Milestone of 9 consecutive times achieving National Brand

This is the 9th selection round since the program was launched in 2003, thereby promoting foreign trade development and enhancing the competitiveness of national brands in the international arena through promoting quality products and services.

According to the representative of the organizing committee, the criteria system for selecting National Brands is built tightly and strictly. The honored products must not only meet quality standards but also be innovative and have the ability to pioneer in bringing Vietnamese enterprises to the world , enhancing the position and image of the country.

Among the 359 products recognized as National Brands this time, Phu Nhuan Jewelry Joint Stock Company (PNJ) has 4 quality product brands including PNJ Gold Jewelry; CAO Fine Jewellery; PNJLab Diamond, Gemstone, and Precious Metal Appraisal Service; and PNJ Art Gold and Silver Fine Arts.

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Ms. Cao Thi Ngoc Dung - Chairwoman of PNJ Board of Directors represents the enterprise to receive the National Brand 2024 title. Photo: Organizing Committee

Ms. Cao Thi Ngoc Dung - Chairwoman of PNJ Board of Directors said that enterprises selected as Vietnam National Brand must also fully comply with regulations on production and business, environmental protection, labor, and social responsibility. This not only protects the rights and interests of consumers but also affirms the prestige of the enterprise, directly contributing to the prosperity of the country.

The series of 9 consecutive times being honored as National Brand is the sweet fruit for PNJ in the journey of persistently enriching brand value based on the harmonious combination of the world's latest marketing trends with Vietnamese cultural roots. This series of titles simultaneously strengthens PNJ's position as the leading brand in the jewelry retail industry.

Previously, according to Brand Finance - a global brand valuation organization based in the UK, the market value of the PNJ brand has increased 10 times over the past decade. Currently, the PNJ brand is worth 480 million USD and the brand strength rating has improved to AA+, approaching the highest scale of AAA+.

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Building trust from customers is one of the most important factors. Photo: Viet Hung

Strategy to build customer trust

Sharing about the formula for building brand value, Ms. Cao Thi Ngoc Dung - Chairwoman of PNJ Board of Directors said that building and strengthening customer trust can be considered one of the prerequisites. The company regularly implements activities to increase brand recall, focusing on customers to continuously design value propositions and tailor-made products for each segment according to their needs, styles and preferences.

“We believe that building a brand is not a matter of a day or two, but requires a strategy and a long process like nurturing people. PNJ is striving to go beyond the limits of a purely commercial brand to become a brand that acts responsibly to honor the beauty of people and life in a sustainable way,” Ms. Cao Thi Ngoc Dung shared.

PNJ's leading position in the industry is also strongly affirmed through high business performance and a network covering many provinces and cities. In the newly released financial report, PNJ recorded third quarter revenue of more than VND 7,130 billion and gross profit of VND 1,251 billion, up more than 3% and 4% respectively over the same period last year. In the first 9 months, revenue and gross profit both grew by double digits, reaching VND 29,242 billion and VND 4,881 billion respectively. Profit after tax in this period also increased by 3.2% over the same period, to VND 1,382 billion, completing more than 66% of the profit target of VND 2,089 billion - a record in the company's history.

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PNJ recorded third quarter revenue of more than VND7,130 billion and gross profit of VND1,251 billion. Photo: Viet Hung

According to PNJ's board of directors, in the context of a volatile market, maintaining profit growth and a fairly good profit margin comes from the stable operations of retail and wholesale channels, plus effective implementation of measures to optimize resources and improve production and marketing capacity.

By the third quarter of 2024, PNJ will own a retail system spanning 57 provinces and cities with 418 stores, along with a continuously developing online distribution channel. Thanks to that, the PNJ jewelry brand is getting closer to customers to honor and inspire each person in their own beauty.

“Becoming a Vietnamese National Brand for 9 consecutive times is not only a recognition of PNJ’s correct brand development strategy. It is also a solid launching pad and motivation for us to firmly believe in our expectation of becoming a billion-dollar brand in the next few years, building a leading position in the region and reaching the world. At the same time, with a business philosophy towards sustainable development, PNJ continues to promote activities to fulfill its responsibilities to the environment and society and apply advanced corporate governance standards to bring sustainable values to shareholders, customers and the community,” said Ms. Cao Thi Ngoc Dung.

Vinh Phu