Vietnam's leading jewelry maker PNJ names new CEO

Phu Nhuan Jewelry JSC (PNJ) has appointed Phan Quoc Cong its new CEO as part of a succession plan prepared over several years, effective from April 3.

The top jewelry producer in Vietnam said 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, after the peak business season, to ensure Q1 targets are met and operations remain uninterrupted, PNJ said.

PNJ said Le Tri Thong plans to pursue a career as a financial investor and business builder, a direction he discussed with the board in 2024.

Over the past two years, the board has rolled out a structured succession program, including leadership development, gradual delegation of executive responsibilities, and preparation of a CEO replacement to ensure continuity and stability.

Phan Quoc Cong, born in 1970, has more than 30 years of management and executive experience. He holds a doctorate in business administration, an MBA, and a degree in electrical engineering.

From 1993 to 2003, he held management roles at Vietnam National Textile and Garment Group (Vinatex), Electrolux Vietnam, SmithKline Beecham, and Nestlé Vietnam.

Between 2004 and 2014, Cong founded and led International Consumer Products JSC (ICP), building it from a startup into one of Vietnam’s largest domestic personal care companies with brands including X-Men, Purité, and Thuan Phat.

Since 2015, he has focused on investing in and developing technology-enabled businesses, serving as chairman, co-founder or board member at companies including Saigon Food, Wakamono, Moonshot Biotech, and One Solution Tech.

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.

The leadership change comes amid volatility in Vietnam’s gold market, marked by rising prices and regulatory shifts. 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).

PNJ shares have rallied sharply alongside the earnings performance, climbing from around VND88,000 to a record high of VND121,900 ($4.68) over the past two months.