situation analysis report phu nhuan jewelry joint stock company

Situation Analysis Report Phu Nhuan Jewelry Joint Stock Company Phan Quoc Thinh Han Trung Kien Nguyen Hong Nhung Nguyen Thu Thao Le Quang Thai Nguyen Dang Quang 22 November 2015 download by : skknchat@gmail.com 2015 Situation Analysis Report Phu Nhuan Jewelry Joint Stock Company (PNJ) • Phan Quoc Thinh – Leader S 3582943 • Han Trung Kien S 3515531 • Nguyen Hong Nhung S 3577671 • Nguyen Thu Thao S 3577785 • Le Quang Thai S 3505985 • Nguyen Dang Quang S 3577806 Lecturer: Phung Thanh Phuong Situation Analysis Report MKTG1205 Group – Team Saturday, November 21, 2015 download by : skknchat@gmail.com situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company Table of Contents Company profile Micro-environment The company Suppliers Marketing intermediaries 4 Customers 5 Competitors Publics Macro-environment forces Demographic forces Economic forces Technological forces Political forces Cultural forces SWOT analysis Strengths Weaknesses Opportunities Threats Market segmentation 10 Market targeting 11 Positioning 11 Differentiation 11 Product differentiation 11 Service differentiation 12 Channel differentiation 12 Image differentiation 12 Conclusion 13 Bibliography Error! 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Company profile Name Abbreviation Address Sector and Industry Core business Business lines Raw materials Charter capital (2014) Telephone Email Website Legal representative Vision Mission Core values Main competitors PHU NHUAN JEWELRY JOINT STOCK COMPANY PNJ 170E Phan Dang Luu Street, Ward 3, Phu Nhuan District, Ho Chi Minh City, Vietnam Consumer Cyclical and Luxury goods Fine gold (bar), gold and silver jewelry  Trading watches and gold bar  Testing diamond, gemstone and precious metals  Real Estate house leasing  Business Law Raw gold and silver materials, gems, gemstones, diamonds VND 755,970,355,000 +84 839 951 703 pnj@pnj.com.vn www.pnj.com.vn Ms Cao Thi Ngoc Dung - chairwomen Becoming the leading jewelry processor and retailer in Asia market and securing number one position in the segment of medium and high-end jewelry in Vietnam PNJ brings customer pride with elegant, outstanding quality jewelry products  Honesty  Responsibility  Quality  Creativity  Innovation  Doji Jewelry Corporation (Doji)  Sai Gon Jewelry Company Limited (SJC)  Bao Tin Minh Chau Jewelry and Gemstone Co.Ltd  Sacombank Jewelry (SBJ) Sources: (FPT Securities, 2014) (PNJ Annual Report, 2014) 2|Page download by : skknchat@gmail.com 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Introduction hu Nhuan Jewelry Joint Stock Company, better known with abbreviation name as PNJ, is one of the most renowned and respected jewelry retailers in Vietnam Not only is PNJ domestically successful, but the company is also honored in Asia by Retail Asia magazine (Singapore) as one among top 500 retailers in Asia Pacific between 2004 and 2009 Officially established on 28 April 1988 by twenty progressive like-minded people in Phu Nhuan district, PNJ has been since showing strong and consistent development and performance, and has consolidated its position as the biggest player in the Vietnamese jewelry sector With more than 173 stores spanning across the nation, employing nearly 2,500 employees, and even becoming the only Vietnamese company that has the capability to export gold and jewelry to the international market, PNJ has not only established its dominant presence nationwide but also advance to business internationally In order to have today success, it is the diligence, persistence and smart moves sanctioned by the board of management over the last 30 years, with special regard to Ms Cao Thi Ngoc Dung, who simultaneously served as the chief executive director and the chairwoman ever since (Bloomberg, 2015) P The tale of this enterprise began in 1988 and the formative stage lasted years During that time, Vietnam jewelry market was of tender ages, which posed many challenges and innumerable difficulties regarding human resources, financial supports and lackluster governmental subsidies The next developing period was between 1993 and 2000, when PNJ expanded its business to reach Hanoi by opened a ramification in the capital in 1994, together with many different strategic locations That were also memorable years as the company had its products exported for the very first time, but more importantly, it started gaining customers’ trust and reputation Moving on, January 2004 marked the next milestone in the company’s history because of the participation to the stock market, which effectively raised capital and promoted equalization Since then, the company has always been improving and diversifying its products, aiming to fulfill high customer's satisfaction by delivering superior quality items and services, as accorded to the company mission statement PNJ also furthers its business by providing sponsorship to many beauty competitions, such as the Miss Universe 2008 and Miss Earth 2010, Nevertheless, in 2012, the claimed Asian biggest jewelry manufacturing factory was built to accelerate the firm’s productivity to the next level (Young Tiffany, 2012) With the vision of becoming the leader in jewelry fashion industry in Vietnam, incorporate with the proposed philosophy “Customer benefits is our commitment”, PNJ has received many praiseworthy achievements and is well on the way to approach its prospects According to Bloomberg: “For the period [the first half of 2015], the company reported revenue of VND 3.846 billion, up 6%, gross profit of VND 546 billion, up 43% and net profit before tax was VND 228 billion, up 46% over the same period last year, completed 60% annual target” This report is written with care and dedication giving readers an insight about the business operation at PNJ, and to give detailed explanations to many factors that affect the company, as well as the brand’s value proposition Diagrams, charts, and further information are written under Appendices section 3|Page download by : skknchat@gmail.com 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Micro-environment The company The board of Directors at PNJ has been working closely to implement action plans for both production and business operations To begin with, the department of human resources has been ordered to improve the labor productivity by running additional training and helpful workshops, reorganizing organizational structure and increase the ratio of junior to senior staffs with the ambition to rejuvenate the workforce Next is R&D, which is PNJ backbone department that has been received huge subsidies and financial support from the top management in order to accomplish a sole mission of meeting customers’ increasingly stringent requirements of jewelry products The department has done well by regularly hitting the market with new exclusive jewelry collections, employing and well-treating proficient artisans, and running competitions to recruit innovative design ideas as well as adapting production line with advanced technology Last but certainly not least, the sales department is strengthened by regularly opening short staff-training courses, running incentive programs to give attractive bonuses and create “PNJ Common Home” for team-building and relaxation A strong culture identity is PNJ biggest asset, said by the company CEO, as it can be extremely beneficial for the development of the organization by providing the much-needed motivation to increase productivity and improve employee morale as well as personal wellbeing In addition, the well-developed culture creates a participative and cooperative workplace, where people enjoy working, willing to work hard and they, therefore, can increase responsibility to deliver better customer services (PNJ Annual Report, Annual Report 2014, 2014) Suppliers The inputs used in manufacturing jewelry are precious metal, i.e gold and silver, and gemstone with prices are often highly responsive to changes in the global market, often unpredictable and even unprecedented Therefore, PNJ applies strict control to minimize the negative effect this may have on the company business • Raw gold input: Due to the government strict policy upon gold importation, PNJ speculates its warehouse by collecting raw gold from local suppliers whose gold are taken from various sources A large proportion of this kind of gold is not trademarked, also known as not SJC, is abundantly available and sold at a cheaper price • Raw silver input: With no restrictions of the government, the firm imports silver directly from MatalLor (Belgium) • Raw gemstones are imported mainly from Creative Gems BKK (Thailand) and RMC (Hong Kong) while diamond inputs are bought from multiple international accredited sources, such as Yakubov, Forte and Fischler (Belgium) (Phong, 2013) Marketing intermediaries • Resellers: Strictly, the products manufactured by PNJ are only sold in PNJ-owned outlets across the country There are 173 stores in every major city and suburban area across 44 provinces in Vietnam (PNJ, 2014) Most of the outlets are situated in main streets, as well as in shopping malls, supermarkets and airports, such as Aeon Malls, Parkson C&T, BigC and Tan San Nhat international airport • Physical distribution firms: PNJ accepts home delivery option and thus the customers’ ordered products are protected by the representative of the authority during the transport PNJ has four warehouses operating at highest security and when there is a need for airline transport, the cargo is airlifted under the protection police force (FPT Securities, 2014) • Marketing services agencies: In 2011, PNJ signed a contract with Value Partners Management Consulting, a consulting firm from Italia, to help PNJ deal with market research, decision-making at management level, business operations and expectation for future jewelry market On the other hand, since PNJ is a powerful jeweler in the domestic market, the firm receives much attention from the media and the government Most of the 4|Page download by : skknchat@gmail.com 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APPENDIX 2: GOVERNMENTAL INTERVENTION AND POLICY Thriving in the market of Gold and Jewelry, PNJ stands in middle of the unforeseen flow of government policies Playing with this double-edge sword, PNJ gains a dozen of benefits with the establishment of Circular 22/2013/TT-BKHCN and Decree No 24/2012/ND-CP, and also suffers a severe loss from Decree No 36/2015/TT-BTC These up-and-down reflect the vulnerability of PNJ to the change in policies made by Government Circular 22/2013/TT-BKHCN is considered “a breakthrough of Vietnam Gold market” (FPT Securities, 2014) This Circular thoroughly favors medium and large scale corporations in Gold Jewelry Production, specifically PNJ, with two main points From June 1st 2014, a technical requirement in measuring and scaling equipment has been demanded: any balance involved in identifying the purity of gold production has to be officially qualified, certificated and lead sealed by the Department of Standards, Metrology and Quality or any other authorities, plus, the standard error limits based on masses ( kilograms) are strictly set, with formula stated in the Content of Circular 22 (Ministry of Justice, 2013) In addition to new stipulations of scaling supports, the Circular also requests manufacturers and retailers of Gold production to specifically provide customers with information about gold purity and product’s serial, before validating in commercial environment These prerequisites of gold products (scaling equipment and technical information) before joining commercial scenes has eradicated a massive market portion of small scale producers, who mostly have processed business based on technical shenanigans of gold product for a long time Decree No 24/2012/ND-CP, valid from May 25th 2012, is also a great support to giants in Gold market This policy puts a control on gold and jewelry business: only a certain number of qualified corporations are legally allowed to operate in the market (Ministry of Justice, 2012) This decree greatly hinders the growth of small scale companies, which currently cover an enormous share of Gold market Decree No 36/2015/TT-BTC, in contrast to former favorable policies, published on May 7th 2015, could be considered the “cutting edge” for PNJ The exportation tax on some products, serials 7113.19.10, 7114.19.00, 7115.90.10, etc - “gold jewelry product, craft and other gold products with gold content of 95% and above” (Vietnam Customs, 2015) was increased from to 2% Considering the position of PNJ in gold exportation industry, new taxing level swiftly ceases the company’s gold exportation activity 15 | P a g e download by : skknchat@gmail.com 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APPENDIX 3: DIAGRAMS, GRAPHS AND ILLUSTRATIONS Description: The graph shows an increase in revenue of PNJ in the period between 2014 and 2015 by 4% More important, data implies a change in product’s concentration: in 2015, PNJ focuses more on Bullion gold (+38%) and drifts away from all three categories in Jewelry/Accessory, include Jewelry gold, silver and especially watches (-41%) In 2014, total revenue of Bullion gold is equivalent to approximately 39.59% that of Jewelry gold; however, revenue of Bullion gold has been rising to 78.10% in comparison to total revenue of Jewelry gold in 2015 In general, PNJ Jewelry gold still plays a big part on the chart (69.91% in 2014 and 55.04% in 2015), but the company will balance the profit between bullion gold and gold jewelry in the near future 16 | P a g e download by : skknchat@gmail.com situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company 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Description: Judging from PNJ 2015’s plan, there are two major changes: financial sales will decline by 75%, from 48,071 to 12,000 million VND, and the retail network coverage will be doubled (18 to 35 new stores, 94% increase) These movements show PNJ’s intention to reallocate resources and broaden their retail system Description: The pie chart represents importation of jewelry of Vietnam in 2012 China occupied a vast portion of the share, up to 48% Three big countries after China on the chart are respectively Korea (12%), Japan (11%) and Hong Kong (9%) Developed countries like US, Germany, Italy, etc are not significantly visible on the chart, in comparison to China, Korea, Japan and Hong Kong 17 | P a g e download by : skknchat@gmail.com situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company Description: From the graph, there are three significant points First, Gold Jewelry Revenue is solidly increasing over the period 2010-2014, with the rate varies from 3% (2011-2012) to 18% (2013-2014) Secondly, Gold retail sale also consistently increases over the time However, the growth rate of gold retail is not showing any general direction: it decreases from 2010 to 2012, and after that, swiftly increases from 2012 to 2014 Description: The data shows that PNJ is making profit, comparing beginning and ending balance The difference is 1%, which is not significant, but stands as a solid proof for the growing of the company 18 | P a g e download by : skknchat@gmail.com situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company Description: The bar graph shows a fluctuation in retail market share for PNJ Jewelry from 2009 to 2013 However, with the small change (1-2%), it’s safely to state that PNJ constantly maintain their retail market share at a notable level In 2014, PNJ, with all the favoring factors mentioned in the report, gains a huge boost in market share, from 14% in 2013 to 21% in 2014 (+50%) Sources: All diagrams are taken form (FPT Securities, 2014) 19 | P a g e download by : skknchat@gmail.com situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company 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References BaoViet Securities, 2013 Company Update, Phu Nhuan Jewelry (PNJ) Hanoi: BaoViet Securities Bloomberg, 2015, ‘Company Overview of Phu Nhuan Jewelry Joint Stock Company’, viewed November 2015, Chi, L., 13 July 2014, ‘ANZ - Middle-class in Vietnam fastest increase in Asia’, viewed November 2015, Chính, P M., & Hồng, V Q., 2009, Kinh tế Việt Nam: Thăng trầm đột phá Nxb Chính trị quốc gia, Hà Nội CIA World Factbook, 30 June 2015, ‘Vietnam Age Structure’, viewed November 2015, Cúc, N T., 2015, ‘Đặc san Toàn cảnh Ngân hàng Việt Nam’, Doanhnhansaigon.vn, 26 August 2014, ‘Chủ tịch PNJ: Cuộc chinh phạt mới’, viewed November 2015, Đan Nguyên, 17 August 2015, ‘PNJ gặp bất lợi từ DongA Bank?’, viewed November 2015, Foreign and Commonwealth Office, January 2015, ‘Vietnam ; from golden age to golden oldies', viewed November 2015, 10 FPT Securities, 2014, ‘Valuation Report - PNJ Jewelry Manufacturing’, viewed November 2015, 11 Hoang, V Q., 2004, ‘Analyses on Gold and US Dollar in Vietnam’ Bruxelles: Centre Emile Bernheim Université Libre de Bruxelles’, viewed July 2004, 12 Hoang, V Q., & Dung, T T., 2009 ‘The cultural dimensions of the Vietnamese private entrepreneurship’ The IUP Journal of Entrepreneurship and Development, 6(3), 54-78 13 Huy Truong, 22 August 2014, ‘Công nghệ đúc Resin’, viewed November 2015, 14 Industriall-union.org, 10 September 2015, ‘Vietnam raises minimum wage 12.4%’, viewed November 2015, 15 Indexmundi.com, n.d., ‘Vietnam Inflation rate (consumer prices)’, viewed November 2015, 20 | P a g e download by : skknchat@gmail.com situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company situation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.companysituation.analysis.report.phu.nhuan.jewelry.joint.stock.company 16 Internetlivestats.com, n.d., ‘Vietnam Internet Users’, viewed November 2015, 17 Investopedia.com, n.d., Income Elasticity Of Demand, viewed November 2015, 18 Ministry of Justice, 2013, ‘Quy định quản lý đo lường kinh doanh vàng quản lý chất lượng vàng trang sức, mỹ nghệ lưu thông thị trường’, viewed 22 November 2015, http://moj.gov.vn/vbpq/Pages/View_Propertes.aspx?ItemID=29787 19 Ministry of Justice, 2012, ‘NGHỊ ĐỊNH: Về quản lý hoạt động kinh doanh vàng’, viewed 22 November 2015, 20 Nam Phong, 2013, ‘Domestic jewelry market catches foreign investors’ eyes’, viewed 13 November 2013, 21 PNJ, 2015, ‘Core business activity of PNJ has grown impressively’, viewed 14 November 2015, 22 PNJ, 2015, ‘Mái ấm lòng’, viewed 13 November 2015, 23 PNJ, 2015, ‘PNJ achievements’, viewed 15 November 2015, 24 PNJ Annual Report, 2013, ‘Phu Nhuan Jewelry Join Stock Company’, viewed November 2015, 25 PNJ Annual Report, 2014, ‘Annual Report 2014 HoChiMinh: Phu Nhuan Jewelry (PNJ)’, viewed November 2015, 26 27 PNJ News, 2015, ‘Opportunities for gold jewellery exportation’, viewed 11 November 2015, 28 PNJ Shopping, 2015, ‘How to purchase’, viewed 14 November 2015, 29 Tan Viet Securities, 2015, ‘CTCP Vàng Bạc Đá Qúy Phú Nhuận (PNJ)’, viewed November 2015, 30 VCCI, 2010, ‘10 benefits of the WTO trading system’, viewed 12 November 2015, 31 Vietcombank Securities, 2011, ‘PNJ: Vietnam Azelea Fund Limited buys 565500 shares’, viewed 10 November 2015, 32 Viet Capital Security, 2012, ‘Young Tiffany’, viewed 16 November 2015, 33 Vietnam Customs, 2015, ‘Thông tư số 36/2015/TT-BTC ngày 23/3/2015 Bộ Tài sửa đổi mức thuế suất thuế xuất mặt hàng vàng trang sức, kỹ nghệ sản phẩm khác vàng thuộc nhóm 71.13, 71.14, 71.15 Biểu thuế xuất khẩu’, viewed 22 November 2015, 21 | P a g e download by : skknchat@gmail.com 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