PNJ’s Market Value Falls Nearly 77% in 11 Months, Trailing Three Companies
As of November 13, 2026, PNJ’s market value was about VND 765 billion, down nearly 77% from the end of 2025 and below Petrosetco, Digiworld and FPT Retail. Diamond buyback provisions, weaker earnings and fundraising plans have marked its recent business performance.
At the close on November 13, 2026, PNJ’s market value was about VND 765 billion, down nearly 77% from VND 3,309.2 billion at the end of 2025. Petrosetco, Digiworld and FPT Retail were valued at VND 775.3 billion, VND 882.3 billion and VND 2,628.6 billion, respectively, all above PNJ. At the end of 2025, PNJ was still worth about nine times, four times and 1.3 times as much as those companies, respectively.
Illustration of changes in the market values of PNJ, Petrosetco, Digiworld and FPT Retail.（VietVance）
Pressure on PNJ’s business began with information disclosed in early July 2026 about a diamond smuggling case: the head of its subsidiary P-Lab was alleged to be connected to the case under investigation. PNJ’s management said the 28,000 diamonds involved had not entered the company’s system. Its shares fell by the daily limit on July 3, 6 and 7. Its reviewed financial statements for the first half of 2026 recorded a provision of about VND 226.7 billion for merchandise buyback obligations. First-half net profit fell 35% year on year to nearly VND 72.9 billion.
Illustration relating to information about the PNJ diamond case and the company’s business adjustments.（VietVance）
In late September, PNJ lowered its 2026 revenue target from VND 4,866 billion to VND 3,905.7 billion. Assuming a proposed VND 707.1 billion provision for potential losses, it revised its full-year after-tax earnings target from a profit of VND 340.9 billion to a loss of VND 627.1 billion. The company also proposed eliminating its 2026 cash dividend and raising about VND 800 billion over three years. In the third quarter, PNJ’s revenue fell 14% year on year and it posted an after-tax loss of VND 25.8 billion. After-tax profit for the first three quarters fell 71% to VND 47.1 billion.
Petrosetco’s market value rose more than 108% over the same period. Its revenue for the first three quarters grew 43% year on year, while after-tax profit rose 23%. Digiworld’s market value increased only about 2%, but its after-tax profit for the first three quarters grew 101% to VND 78.9 billion. FPT Retail’s market value rose more than 3%; its revenue for the first three quarters grew 33%, while pre-tax profit rose 114% to VND 172.4 billion.
Illustration of the business performance of Petrosetco, Digiworld and FPT Retail.（VietVance）
Source: VietVance
