Vàng bạc Đá quý Phú Nhuận (PNJ)

Phú Nhuận Jewelry, listed on the Ho Chi Minh stock exchange under the ticker PNJ, is the largest jewelry retailer in Vietnam by revenue and store count. The company runs hundreds of branded outlets nationwide and focuses primarily on finished 18K and 24K jewelry rather than investment bars, which sets it apart from SJC and DOJI. PNJ designs and manufactures most of its own pieces in modern facilities in Ho Chi Minh City, and publishes daily reference prices for gold rings and ornaments. For investors the brand is a proxy for Vietnamese consumer spending on gold, and its quarterly results are closely watched by equity analysts.