Maintaining Fiscal Responsibility Amidst Challenges
In his dispatch on September 2, Prime Minister Pham Minh Chinh noted that for the first eight months of the year, state budget revenue reached an estimated 78.5% of the projection, with the budget deficit, public debt, and foreign debt remaining within the limits set by the National Assembly. However, many businesses are still facing difficulties, inflationary pressures remain high, and some budget revenues are progressing slowly.
The global economic downturn, coupled with instability caused by rising inflation, fluctuating exchange rates, and increasing input costs, has significantly impacted businesses. Consequently, several enterprises have struggled to fulfill their tax obligations.
Amid these challenges, PNJ, a leading jewelry retailer, made a remarkable contribution of VND 1,418 billion to the state budget in 2023, bringing its total contribution over the last three years to nearly VND 4,500 billion.
This impressive figure showcases the company’s dynamism and creativity in maintaining and expanding its production, enhancing operational efficiency, creating numerous job opportunities, and providing stable incomes for its employees. Moreover, the significant contributions to the state budget also support critical areas such as education, healthcare, infrastructure, and national defense and security, which are vital for the country’s development.
Thanks to these efforts, PNJ proudly ranks second among private retail businesses in terms of tax contributions in Vietnam, according to the “PRIVATE 100 – Leading Group” ranking released by CafeF in August 2024.
Pioneering the Journey Towards Sustainable Development
Beyond its financial contributions, PNJ is also a pioneer in comprehensively and balancedly implementing the three pillars of E-S-G (Environment, Social, and Governance) in its sustainable development strategy. Since 2022, the company has adopted an ESG statement: “PNJ acts responsibly to honor the beauty of people and life sustainably.”
“PNJ acts responsibly to honor the beauty of people and life sustainably”
Over the past 36 years, PNJ has initiated various community programs, including the “Mini Supermarket 0 VND” series, childbirth companionship program, the project to raise awareness about autism in Vietnamese children, the “Happy Young Family” project, and the donation of nearly 500 “Roofs of Love.” These initiatives have garnered significant community attention and support, underscoring PNJ’s profound commitment to society.
In August 2024, PNJ was recognized by the Ho Chi Minh City People’s Committee as a “Green Enterprise” and was also honored in three ESG categories at the Top 50 CSA 2024 Sustainable Development Awards organized by the Investment Review magazine.
Leading Position in the Jewelry Retail Industry
Despite challenges in the retail industry in 2023, including economic downturns and consumer spending constraints, PNJ achieved impressive results with a gross revenue of VND 33,137 billion and a post-tax profit of VND 1,971 billion.
Compared to the 2024 plan, which aimed for a gross revenue of VND 37,148 billion and a post-tax profit of VND 2,089 billion, PNJ had accomplished 59.5% of the revenue target and 55.8% of the profit target by the first six months.
As of the end of June 2024, PNJ owned 405 stores nationwide, including 396 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores, and 1 wholesale business center.
As of the end of June 2024, PNJ owned 405 stores nationwide
This demonstrates the company’s adaptability and robust business strategy, enabling it to navigate the unpredictable market conditions successfully. PNJ has optimized its resources and enhanced operational capabilities to maintain a positive gross profit margin.
With its outstanding business performance, PNJ continues to build trust with investors, partners, and customers, contributing to the sustainable development of the national economy. The company has not only maintained its leading position in Vietnam’s jewelry retail industry but has also increased its appeal in the international arena, ensuring its sustainable development and resilience amidst market challenges.
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