At the extraordinary AGM on October 21, attended by over 1,000 shareholders, Chairwoman Cao Thi Ngoc Dung acknowledged that PNJ is going through its toughest period in nearly 40 years and apologized to shareholders. PNJ reported an after-tax loss of VND 258 billion in Q3 2026 and plans to raise up to VND 8,000 billion over roughly three years to rebuild. The 2026 profit plan was revised from over VND 3,400 billion in profit to a loss of over VND 6,270 billion, mainly due to a provision of about VND 7,071 billion tied to the goods exchange policy, and the company expects to return to profit from 2027. Asked by a shareholder about the family's reduced stake, Ms. Dung said her daughter's share sale was outside the family's original plans, and that if there were a better option, she would not have sold.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Chủ tịch PNJ Cao Thị Ngọc Dung xin lỗi hơn 1.000 cổ đông: 'Nếu có lựa chọn tốt hơn, tôi đã không bán cổ phiếu của mình'
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PNJgoldearningscorporate governance
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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 10/20/2026 | 19.75 |
| Change that session | +6.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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- Ms. Cao Thi Ngoc Dung: 'We Had No Other Choice, So I Sold PNJ Shares'
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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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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.
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