Vietnam's PNJ loses foreign investors as stakes dip below 5%

Foreign investment groups represented by T. Rowe Price Associates and Dragon Capital reduced their holdings in Vietnamese jewellery maker PNJ to below the 5 % threshold, ending their status as major shareholders. After a bonus‑share issuance in early May, T. Rowe Price’s stake fell from 5.79 % to 4.97 %, while Dragon Capital’s fell from 5.05 % to 4.56 %. Similar exits occurred earlier this year when VinaCapital and Dragon Capital also slipped below the threshold.

The share‑holding changes come as PNJ’s board reappointed Do Thi Ngoc Thanh as corporate‑governance officer and follows the recent arrest of former subsidiary director Dang Ngoc Thao in a transnational diamond‑smuggling case that involved the import of more than 28,000 diamonds.

These moves reflect a broader reshuffling of foreign equity in PNJ amid regulatory scrutiny and corporate restructuring.