Doji Gold & Gems Group JSC, Vietnam’s leading jewelry maker, has expanded its investment portfolio, ranging from its pillar arm of gold and silver to finance, banking, and real estate.
Founded in 2007 by Do Minh Phu, Doji, listed on the Ho Chi Minh Stock Exchange (HoSE) as OTC, currently has 14 subsidiaries, 50 branches, nearly 200 stores, and over 400 agents and selling points. Its CEO and legal representative is Do Vu Phuong Anh, the daughter of Phu, who now serves as chairman of Doji's founding council.
Alongside his success in the jewelry market, Phu, along with his younger brother Do Anh Tu, has also made a name for himself in the hygiene produce sector through Diana Unicharm JSC, formerly known as Viet Y Technical Development and Investment Company Limited. In 2011, the Japanese maker of baby and feminine care products Unicharm acquired a 95% stake in Viet Y for $184 million.
Using the proceeds, Phu invested in Tien Phong Commercial Joint Stock Bank, or TPBank (HoSE: TPB), one of the nine struggling banks at that time. With substantial support, TPB underwent a remarkable transformation from a heavily indebted institution to a lucrative lender.
In expanding the financial ecosystem, the Doji founder incorporated Tien Phong Securities JSC (TPS) into TPBbank’s ecosystem. As of March, TPB held a 9% stake in TPS, yet serves as the primary growth driver for this securities company. A report showed that in 2023, out of TPS’s total loans of VND13.86 trillion ($544.7 million), VND8.8 trillion was lent by the bank.
Doji Group’s financial ecosystem was solidified with the completion of a merger and acquisition (M&A) deal involving Vietnam Fortune Capital (VFC INC.). Currently, TPBank holds a 75% stake in VFC following a private placement earlier this year at an issuance price of VND10,000 ($0.39) per share. The remaining three shareholders at VFC are Nguyen Anh Vu (14.5%), Ho Thi Thuy Giang (6%), and Nguyen Thanh Huong (4.5%).
Specifically, Nguyen Anh Vu is the legal representative of both West Lake Luxury JSC and Red River Service Investment JSC, whose 79.5% stake was held by Doji Land Real Estate Investment Company Limited (Doji Land Co.,Ltd) as of March 2021. Doji Land cooperated with Hanoi Trade Joint Stock Corporation (Hapro) to develop Doji Tower at 5 Le Duan street, Ba Dinh district, Hanoi.
Doji Land used to be the controlling shareholder of Artex Saigon Import-Export JSC for Fine Arts Handicrafts and Small Industry Products (Artext Saigon), which owned several prime properties in Ho Chi Minh City.
Among those were the 798-square-meter Opera View office building at 161 Dong Khoi street and a 511-sqm office building at 236-238 Nguyen Cong Tru street. In 2017, Doji Land divested from Artex Saigon, and the ownership of these prestigious properties was transferred to Van Thinh Phat Group led by Truong My Lan.
At present, Doji Land is making substantial investments in northern localities, such as Hai Phong city, and Quang Ninh and Vinh Phuc provinces, while exploring opportunities in other areas.
The financial sector plays a crucial role in Doji Group’s ecosystem. Not only is the firm itself influential, but TPBank, TPS, and VFC also serve as vital capital partners for many renowned domestic corporations.
Notably, TPBank and TPS were involved in facilitating R&H Group’s issuance of bonds totaling VND8.15 trillion ($334.4 million) in late 2021 and early 2022. Last year, when R&H Group faced significant pressure to repay a bond debt of VND2.5 trillion, TPBank financed VINAHUD Urban and Housing Development Investment JSC VND1.7 trillion, enabling it to acquire projects from R&H Group.
In the south, Doji’s primary partner is the renowned real estate developer Hung Thinh Corporation (HoSE: HTN). In 2021, TPS arranged the issuance of four tranches of bonds, totaling VND7.1 trillion ($279 million), to a consortium of real estate businesses affiliated with HTN. Additionally, TPBank branches have accepted mortgages for many HTN-developed large-scale projects.
In addition, the TPBank-TPS duo have been involved in arranging capital for renewable energy developer Bamboo Capital (HoSE: BCG), Phuc Khang Corp, and Song Tien Real Estate Corp, which was transferred to legal entities tied with Hung Thinh Corporation.
In 2023, Doji Group recorded VND491 billion ($19.3 million) in net profit, down 50% year-on-year. Its equity hiked by nearly VND400 billion to VND6.74 trillion ($265 million) as of late 2023 from early last year. The firm’s liabilities had surged to VND15.85 trillion ($622.91 million) as of end-2023.