PNJ in 1st ever Southeast Asia Fortune 500 rankings

Wednesday, Jun 19, 2024 09:08

A PNJ store in HCM City. PNJ has made it to the inaugural Southeast Asian Fortune 500 list. — Photo courtesy of Việt Hùng

Việt Nam’s leading jewellery manufacturer and retailer PNJ is in the inaugural Southeast Asian Fortune 500 list.

US magazine Fortune on June 18 launched its first ever Southeast Asian rankings, listing the largest companies in the region by revenue in fiscal 2023.

They include companies from seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, Việt Nam, the Philippines, and Cambodia.

In addition to business scale and contributions to the economy based on stringent criteria, PNJ's revenues and profit growth rate were also key factors in the list.

Last year, PNJ reported net revenues of VNĐ33.1 trillion (US$1.3 billion) and after-tax profit of VNĐ1.97 trillion ($77.6 million), its highest ever.

PNJ has achieved steady growth over the years to grab a dominant market share in Việt Nam. Its retail network has been expanding with more than 400 stores in 55 out of the country’s 63 provinces and cities.

According to Brand Finance, PNJ's brand value in 2023 was worth $428.43 million.

Clay Chandler, Fortune’s Asia executive editor, said: “The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region - one whose core economies are growing notably faster than those of Europe or the US.”

He noted the increasing global significance of Southeast Asia due to multinationals shifting more of their supply chains to the region. — VNS

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