The gold business is expected to remain under strict regulatory control
• In mid-November 2024, responses from State Bank of Vietnam (SBV) Governor Nguyen Thi Hong and Deputy Prime Minister Ho Duc Phoc at the Q&A session at the 8th National Assembly Meeting highlighted several regulatory directions for the near future. These include enhancing transparency in gold bar transactions, preventing goldization the economy, maintaining tight oversight of gold business activities, and notably, supporting jewelry manufacturing.• The October 2024 PNJ’s business results indicate the continued impact of gold supply shortages on the company's gross margin. Meanwhile, the increase in the revenue share from the jewelry retail segment, which yields higher profit margins, and the normalization of the SG&A expenses/revenue ratio drove the net margin up to 7.0%. As a result, net profit for October reached VND 218 bn (USD 9mn), +11% YoY.
• For 10M2024, PNJ’s revenue reached VND 32,371 bn (USD 1,285mn), +23% YoY. Net profit reached VND 1,600 bn (USD 63mn), +4% YoY due to a higher revenue share from the 24K gold segment in 1H2024.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.