Vietnam’s jeweler PNJ plans to close up to 30 stores

The plan is part of its effort to reallocate resources and improve productivity and efficiency across its retail network

Also, PNJ intends to open around 10 new stores, describing the move as a restructuring of its network rather than a straightforward reduction in its overall footprint.

As of the end of August, PNJ had run 432 business units, comprising 424 PNJ stores, three Style by PNJ stores, four CAO Fine Jewellery stores and one wholesale business center.

Its retail network currently covers 31 of Vietnam’s 34 provinces and cities.

The firm expects to post a loss of nearly VND6.3 trillion (US$243.3 million) this year after setting aside over VND7 trillion ($272.4 million) in provisions related to its diamond buyback policy.

As such, PNJ’s board of directors will ask shareholders at the extraordinary meeting, set to take place in October, to approve an adjustment to the company’s consolidated business plan for 2026.

Under the revised plan, PNJ expects revenue to reach VND39.1 trillion ($1.5 billion) in 2026, up 10 percent from 2025.

The jeweler also plans to mobilize up to VND8 trillion ($308.1 million) through various financing channels to strengthen its financial capacity and ensure sufficient resources for its restructuring process.

“The adjustment of the business plan, the expected provision and the preparation of funding are part of PNJ’s efforts to fully assess the impacts and proactively implement necessary changes during the restructuring period,” the company said.

PNJ might halve its dividend

PNJ’s board will also present its plan to shareholders, seeking to reduce the 2025 dividend from the 20 percent of par value approved in April to 10 percent.

The corresponding cash payment would fall from VND853 billion ($32.8 million) to VND341 billion ($13.1 million).

Earlier this year, PNJ made an interim cash dividend payment of 10 percent to shareholders on the shareholder record date of January 12, 2026.

According to the proposal, the company has therefore completed payment of the 2025 dividend, while the undistributed portion of profit will remain in retained earnings.

PNJ said the adjustment is intended to balance its cash resources amid increased pressure on cash flows arising from the repurchase of products under its commitments to customers.

Following the adjustment plan, PNJ fell to the floor at VND30,700 ($1.18) on Monday morning.