Phu Nhuan Jewelry to set up financial service subsidiary

Vietnam's leading jewelry maker Phu Nhuan Jewelry JSC (HoSE: PNJ) will contribute VND32.5 billion ($1.25 million) to set up a financial service subsidiary with a charter capital of VND50 billion, or a 65% stake.

Under a resolution issued by the board of directors on Saturday, the new company is set to be named An Tin Asset Solutions Joint Stock Company.

Its main business lines are financial services and related industry codes, with head office to be located at 159C Phan Dang Luu street, Duc Nhuan ward, Ho Chi Minh City.

Capital contribution time will be in line with the Law on Enterprises and the company's charter after an enterprise registration certificate is issued, according to the resolution.

Earlier, PNJ had appointed Phan Quoc Cong its new CEO as part of a succession plan prepared over several years, effective from April 3.

Incumbent CEO Le Tri Thong will hand over the role to Cong, while continuing as vice chairman of the board of directors, focusing on long-term strategy and development orientation. The transition will be implemented in early Q2/2026.

PNJ said Cong is known for emphasizing system-driven management rather than personality-led leadership, with a focus on integrity, operational efficiency, scalable growth and the use of technology to build sustainable competitive advantages.

Despite those challenges, PNJ reported strong results in 2025, with revenue of VND34.98 trillion ($1.34 billion), down 7.5% year-on-year, while net profit jumped 34% to a record VND2.83 trillion ($108.62 million).

On the Ho Chi Minh Stock Exchange (HoSE), PNJ has rallied sharply alongside the earnings performance, climbing from around VND88,000 to a record high of VND124,900 ($4.77) (last Friday) over the past two months.