgraded 3
stores while the PNJ Silver chain closed 4 stores. By the end of the first quarter of
2022, the PNJ system had 340 independent stores including 321 PNJ Gold stores, 10
PNJ Silver stores, 3 CAO Fine Jewelry stores, 2 stores PNJ Style store, 1 PNJ Watch
store and 3 PNJ Art stores.
As of the end of June 2022. PNJ opened 16 new stores and upgraded 11 PNJ Gold
stores in the first half of the year, bringing the total number of stores in this chain to
332. PNJ Style also increased its presence by adding 2 new stores, bringing the total to
332. 4 stores.
End of the third quarter of 2022: PNJ completed 99% of the year's plan.
As of the end of September 2022, the PNJ system has 354 independent stores. In
which, opening 21 new stores and upgrading 19 PNJ Gold stores, opening 2 new Style
by PNJ stores, opening 1 new PNJ Watch store. And closed 6 PNJ Gold and 6 PNJ
Silver stores to optimize business performance.
As of the end of October 2022, the PNJ system has 358 independent stores. In which,
opening 24 new stores and upgrading 25 PNJ Gold stores, opening 3 new Style by
PNJ stores, opening 2 new PNJ Watch stores and closing 7 PNJ Gold and 6 PNJ
Silver stores to optimize efficiency business results.
As of the end of November, the whole PNJ system recorded 362 stores in 55
provinces and cities. In which, since the beginning of the year, PNJ has opened 33
new stores and closed 13 stores for restructuring.
⇒From here, it can be seen that PNJ is recovering very quickly from the COVID-19
pandemic and returning to the race in the gold and jewelry industry.
The proof is that stores in many areas of the business were opened consecutively.
Currently, PNJ's store system has been present nationwide, spreading across 63
provinces and cities.
⇒PNJ plans to open 35-40 new stores every year 2022 and 30-40 stores in the period
of 2022-2025 to fill the market share gap by many businesses in the jewelry industry
others abandon the market because of financial problems,
creating a growth momentum of 12% annually.
*In addition, PNJ shares a plan to expand its store network to 2025 with more than
500 points of sale from 336 by the end of September 2021.
2. SALES GROWTH
According to the recently announced consolidated financial statements of the fourth
quarter of 2019, PNJ achieved net revenue of more than 5,321 billion dong and net
profit of nearly 385 billion dong, up nearly 31% and 45% respectively over the same
period last year.
Although the gross profit margin in the fourth quarter of 2019 was lower than the
same period last year (19.2% compared to 20.3%), PNJ's net profit growth far
exceeded the increase in revenue thanks to the Company's good control of expenses.
sales and business management.
For the whole year of 2019, PNJ recorded more than VND 17,000 billion in net
revenue and approximately VND 1,191 billion in net profit, up nearly 17% and 24%
respectively over the previous year.
2020 and the first quarter of 2021 are times of crisis and difficulty for all businesses.
Not only brands are suffering because of the pandemic, people's income sources are
also affected a lot. This makes it difficult for retail businesses. PNJ is also not out
there, but with the right guidelines and policies implemented, BVSC expects that in
2021 PNJ will return to the growth trajectory, but there are still challenges when
people's income needs time for full recovery.
This can be seen clearly in January 2021, when PNJ recorded a revenue increase of
30% over the same period last year, reaching VND 2,170 billion and profit after tax of
VND 168 billion, equivalent to the same period.
Gross profit margin in the period decreased to 18.9% compared to 23.3% in January
2020, mainly due to the high proportion of gold bar revenue, but the company
continued to maintain its performance. promotions, making profits almost flat over the
same period.
Forecasting for the whole year of 2021, BVSC estimates that PNJ's revenue will reach
VND 19,151 billion and profit after tax at VND 1,203 billion, up 9% and 13%
respectively compared to 2020. In which, retail revenue is expected to reach VND
11,705 billion, up 12% compared to 2020, in the context that the old store revenue
growth rate recovers to double digits.

The main drivers for the PNJ retail channel to recover include: Economic activity and
people's income gradually return, besides the demand for wedding jewelry of many
couples delayed due to Covid in 2020.In 2021, the company will also develop new
product groups to expand the target group of customers, specifically the PNJ by Style
collection aimed at young dynamic customers who love trending fashion at affordable
prices. reasonable compared to the traditional jewelry line before.
In the first quarter, Phu Nhuan Jewelry Joint Stock Company PNJ recorded positive
business results. Both revenue and profit after tax increased by more than 40% from
the low base of 2021. In the first quarter, the company completed 39% of the business
year plan.
+ The revenue of the first quarter reached over 10 trillion, up more than 40%
compared to 7 trillion in the same period last year.
+Extraordinary expenses decreased sharply compared to last year.
+ The retail business of gold and gold bars also increased by more than 30% due to
the recovery of the world gold price.

In the first quarter of 2022, PNJ recorded net revenue of VND 10,143 billion, profit
after tax of VND 721 billion. Thus, only in the first 3 months of the year, PNJ's profit
was 70% of the previous year (VND 1,029 billion).
The business report for the first quarter of 2022 of Phu Nhuan Jewelry Joint Stock
Company showed that in March 2022, PNJ's net revenue and profit after tax were
VND 3,077 billion respectively (up 41.5% compared to the same period last year).
period) and VND 199 billion (up 48.5%). Revenue and profit in the first quarter
increased by 41.2% and 40.7% respectively over the same period.
Regarding revenue growth by channel, in the first quarter of 2022, retail sales of PNJ
increased by 43.2% over the same period, wholesale revenue increased by 12.3%,
gold bar revenue increased by 61.1%. The ratio of gross profit/net revenue reached
17.4% compared to 18% in the same period in 2021, mainly because the proportion of
gold bar revenue increased from 27.8% to 31.6%. Operating expense/profit ratio
reached 46.5% compared to 49.5% in the same period in 2021.
In the second quarter of 2022, PNJ reported a 71% increase in profit to nearly 400
billion dong.
The reason for this miraculous growth is: "Business results increased by more than
10% thanks to the excitement of the retail market after the Covid-19 pandemic".
According to PNJ's financial report announcing business results in the first 6 months
of 2022, PNJ reported a profit of more than trillion VND, completing 82.5% of the
2022 profit plan after 6 months.
This report shows that the revenue and profit after tax of PNJ in the second quarter of
2022, respectively, increased by 81% and 71% over the same period, reaching VND
8,058 billion and VND 378 billion, respectively.
In the first half of 2022, PNJ recorded a 56% increase in net revenue to VND 18,210
billion, and a 48% increase in profit after tax to VND 1,088 billion.
==>PNJ has completed 70.5% of the revenue plan and 82.5% of the profit plan set out
at the beginning of the year.
Also according to PNJ's report, the positive business results also fluctuated when the
wholesale segment reduced the proportion of revenue contribution from 14.2% to
11.8%.
However, PNJ gold bar segment recorded a growth from 26.6% to 28.2% and retail
increased from 56.8% to 58.6%. These are also the two channels with the highest sales
growth over the same period.
Retail sales increased approximately 62% due to the combination of many factors
such as new revenue from newly opened points of sale, existing stores maintaining
good sales.
As of June 30, 2022, total assets of PNJ reached 11,019.4 billion dong. Notably, PNJ's
cash and cash equivalents increased by 113.4 percent compared to the beginning of
the year, to 758.7 billion dong.
Along with that, PNJ also has 750 billion dong in short-term savings at Vietcombank,
SeABank, VIB, and HD Bank, which is accounted for as financial investment.
Accounting for a large proportion of PNJ's total assets is inventory, with a value of
VND 7,959.3 billion, down 9% compared to the beginning of the year, including
VND 4,463.9 billion of inventory used for collateral for short-term loans.
On the other side of the balance sheet, by the end of the second quarter of 2022, PNJ's
outstanding loans and finance lease liabilities decreased by 67.6% compared to the
beginning of the year, to 877.4 billion dong. These are mainly short-term loans from
commercial banks.
End of the third quarter of 2022: PNJ completed 99% of the year's plan.
The report shows that the retail group of goods achieved a good growth, PNJ recorded
a net revenue of the third quarter of 2022 of VND 7,364 billion (up 739.7% over the
same period) and Profit after tax of VND 252 billion. VND 160 billion compared to -
160 billion VND in the same period in 2021 due to the closure of 241/332 stores to
comply with regulations on prevention of Covid-19 epidemic.
In the first 9 months of 2022, PNJ's net revenue and profit after tax reached VND
25,574 billion (up 104.4% over the same period) and VND 1,340 billion (up 132.7
percent over the same period), respectively.
In the first 9 months of 2022, PNJ's revenue increased by 113.3% over the same
period thanks to good growth in brands and regions; Customer exploitation activities
achieved high efficiency; Marketing programs in the third quarter were deployed
flexibly in accordance with the market context and customer tastes.
The retail channel's 9-month revenue increased by 84.7% over the same period.
The accumulated revenue from 24K gold in 9 months also increased by 104.2% over
the same period due to the influence of investment trends and customer demand in the
context of high inflation pressure.
The average cumulative gross profit margin of 9 months reached 17.4% compared to
18.5% in the same period due to the change in retail sales structure.
Total accumulated operating expenses in 9 months increased by 73.4% over the same
period, the ratio of operating expenses/gross profit reached 59.4%, down from 65.9%
in the same period in 2021.
⇒In 2022, PNJ sets a target of 32.2% net revenue growth, equivalent to more than
25,834 billion dong and 28.2% growth in net profit, equivalent to more than 1,319
billion dong, reaching 20% dividend.

3. MARKET SHARE
According to the report, the retail sector of the economy had strong development. PNJ
reported third-quarter 2022 net revenues of VND 7,364 billion, an increase of 739.7%
over the same period, and profit after tax of VND 252 billion. Due to the closure of
241/332 stores to comply with restrictions on the prevention of the Covid-19
epidemic, VND 160 billion was decreased from -160 billion VND in the same period
in 2021.

Net sales and profit after tax for PNJ in the first nine months of 2022 were VND
25,574 billion (increased 104.4% over the same period) and VND 1,340 billion (up
132.7 percent over the same period).

The PNJ leader claimed that the business outcomes were made possible by the
business plan's accurate market analysis as well as the employees' initiative and hard
work.

99% of the year's plan was completed by PNJ in quarter III of 2022, as shown in
photo 1. PNJ's business results for the first nine months of 2022. Picture: PNJ

With the aforementioned statistics, PNJ has already achieved 99% of its revenue
target and 101.5% of its profit objective for 2022, which is mostly due to the retail
channel.

Thanks to strong growth in brands and geographic areas, PNJ's revenue increased by
113.3% over the same period in the first nine months of 2022. Customer exploitation
activities also saw high efficiency, and in the third quarter, marketing initiatives were
deployed adaptably in line with customer preferences and the market environment.

PNJ: The deadline for the third cash dividend payment of 8% for 2021

PNJ: The deadline for the third cash dividend payment of 8% for 2021

With the jewelry industry expected to rebound in 2022 and a successful strategy in
place to attract wholesale clients, PNJ's income from the wholesale channel surged by
84.7% over the previous nine-month period.
Due to the impact of customer demand and investment trends in the context of intense
inflation pressure, the total revenue from 24K gold in the past nine months increased
by 104.2% over the previous nine months.

In addition, due to the shift in the structure of retail sales, the cumulative average
gross profit margin over the past nine months fell to 17.4% from 18.5% during the
same time.

Operating expenses as a percentage of gross profit increased to 59.4% from 65.9% in

the same period in 2021, reflecting an increase of 73.4% in total operating expenses
over the previous nine months. cost savings were achieved through the application of
technology in sales and company management.

In 2021, PNJ's market share is only 0.6% because during this period,( (Trang sức nhẫn
- Báo cáo xu hướng thị trường sàn TMĐT) during the covid pandemic, PNJ's market
share accounted for a lower proportion compared to competitors. When the epidemic
was completely controlled, the company took measures to increase PNJ's market
share, position the business to compete with competitors, and increase PNJ's absolute
market share by 1.2% compared to that of competitors. last year.

4. SMART
The company expects revenue and earnings to expand by double digits in 2022 and
wants to raise capital to 3,096 billion dong.In comparison to the outcomes of 2021,
PNJ expects net revenue of VND 25,835 billion and profit after tax of about VND
1,320 billion in 2022, an increase of 32% and 28%, respectively. The anticipated
dividendlevel is 20%, the same as in 2021.
The Board of Directors (BOD) suggests to shareholders rewarding the Board of
Directors and key executives if this year's profit after tax is higher than last year's
results. Bonuses for the Board of Directors and other important executives will be 1%
of the realized after-tax profit if the realized after-tax profit in 2022 reaches 128% of
the realized after-tax profit in 2021. This is the predicted level that PNJ hopes to reach
in the year if the realized after-tax profit in 2022 reaches 135% of the realized after-
tax profit in 2021, bonus to the Board of Directors and key leaders 1.5% of the profit
after tax.
As part of the Employee Options Program (ESOP), PNJ also intends to issue shares at
a rate of 2% of the total number of shares outstanding at the time of issuance this year.
Prior to ESOP approval, the issue price is anticipated to be equivalent to 40% of the
average closing price of 10 consecutive trading days.
In addition to ESOP, PNJ intends to issue about 82 million shares from equity at a 3:1
ratio (owning every 3 shares will receive 1 new share). If adopted, PNJ's charter
capital would rise from VND 2,276 billion to VND 3,096 billion

SMART OBJECTIVE

Specific In 2022, PNJ targets net revenue of VND 25,835 billion, profit
after tax of approximately VND 1,320 billion, up 32% and 28%
respectively compared to the results of 2021.

Expected dividend level is also 20%, similar to 2021.

Issue 82 million bonus shares

Measurable Because of fluctuations, the proportion of sales from retail is

expected to decrease from 14.2% to 11.8%.

But instead the proportion of gold bars in revenue will increase

from 26.6% to 28.2%.

Besides, the proportion of wholesale will also increase from

56.8% to 58.6%.

Aiming to increase gold bar sales to 66%

Attainable Based on the fact that the gold price is stabilizing again and
tends to increase. Besides, customers also need to find safe
investment assets.

In addition, the fact that the Fed slows down the rate of interest
rate increase due to the fact that inflation is gradually being
controlled will also increase people's demand for gold bullion
investment.
 Realistic At the end of December, PNJ plans to issue 82 million shares
from equity at a ratio of 3:1 under the employee selection
program.

Promote KPI for each PNJ store to achieve the expected net
revenue of PNJ at the end of this year of VND 25,835 billion.

Time-Bound The goal is that PNJ must achieve about the issuance of
shares about 36 months from the date of stock issuance.

The KPI level for all PNJ stores must be achieved by the end
of 2022 (and this KPI setting is set before about August
2021).

CHAPTER XIV 4P’s MARKETING MIX

FOR PNJ
1. PRODUCT
In the era of international integration and today's society is increasingly modern,
fashion trends in recent years are equally affected, especially the jewelry industry. The
jewelry industry in Vietnam is considered to be full of potential when the number of
Vietnamese-branded jewelry businesses is opened and there are also foreign
businesses entering this market. The more jewelry stores there are, the more variety of
products that are traded on the market is not small. In such a monopolistically
competitive market, customers are the ones who benefit the most when they have a lot
of product choices, along with pressure from consumers when in the industry it is very
difficult. products because large-scale jewelry businesses must develop strategies to
attract customers to dominate the market or not be eliminated from the market. The
Vietnamese jewelry market has many famous names, but prominent among them are
SJC, Bao Tin Minh Chau, DOJI or PNJ (the most successful jewelry business in the
Vietnamese market and well appreciated. price is capable of bringing Vietnamese
products to the world). To know the reasons for such success for PNJ, we will analyze
PNJ's 4P Marketing strategy. Product strategy is the first P in the 4P strategy, in order
to analyze PNJ's product strategies, we will briefly learn about PNJ's products and
product lines.

1.1 Multi-brand strategy

Seize the challenges and opportunities of this market along with the consumer needs
of customers. During the developments, PNJ has continuously transformed its
products and continuously launched, but the new brand has helped PNJ be named the
"mobile world" in the jewelry industry as a result of the multi-brand strategy that PNJ
has set out and is being implemented more and more effectively. PNJ is increasingly
adding and diversifying in all aspects of products to bring more choices to customers
or even towards all customer segments in the market. According to the portfolio of
PNJ's product lines being traded at stores such as jewelry product lines with a variety
of categories, wedding jewelry product lines are equally diverse, besides PNJ is also
diverse. To diversify its product line by distributing watches with famous and genuine
brands, the gift product line is also heavily invested by PNJ. Up to now, PNJ owns 8
different brands in the PNJ store system. 4P's products in Marketing can be tangible
items or services sold to the market by businesses, so for PNJ currently trading up to 2
items, which are tangible products with 7 brands and services. diamond inspection
with 1 mark.
a. Firstly, about the product trading brands include:
PNJ Gold: This is the oldest of PNJ's brands. Trading almost all products in the
jewelry and wedding jewelry product line with delicate, luxurious and trendy products
to honor the beauty and true value for customers.
PNJ Silver: PNJ launched this brand to trade silver products, bringing PNJ's silver
product line to all provinces and cities in Vietnam, in order to diversify its product
range and target specific and low-end segments. can satisfy the thirst for fashion
jewelry of young people and bring new and more youthful colors to PNJ, affirming
that PNJ is always leading the trend with a variety of silver jewelry and accessories.
time to help PNJ bring in more customers to dominate the entire market.
PNJ Art: PNJ created this brand to bring to customers or businesses who have a need
for jewelry gift products, and want to have delicate gift products with many meanings.
Currently, in the product portfolio of PNJ, the corporate gift segment has 6 main
product lines to help businesses have more choices.
PNJ Watch: Although there are many watch distributors in Vietnam, PNJ still
launches the PNJ Watch brand to sell watches for the middle and high-end customer
segments, as well as the strategies to occupy market for other product lines. In the
context of the fragmented market, PNJ promises to become the leader in the field of
genuine watch distribution in Vietnam.
Style by PNJ: Capturing the current fashion trend is liking creativity, expressing the
individuality of customers, Style by PNJ products are a personality statement and a
source of inspiration for the younger generation. Find out about these traits. PNJ
creates unique jewelry and fashion accessories that help customers express and reflect
those things to the outside world, creating a unique style for themselves.
CAO Fine Jewelery: Is a brand under the subsidiary CAO Fashion. Each CAO Fine
Jewelery product is a masterpiece of jewelry with elegance, elegance and
sophisticated style, embodied with a strong belief in outstanding Vietnamese talent in
both contemporary creative designers and artisans. Masterfully crafted to bring
Vietnamese jewelry and brands to the world.
Disney|PNJ: PNJ partnered with Walt Disney to launch this brand to target customers
who are avid fans of Walt Disney's unique characters and contemporary fashion
products with quality and price. outstanding value from PNJ. The designs are created
from images revolving around iconic Disney characters such as: Frozen Elsa, Princess
Cinderella, Snow White, Pooh Bear and Friends, and mouse. Mickey, ... brings
extremely new experiences, not only awakening and honoring the beauty of
personality from the love of each character, but also conveying the message of youth,
optimism, aspiration. life, aspiration for action and a pure childhood in each person.
In addition to trading in jewelry, PNJ also trades in gold bars, before PNJ traded in
SJC gold bars, but in the following years PNJ no longer sells this item according to
government regulations and must be licensed. Only a few PNJ stores are licensed to
sell this product. Meanwhile, PNJ's goal is to develop jewelry and accessories
products, so it is no longer expanding to develop this product business. Instead, PNJ
sells alternative products for occasions such as the God of Wealth Day such as the
God of Fortune Kim Ty; Gold bars Tai - Loc; The set of Phuc - Loc - Tho statues, the
statue of Our Lady of Quan Am, the God of Fortune have many meanings of fortune
and peace. For jewelry, this is the main profit-making item for PNJ and has the
highest potential for growth. Not only selling its own jewelry products, in 2021, PNJ
has cooperated with Pandora to display and distribute this brand's ring and charm
product line.
b. Second, about brands providing services to customers:
PNJ Lab: Is a trademark of the company (PNJ Appraisal One Member Co., Ltd.) a
subsidiary of PNJ. Understanding that this jewelry industry is lacking in inspection
facilities, PNJ has launched this brand to meet the market's tastes and is currently a
leading company in this field. PNJ Lab provides diamond, gold, silver, multi-precious
assessment services or diamond engraving on request.
In addition to the above service, PNJ also contributes 30% of capital to the Golden
Friend Company in the field of pawnshops to meet the maximum demand for buying
and selling jewelry of consumers.
Because PNJ's products are diversified, attracting many customers, PNJ must
constantly develop product strategies to match the current situation of this market.
Avoid letting competitors' products mix and match yours.

1.2 Brand Strategy

As analyzed about PNJ's products above, PNJ owns many different brands because
each brand deals in other jewelry products, so the naming of PNJ jewelry products is
extremely important for PNJ to have the most impact on customers in terms of
indicators such as customer record level, customer's perception of the product and the
motivation to buy for the first time or after. this. The nature of PNJ's products shows
sophistication, elegance, individuality and shows the value of customers in each
product, so it is not possible to engrave its brand name on the product like other
products, although Although attaching a brand to a product will bring many benefits to
the business as well as to the product. Jewelry will have the opposite effect, it loses
the aesthetics of the product. Instead, PNJ gives each product a name so that
customers can recognize it.
Currently, PNJ is distributing its own products to consumers, so PNJ names its
products according to their own level of brand awareness. Specifically, PNJ is using
the brand name in combination with its own name and depending on the
characteristics of the product to name its products. This naming method helps the
characteristics of the product to be fully expressed through the name of the product so
that the accessibility of customers is closer because it is almost impossible for
customers to distinguish the difference in the characteristics of each product. jewelry
they are looking to buy. One point of interest is that CAO's products are separate
products from PNJ products, so these products will not have PNJ's name.

PNJ naming such a product would be a double-edged sword. Specifically, PNJ has
given its own name to each product, but the names of these products are still related to
the PNJ brand, if a member of PNJ gets involved in a scandal or has a bad reputation
about a product, the chances are high. that all remaining brand chains of PNJ will be
affected quite a lot when customers absorb information and respond to that
information. But there are good sides about this naming that will help increase the
customer experience, the ability to reach customers helps customers make the right
choices because each PNJ brand will target different customer segments. from
medium to high-end depending on the client's finances.

1.3 Packing
Packaging is considered the 5th letter P in the
Marketing Mix, so PNJ invests heavily in
packaging design and product packaging.
Regarding PNJ's packaging process, each PNJ
product is carefully packed by PNJ. Because it
is a high-value jewelry item, the packaging has
many layers of protection, the first layer PNJ
uses foam to protect and fix the product,
followed by the outermost layer is the outer
box. This way of packaging also has another reason that customers buy jewelry
through faith. This makes customers have more confidence in PNJ when PNJ brings
respect and care in each product. As for the packaging of each product, PNJ only
prints the logo depending on the brand and one of the two typical and iconic colors of
PNJ. For products such as gifts, or gold bars, PNJ designs more patterns. PNJ's
packaging is inherently almost impossible to product information because PNJ is
using the Less is More packaging strategy, which means less information but much
efficiency. The essence of this method is based on the 2 second rule, If a shopper is
attracted by the images and words on the package within 2 seconds, they will have a
feeling that the product is perfect, understand clearly understand its features and uses
and appreciate the simplicity of product packaging. If the buyer has to look at the
product for more than 2 seconds, all efforts are immediately judged as a waste of time,
and your product is put aside in favor of other products that convey the message.
download and attract in a short time. The philosophy of “less is more” will increase
the chances of your product being the first choice making shoppers become customers
as most of PNJ's customers have an aesthetic eye in choosing. This also makes an
important contribution to brand recognition and value transmission of products and
brands.

Packaging criteria of PNJ - VIEW

 Visibility
PNJ's packaging has an identity logo, designed with a reasonable layout to bring
sophistication.
 Information
Only includes the brand's slogan and brand logo.
 Emotional impact
On some products such as fortune gold, or beautifully designed gifts, give
customers an eye-catching look, thereby promoting product purchase behavior.
 Usability
 Exquisite design helps PNJ's packaging have high use value such as display, gift
box.

1.4 Product Mix Strategy

Currently PNJ has a lot of products in the product portfolio, with many such products.
Therefore, product management will help PNJ develop strategies to add new products
in the context that PNJ is diversifying products and rejuvenating its brand.

Ring Earring Shake Bracelets

PNJ Gold PNJ Gold PNJ Gold PNJ Gold
 Gold  Gold  Gold  Gold
- White gold - White gold - White gold - White gold
with gems with gems with gems with gems
- White gold - White gold - White gold - White gold
- Italy White - Italy White - Italy White - Italy White
Gold Gold Gold Gold
- Gold 14K,18K - Gold 14K,18K - Gold 14K,18K - Gold 14K,18K
- Gold with gems - Gold with gems - Gold with gems - Gold with gems
- Gold with CZ - Gold with CZ - Gold with CZ - Gold with CZ
- White gold with - White gold with - White gold with - White gold with
pearl pearl pearl pearl
- White gold with - White gold with - White gold with - White gold with
ECZ gem ECZ gem ECZ gem ECZ gem
- Diamond with - Diamond with - Diamond with - Diamond with
gold gold gold gold
- Wedding - Wedding - Wedding - Wedding
diamond with diamond with diamond with diamond with
gold gold gold gold
 Platium  Platium  Platium  Platium
- Platium with - Platium with - Platium with - Platium with
diamond diamond diamond diamond
- Wedding - Wedding - Wedding - Wedding
Platium (with Platium (with Platium (with Platium (with
diamond) diamond) diamond) diamond)
 Diamond  Diamond  Diamond  Diamond

PNJ Silver PNJ Silver PNJ Silver PNJ Silver

 Silver  Silver
- Silver with - Silver
gems - Silver with
- Silver with gems
pearl - Italy Silver
- Silver - Ximen Silver
- Charm Silver
DIY
- Silver with
pearl
Disney|PNJ Disney|PNJ Disney|PNJ Disney|PNJ
 Gold  Gold  Gold  Gold
- White gold - White gold - White gold - White gold
with gems with gems with gems with gems
- White gold - White gold - White gold - White gold
- Italy White - Italy White - Italy White - Italy White
Gold Gold Gold Gold
- Gold 14K,18K - Gold 14K,18K - Gold 14K,18K - Gold 14K,18K
- Gold with gems - Gold with gems - Gold with gems - Gold with gems
- Gold with CZ - Gold with CZ - Gold with CZ - Gold with CZ
- White gold with - White gold with - White gold with - White gold with
pearl pearl pearl pearl
- White gold with - White gold with - White gold with - White gold with
ECZ gem ECZ gem ECZ gem ECZ gem
- Diamond with - Diamond with - Diamond with - Diamond with
gold gold gold gold
- Wedding - Wedding - Wedding - Wedding
diamond with diamond with diamond with diamond with
gold gold gold gold
 Diamond  Diamond  Diamond  Diamond
 Silver  Silver  Silver  Silver
- Silver - Silver - Silver - Silver
- Silver with - Silver with - Silver with - Silver with
gems gems gems gems
- Italy Silver - Italy Silver - Italy Silver - Italy Silver
- Ximen Silver - Ximen Silver - Ximen Silver - Ximen Silver
- Charm Silver - Charm Silver - Charm Silver - Charm Silver
DIY DIY DIY DIY
Silver with pearl Silver with pearl Silver with pearl  Silver with
pearl

STYLE By PNJ STYLE By PNJ STYLE By PNJ STYLE By PNJ

 Gold  Gold  Gold  Gold
- White gold - White gold - White gold - White gold
with gems with gems with gems with gems
- White gold - White gold - White gold - White gold
- Italy White - Italy White - Italy White - Italy White
Gold Gold Gold Gold
- Gold 14K,18K - Gold 14K,18K - Gold 14K,18K - Gold 14K,18K
- Gold with gems - Gold with gems - Gold with gems - Gold with gems
- Gold with CZ - Gold with CZ - Gold with CZ - Gold with CZ
- White gold with - White gold with - White gold with - White gold with
pearl pearl pearl pearl
- White gold with - White gold with - White gold with - White gold with
ECZ gem ECZ gem ECZ gem ECZ gem
- Diamond with - Diamond with - Diamond with - Diamond with
gold gold gold gold
 - Wedding - Wedding - Wedding - Wedding
diamond with diamond with diamond with diamond with
gold gold gold gold
 Silver  Silver  Silver  Silver
- Silver - Silver - Silver - Silver
- Silver with - Silver with - Silver with - Silver with
gems gems gems gems
- Italy Silver - Italy Silver - Italy Silver - Italy Silver
- Ximen Silver - Ximen Silver - Ximen Silver - Ximen Silver
- Charm Silver - Charm Silver - Charm Silver - Charm Silver
DIY DIY DIY DIY
- Silver with Silver with pearl Silver with pearl Silver with pearl
pearl
Kiềng Necklace Pendant Charm
PNJ Gold PNJ Gold PNJ Gold PNJ Gold
 Gold  Gold  Gold  Gold
- White gold - White gold - White gold - White gold
with gems with gems with gems with gems
- White gold - White gold - White gold - White gold
- Italy White - Italy White - Italy White - Italy White
Gold Gold Gold Gold
- Gold 14K,18K - Gold 14K,18K - Gold 14K,18K - Gold 14K,18K
- Gold with gems - Gold with gems - Gold with gems - Gold with gems
- Gold with CZ - Gold with CZ - Gold with CZ - Gold with CZ
- White gold with - White gold with - White gold with - White gold with
pearl pearl pearl pearl
- White gold with - White gold with - White gold with - White gold with
ECZ gem ECZ gem ECZ gem ECZ gem
- Diamond with - Diamond with - Diamond with - Diamond with
gold gold gold gold
- Wedding - Wedding - Wedding - Wedding
diamond with diamond with diamond with diamond with
gold gold gold gold
 Platium  Platium  Platium  Platium
- Platium with - Platium with - Platium with - Platium with
diamond diamond diamond diamond
- Wedding - Wedding - Wedding - Wedding
Platium (with Platium (with Platium (with Platium (with
diamond) diamond) diamond) diamond)
 Diamond  Diamond  Diamond  Diamond

PNJ Silver PNJ Silver PNJ Silver PNJ Silver

 Silver  Silver  Silver  Silver
- Silver - Silver - Silver - Silver
- Silver with - Silver with - Silver with - Silver with
gems gems gems gems
 - Italy Silver - Italy Silver - Italy Silver - Italy Silver
- Ximen Silver - Ximen Silver - Ximen Silver - Ximen Silver
- Charm Silver - Charm Silver - Charm Silver - Charm Silver
DIY DIY DIY DIY
Silver with pearl Silver with pearl Silver with pearl Silver with pearl
Disney|PNJ Disney|PNJ Disney|PNJ Disney|PNJ
 Gold  Gold  Gold  Gold
- White gold - White gold - White gold - White gold
with gems with gems with gems with gems
- White gold - White gold - White gold - White gold
- Italy White - Italy White - Italy White - Italy White
Gold Gold Gold Gold
- Gold 14K,18K - Gold 14K,18K - Gold 14K,18K - Gold 14K,18K
- Gold with gems - Gold with gems - Gold with gems - Gold with gems
- Gold with CZ - Gold with CZ - Gold with CZ - Gold with CZ
- White gold with - White gold with - White gold with - White gold with
pearl pearl pearl pearl
- White gold with - White gold with - White gold with - White gold with
ECZ gem ECZ gem ECZ gem ECZ gem
- Diamond with - Diamond with - Diamond with - Diamond with
gold gold gold gold
- Wedding - Wedding - Wedding - Wedding
diamond with diamond with diamond with diamond with
gold gold gold gold
 Diamond  Diamond  Diamond  Diamond
 Silver  Silver  Silver  Silver
- Silver - Silver - Silver - Silver
- Silver with - Silver with - Silver with - Silver with
gems gems gems gems
- Italy Silver - Italy Silver - Italy Silver - Italy Silver
- Ximen Silver - Ximen Silver - Ximen Silver - Ximen Silver
- Charm Silver - Charm Silver - Charm Silver - Charm Silver
DIY DIY DIY DIY
 Silver with  Silver with  Silver with  Silver with
pearl pearl pearl pearl

STYLE By PNJ STYLE By PNJ STYLE By PNJ STYLE By PNJ

 Gold  Gold  Gold  Gold
- White gold - White gold - White gold - White gold
with gems with gems with gems with gems
- White gold - White gold - White gold - White gold
- Italy White - Italy White - Italy White - Italy White
Gold Gold Gold Gold
- Gold 14K,18K - Gold 14K,18K - Gold 14K,18K - Gold 14K,18K
- Gold with gems - Gold with gems - Gold with gems - Gold with gems
- Gold with CZ - Gold with CZ - Gold with CZ - Gold with CZ
- White gold with - White gold with - White gold with - White gold with
 pearl pearl pearl pearl
- White gold with - White gold with - White gold with - White gold with
ECZ gem ECZ gem ECZ gem ECZ gem
- Diamond with - Diamond with - Diamond with - Diamond with
gold gold gold gold
- Wedding - Wedding - Wedding - Wedding
diamond with diamond with diamond with diamond with
gold gold gold gold
 Silver  Silver  Silver  Silver
- Silver - Silver - Silver - Silver
- Silver with - Silver with - Silver with - Silver with
gems gems gems gems
- Italy Silver - Italy Silver - Italy Silver - Italy Silver
- Ximen Silver - Ximen Silver - Ximen Silver - Ximen Silver
- Charm Silver - Charm Silver - Charm Silver - Charm Silver
DIY DIY DIY DIY
Silver with pearl Silver with pearl Silver with pearl Silver with pearl
In a product set size table says 3 things:
Width of product set
From the results of the table, it shows that PNJ has more than 8 product lines, not
including watches and gifts. Each product line of PNJ has different functions as well
as other customer goals such as there will be customers who will prefer to use
bracelets over other product lines, for watches, there will be customers who like the
brand. one brand over another.
Depth of product set
The depth of PNJ is reflected in each product type depending on the business brand.
The main materials PNJ is trading are gold, silver, platinum and diamond, but for
PNJSilver, it only distributes silver products. In each material, there are different
variations, showing the diversity of PNJ's products
Length of product set
Through the analysis results, it can be said that the total number of products of PNJ is
not less than 100 types of products with each other variant.
The above analysis shows that in the years since its establishment, PNJ has constantly
developed strategies to strengthen product diversification.
a. Product mix expansion strategy.
To implement the product line expansion strategy, PNJ has concretized the strategy by
continuously launching new brands and building features for the purpose of use in
accordance with the needs of the target audience as well as the target audience. row.
as a unique feature in each product of each brand. In 2012, PNJ launched the watch
brand PNJ started to enter the watch market as a distributor of genuine watches in
Vietnam. The product is very popular with consumers. Not only owning masterpieces
of jewelry honoring the beauty and pride of women, PNJ is also one of the pioneer
brands in developing gift products. PNJ also captures the psychology and shopping
behavior of consumers to buy the best quality products to choose as gifts. Grasping
the tastes of consumers along with strengths in design, high presentation team, and
financial capacity, PNJ has launched the PNJ Art brand to bring gift products for
many other segments. together. Customers are individuals and businesses have many
options to express their respect, gratitude or mark a development journey. Besides, the
display and distribution of Pandora's products also contribute to rejuvenating the
group of customers coming to PNJ, and at the same time increasing the variety and
freshness of choices for jewelry lovers.
b. Increase product depth strategy
PNJ has been clearly demonstrating this strategy in its product selection. PNJ
constantly creates new positions in the same product to give customers more choices
to suit their needs, reach more customer segments, and bring a new feeling in each
type of product.

1.5 Product line strategy

PNJ is striving to become the leader of the Vietnamese jewelry market by developing
a comprehensive product ecosystem to open up new business opportunities. To
achieve this, PNJ has been implementing a product diversification strategy
a. Extend product line
Stretch both sides
As for gold, for a long time this item has been a slag discharge for many people who
have no economic ability, which is very difficult. Right from the beginning, PNJ only
traded in gold jewelry, aiming at the segment of customers with average, good and
even high incomes, and the number of customers approached at that time was mainly
in the middle age group. year. when finances are stable. In 2001, in order to reach
more customers with the ambition to dominate the market, PNJ launched a silver
product line under the brand name PNJSilver with the expectation that it will meet the
needs of consumers in the period of jewelry integration. international.
When acquiring customers in the middle and good segments, PNJ continues to
develop products in the higher segment to bring higher profits, and at the same time
dominate the entire jewelry market in all regions. part. In 2005, PNJ launched the
brand CAO Fine Jewelery (a member company) with products that are made
exclusively, exclusively and separately from PNJ's products in order to distribute the
most high-class products towards the market to upper class customers
b. Product line addition
This strategy is being shown through the products that PNJ is selling at its stores. For
example, PNJ's ring product line is supplemented with many products with a wide
selection of prices and designs such as various gold rings, silver rings, white gold
rings with different stones and pearls. Despite the variety of products, helping
customers to own good products at affordable prices, it can cause confusion for
consumers who first approach jewelry and will not know which products are popular. ,
good quality in the price range.
c. Varies based on existing items in the product line
Product line improvement
Product diversification goes hand in hand with product line improvement. PNJ is
showing products of diverse designs but also diverse in quality such as in a gold ring
product, there will be an improvement in the quality of gold, which is 10K, 14K, 18K
gold. With different quality, the price will be different, the more variety, the more
choices consumers have to suit their pocket.
Modernize the product line
Capturing the foreign psychology of Vietnamese people, PNJ has launched a jewelry
line with Italian technology that brings newness in the product portfolio, the
development of this high-tech page is also a part of bringing the jewelry to the world.
Vietnam's strength to the world

2. PRICE
2.1 Product pricing strategy
PNJ is a jewelry manufacturing enterprise as well as a jewelry business, so in this
process a lot of costs are incurred, not only that, PNJ also needs a profit to maintain
and develop its activities. their own, but also not avoid the policy of the law on price
ceiling. These factors will constitute the price of the product, but to price its products
in a reasonable and effective way to bring positive effects to PNJ. In the context of
consumers' demand for delicious - nutritious - cheap goods, making businesses always
feel pressure to meet this demand, some businesses even devalue their products. In the
private jewelry industry, customer psychology on price is always an obstacle for PNJ
as being skeptical about the price, which makes customers tend to refer to prices at
many other distributors. Therefore, PNJ will have to have price strategies so that
consumers do not feel that the price is too high to reduce PNJ's revenue.
a. High valuation strategy
The jewelry industry belongs to a monopolistically competitive market, so the seller
will be the one to set the price according to product characteristics and consumer
demand. According to the positioning map, the prices of PNJ's products are being
overvalued and a few are on par with competitors in the industry. For PNJ, the high
valuation is not unusual when the majority of customers targeted by PNJ are middle-
class and upper-class customers. High valuation brings PNJ a small profit as well as
affirms PNJ's position in the jewelry market as a high-end brand, which brings
customers a lot of commercial value. personal brand, they will feel that in order for
PNJ to have such a high price, PNJ's products must be of high quality. According to
the positioning map, the quality of PNJ's products is ranked higher than that of its
competitors, so PNJ has the right to price its products at a high level. Not only in the
product side, factors related to customer experience and accessibility are also noticed
by PNJ by placing the store in easily accessible locations or in shopping centers.
luxury shopping, luxury or not. The store space is displayed, luxuriously designed,
bringing high-class elements, enhancing value for customers, since then, customers
are willing to spend money to buy PNJ's products. To do these things, PNJ will
certainly have to spend a lot of different costs, this is also the second factor for PNJ to
be highly valued in the market.
b. Skimming price strategy
PNJ is constantly launching new products and outfits. Fashion jewelry products like
this often have a short life cycle when they are no longer relevant in terms of design or
competitors introduce newer products. With the strength of owning a creative and
professional design team, PNJ brings product designs that catch up with modern
fashion trends, making a difference in the jewelry market. The difference and variety
of PNJ products is an advantage when customers are connoisseurs, always ahead of
fashion trends, like differences, they are always ahead of new products. Another factor
is the diverse product portfolio that makes it difficult for new customers to choose,
according to consumer psychology and behavior, most new customers will tend to
always choose new products when they do not have much knowledge. New products
will attract new customers more than old products. But another key factor is the loyal
customer file to PNJ, having been in the market for a long time, PNJ has built up a
loyal customer base, they are always looking forward to PNJ launching new product
lines to experience. experience. beauty, beauty. Through these factors, PNJ has
implemented a skimming price strategy for new products in order to maximize
revenue and gain high profits from the market when the market does not have quality
products. and similar car lines, the profit of this strategy will focus mainly on those
who are willing to spend money to experience the new product first, but then sales
will decrease because most customers already own . Therefore, PNJ will reduce the
product price gradually over time so that other customers have the opportunity to own
the product. If the product price is not lowered at the right time, when competitors
launch new products with similar designs and quality but better prices, it will be
difficult for PNJ to consume all the remaining goods, leading to the consumption of
products. Consuming the remaining amount of goods will have difficulty leading to
inventory.
c. Competitive parity strategy
In the context of the jewelry industry market, there are more and more competitors
and fierce competition between long-standing brands. PNJ has applied a strategy of
parity with competitors. In the product portfolio of PNJ, there will be some old-
fashioned, quality products that are no longer considered different in the market, such
as a 24K gold pendant with the same price as DOJI's products. When seeing similar
products like this appearing on the market, PNJ will price such old products on par
with competitors or within the general market price level to avoid price wars. When
there is a price war, businesses will be at risk in terms of profits. This strategy also
helps PNJ sell off old inventory to develop new products that can be approached and
attracted, but new customers want to buy PNJ's products at not too high prices.

2.2 Pricing strategy for product set

a. Pricing strategy for product line
Like the above analysis of PNJ's products, inside PNJ's product ecosystem there is
always a difference in quality, design, brand, size,... These factors are the price scale
for each product type. Different pricing for items in the same product line represents
different levels of value and quality in the minds of customers. PNJ applies this
strategy to each of its sub-brands to cover the entire market in terms of price such as
the high-priced segment CAO Fine jewelry targeting the upper class, PNJSilver
targeting the middle class, and some branded brands. Others have different prices
from low to high to attract all customers in the jewelry market. Not only price based
on brand, PNJ also price based on quality such as gold and white gold have different
price, or age of gold is also used to price, new products or products also used for
pricing to target different target markets.
b. Options pricing strategy
Besides the differences in product lines in terms of quality, design, ...., PNJ also
favors giving its customers a choice of accessories attached to each product such as
gems, semi-stones. precious, diamond with many sizes, many different types of pearls.
Because the choices are different, the price for each choice is also different. For
example, about pearls, PNJ offers many types of beads with different quality products,
the better the quality, the higher the price. Keeping the selection of gems and pearls,
PNJ also shows the selection of gems that are more expensive than pearls. Offering
such many choices helps customers find the right product and also gives customers
more choices, creating opportunities for customers to come back next time.
c. Main product pricing strategy – complementary
The product line that PNJ applies this strategy is a chain product with a transfer
pendant. PNJ is very good at selling this product when only selling each chain without
the pendant, if the customer wants a pendant to attach to the chain, the customer is
required to buy more. PNJ price the chain higher than the price of the pendant because
the two products can be separated, but with the tendency to like to change new ones,
customers will buy many different pendants. Meanwhile, the pendant is only about 1/2
price cheaper than the chain price, but PNJ has seized this opportunity to increase
revenue.

2.3 Price adjustment strategy

d. Package pricing
PNJ is likened to a tycoon of the Vietnamese jewelry industry or even a fast food
restaurant with many choices for customers. To concretize that, not only selling small
and individual jewelry items to customers but also combos with many preferential
prices that are cheaper when retailing to help customers save time buying, customers
will It is not possible to know the exact price of the product in the store. combine. For
PNJ, this is a strategy to help PNJ sell more products and generate more profits. But if
the product set is not reasonable and does not meet the needs of the customer, it will
cause the effect of being rejected by the customer

3. PLACE
PNJ is a long-standing jewelry business dealing in jewelry products for consumers, so
the distribution channel plays a very important role in PNJ's sales. The distribution
channel helps PNJ to research the market and consumer tastes to come up with a
suitable strategy for the company. How to build relationships and stay connected with
loyal and potential customers.
For distribution channel strategies, PNJ has identified its own distribution activities to
develop appropriate strategies for each activity.
Array of wholesale products: Supplying wholesale products for gold, silver and gem
businesses unable to produce jewelry in large quantities. Most of the raw gold is
supplied by PNJ's customers, PNJ only receives processing fees, so it is not affected
by gold price fluctuations.
Retail segment: The retail segment operates through chain stores targeting customer
segments with different ages and income levels.
Import-Export segment: PNJ exports jewelry to major Asian markets such as India,
Hong Kong, Singapore, Thailand, and Indonesia.

3.1 Channel length strategy

In the past, during a period of time PNJ mainly focused on the wholesale segment, the
retail system was not appreciated. At that time, PNJ's products were praised and
appreciated by customers as beautiful, but the number of sales did not increase. Every
new model is copied, making the company a "reluctant" supplier of samples to the
market. After a period of research, the company realized the mistake in the product
development strategy through wholesale. In wholesale distribution, businesses depend
on agents, cannot attach their own brands, while consumers often choose to buy
jewelry through trust. So PNJ decided to build a retail system, directly approaching
each customer.
For PNJ is a company with quite large economic potential with its own chain of
jewelry retail stores and because the items that PNJ trades are all high-value and
perishable items, care should be taken in handling them. At each stage of
transportation, PNJ has directly distributed products to consumers. It seems that this
direct distribution helps PNJ save promotion costs for sales intermediaries, as well as
shorten the time to bring products to consumers. PNJ sells to the top, so the profit is
higher. PNJ's customers can also buy quality and genuine products.
a. Direct distribution channel
Stores system
PNJ's stores are divided into 3 main groups:
Level 1: Total investment and inventory costs are about VND 12-14 billion.
Level 2: Total cost of investment and inventory is about VND 8 billion.
Level 3: Total cost of investment and inventory is about VND 6 billion
Regarding the distribution system, PNJ will continue to supervise the development of
"PNJ standards" in the process of network development as well as sales, continue to
promote the average revenue growth of each store and constantly learn. , applying
international management experience
The main form of distribution of PNJ is still distribution at PNJ's retail stores
nationwide. Different brands will have different ways of working, products and
services. Currently, PNJ has 56 branches and nationwide. PNJ's big stores are now
concentrated in big cities where people have decent incomes or more. Other small PNJ
stores are scattered throughout the country in both urban and rural areas, where people
have a decent average income. Currently, PNJ is still actively developing a plan to
push into the retail system across the country after 2 difficult years with the covid-19
epidemic causing great damage to PNJ. PNJ intends to have 35 new stores opened in
the period of 2022-2023, PNJ has expanded its scope of operations from the current
main market of Ho Chi Minh City to areas with lower penetration rates such as: Hanoi
and other provinces at level 2-3. By the end of 2021, the number of PNJ stores in the
North, Southeast, Southwest, Central Highlands and Central regions is only equivalent
to 22%-52% of the total number of PNJ stores in Ho Chi Minh City. HCM. PNJ also
plans to upgrade the current standard gold jewelry stores to the PNJ Center model,
providing a better shopping experience for customers. PNJ also forecasts that about
50% of PNJ's existing gold jewelry stores (150 stores) will be upgraded in the next 3
years, which will help improve PNJ's revenue/store.
The geographical location of the stores is heavily invested by PNJ when most of the
stores in Ho Chi Minh City are located in beautiful and prime locations, easy to
observe such as intersections, where many people pass by. Depending on the number
of distribution stores of PNJ, it is also uneven when PNJ only concentrates in Ho Chi
Minh City and Hanoi with a few stores with only about 40 stores. For sub-brands, PNJ
has different distribution strategies such as:
With a system of independent stores combined with the Shop-In-Shop (SiS) model,
CAO Fine Jewelery is located in the best shopping districts in key cities, helping to
elevate the brand experience and service. best customer. high-class customers,
shoulder to shoulder with the world's leading jewelry brands in Vietnam.
Style by PNJ brings a new shopping experience with an independent store model
combined with ShopIn-Shop (SiS) to take advantage of the system's power,
concentrating in big cities with the orientation of increasing the speed of coverage.
next time.
In addition, PNJ also opened chain stores such as PNJ Next with an open interactive
space, sales staff standing on the same side with customers instead of standing behind
the counter like previous stores, in order to create friendliness and closeness. friendly
with customers.
E-commerce B2C
For PNJ, the Covid-19 pandemic lasting 2 years is an unprecedented event, affecting
the entire production, operation and business activities of the company. While other
businesses had to suffer and close down completely, PNJ still kept stable revenue. In
order to create a miracle of outstanding results in the context of many pressures from
the COVID-19 epidemic and market fluctuations, PNJ has implemented many actions
to capture the trend, worthy of its leading position in the metal industry. complete.
Along with consumer action trends, they prefer to use e-commerce sites to place
orders and want to use door-to-door delivery services. PNJ has come up with solutions
to change the strategy in line with the market by converting multi-channel sales
distribution channels in combination with e-commerce sites.
The new multi-channel mixed-store model at PNJ with the combination of a
nationwide modern brick-and-mortar store system and logistics services along with a
diverse online platform has helped Omni channel revenue really explode. exploded
with an average growth rate of over 200%/year in the last 3 years
Sales channel via PNJ website & friendly interface pages, continuously updated with
nearly 30,0000 models of jewelry products from gold, silver, diamonds, gems to
accessories, glasses, watches in the stores. The collection is updated with many
promotions

4. PROMOTION
Depending on the variety of products, but in the jewelry market, there are countless
competitors. These competitors are always looking for ways to entice consumers to
their side. Therefore, in order to attract consumers to their products to become their
customers, PNJ must have effective promotion strategies. Promotion strategy has the
role of promoting purchasing activities faster, stronger and building and strengthening
the position of the business in the market. Developing a promotion strategy needs to
be focused and careful otherwise it will cause bad effects and damage to the brand. In
the promotion strategy, PNJ is currently using companies such as:
a. Advertisement
Advertising communication is considered a strength in the marketing strategy of PNJ.
The PNJ brand has focused on big campaigns that directly target customers' deep
understanding in the market. It can be seen that PNJ has been very skillful and
sophisticated when it has studied customer psychology. One of the campaigns that
brought great results for PNJ was "Golden Happiness", "Priceless Gift", etc. It has
created many big wins in the jewelry industry, making competitors learn. The stories
are all in a positive direction, full of meaning in life. Every little story will always
convey content. Attract more interested customers and visitors to. Communication
tools have helped PNJ get closer to jewelry-loving customers. With the campaign
"Priceless gift", PNJ has received a lot of consensus from viewers. The discussion
about the story in the video is extremely lively and viewers can completely visit PNJ's
microsite to receive discount vouchers. PNJ's microsite has attracted 22,595
participants. The total number of views of the video is up to 2,596,525 and 18,533
shares. Digital media and social media are effective tools for PNJ to reach customers.
PNJ makes full use of advertising forms such as: TVC, Kols, newspapers, TV,
advertising on websites and search engines (Search Engine)... PNJ has annual ad
campaigns on various occasions. holidays such as March 8, Valentine's Day, wedding
season, summer, Tet, ... such as the "Golden Happiness" campaign for the 2018
wedding season... in order to easily reach customers through meaningful messages and
orient them to new jewelry trends.
PNJ has built a multi-dimensional communication channel between the brand, the
company and its customers without being limited in space and time, which is done
through electronic communication methods, namely via electronic communication
channels. Digital communication channels such as:
+ Website; The majority of customers know PNJ through bouncing channels, so PNJ's
website is meticulously invested and cared for through each image, detail, web
interface, 2-way interactive tool, information about programs , news, articles ...
Featured products and services (Click and Collect, ...), new collections (Heart2heart,
SunFlower, Disney, Aura, ...), and promotions applied forever, communication
messages for each brand (PNJ Gold: Inspiration from the province of true love,
PNJSilver: Highlight for style, PNJ diamond jewelry: Class from true value, .. .) is
beautifully designed, attracting customers' attention. The information about the
business, the list of stores, the contact method is clearly shown, the hotline and chat
box are always active to meet the inquiry needs of customers.
+ Facebook, Instagram: Social media channels are effective and economical tools to
reach customers quickly and in multiple dimensions. PNJ's official facebook page has
reached nearly 400,000 likes and Instagram page has nearly 30,000 followers, the
articles are all attracted from content to images, customers mostly interact with the
brand through these channels. PNJ regularly organizes minigames and contests such
as the minigame "Capture the right moment, give Aura jewelry right away", the mini
contest "Show off your love ring - Get the love fruit", in order to increase customer
interaction and promote the products. products, especially new products and
collections.
+ Youtube, TVC: Applying a story-telling communication plan in a promotional
video, also known as Storytelling, posted on Youtube or shown on TVC is PNJ's
strongest strategy. The creative team of this brand has created many touching stories,
filled with messages that touch the psychology of customers.
It is these messages that make it easy for viewers to empathize, thereby loving and
choosing to trust and buy when there is a need. Some advertising campaigns that
receive a lot of views and consumer interest are “Priceless Gift” or “Golden
Happiness” or “True Love”.
Accordingly, PNJ is exploiting 2 main aspects nested in these stories: fashion and
love.
In terms of fashion, PNJ focuses on bringing products to life situations in a subtle
way, hitting women's psychology strongly. With her products, a woman can shine at
any time from work, going out, meeting friends to everyday moments.
In terms of love, PNJ cleverly turned himself into a witness for the love of the couple
who is about to step on the threshold of marriage. The TVCs that they put together are
very simple but still impress viewers with the sweetness of love. Not stopping there,
the love story of PNJ is also extremely aesthetic and humane.
This is a bold move of a jewelry retail brand with more than 30 years of history like
PNJ. Each Storytelling campaign always creates a lot of sympathy for consumers,
especially young people, who are the most difficult customers to convince.
Even recently, PNJ suddenly announced the TVC Video that was shown at Times
Square New York with high national pride. The story inside the ad is supported by
many Americans, and has more than 100 international and domestic newspapers
covering it.
+ Newspapers and magazines: PNJ also regularly appears on newspapers and
magazines with titles such as "PNJ Jewelry participates in International Fashion Week
in Vietnam", "Thanh Hang, Vo Hoang Yen color on the fashion carpet with PNJ
jewelry”, … increasing the level of customer access.
b. Promotion
Promotion is always part of PNJ's promotion strategy when there are continuous
promotions for customers. PNJ promotions are always associated with certain
holidays or associated with meaningful slogans to promote shopping behavior of
customers to bring the promotion closer to customers. PNJ has cleverly built
promotions that are applied exclusively to distribution channels or a combination of
both. PNJ does this to bring its customers to experience in all forms of purchase,
increasing the accessibility of customers as well as the next purchase. At the same
time, build promotions to stimulate consumers to buy more products. Promotions will
not be effective when not making a profit because for promotions, a large number of
products are sold to make a profit.
Currently PNJ is having promotions such as:
Special offer for e-commerce site (Sparkling offer - shine your best, discount up to
25% and bill over 5 million get 1 silver product, .....). Such exclusive incentives help
PNJ build and develop a larger e-commerce site, attracting a large number of online
customers in the developed technology society. When customers buy goods under
these promotions, PNJ also supports free fast delivery for customers to bring
customers the best experience.
Offers from private brands such as Style by PNJ's current program (Conquering every
party night is also an online exclusive with up to 30% off). Incentives like this help
PNJ in developing increasingly powerful brands to dominate the entire jewelry
market. And also bring customers closer to all brands when each brand targets
different customer segments.
Priority under the PNJ system: Depending on each development area of PNJ, PNJ will
offer different promotions to satisfy the thirst for promotion of consumers while still
making a profit.
Combined advantage: PNJ builds web-based promotions - in-store as "full hundred
years" because PNJ not only wants customers to approach them through the website,
but also to come directly to them. continue its stores. When customers come to the
place to see the jewelry products, they will tend to see more of the remaining
products, which is very helpful when increasing the likelihood of customers coming
back.
c. Personal sale
Personal selling is a method of engaging potential consumers directly in conversation
to showcase a product and pique their interest in purchasing it.
PNJ currently has a fairly large and skilled sales force, including individuals who have
a deep understanding of PNJ, grasp customer psychology and most importantly,
professional working style. Good communication skills, always full of energy at work,
ready to share information and answer customers' questions.
Store customer data, like Zalo, to constantly update new products for loyal customers
However, this form of 1-to-1 sales can be said to be the most expensive and time
consuming.
In order to implement this personal offer well, PNJ has built PNJ Next store chains
with open interactive spaces, sales staff standing with customers instead of behind
counters like in store systems. before, in order to create intimacy, closeness and
intimacy with customers. Motivate and encourage customers to buy more
d. Public Relations
Public relations is always one of the aspects that marketing managers at PNJ aim at.
PNJ always innovates to be able to reach customers.
In 2022, PNJ will launch community events such as environmental protection. On
December 4, 2022, PNJ together with students of Da Lat University held the
launching ceremony "Green Sunday" to promote the movement "For Da Lat
University is green - clean - beautiful", contributing to enhancing education.
awareness of preserving the landscape for students. This also creates an atmosphere of
exciting competition, enthusiasm and fun in the student body.
On July 23, 2020 at the award ceremony honoring the most successful media
campaigns in Vietnam held by PR Newswire company at Sofitel Plaza, PNJ with True
Love communication campaign. won the Best Global PR Campaign category.

In addition, the PNJ collective also always has fundraising campaigns for the
community carried out by members of the company and calling for people. For
example, the program "Sharing New Year of Love with PNJ" is an annual activity of
PNJ Charity Fund with thousands of Tet gifts each year, in order to encourage, share,
and contribute to bringing joy to poor people. , children with disabilities in many
localities across the country during the traditional Tet holiday. And many more
activities
In particular, PNJ always carries out communication activities on social platforms,
special events at stores will be updated and shared to customers on PNJ's official
website, facebook, etc. …
PNJ's success also comes from human resource strategies: "Joy, happiness, balance
between life and work... are the factors that make up the strength of employees;
thereby helping businesses confidently overcome all incidents”. PNJ has gradually
innovated strategies in the department, thereby increasing the capacity to implement
new business models and improve customer experience. PNJ employees are
encouraged to think outside the box and overcome all limitations in their work to
contribute outstanding value to the organization.
e. Direct Marketing
PNJ is currently using a lot of tools to carry out direct marketing, to increase the touch
points of consumers to PNJ. Also to bring in many new customer files. The tools that
PNJ is using are as follows:
News
PNJ uses newsletters such as to increase customer experience and satisfaction, PNJ
has provided and supplemented necessary knowledge about diamonds and gemstones
on the website for customers to easily choose and buy. selling depending on the
purpose of the customer and at the same time attracting customers to PNJ. Or the news
about the company for customers to have a deeper look at the company, the
achievements that the company has been aiming to create great trust in customers.
Bringing a lot of sympathy to consumers, turning them into PNJ's customers.
Telemarketing
PNJ constantly improves the professionalism and customer service dedication of the
in-store and online consultants to ensure the best service to customers' needs.
Coupon for CUSTOMERS
When becoming a loyal customer at PNJ, customers will receive exclusive discounts
corresponding to 4 types of cards: Connection, Membership, Companion, Loyalty.
In addition, customers will receive special care benefits at PNJ such as:
● Special gifts on birthdays, Tet holidays,...
● Attractive offers for products and services that are partners of PNJ.
● Regular announcement of current promotions at PNJ.
Organization of events
PNJ builds CSR programs such as a 0-dong supermarket, Shelter of faith, Companion
to labor or organizes outdoor events for customers such as "A Magical Journey - 30
years of keeping the golden faith. "yellow vest warrior" PNJ persistently spread to
convey love on all fronts in the past year, adding faith and strength both in material
and spiritual to the community & society in the midst of difficult times. hardest. The
community's "social prestige capital" and "trust capital" were strongly enriched by
PNJ and brought a new number of customers to PNJ.
Reply ADS
PNJ partnered with local agency Nousa to build an automated experience for
Messenger. Named Charmy, this experience engages in personalized conversations for
people, answers product questions, and deftly directs them to live customer support
when needed.
SCOREBOARD
NAME POINT
LE TRONG DUC
PHAM CAO HONG NGOC
VO THI DONG ANH
BUI QUANG DIEU
PHAM HONG PHUC
HUYNH THI TRUC MY

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viec-lam-nam-2021/
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