Vietnam's PNJ sees rapid stock rally amid liquidity crunch

After four consecutive sessions trading at the lower price limit, shares of Vàng bạc Đá quý Phú Nhuận (PNJ) surged, reaching the upper ceiling and even showing a brief "white on the sell side" condition. The rally followed a record‑high trading volume weekend that saw an 8% ownership change.

Despite the surge, PNJ’s price remains about 61% below its January peak, and its market capitalisation has fallen to roughly VND 16.8 trillion (about USD 1 billion). The volatility was triggered by news that a former director of PNJ’s laboratory (P‑Lab) was linked to a scheme smuggling more than 28,000 diamonds, shaking customer confidence and prompting a spike in resale of diamonds and jewellery.

CEO Phan Quoc Công reported that sales have dropped to roughly one‑fifth of purchase volume, creating short‑term liquidity pressure. PNJ affirmed its buy‑back commitments but has temporarily changed the process: buy‑back transactions are limited to a daily two‑hour window (15:00‑17:00) at 110 stores, about a quarter of its network. Payments are scheduled in five installments – 10% on the transaction day, 20% after 30 days, 25% at 60 and 90 days, and the final 20% at 120 days – ensuring full repayment over four months.