At PNJ’s extraordinary shareholders’ meeting on October 21, the company said customer buybacks surged from July after an incident involving the P-Lab director, with July’s total value reaching nearly 6,000 billion VND, almost equal to all of 2025 (about 7,000 billion VND). General Director Phan Quốc Công called the episode a “black swan,” and the company shortened payment times for some gold and jewelry products to 2–7 days, while diamonds remain at 120 days. The board proposed booking a 7,071 billion VND provision in 2026, which would push the pre-tax result to a loss of more than 6,000 billion VND, even though revenue is projected at 39,057 billion VND, up 10%. PNJ also plans to close 25–30 underperforming stores and issue up to 550 million shares in a private placement; Chairwoman Cao Thị Ngọc Dung apologized to shareholders.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Vụ việc 'thiên nga đen' tác động lớn đến thị trường kim cương Việt Nam
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Related tickers and likely impact
PNJ
▼ Likely negativePhu Nhuan Jewelry
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 10,107 bn VND |
| P/E | 4.1 |
| P/B | 0.75 |
| Close on 10/21/2026 | 19.20 |
| Change that session | -2.78% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Phu Nhuan Jewelry (PNJ) closes a series of stores
At PNJ's extraordinary shareholders' meeting on Oct. 21, 2026, the board proposed setting aside VND 7,071 billion in provisions this year for losses tied to its diamond buyback policy, projecting a pre-tax loss of over VND 6,000 billion. Excluding this provision, after-tax profit would be about VND 800 billion. Customers sold back about VND 6,000 billion of products in July alone, nearly matching the full-year 2025 total of about VND 7,000 billion, as the daily buyback value rose about 10 times normal levels. PNJ plans to close 25-30 underperforming stores, clear diamond inventory and restructure, and has shortened payment terms for some gold and jewelry products to 2-7 days. Chairwoman Cao Thị Ngọc Dung apologized to shareholders for the losses and the damage to their confidence.
- PNJ has not yet set the issue price for 550 million shares
At PNJ's extraordinary shareholders' meeting on 21 October, CEO Phan Quốc Công said the plan to issue up to 550 million additional shares has not been detailed yet, and the company needs to raise about 8,000 billion VND; 550 million is only a maximum. The issue price will be based on book value and the 30-session average price up to the decision date, and a higher share price would mean less dilution for existing shareholders. Existing shareholders cannot be offered shares because the company must honor buyback commitments for diamond jewelry worth about 21,000 billion VND, with a provision of about 7,000 billion VND that could push it into a loss above 6,000 billion VND in 2026, and loss-making firms cannot make public offerings to existing shareholders, so a private placement to funds and professional investors is the remaining route. Assuming 80% of customers redeem, buyback demand would be about 16,800 billion VND, and the CEO expects reconstruction to be completed around 2027 if funding is secured.
- Ms. Cao Thi Ngoc Dung: 'We Had No Other Choice, So I Sold PNJ Shares'
At an extraordinary shareholders' meeting, over 1,100 shareholders representing about 61.7% of voting rights attended and asked Chairwoman Cao Thi Ngoc Dung to explain why her family kept selling PNJ shares. She said the sales aimed to provide capital to the company after a crisis of confidence triggered in July by a former director of P-Lab linked to a diamond smuggling ring, which led to roughly 10 times the usual volume of customers returning products. Buybacks in July alone reached nearly VND 6,000 billion, and cumulative buybacks by end-September reached about VND 21,000 billion, while Q3 revenue fell 14% and the company posted a VND 258 billion loss before provisions. Her family lent the company over VND 700 billion because bank borrowing was tightened, with about VND 3,000 billion in existing short-term bank debt and high interest rates on new loans. The board's plan for a rights issue was not feasible because the company would not meet eligibility requirements given the expected heavy loss this year, and she pledged to keep supporting PNJ.
- PNJ Surges to Ceiling Price Right Before the Decisive Hour
PNJ shares hit the VND 19,750 ceiling price in the October 20 session while the broader market corrected, with over 16.3 million shares traded and foreign investors net buying nearly VND 70 billion. The stock is still less than half its peak above VND 40,000. Ahead of the extraordinary shareholders' meeting on October 21, PNJ plans a VND 7,071 billion loss provision for its goods exchange policy, assuming 80% of sold goods are exchanged; if fully recognised, its 2026 after-tax result could be a loss of about VND 6,270 billion, and the revenue target falls from VND 48,660 billion to VND 39,057 billion. The company also proposes a private placement of up to 550 million shares and fundraising of up to VND 8,000 billion. In July and August 2026, PNJ posted revenue up 4.5% but an after-tax loss of VND 61 billion, while gross margin fell from about 18.5% to 10%.
- Trading gold under the new legal framework: Which acts may be penalized?
Decree 232/2025/NĐ-CP amending the rules on gold trading took effect on 10/10/2025, and Decree 340/2025/NĐ-CP on administrative penalties in the monetary and banking sector takes effect from 09/02/2026. Under Article 28, individuals who buy or sell gold bars with credit institutions or businesses lacking a license, or use gold as a means of payment, face a warning; repeat or multiple violations are fined 10 million to 20 million dong. Violations on price transparency and product information face fines of 30 million to 50 million dong, while improper gold bar trading carries 80 million to 100 million dong. The highest fines of 300 million to 400 million dong apply to unlicensed production, trading, or import and export of gold. Penalties for organizations are twice those for individuals for the same violation, so the top individual fine of 400 million dong corresponds to 800 million dong for organizations.
- Ms. Cao Thi Ngoc Dung: 'I had no choice but to sell PNJ shares'
At an extraordinary shareholder meeting on October 21, PNJ Chairwoman Cao Thi Ngoc Dung said her family sold shares only to fund the company after the July crisis linked to a former P-Lab director. Customer buybacks surged, with July buybacks reaching nearly VND6,000 billion, equal to all of 2025, and depleting cash buffers. Revenue fell 14% and third-quarter operations lost VND258 billion (before provisions), while PNJ needs VND100–150 billion monthly to run operations; her family has lent over VND700 billion. Banks have tightened credit and new loans carry high rates, and a share issue to existing shareholders is ineligible because operating results this year are expected to show heavy losses. Dung apologized to shareholders and pledged to stay with the company.
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