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🇻🇳 Vietnam /Economy & Trade

Cao Thi Ngoc Dung and family to sell shares to lend PNJ funds for restructuring

From Tuổi Trẻ · () Vietnamese

Translated from Vietnamese and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • Phu Nhuan Jewelry will borrow Vietnamese dong from chairwoman Cao Thi Ngoc Dung to strengthen working capital and prepare for restructuring.
  • The loan will not exceed 5% of PNJ’s latest reported asset value, will be unsecured and will run for up to 12 months.
  • Dung and her family plan to sell PNJ shares but will remain a major shareholder group, while the company prepares to revise its 2026 business targets after a diamond-related crisis.

Cao Thi Ngoc Dung and her family plan to sell some PNJ shares so the chairwoman can lend the proceeds to Phu Nhuan Jewelry as the company prepares for restructuring.

PNJ’s board has approved a loan arrangement with Dung. The total borrowing limit cannot exceed 5% of the company’s assets recorded in its latest financial statements. The loan will be made in several installments, depending on PNJ’s capital needs and decisions by its general director.

The loan will be denominated in Vietnamese dong, unsecured and valid for no more than 12 months after the contract is signed. PNJ said the transactions would comply with securities regulations and disclosure requirements. It also said Dung and her family would remain a major shareholder group and maintain a long-term commitment to the company.

PNJ said the funds would provide working capital and strengthen its finances during a period of market volatility. The company’s consolidated after-tax profit reached 728.5 billion dong in the first half of 2026. It also made provisions for potential losses related to its policy for buying back goods already sold, applying a cautious approach to reflect possible obligations.

PNJ plans to ask shareholders to approve revised business targets for the 2026 financial year and future operating plans at an extraordinary general meeting scheduled for Oct. 21, 2026. The company has faced a major disruption since Dang Ngoc Thao, former director of PNJ’s P-Lab appraisal company, was prosecuted and detained in early July over a transnational diamond smuggling case. Since July 21, PNJ has offered delayed payments of up to 120 days for nationwide gold and diamond buybacks, in five installments, or allowed customers to convert diamond jewelry into gold.

The transactions will be carried out in accordance with securities laws and information disclosure regulations. Cao Thi Ngoc Dung and her family will continue to be a major shareholder group and maintain a long-term commitment to PNJ.

· Phu Nhuan JewelryThe company described the planned share sales and shareholder commitment.
About this summary

Originally published by Tuổi Trẻ in Vietnamese. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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