PNJ Gold Prices Rise 600,000 VND/Tael as SJC, DOJI Follow

Overview

PNJ (Vàng Phú Nhuận, HOSE) raised its plain gold ring and SJC gold bar quotes by 600,000 VND per tael on the morning of September 23, 2026, putting both product lines at 142.5-145.5 million VND per tael. The increase matched moves at SJC and DOJI and formed part of a broad domestic repricing across five major gold brands. The divergence between rising local quotes and a softer international spot price is the key detail for investors tracking PNJ’s retail gold margins.

Key Facts

• PNJ raised plain gold ring prices by 600,000 VND per tael on both the bid and ask, to 142.5-145.5 million VND per tael.
• PNJ’s SJC gold bar quotes also rose 600,000 VND per tael on both sides, to 142.5-145.5 million VND.
• SJC matched PNJ exactly, with rings at 142-145 million VND and SJC bars at 142.5-145.5 million VND.
• DOJI left ring prices unchanged at 142-146 million VND but lifted SJC bars by 600,000 VND to 142.5-145.5 million VND.
• Bảo Tín Minh Châu and Phú Quý each added 300,000 VND per tael to ring quotes, reaching 142.3-146.3 million and 142.2-145.2 million VND respectively.
• International spot gold traded near USD 4,335 per ounce, down 0.45% from the prior close, after a 0.35% gain on September 22 and a 0.8% drop at the start of the week.
• PNJ shares closed at 35,000 VND on September 23, down 1.54% on volume of 927,600 shares.

What Happened

The price update, published at 9:15 a.m. on September 23, showed domestic gold quotes rising across SJC, PNJ, DOJI, Bảo Tín Minh Châu and Phú Quý. The common increment was 300,000-600,000 VND per tael. PNJ and SJC applied the largest single adjustment, adding 600,000 VND per tael to both ring and SJC bar products, while DOJI held ring prices flat and lifted only its bar quotes. Bảo Tín Minh Châu and Phú Quý moved more conservatively, adding 300,000 VND per tael to rings and between 300,000 and 600,000 VND per tael to bars.

The article, based on a morning survey of the five brands, also noted that quotes had been unchanged at the open before the adjustment. Earlier in the session, plain gold rings were listed between 141.4 and 146 million VND per tael, and SJC bars between 141.9 and 144.9 million VND. The spread between the highest and lowest ring bid was 600,000 VND per tael, and the spread on the ask side reached 1.6 million VND per tael, with DOJI and Bảo Tín Minh Châu at the top and SJC at the bottom.

Market Context

PNJ trades on the HOSE exchange and is Vietnam’s largest listed jewelry retailer by store network. The stock closed at 35,000 VND on September 23, down 1.54% on modest volume of 927,600 shares, a move that ran against the direction of the company’s own gold price quotes. Domestic gold pricing in Vietnam is influenced by SJC bar supply policy, the gap between local and international prices, and retail demand for rings as a savings product. The article notes that spot gold had been volatile through the week, falling 0.8% on Monday before recovering 0.35% on September 22 and then easing 0.45% on September 23.

Strategic Significance

For PNJ, the relevant question is not the direction of the gold price but the spread between its buy and sell quotes and the volume of gold it turns over. A 600,000 VND per tael increase applied to both sides of the quote leaves the gross spread unchanged, meaning the revenue effect depends on transaction volume rather than the headline price. The wider dispersion across brands, with the ring ask spread reaching 1.6 million VND per tael, suggests competitive pricing pressure among retailers and gives PNJ room to defend market share. Because PNJ’s core earnings come from jewelry retail rather than gold trading, sustained high domestic prices can support revenue per transaction while also raising working capital requirements for inventory.

What to Watch

• PNJ’s next monthly or quarterly retail sales disclosure, particularly gold ring and bar volumes.
• The domestic-international gold price gap and any State Bank of Vietnam intervention in the SJC bar market.
• Daily quote spreads at PNJ versus SJC, DOJI, Bảo Tín Minh Châu and Phú Quý as a read on competitive intensity.
• International spot gold’s ability to hold above USD 4,300 per ounce, given the recent 0.8% single-session drop.
• Foreign-ownership and block-trade filings on PNJ, alongside trading volume relative to the 927,600-share session on September 23.