3 Bao Cao Thuong Nien 2021 V3 en

FROM PRESSURE
ANNUAL REPORT 2021

AT SOME DEPTH BELOW THE EARTH'S SURFACE, THE
TEMPERATURE AND PRESSURE IS HIGH ENOUGH TO FORM
BEAUTIFUL DIAMONDS.
IN A SMALL COUNTRY ON THE EARTH'S SURFACE, THE

CHALLENGES ARE PLENTY ENOUGH AND PRESSURE IS
STRONG ENOUGH TO FORM GREAT PEOPLE.
THOSE ARE THE "DIAMONDS" THAT HAS MADE UP A PNJ

FULL OF MIRACLES IN A STRESSFUL YEAR OF 2021.
ANNUAL REPORT 2021 | 3

NUMBER HIGHLIGHTS
OF 2021
PRESSURE MIRACLES
NET REVENUE
NUMBER OF CLOSED STORES AT PEAK TIME
19,547BILLION VND
283 STORES
(+11.6% compared to 2020)
TOTAL PRODUCT OUTPUT
THE BUSINESS TIME LOST 2,335,589 PRODUCTS
80 DAYS
(+20% compared to 2020) 
GROSS PROFIT 3,598 BILLION VND

THE PRODUCTION TIME LOST
90 DAYS PROFIT AFTER TAX 1,029 BILLION VND

BRAND VALUE 94.1 MILLION USD
CSR ACTIVITIES 79.6 BILLION VND
4 ANNUAL REPORT 2021 | 5

AGILE TO CREATE VALUE
COMPANY INFORMATION
PHU NHUAN JEWELRY JOINT STOCK COMPANY MAIN BUSINESS INDUSTRIES
• English name: Phu Nhuan Jewelry Joint Stock Company

• Abbreviations: PNJ
PRODUCING AND TRADING JEWELRIES, GOLD, SILVER, GEMS, FASHION ACCESSORIES, SOUVENIRS
• Head office: 170E Phan Dang Luu, Ward 3, Phu Nhuan district, HCM City
• Telephone: (028) 3995 1703
• Fax: (028) 3955 1702
• Website: www.pnj.com.vn
• Business registration certificate: 0300521758
• Security code: PNJ
• Charter capital: 2.276.123.620.000 VND TRADING WATCHES
• Shares outstanding: 227.366.563 shares
INSPECTION SERVICES OF DIAMONDS, GEMS, PRECIOUS METALS
BUSINESS MARKET AND NETWORKS
56 BRANCES
342 STORES NATIONWIDE
13 EXPORT MARKETS

JOURNEY OF CREATING AGILE MIRACLES
TO CREATE VALUE

Message of the Board of Directors 11
Winning challenges, creating miracles 14
Despite difficulties, breaking out to create miracles 16
"In 2021, PNJ, like many other businesses, must Bringing trust to shareholders 42
overcome unimaginable difficulties due to the prolonged Maintaining engagement with the stakeholders 53
context of the global pandemic. However, with pioneering
steps in the field of economy, society, environment, PNJ SWEET FRUIT IN THE STORM
has created its own journey and achieved outstanding Message of Chief Executive Officer 76
miracles. With the power of trust, going upstream spectacularly 78
Values Created 84
The 2021 journey of PNJ is marked by many factors: Weathering the storm by focusing on risk management and internal control 88
The foundation-building factor - the Board of Directors,
the Change-Making Factor - the Board of Management, BEYOND TRUST
the Value-bringing factor - the PNJ staff. These factors Human resources 94
have not only worked together to create the extraordinary Jointly tightening hands to overcome Covid-19 107
achievements of PNJ, but also spread the power of those Spreading love to the community 110
achievements to the community, further affirming the Raising responsibility to the environment 113
Group's Development Philosophy.
The movement of saying no to single-use plastic items 123
It is these miracles and the firm belief in the values that ACCELERATING TO CONQUER THE NEW PEAK
PNJ has protected would turn into a strong internal force Action Plan of the Board of Directors in 2022 126
in each PNJ individual on the journey to conquer new Developing 2022 - 2027 strategy with breakthrough marks 127
aspirations, helping the PNJ team to be ready to face
challenges as well as pressures and continue resonating
in order to create new miracles. ACRONYMS
BOD Board of Directors AGM Annual General Meeting SD Sustainable Development
BM Board of Management FS Financial Statements CG Corporate Governance
GM General Manager IA Internal Audit AC Audit Committee
RM Risk Management

AGILE "Superiority is never just accidental but the result of intense
attention, dedicated effort, intelligent direction, skillful practice,
TO
CREATE VALUE
and vision to see opportunities in obstacles."
COVID-19 has created a real crisis for every company's Board of

Directors. The challenges have posed to the BOD seem endless.
PNJ's Board of Directors has been aware of its role as the highest
management unit of the company on behalf of the GMS, both guiding
and supporting the Board of Management in decisions around the
fight for survival but also ensuring the company positions itself
to overcome the crisis more strongly and resiliently. Turning
difficulties into powerful transformational dynamics, PNJ's Board
of Directors has been a testament to the spirit of PNJ – the diamond
which has not been afraid of the sharpen of compression force to
shine sparklingly.
The difficulty in 2021 has further highlighted the correctness of the

vision and the determination to innovation that has been prepared
by the PNJ’s Board of Directors since 2018, that launched in 2020
and accelerated in 2021.
Madam CAO THI NGOC DUNG
CHAIRPERSON’S MESSAGE
Chairperson of Board of Directors
Dear to Shareholders, Customers, Partners and all employees of PNJ would accelerate the existing business segments and
Phu Nhuan Jewelry Joint Stock Company - PNJ, promote the research and development of new business
segments. Simultaneously, through an innovative approach and
2021 has been dubbed a stressful year by the world – a year in interaction, PNJ would continue to enrich customer relationship
which all aspects of life and society had been hit hard by outbreaks assets with the motto "customer-centric", as well as selecting
beyond the control of the global pandemic. As Chairperson of strategic business partnerships and co-operations. Moreover,
the BOD and the person who has watched PNJ growing day PNJ brand value would continue to increase through the linkage
by day over the past 34 years, I understand this is the most and resonance among brands in the PNJ ecosystem, increasing
difficult period for PNJ. Located in the epicenter of pandemic in the integration and efficiency of business programs and social
Ho Chi Minh City, the number of business days in 2021 of PNJ activities.
decreased by 22%. However, "pressure" is not the story PNJ
Being attached to PNJ's business strategy is a sustainable
wants to tell, because for us, "pressure" is just a catalyst that
development strategy. In fact, thanks to the philosophy of
stimulates the combativeness of PNJ’s "yellow-shirt warriors"
concentrating on sustainable development from the early
– the main characters have overcome all challenges to create
stages, PNJ has been developing rapidly and “authentically”
miracles. Choosing to face hardships has helped PNJ reap the
sustainably, even in the most difficult times. In 2022, PNJ
"sweet fruits" in the economic, environmental and social fields,
would re-standardize work related to sustainable development
and above all to affirm the timeless shine of the diamonds called
activities in accordance with international standards. The new
Mission, Vision and Core Values of PNJ.
and pioneering establishment of the Environment- Society-
With the philosophy of "Integrate the customer and society Management Subcommittee (ESG) with the standing of
benefits into the company’s interests", PNJ has made many members of the Board of Directors is expected to enhance the
important contributions to the community in 2021. While long-term strategy and open up the future for the sustainable
the pandemic seemed to have knocked all out, PNJ had development of the Group. Together with the Subcommittee’s
developed humanitarian human resources policies to ensure consultancy, PNJ would continue to promote innovation
the life, health, mental and economic life of all employees initiatives and sustainable development activities right from
and their families. When the well-being of each individual was the unit level. In addition, PNJ would focus on "Green House"
guaranteed, PNJ united to become "yellow-shirt warriors", technology, green area development projects by maximizing
initiating the program of "Zero Dong Mini Supermarket" and fuel economy, as well as participating in reforestation projects,
participating in social security programs such as "Vietnamese clean water development, etc.
Arms" and "Accompanying Labor and Delivery". The images of
On behalf of PNJ's Board of Directors, I would like to express
the PNJ "yellow-shirt warriors" have spread greatly across the
my sincerest thanks to Shareholders, Customers, Partners and
country, with resonant efforts, we have personally helped more
all employees of PNJ who have always trusted, supported and
than 52,000 disadvantaged households, 6,000 students stuck
accompanied PNJ in the past year. The courage to face pressure
in dormitories and more than 7,000 frontline doctors. At the
along with love from the bottom of heart has confirmed that PNJ
same time, the "yellow-shirt warriors" also made impressive
team fully deserved to be the brightest diamonds in 2021. We
milestones in terms of economics. The Group's gross profit in
believe that the consensus to implement the PNJ’s mission of
2021 reached over 3,598 billion VND, increased 4.8% over the
all employees, along with the right development strategy, and
“... the pressure” is same period in 2020. This is especially significant in an ongoing
the foundations we have built together over the past 34 years
just the immediate difficult year due to pandemic, social distancing and dramatically
would continue to help PNJ affirm its great influence in the scope
shrinking consumer demand. The joy broke out when PNJ was
context to challenge honored in the Top 10 Enterprises meeting business culture
of economy, society, the environment, continue to reap many
miracles and constantly grow strongly and steadily in the future.
PNJ's "yellow-shirt standards according to the criteria directed by the Prime
Minister, and was also honored the most Outstanding Jewelry Respectfully,
warriors" – the main Manufacturer in 2021 by the World Jewellery Industry. On behalf of Board of Directors
characters have won Miracle formed from pressure
everything to become In the "new normal" conditions, PNJ has updated the Group's
the diamonds that development strategy for the period 2022 -2027 in line with
made up the miracle..." the company's challenges, opportunities, and potential.
Accordingly, in order to create a growth engine for the future,
CAO THI NGOC DUNG

WINNING CHALLENGES, CREATING MIRACLES

2021 - A DIFFICULT YEAR FOR ENTERPRISES IN RETAIL INDUSTRY NUMBER OF COVID-19 INFECTION & DEATH CASES IN 2021 (WHO)
Following 2020, 2021 is a harsh turnaround when the COVID-19 pandemic seriously affected all sectors of the economy, especially Confirmed cases Deaths
in the third quarter many key economic localities must implement continuous social distancing to prevent the pandemic.
2.58% 4,789.5 TRILLION VND 119,800 ENTERPRISES 600,000 12,000
GDP growth rate Total retail sales of goods and consumer Withdrew from the Market,
500,000 10,000
services revenue, decreasing 3.8% increasing 17.8%
Shrinking economic and retail growth, and a sharp drop in consumer confidence continued to pose major challenges that PNJ 400,000 8,000
have had to face over the past year as well as in the coming years.
300,000 6,000
VIETNAM'S GDP GROWTH IN THE PERIOD OF 2010 - 2021
(General Statistics)
200,000 4,000
7.1% 7.0%
6.8% 6.7% 6.8%
6.2% 6.0% 6.2% 100,000 2,000
5.3% 5.4%
0 0
T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 T11 T12
2.9%
2.6%
CONSUMER CONFIDENCE INDEX IN VIETNAM 2018 - 2021

(www.thelobaleconomy.com)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
124 129 129 123 128 125 126
120 122 121
117 117 114 113
TOTAL RETAIL SALES OF GOODS (General Statistics) 105
Unit (Thousand. Billion dong) % YOY
5000 25%
4000 20%
3000 15%
2000 10%
1000 5%
0 0%
Q1/18Q 2/18 Q3/18Q 4/18 Q1/19Q 2/19 Q3/19Q 4/19 Q1/20Q 2/20 Q4/20Q 1/20 Q2/21Q 3/21 Q4/21
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

DESPITE DIFFICULTIES, BREAKING OUT TO CREATE MIRACLES

1. HIGHLIGHTS ON THE JOURNEY OF REGENERATION
"Superiority is never just accidental but the result of intense mindset, warriors’ internal strength with the ability to adapt
attention, dedicated effort, intelligent direction, skillful practice, highly in many situations. 2021 is the year PNJ accelerated F5-refresh and received many marks on organizational, policy and management improvement
and vision to see opportunities in obstacles." The difficulties in activities with outstanding achievements such as
2021 on the contrary have further highlighted the correctness The right business policies are issued in a timely manner, new
of the vision and the determination to innovation that has been platforms have been constantly being upgraded and updated,
prepared by the PNJ’s BOD and BOM since 2018, that launched the thinking & creativity of human resources has been
in 2020 and accelerated in 2021 unleashed, which has helped to bring new records during the In 2021, PNJ adjusted its strategy for the new phase in line with challenges and
34 years of establishment and development of the company. opportunities in "new normal" conditions, the company's potential, preparing
Updating
The spirit of F5 "Accelerating regeneration – Break out to PNJ continued to "go upstream against the market" with the for the next phase. Accordingly, PNJ accelerated existing businesses, promoted
Group's
reach beyond" has continued to spread, creating a new maintenance of positive growth in revenue despite losing the research and development of new business segments, creating growth
development
organization full of dynamism and efficiency. Over the almost all business time in the third quarter; at the same time, strategy momentum for the future. With a new "customer-centric" approach and interaction,
past year, PNJ's BOM and employees have always looked to perfect the foundations and develop new competencies 2022 – 2027 PNJ has constantly expanding its customer portfolio, selecting strategic business
directly at the truth, the existence, the shortcomings to and accumulate strategic assets to "break out and go beyond" partnerships and co-operations, strengthening PNJ brand, and promoting the
argue together, to roll up the sleeves together to make in the future. This has further confirmed PNJ's success in effectiveness of CSR programs.
substantive changes inside, not just superficial and easy implementing its strategic vision to become "Asia's leading
changes outside to train ourselves a consistent & flexible company in jewelry manufacturing and retailing products that
honor beauty, aiming to reach the world".
Protecting workers and families’ health – creating empathy and mental
strength for the entire human resources were important tasks that PNJ
implemented in 2021.
Adjusting
PNJ Disease Prevention Committee has proactively and actively updated
resources
smoothly, instructions from state and government agencies and quickly, flexibly and effectively
effectively implemented pandemic response actions complied with PNJ's context. Vaccination
responding activities for employees were implemented quickly, safely, increasing coverage
INCREASING PNJ BRAND VALUE to Covid-19 throughout the system. During the peak of the 2021 outbreaks, remote working
challenges. (WFH – Work from Home) was effectively implemented. Thousands of training
HONORING SOCIAL VALUES sessions were recorded. Dozens of projects/action plans were still implemented
on schedule during social distance period, from which the company has carefully
prepared, as the foundation for revenue results in the fourth quarter of 2021 to
grow by 21% compared to the same period in 2020 (which is already very high).
ENRICHING PNJ HUMAN RESOUCES ASSETS
UNITING – ATTEMPTING PREPARATION FOR "NEW NORMAL"
These are activities in the series of optimal activities of production and supply
Optimizing
activities. The cost project has been implemented since May 2021, initially
ACCELERATING TO BUILDING RESILIENCE OPTIMIZING OPERATION production contributing positively to shortening production time, reducing losses and costs.
costs, Product development projects for future needs such as Italian jewelry, Diamond
DEVELOP PROFESSIONAL IN RESPONSE TO EFFICIENCY, BUSINESS "refresh" jewelry, ... were deployed on schedule. Faced with the challenges posed by the
COMPETENCIES DEPLOYMENT SPEED EFFICIENCY warehouses, nationwide blockade, the supply operations have been flexibly navigated and
improving localized; new shipping routes, new initiatives/methods, interregional internal
supply chain lending activities...were applied, which helped to minimize the impact of the
capacity blockade, creating a great advantage after the social distance when the market
F5 - FEFRESH was still managing with a major disruption of supply and forwarding. The TMS
project, which has been researched since the second quarter, has been expected to
UNLEASHING INNER ENERGY – REINVENTING ORGANIZATIONS continue to improve supply capacity throughout the system.
PNJ OPERATION STRATEGY IN 2021

1. HIGHLIGHTS ON THE JOURNEY OF REGENERATION (continued) 2. EXPLOITING BUSINESS OPPORTUNITIES AFTER "SOCIAL DISTANCING" TO THE MAXIMUM
In 2021, PNJ's BOD and BOM were decisive and determined in updating and renewing the business strategy. Strategic milestones
were reassessed; plans were updated and strategic actions were "sharpened".
Refreshing In order to continue to maintain its leading position in Vietnam's retail industry and
experiences/
reach the world, PNJ has implemented a series of activities to increase operational
services /
initiative and flexibility. Consistently on its refresh journey, PNJ implemented the SOLID GROWTH
products,
optimizing the project to increase operational efficiency on technology platforms such as RMS- PNJ's Board of Management has continuously innovated following next year is always higher than the previous year.
store system mPOS, CDP and business performance monitoring and analysis systems. In addition, and created in the way of flexible implementation and The coordination and interaction in the product supply chain
through policy the projects to refresh customer experience such as image upgrading, "quality" offered sharp strategies and tactics for business and is increasingly smooth.
and personnel consultants, adjustments to displays at stores and loyalty policies have received operation. Especially in 2020, PNJ focused on restructuring
solutions many positive feedbacks from customers. product portfolio, optimizing inventory - improving RESOURCES ENRICHMENT:
the team of artisans who design and manufacture - Mentoring - Coaching programs to promote the "flow"
introducing more new product lines, ways to increase of knowledge sharing are continuously improved
PNJ accelerated F5 programs that removed "Barriers" to unlock inner energy. In 2021, new experiences to the market suitable for each and enhanced in terms of both implementation
Continuing to PNJ continued to perfect the "design" of a flexible PNJ - connectivity - collaboration individual customer object, each different market. form and content. The learning culture is also
reinvent the - speed - development. The hierarchy - titles, personnel information was digitized, Along with that is accelerating new businesses changed and developed in the direction
company through helping to improve the effectiveness of personnel management as well as security. such as developing the jewelry market with
redesigning/ The Regulation of Authorization - Empowerment has continued to be perfected and of shifting from the "culture of focused
constructing new
additional financial services (Installment SOLID learning" to "Culture of self-learning/
promoted, expanding the ability and initiative for leaders at all levels. During the year,
organizational Sales) and developing non-jewelry GROWTH online learning & everyone can
taking advantage of the "break" period due to the blockade, the training activities in the
structures businesses (Watches - glasses). become trainers". Talent resources
"Talent Development Program Framework" were thoroughly implemented, creating
new inner forces, new moods, contributing to the explosion of business results after and leadership teams at all
the social distance. COMPETENCE COMPETENCE levels are continuously added
DEVELOPMENT DEVELOPMENT and have succession plans,
Evolving creative competencies ensuring the long-term and
PNJ has always maintained the principle that people are the focus, determinant of in Marketing is a key task and sustainable development
success of the group. In order to develop and maintain quality human resources, PNJ strongly deployed by the of the company. PNJ
has constantly innovated its approach to human resource planning and development
Board of Management RESOURCES PREPARING Brand Assets are
through long-term development programs, such as the construction of “Employee Value
Human resources Proposition – EVP” to build a professional recruitment brand, attract and retain talent;
in 2020; The result is ENRICHMENT FOR THE FUTURE continuously
management and faster deployment enriched through
promoting online training programs to take advantage of the opportunity to "upgrade
development capacity" in the pandemic season, especially the training activities to spread & transfer speed, variety of the creation
knowledge and experience from lecturers in the leadership team (internal lecturers); program frequencies and content, and targeting different of links and resonance among the brands of the PNJ
developing a Coaching culture and bringing ICF-standard coaching knowledge into the target groups. Technology and digital capabilities continue ecosystem as well as increasing the integration of
business; developing a long-term strategy on comprehensive remuneration at PNJ in to be invested through recruiting new human resources, programs
accordance with the philosophy of "Internal Fairness" and "Market Competition". developing new demand approaches, new coordination and
implementation; The results achieved are many technology PREPARING FOR THE FUTURE:
products launched such as App Retail, Human Resource The Board of Directors and the Board of Management
In 2021, PNJ successfully implemented phase II of HR management system with 08 Management System, New Payment System, Customer have restructured the organizational structure and
Digital
online processes of human resources to be deployed, a set of processes to manage Information Management System, Supply Chain, Risk operating model of the headquarters and a new model
Transformation
- Upgrading personal work results on two versions of the Web and App, a reporting system that Management - Compliance ... and most have an important of retail operations; completed corporate governance
new technology provides real-time data and analysis data, multichannel notification system...; internal contribution to increase business efficiency - operation. and governance mechanisms in the direction of reducing
platform interaction platform - Collaboration Platform; CDP - Customer Data Platform... helps Production - supply capacity continues to be invested to the centralized load - increasing empowerment and
digitize processes, optimize management and operations. help PNJ become the leading manufacturing company in expanding flexibility. Simultaneously, human resources
Asia with a capacity of nearly 4 million products/year and for new growth motivation have also been prepared in
continue to expand. The rate of delivery is precise and the terms of both human and enforcement capacity.

VISION - MISSION - CORE VALUES

SUSTAINABLE DEVELOPMENT PHILOSOPHY
VISION
TO BECOME A LEADING JEWELRY MANUFACTURER
AND RETAILER IN ASIA, TO HONOR BEAUTY AND
REACH GLOBAL MARKET.
MISSION
PNJ HAS CONSTANTLY BEEN CREATIVE TO BRING
EXQUISITE JEWELRY PRODUCTS WITH REAL
VALUES TO HONOR PEOPLE’S BEAUTY AND LIFE.
PNJ CONSTANTLY INNOVATES TO BRING EXQUISITE
PRODUCTS WITH TRUE VALUE TO HONOR THE
BEAUTY OF PEOPLE AND LIFE
CORE VALUES
1. TO WORK WITH INTEGRITY TO LAST
2. BE CONSTANT TO TARGET
3. BE CARING TO GROW TOGETHER
4. BE DEDICATED FOR CUSTOMERS
5. BE PIONEERING TO MAKE DISTINCTIONS
BUSINESS PHILOSOPHY
INTEGRATE THE CUSTOMER AND SOCIETY BENEFITS
INTO THE COMPANY’S INTERESTS

DEVELOPMENT HISTORY
2019 - 2021
SHINING TO LAST
2009 - 2018 ANNOUNCING ITS NEW VISION AND

BECAME THE MOST OUTSTANDING JEWELRY
MAKING EXPLOITS MANUFACTURER IN THE WORLD JEWELRY
1999 - 2008 INDUSTRY.
CONSTANT BREAKTHROUGH PNJ REALIZED ITS VISION AS A LEADING

JEWELRY RETAILER AND MANUFACTURER
● 2019, Becoming the most outstanding retailer in Asian
jewelry industry, partnering with Walt Disney and
1988 -1998 THE PERIOD MARKED MANY EVOLUTIONS,
PNJ’S CORE VALUES WERE ALWAYS PROMOTED
IN ASIA, MAINTAINING THE NUMBER ONE
POSITION IN THE MIDDLE AND HIGH-END
entering the international market.
PIONEERING PROCESS TO BECOME A STRATEGIC “LAUNCHER”,

JEWELRY MARKETS IN VIETNAM ● 2020, Announcing the new vision, officially becoming
the most Outstanding Enterprise in the Asia-Pacific
TURNING CHALLENGES INTO OPPORTUNITIES. ● 2009, PNJ was officially listed on HOSE, becoming the jewelry industry, valued at 93.1 million USD by Forbes
PNJ WAS BORN AND DEFINED ITS DEVELOPMENT first and only jewelry company to be listed so far. Vietnam.
● 1999, expanding the market to Can Tho and Western
STRATEGY AS A PROFESSIONAL JEWELRY provinces, completing its presence in 3 big economic ● 2009, CAO Fashion Company Limited was incorporated ● 2021, PNJ was honored by the World Jewelry
MANUFACTURER AND TRADER. centers of the country. in August 2009 Industry as the Most Outstanding Jewelry
Manufacturer in 2021. The event has continued
● 28/04/1988, Phu Nhuan Jewelry Store was founded. ● 2004, PNJ was officially honored the First Class Labor ● 2012, PNJ Jewelry Factory was inaugurated and to make an important contribution to the identity
Medal. became one of the leading Asian jewelry processing of Vietnam's jewelry industry on the map of the
● 1992, starting orienting itself in industrial jewelry enterprises, the precursor of the current PNJP world's jewelry industry, demonstrating the
manufacturing, investing into machines, researching ● 2005, the high-end jewelry brand CAO Fine Jewellery
technology, procedures from nations in the region. PNJ
enterprise’s steady progress, contributing to
was born. ● 2013, PNJ celebrated the 25th birthday. PNJ gold jewelry increasing the influence and competitiveness of
was officially named of Phu Nhuan Jewelry Company brand initiated a new message "Honoring true values". Vietnam's jewelry industry in the global market,
● 2008, celebrated the 20th birthday, PNJ announced its affirming an important step in the roadmap to
● 1994 - 1998, PNJ focused on marketing activities, brand identity, changed new logo, was awarded the ● 2017, PNJ honorably gained Outstanding Enterprise of the
building and developing its brand with support from conquer the new vision “To become a leading
Third-Class Independence Medal. Year – ASEAN and Top 3 Asian Retailers ranked by JNA, ...
World Gold Council, expanding the market to the North jewelry manufacturer and retailer in Asia, to honor
and the Central. beauty and reach global market”. Additionally,
● 2018, PNJ was for the 3rd in a row reached the Top 10 out
of 100 Sustainable Enterprises; became an enterprise of
in 2021 PNJ was honored Top 10 Enterprises
billion-dollar capitalization value, transferring PNJ CEO to meeting business culture standards according to
the Vice-chairperson - Mr. Le Tri Thong. the criteria directed by the Prime Minister.

MAIN BRANDS AND PRODUCTS
CAO FINE JEWELLERY
Established in 2005 with two UNIQUE and CREATIVE values as a guideline, each CAO Fine Jewelry product is a
masterpiece of jewelry with elevation, luxuriousness and exquisiteness that is strongly believed in outstanding
Vietnamese talents in both generations of contemporary creative designers and exquisitely skilled craftsmen
to be able to bringing Vietnamese jewelry and brands to the world. With independent stores combined with Shop-
In-Shop (SiS) model, CAO Fine Jewelry is located in the classiest shopping areas in key cities, helping to enhance
the brand experience and serve high-class customers, abreast the world's leading jewelry brands in Vietnam.
PNJ GOLD JEWELRY
Since its inception in 1988, PNJ has been constantly innovating, combining craftsmanship and modern production
technology to offer sophisticated, luxurious and trendy products to honor true beauty and value for customers.
Amid the pressures of pandemic, economic difficulties and supply chain disruptions in 2021, PNJ always found new
directions, trying to connect with customers and the community through True Love stories 2021. The media content
was made up of sharing of more than 1,500 PNJ customer couples from their true and beautiful stories and moments
in the middle of 2021 pandemic season, helping PNJ enter Top 10 most prominent Social media campaigns for the
first time in September 2021 and win the BSI Awards for Brand Index on social networks 2021 (by Buzzmetrics).
Simultaneously, PNJ also excelled over the world's leading jewelry and gold enterprises, becoming the most
Outstanding Manufacturer of the Year -Jewellery in the Jewellery World Awards (JWA) in 2021 in the context of
losing 90 production days due to the pandemic.

STYLE BY PNJ BRAND
Launched at the end of 2020, STYLE by PNJ is a personality statement and an inspiration for the younger
generation to find their characteristic personalities and egos and create unique jewelry and fashion
accessories that help them express and reflect those things to the world outside, creating a unique style for
yourself. Style by PNJ brings new shopping experiences with independent store models combined with
Shop-In-Shop (SiS) to take advantage of the power of system, focusing on major cities with the orientation
to accelerate expansion of coverage in the near future.
PNJSILVER & ACCESSORIES
Appearing in the Vietnamese jewelry market in 2001 until now, PNJSilver brings PNJ's silver line to all provinces
and cities in Vietnam, meeting the thirst for fashion jewelry of young people and bringing new and more youthful
colors to PNJ, always leading the trend with sets of modern and diverse silver jewelry and accessories.
26 BÁO CÁO
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THƯỜNG NIÊN 2021 | 27
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PREMIUM CORPORATE GIFTS
The advantages of design level, crafting technology and a team of highly-skilled artisans and goldsmiths has
empowered PNJ, beside its masterpieces honoring beauty, as one of the pioneering brands to develop a Gift line to
serve corporate customers with diversified and preminent quality models. These corporate gift products consist of
6 product lines aimed to help enterprises have many options to manifest respects, honors or marks in the historic
development period of the brand.
Honor gifts, Gift envelops, Jewelry gifts; Fashion gifts; Gift masterpieces
DISNEY|PNJ BRAND
This product line was born from cooperation between PNJ and Walt Disney with the goal of bringing to the
passionate fans of unique characters from Walt Disney contemporary fashion products with outstanding
quality and value from PNJ. The designs were created from images revolving around iconic Disney characters
such as Frozen Queen Elsa, Princess Cinderella, the Mermaid Ariel, Snow White, Pooh Bear and Friends, Alice in
Wonderland, Mickey Mouse, ... which brings new experiences, not only awakening and honoring the individual
beauty from the love for each character, but also conveying the message of youth, optimism, aspiration to live,
aspiration for action and pure childhood in each person
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ANNUAL
REPORT
INSPECTION SERVICE
DIAMOND, GEM, PRECIOUS METAL
After 25 years of operation in the field of inspection services, with a team of experienced experts and regularly
updated knowledge, along with modern technological equipment, PNJ Laboratory Company Limited was established
by PNJ has been affirming its reputation with domestic and international customers. PNJLab is currently the leading
inspection company in the Vietnamese market and is one of the very few inspection companies in Vietnam that has
been successfully built and operated according to the international standard ISO/IEC 17025. PNJLab's certificates
are all based on the most rigorous international assessment standards, such as the diamond assessment based on
the standards of GIA - Gemological Institute of America. PNJLab is also one of the few enterprises licensed by the
Directorate of Standards, Metrology and Quality (Ministry of Science and Technology) to allow the determination of
gold content in jewelry, handicrafts ... of enterprises or individuals in case of dispute. .
PNJLab’s services:
• Diamond assessment and consulting.
• Inspection and consulting on precious and semi-precious stones.
• Inspection and consulting on gold, silver, precious metals, non-ferrous metals.
• Engraving on diamond on request.
PNJ WATCH
The first presence of PNJ in the watch market in 2012 was made toward the middle and high-end segments, just
in line with the company's jewelry market conquering strategy. PNJ Watch has been making steady progress
with popular products namely Longines, Michael Kors, Movado, Tissot...
Against the context of a fragmented market, this business promises a leading stance in genuine watch distribution
throughout Vietnam

PNJ's CORPORATE GOVERNANCE FRAMEWORK
PNJ chooses to use the corporate governance model and exercise the rights and obligations of the company that is APPLY OECD PRINCIPLES IN CORPORATE GOVERNANCE PRACTICES
including GMS, BOD and CEO. This model is complied with not under the jurisdiction of the GMS. The BOD consists of 09
the provisions of Vietnamese law (Enterprise Law, Securities members, including 03 independent BOD members, 03 non-
Law), government regulations on corporate governance executive BOD members. The term of BOD members of PNJ is PNJ'S GOVERNANCE PRINCIPLES
and Corporate Governance Code of Best Practices (Vietnam 05 years starting from the date the Resolution of the General
Corporate Governance Code of Best Practices, Principle of Meeting of Shareholders electing that member is adopted.
Corporate Governance pursuant to OECD).
The Audit Committee and the Strategy Subcommittee: are COMMIT TO BUILDING
ENSURE AN EFFECTIVE
GMS: is the organ which holds the supreme decision-making a part of the Board of Directors, which has the function of ENSURE ENSURE THE TRANSPARENCY CORPORATE
of PNJ, consisting of shareholders with voting rights. The advising the Board of Directors in the assigned scopes. The ENSURE AN
SHAREHOLDERS' ROLE OF IN ALL GOVERNANCE
GMS exercises its rights by taking opinions of shareholders head of the Audit Committee is an independent BOD member. EFFECTIVE FRAMEWORK
RIGHTS, TREAT INTERESTS OF ACTIVITIES
in annual, periodic or extraordinary meetings under the GOVERNANCE PURSUANT TO
SHAREHOLDERS STAKEHOLDERS OF THE
competence regulated in the Company's Charter. CEO: as a legal representative, responsible for organizing and STRUCTURE CORPORATE
FAIRLY ENTERPRISE GOVERNANCE CODE OF
operating the business activities of PNJ, responsible to the Board
BOD: The Board of Directors is the management organ of the of Directors and GMS for the performance of assigned rights and BEST PRACTICES
company, has full rights on behalf of the company to decide obligations and reporting to these organs upon request.
COMPANY’S KEY ACTIVITIES IN CORPORATE GOVERNANCE IN 2021

In 2021, PNJ focused on implementing and standardizing the corporate governance activities in accordance with corporate
EXPERIENCE/ governance code of best practices in line with PNJ's general development strategy. Specifically, as follows:
SKILLS
1. UPDATING REGULATIONS, PROCESSES AND IMPROVING THE QUALITY OF MANAGEMENT PRACTICES;
INDEPENDENCE 2. CONSTANTLY UPDATING INTERNATIONAL KNOWLEDGE AND PRACTICES ON CORPORATE GOVERNANCE;
3. IMPLEMENTING THE APPLICATION OF CONSISTENT CORPORATE GOVERNANCE REGULATIONS AND PROCEDURES

GENDER TO AFFILIATES;
DIVERSITY 4. PERFECTING THE RISK MANAGEMENT MODEL AND INTERNAL SUPERVISION;
5. APPLYING INTERNATIONAL STANDARDS - IFRS IN THE FINANCIAL STATEMENTS COMPOSING;

INDEPENDENCE
BOD has 9 members, of which there are 03 independent members, 03 non-executive members of the 6. INCREASING COMPLIANCE RATE IN CORPORATE GOVERNANCE PRACTICE ACCORDING TO ASEAN CORPORATE
GOVERNANCE SCORECARD;
GENDER DIVERSITY
BOD has 04 male members and 05 female members. Of which there is a female Chairperson of BOD 7. STRENGTHENING THE EXECUTIVE ORGANIZATION STRUCTURE IN THE DIRECTION OF REDUCING CENTRALIZATION
- INCREASING EMPOWERMENT AND EXPANDING FLEXIBILITY;
EXPERIENCE/SKILLS
8. BUILDING A CULTURE OF ACCOUNTABILITY, TRANSPARENCY, CONSISTENCY, EXEMPLARY LEADERSHIP,
BOD members have skills, knowledge and experience in the industry, corporate governance, finance, CREATING COHESION AMONG COMPANY MEMBERS AND IMPROVE RELATIONSHIPS WITH STAKEHOLDERS
law, cultural development, digitization and talent management...
32 BÁO CÁO
ANNUAL
REPORT
01 02 03 04
BOARD OF DIRECTORS
01 02 03 04
MRS. CAO THI NGOC DUNG Mr. LE TRI THONG Mr. LE HUU HANH MRS. DANG THI LAI
CHAIRPERSON VICE CHAIRMAN CUM CEO MEMBER OF BOD MEMBER OF BOD
NON-EXECUTIVE BOD MEMBERS Chemical Engineer, University of Technology – Vietnam National University Chemistry Engineer, Ho Chi Minh City University of Bachelor of Business Department of University of
Bachelor of Arts in Business Economics, of HCMC Master of Business Administration, Oxford University - UK Technology; Diamond and Gemstones Testing Expert Economic HCMC
University of Economics HCMC
2020 - present Vice Chairman of HCM Young Business Association (YBA), 4/2018 - Board Member cum General Director of PNJ Jewelry 04/2019 - present Member of BOD of Phu Nhuan Jewelry JSC
04/2018 - Chairperson of Phu Nhuan Jewelry JSC; Member of the Presidium of Vietnam Young Entrepreneurs present Production and Trading Co., Ltd (PNJP)
04/2018 - present Board Member of PNJ Jewelry Production & Trading
present Chairperson of PNJ Jewelry Production and 2019 - present Association
2017 - 4/2018 Director of PNJ Jewelry Factory Company Limited
Trading Co., Ltd (PNJP) 04/2018 - Vice Chairman of Vietnam Gold Trader Association
present Chief Executive Officer of Phu Nhuan Jewelry Joint Stock 2016 - present Member of BOD of Phu Nhuan Jewelry 06/2018 - present Chief Operating Officer cum Director of Operation –
2015 - presen Chairwoman of Ho Chi Minh City Association of Finance Division, PNJ
Women Executives and Entrepreneur – HAWEE Company, Board Member of PNJP 2011 - present Chairperson of PNJ Laboratory Co., Ltd
2017 - present Vice -Chairman of Phu Nhuan Jewelry Joint Stock Company 2015 - 2018 Chief Accountant cum Director of Finance Accounting
2014 - present Vice - Chairwoman of Vietnam Association of 2009 - 2016 Chairperson of CAO Fashion Co., Ltd
Dpt. _ PNJ JSC
Women Entrepreneur – VAWE 2015 - present Vice Chairman of Vietnam Association of Financial
2004 - 4/2018 Vice – General Director of Phu Nhuan Jewelry JSC
Investors (VAFI) 2010 - 2014 Member of Board of Directors SAIGON Fuel JSC
2004 - 2018 Chairperson cum General Director of Phu Nhuan 2015 - 2017 Chief Strategy Officer cum Chief Partnership 1992 - 2003 Director of PNJ Ha Noi Branch, Vice Head of Sales
Jewelry JSC 1996 - 2015 Chief Accountant_Phu Nhuan Jewelry Company
Distribution Officer - Prudential Vietnam Finance & Department of Phu Nhuan Jewelry Joint Stock
2005 - 2011 Chairperson of Dai Viet Energy JSC Insurance Group Company 1993 - 1996 Deputy Head of Accountant Department of Phu Nhuan
2014 - 2015 Deputy General Director of The Boston Consulting Jewelry Company
2003 - 2014 Chairperson of Dong A Real-Estate JSC 1988 - 1992 Sales staff of Go Vap General Services Company
Group (BCG), Vietnam
1992 - 1997 Chairperson of Dong A Joint Stock Commercial Bank 1990 - 1993 Material Accountant_Phu Nhuan Jewelry Company
2012 - 2020 Member of Board of HCM Young Business Association 1983 - 1988 Printing technician of Printing Company No.4
1991 - 1992 Director of Phu Nhuan Trading Company (YBA) term 8, 10 1986 - 1990 Payment Accoutant_IndiraGranhdi Jute Factory
1990 Director of Phu Gia Credit Center 2008 - 2014 Vice General Director of Dong A Joint Stock Commercial Bank
1988 - 2003 Director of Phu Nhuan Jewelry Company 2008 - 2013 Chairman of Dong A Money Transfer Company
2008 - present Member of Executive Board of Leading Business Club (LBC)
Chairman of Vina Smart Card Joint Stock Company
2007 - 2008 CEO of TIE Joint Stock Company

05 06 07 08 09
BOARD OF DIRECTORS
05 06 07 08 09
Mr. LE QUANG PHUC MRS. HUUNH THI XUAN LIEN MRS. TRAN PHUONG NGOC THAO Mr. NGUYEN TUAN HAI MRS.TIEU YEN TRINH
INDEPENDENCE MEMBER OF BOD NON-EXECUTIVE MEMBER OF BOD MEMBER OF BOD INDEPENDENCE MEMBER OF BOD INDEPENDENCE MEMBER OF BOD
DIRECTOR OF AUDIT COMMITTEE MEMBER OF AUDIT COMMITTEE
Bachelor of Economics and Business Bachelor of English, Foreign Languages
Irrigation construction engineer (Da Nang University of Science and Technology Bachelor of Marketing, University of Economic HCMC Management, Oxford University, UK Master of International Business Dept., Ho Chi Minh City University of
Master of Business Administration (WSU, USA) Ph.D. in Economy, Harvard University Administration, Irvine University, USA Pedagogy
2016 - present Independence member of BOD of Phu Nhuan Jewelry 2020 - present Chairperson of CAO Fashion Company Limited 6/2020- present Member of BOD of Phu 6/2020- present Member of BOD of Phu 1996 - 1997 Director Assistant of Tax
JSC (CAF) Nhuan Jewelry JSC Nhuan Jewelry JSC Consulting Department,
Currently holding other positions:: Pricewaterhousecoopers
2018 - present Member of BOD of Phu Nhuan Jewelry JSC 2019- present Senior Director of Digital 2001- present Chairman of Alphanam
- Chairperson of BDSC Management Consulting JSC (Vietnam) Ltd
Transformation Center, Phu Group
- Member of BOD of Phat Dat Real Estate JSC 2017 - 2019 General Director of Franchise of Pepsico 1997 - 2001 Consultant of Consulting &
Nhuan Jewelry JSC
- Member of BOD of Tay Ho Investment & Vietnam 1995 - 2001 Director of Alphanam Co.,ltd Recruitment Department,
Construction JSC 2015 - 2018 Manager at ANZ Banking, Chief of Office of Thang Long Pricewaterhousecoopers
- Member of BOD of SEAREFICO Refrigeration 2007 - 2017 Marketing Director / Senior Vice President of Australia Construction and Investment (Vietnam) Ltd
Industry Corporation (SEAREFICO) Suntory Pepsico Vietnam Beverage
2012 - 2013 Project Management Director Group 2001 - 2003 Vice Head of Human
2005 - 2007 Senior Brand Manager of Unilever Vietnam
of Dong A Joint Stock 1991 - 1995 Director of Solar Hotel Resources Department,
2007 - present Chairperson of BDSC Management Consulting JSC 2001 - 2004 Brand Manager of Dutch Lady Vietnam Commercial Bank Pricewaterhousecoopers
Private Business
2005 - 2006 Member of BOD, CEO of PACE Institute of (Vietnam) Ltd
1999 - 2001 Assistant Brand Manager of LG Vina Corp 2010 - 2013 Lecturer of University of 1988 - 1991 Entrepreneur of Jewelry
Management Economic HCMC 2003 - 2007 Senior Head of Human
Store
Resources Department
2003 - 2005 Vice General Director of Cienco 5 (CIENCO 5)
1984 - 1987 Military service - High Pricewaterhousecoopers
1997 - 2003 Vice Director of Transportation Civil Engineering Command of Border Guard (Vietnam) Ltd
Construction Company 586 and Construction Building 09/2007- present General Director Talentnet
JSC No. 507 Corporation
06/2020- present Member of BOD of Phu Nhuan
Jewelry JSC

MEMBERS OF BOARD OF MANAGEMENT
Mr. NGUYEN ANH HUNG
SENIOR CHIEF HUMAN RESOURCES OFFICER
Master of Business Administration University of Economics HCMC
Mr. LE TRI THONG 2018-present: Chief Human Resources Officer- Phu Nhuan Jewelry JSC
CHIEF EXECUTIVE OFFICER 2017 - 2018: Human Resource Director cum Director of Training Center - Oriental Commercial Joint Stock Bank (OCB)
Chemical Engineer, University of Technology – Vietnam National University of 2014 - 2017: Director of Human Resource Management Department - Vietnam Prosperous Bank Finance
HCMC Master of Business Administration, Oxford University - UK Company Limited (FE Credit)
2020-present: Vice Chairman of HCM Young Business Association (YBA), Member of the Presidium of Vietnam 2012 - 2014: Senior HR manager - Nestle Vietnam Company Limited
Young Entrepreneurs Association 2008 - 2012: HR Director- Pepsico Binh Duong Branch
2019-present: Vice Chairman of Vietnam Gold Trader Association 2006 - 2008: Assistant of HR Director cum Head of Human Resources Department – SABMiller Vietnam
04/2018-present: Chief Executive Officer of Phu Nhuan Jewelry Joint Stock Company, Board Member of PNJP Joint Venture Company Limited
2017-present: Vice -Chairman of Phu Nhuan Jewelry Joint Stock Company 2004 - 2006: Deputy head of Human Resources Department - KIDO JSC
2015-present: Vice Chairman of Vietnam Association of Financial Investors (VAFI) 2002 - 2004: Head of Human Resources Dpt. - YANGCHEN Wood Industry International Company
2015 - 2017: Chief Strategy Officer cum Chief Partnership Distribution Officer - Prudential Vietnam
Finance & Insurance Group
2014 - 2015: Deputy General Director of The Boston Consulting Group (BCG), Vietnam
2012 - 2020: Member of Board of HCM Young Business Association (YBA) term 8, 10
2008 - 2014: Vice General Director of Dong A Joint Stock Commercial Bank
2008 - 2013: Chairman of Dong A Money Transfer Company Mr. PHAN NGUYEN HOAI ANH
2008-present: Member of Executive Board of Leading Business Club (LBC) ACTING CHIEF MARKETING OFFICER
2008-present: Chairman of Vina Smart Card Joint Stock Company Bachelor in Computer Science - Houston Community College
2007 - 2008: CEO of TIE Joint Stock Company 2019-present: Acting Chief Marketing Officer at Phu Nhuan Jewelry Joint Stock Company
2018 - 2019: Brand Manager at Phu Nhuan Jewelry Joint Stock Company
2014 - 2017: Strategy & Customer Service Director at Mirum Agency
2013 - 2014: Customer Service Manager at Mirum Agency
2012: Vice Director at IO Communication JSC
Mrs. DANG THI LAI
SENIOR CHIEF FINANCE – OPERATION OFFICER
Bachelor of Business Department of University of Economic HCMC
04/2018-present: Member of BOD of Phu Nhuan Jewelry JSC
04/2018-present: Board Member of PNJ Jewelry Production & Trading Company Limited
06/2018-present: Chief Operating Officer cum Director of Operation – Finance Division, PNJ
2010 - 2014: Member of Board of Directors SAIGON Fuel JSC MR.DUONG QUANG HAI
2015 - 2018: Chief Accountant cum Director of Finance Accounting Dpt. _ PNJ JSC CHIEF ACCOUNTANT
1996 - 2015: Chief Accountant_Phu Nhuan Jewelry Company Bachelor of Economy, University of Economic HCMC
1993 - 1996: Deputy Head of Accountant Department of Phu Nhuan Jewelry Company Working timeline at Phu Nhuan Jewelry JSC
1990 - 1993: Material Accountant_Phu Nhuan Jewelry Company 4/2017-present: Chief Accountant
1986 - 1990: Payment Accoutant_IndiraGranhdi Jute Factory 2016 - 2017: Head of Accounting Department.
2008 - 2016: Vice Head of Finance and Accounting Department.
2001 - 2008: Vice Head of Accounting Department
1997 - 2001: General Accountant Officer
Mr. DAO TRUNG KIEN

SENIOR CHIEF STRATEGY OFFICER MR.DANG HAI ANH
MBA in Finance - Hofstra University, US SENIOR CHIEF INFORMATION TECHNOLOGY OFFICER
2016-present: Chief Strategy Officer - Phu Nhuan Jewelry JSC Nuclear Technology Engineer, VNU University of Science
2014 - 2016: Deputy Director of Technology Department - DongA Bank 2020 - 7/2020: Senior Manager of Digital Transformation - Son Kim Group
2012 - 2014: Director of Strategy - DongA Bank 2019 - 12/2019: Technology Director - MGI Global Co., ltd
2000 - 2016: Lecturer in Banking Department - Ho Chi Minh City University of Economics 2014 - 2018: Information Technology Director –Central Group (Vietnam)
2007 - 2016: Director of Kien Anh Limited Company 2012 - 2014: Head of Information Technology Department – Noble (Vietnam) Co., ltd
2011 - 2012: Chief Executive Officer, EBIZVIET., JSC
2009 - 2011: System Security Officer – Ocean Bank
2008 - 2009: Specialist of System R & D and Security – Vietnam Electricity Corporation

ORGANIZATION CHART
On March 25th 2022, Board of Directors approved on the establishment
of Subcommittee of Human Resources-Remuneration, Subcommittee
GENERAL MEETING of Environmental-Social-Governance (ESG), and adjusted the name of
OF SHAREHOLDERS Strategy Subcommittee into Subcommittee of Strategy - Finance under
the Board of Directors of Phu Nhuan Jewelry Joint Stock Company
BOARD OF DIRECTORS
BODS OFFICE
SUBCOMMITTEE OF SUBCOMMITTEE OF
AUDIT SUBCOMMITTEE OF ENVIRONMENTAL-SOCIAL- HUMAN RESOURCES –
COMMITTEE STRATEGY – FINANCE GOVERNANCE (ESG) RUMENERATION
CHIEF EXECUTIVE
OFFICER
BOARD OF
INTERNAL AUDIT
BOARD OF
OPERATION MANAGEMENT
DIRECTOR OFFICE
FINANCE & RETAIL & HUMAN

MARKETING STRATEGY SUPPLY IT
OPERATION CUSTOMER RESOURCES
DIVISION DIVISION DIVISION DIVISION
DIVISION DIVISION DIVISION
RISK INTERNATIONAL CORPORATE DIGITAL

MANAGEMENT BUSINESS AFFAIRS & TRANSFORMATION
DEVELOPMENT COMMUNICATION BRANCHES
CENTER CENTER
CENTER CENTER
40 BÁO CÁO
ANNUAL
REPORT
2. MAINTAINING A STABLE DIVIDEND PAYMENT POLICY AND PROCESS THROUGH YEARS
PLAN TO PAY BOD ISSUES A CLOSING LIST OF PAYMENT OF

DIVIDENDS RESOLUTION AND SHAREHOLDERS DIVIDENDS
APPROVED BY THE ANNOUNCES LEVEL ENTITLED TO ACCORDING TO THE
GENERAL MEETING OF OF DIVIDEND RECEIVE DIVIDENDS APPROVED PLAN
SHAREHOLDERS PAYMENT
3. ENSURING TRANSPARENCY AND RELIABILITY OF INFORMATION PUBLISHED TO THE MARKET
PROACTIVE AND TRANSPARENT CONSOLIDATING RELIABILITY INFORMATION EXCHANGED WITH

INFORMATION DISCLOSURE OF PROVIDED DATA INVESTORS THROUGH EVENTS
- Every monthly 20th, timely publishing - Conducting a review of semi- - Actively participating in many
information related to the company's annual financial statements Corporate Day, Vietnam Access
business activities on the website. and audit annual financial Day programs of domestic and
- Regularly updating sections for statements foreign funds to approach sharing
investors on the website the business situation; short,
- Ensuring compliance with information medium and long-term strategies
disclosure in accordance with current with investors.
laws such as Circular 96/2020, - Ensuring that the rate of receiving
Circular 155/20020 and gradually call/meetings with investors
completing disclosure of information (small group meeting or one-on-
in accordance with the standards one) is 100% (whether an existing
of ASEAN corporate governance shareholder or an investor who is
Scorecard not a PNJ shareholder)
BRINGING TRUST TO SHAREHOLDERS.

ACTIVITIES OF GENERAL MEETING OF SHAREHOLDERS
The Board of Directors is committed to complying with policies to protect and fair interests for shareholders, including retail
Information on meetings and Resolutions/Decisions of the General Meeting of Shareholders (including resolutions of the General
shareholders in accordance with Vietnamese law and best practices on Vietnam's corporate governance and ASEAN corporate
governance scorecards. The BOD's commitments include: Meeting of Shareholders adopted in written comments):
1. FORMULATING AND IMPLEMENTING STANDARD PROCEDURES IN PROCEDURES IN CONVENING MEETINGS AND

No RESOLUTION/DECISION NUMBER DATE CONTENT
VOTING AT THE GMS
- Publish on the website in full meeting documents for voting for the AGM so that shareholders can access information 01 216/2021/BB-ĐHĐCĐ-CTY 17/04/2021 Minutes of the 26th Annual General Meeting of Shareholders – 2021
conveniently in both English and Vietnamese languages.
- Publish on the website the charter documents and regulations related to corporate governance, encouraging shareholders 02 217/2021/NQ-ĐHĐCĐ-CTY 17/04/2021 Resolution of the 26th Annual General Meeting of Shareholders – 2021
(including small shareholders) to be aware of their rights.
03 483/2021/BB-ĐHĐCĐ-CTY 27/12/2021 Minutes of counting votes for shareholders in writing
- Encourage shareholders to submit opinions to the GMS to approve comments before the GMS date and answer questions
during the GMS. 04 484/2021/NQ-ĐHĐCĐ-CTY 27/12/2021 Resolution of the Extraordinary General Meeting of Shareholders
- Modernize the voting process for shareholders present at the GMS. (obtaining counting votes for shareholders in writing)

OPERATIONS OF BOARD OF DIRECTORS STT COURSES/SEMINARS INFORMATION TIME
Improving CG strategy at listed enterprises in Vietnam (organized by HCM Stock Exchange, State
01 February 2021
Securities Commission, IFC International Financial Corporation)
The principle of the BOD's activities during the year:
WITH THE VALUE OF TRUST, THE PRESSURE MAKES US MORE RESILIENT AND STRONGER 02 Intensive training programs on AC - ACMP7 (organized by Vietnam Institute of Directors -VIOD) March 2021
Optimizing the effectiveness of online GMS (organized by HCM Stock Exchange & Vietnam Institute
03 March 2021
of Directors -VIOD)
1. TYPICAL ACTIVITIES OF BOARD OF DIRECTORS IN 2021 04 Intensive training programs for CG secretary (CSMP1) May 2021
05 Forums for Best practices in CG - VIOD Network June 2021
Terminating operation of the Subcommittee on Finance, establishing the AC under the BOD, consolidating personnel and adopting
the operating regulations of the AC according to the decision of GMS in 2021 dated April 17th, 2021; 06 Steadfast leaders (Vietnam Institute of Directors -VIOD & Deloitte Vietnam Co., Ltd.) August 2021
- Completing the implementation of the plan on issuing individual shares (obtaining voting in written comments) pursuant to the 07 Workshops - Synergy from network of BOD September 2021
Resolution of the GMS No. 484/2021/NQ-ĐHĐCĐ-CTY dated December 27th, 2021;
08 Meeting member networks and dialogues of VIOD BOD members November 2021
- Completing the dividends payment in 2020;
- Implementing the plan on issuing shares to key officials and affiliates in 2021 pursuant to Resolution No. 217/NQ-ĐHĐCĐ-CTY
adopted by the GMS on April 17th, 2021
- Reviewing all documents on CG, building a decentralized structure between the Board of Directors and related parties;
- Developing a process to evaluate the performance of the entire BOD and each member, and completing the criteria on
evaluating operational efficiency in accordance with internal regulations on CG. Method of assessment: using questionnaires
with a scale of 5 levels (Breakthrough - Excellence - Good Completion - Completion - Incompletion) and 04 aspects according
to best practice (1) Combination of knowledge, experience, diverse characteristics of BOD members; (2) Results of operations
are based on task assignment of each member of BOD; (3) Dynamism and diversity; and (4) Organization process.
In 2021, the BOD operated in accordance with the provisions of law, charter; implemented in an excellent,
dynamic, creative and professional way to implement all Resolutions of the GMS in 2021. The BOD highly
recognized and appreciated the contributions and looked forward to the effectiveness of the Subcommittees
and of each member of BOD.
3. SUPERVISING ACTIVITIES OF BOARD OF DIRECTORS TOWARDS BOARD OF MANAGEMENT

In 2021, the Board of Directors has adopted online meeting tools, digital technology applications such as e-office, sales software,
2. IMPROVEMENTS, CREATIVITY, STRONG COMMITMENTS IN OPERATION OF BOARD to carry out the supervision of the management of the CEO and BOM. The supervising activities include:
OF DIRECTORS - Supervising the completion of important planning targets in the year that the CEO and BOD committed;
- Monitoring the reports of business results and operations in the quarterly periodic meetings of the BOD;
- Diversifying methods in GMS and BOD organization (Livestream, Online meeting - online meeting, Hybrid meeting - combining
online & offline meeting) and e-voting to ensure compliance with pandemic prevention requirements but still ensure interaction - Coordinating with the AC to understand the operating situation from which there were practical recommendations to help the
among members; CEO and BOM successfully complete the tasks assigned by the GMS and BOD;
- Participating in periodic meetings of BOM and important meetings related to the implementation of business development
- Modernizing the communication system between employees and with customers on the digital technology platform, online.
projects and CG; in parallel assigning members of the BOD to participate in specific projects in each field of business
Digital transformation in management and administration activities;
activities and CG;
- Actively implementing the program of training successors;
- Regularly directing the inspection of activities at business locations, branches and through the periodic and arising
- Actively sending members to participate in intensive training courses, seminars for BOD members or participate as speakers reports system.
and guests in forums for BOD members to absorb experience in best practice of CG. The members of BOD, AC, Chief Officers of Since then, the BOD has always been aware of the company's operating situation, decisions and activities of BOM and well-
Division, person in charge of the CG fully participated in the training courses on CG. coordinated with BOM to make timely and correct decisions and policies to complete the business plan proposed.

OPERATIONS OF BOARD OF DIRECTORS (continued)

4. RESOLUTIONS ISSUED BY BOD IN 2021
Rate of Rate of
No RESOLUTION/DECISION NUMBER DATE CONTENT Approval No RESOLUTION/DECISION NUMBER DATE CONTENT Approval
Approving report on business results estimated to be implemented in the fourth quarter 23 372/2021/NQ-HĐQT-CTY 22/10/2021 Approval on credit limits and bank loans 100%
of 2020 and the whole year, the results of KPI implementation in 2020; Reports of
independent Members of the BOD on assessing the results of monitoring the activities 24 374/2021/NQ-HĐQT-CTY 22/10/2021 Approval on credit limits and bank loans 100%
01 22/2021/NQ-HĐQT-CTY 12/01/2021 100%
of BOD and BOM in 2020; Assessment Results on performance of BOD and supervision
of BOM in 2020; Performance results on the tasks assigned by BOD in 2020; The 2021 25 384/2021/NQ-HĐQT-CTY 03/11/2021 Approval on closing of the last registration date to collect shareholders' opinions in writing 100%
working plan of BOD and other contents under BOD’s competence.
Approval on signing contract with the affiliate; Approval on modifying, supplementing
02 24/2021/NQ-HĐQT-CTY 12/01/2021 Approval on the contents related to the affiliates merging 100% 26 the Charts on organization and operation of the Affiliate (PNJL); Approval on appointing
394/2021/NQ-HĐQT-CTY 09/11/2021 100%
Head of Internal Audit under AC and other contents under BOD’s competence
03 27/2021/NQ-HĐQT-CTY 12/01/2021 Approval on the contribution of capital to Golden Friend Joint Stock Company 100%
04 109/2021/NQ-HĐQT-CTY 12/01/2021 Approval on credit limits and bank loans 100% Approval on closing the list of shareholders to pay 03rd dividends in 2020; Approval on
27 425/2021/NQ-HĐQT-CTY 23/11/2021 the full text of the document to obtain shareholders' opinions in writing; Approval on the 100%
05 111/2021/NQ-HĐQT-CTY 24/02/2021 Approval on credit limits and bank loans 100% promulgation of the Regulation on information disclosure.
Approval on closing the final registration list to exercise the right to attend the
06 113/2021/NQ-HĐQT-CTY 24/02/2021 26th Annual General Meeting of Shareholders - 2021 and 02nd advance dividends 100%
payment in 2020
5. REMUNERATION, SALARY AND BONUSES OF BOARD OF MANAGEMENT
07 144/2021/NQ-HĐQT-CTY 17/03/2021 Approval on credit limits and bank loans 100%
Members of the BOD, BOM and the Board of Internal Audit shall receive salaries, remuneration, allowances, bonuses and other
08 144/2021/NQ-HĐQT-CTY 17/03/2021 Approval on credit limits and bank loans 100% benefits as prescribed in the Company's Charter, the CG’s regulation, the BOD’s Operating Regulations and the annual GMS’ resolution.
09 162/2021/NQ-HĐQT-CTY 25/03/2021 Approval on the meeting program and the full document of the annual GMS 100%
The bonuses of members of the BOD, BOM, Board of Internal Audit depend on the Company’s annual business results according to
Approval on signing of contracts, transactions in 2021 between the Company and the method of ensuring corresponding to the performance of each member of the BOD and Board of Internal Audit. The total amount
10 162/2021/NQ-HĐQT-CTY 25/03/2021 Insiders, Related persons 100%
of remuneration and bonuses for the BOD shall be decided by the GMS.
Approval on the amendment and supplementation of the program and documents of
11 194/2021/NQ-HĐQT-CTY 07/04/2021 the 2021 Annual General Meeting of Shareholders 100%
Social insurance, health insurance and other types of insurance
12 209/2021/NQ-HĐQT-CTY 14/07/2021
Approval on the amendment and supplementation of programs and documents of the
100%
1 Members of the BOD, Board of General Directors and Board of Internal Audit are entitled to participate in
2021 Annual General Meeting of Shareholders compulsory social insurance and health insurance.
13 235/2021/NQ-HĐQT-CTY 23/04/2021 Approval on the assignment of BOD members and other contents under the competence 100% Regular health check-up policy
of the BOD
2 Members of the BOD, Board of General Directors and Board of Internal Audit are entitled to take annual
health check-up at high-quality medical hospitals and are covered with full cost of health check-up package
14 237/2021/NQ-HĐQT-CTY 23/04/2021 Approval on purchasing of houses in Buon Ma Thuot City, Dak Lak Province 100%
as regulated by the Company.
Discussing the contents related to the issuance of individual shares in 2021 and other
15 252/2021/NQ-HĐQT-CTY 12/05/2021 100%
contents under the competence of the BOD Business travel expense policy
Appoval on the selection of auditing units in fiscal year 2021 as authorized by the 2021 ● Members of the BOD, BOM and AC shall be entitled to cover the full cost of travel (taxi fees and two-
16 254/2021/NQ-HĐQT-CTY 12/05/2021 100%
Annual General Meeting of Shareholders
3 way airfare), hotels, accommodation and other incurred expenses related to work but not exceeding the
company's prescribed levels.
● Be paid for the business travel expense corresponding to the number of working days and working
18 297/2021/NQ-HĐQT-CTY 18/06/2021 Approval on credit limits and bank loans 100% locations as prescribed by the Company.
19 342/2021/NQ-HĐQT-CTY 30/09/2021 Approval on credit limits and bank loans 100% Mobile package payment policy
20 344/2021/NQ-HĐQT-CTY 30/09/2021 Approval on credit limits and bank loans 100% 4 Members of the BOD, BOM and AC are entitled to pay monthly fixed mobile phone charges as prescribed
by the Company.
Other remuneration policies
5
Announcing Report on business results in the third quarter of 2021 of PNJ and its affiliates; ● Birthday gift policy
22 350/2021/NQ-HĐQT-CTY 08/10/2021 focus of the fourth quarter 2021 plan; results of implementation of KPIs in 9 months of 100%
2021 of the whole PNJ Company and other issues under the BOD’s competence ● Policies on supporting difficult circumstances

OPERATIONS OF BOARD OF DIRECTORS (continued) ACTIVITIES OF SUBCOMMITTEES & COMMITTEES UNDER THE BOARD OF DIRECTORS
6. REMUNERATION PAID IN 2021 1. STRATEGY SUBCOMMITTEE

See details in the consolidated financial statements audited by PwC - page 40 (Audit Report 2021). The remuneration details of The Strategy Subcommittee is a unit of PNJ’s governance structure, which is established by the BOD. The main function of the
the Members of the BOD and BOM of the Company for the fiscal year ended December 31st, 2021 is divided as percentage into Subcommittee is to consult and advise the Board of Directors on strategic and investment issues, specifically:
the following categories: (1) Salary; (2) Bonuses based on the company's performance; (3) BOD’s remuneration. The company
- Consulting and advising on issues of development and business strategy, finance and bonus and salary policy of the whole Group;
has announced their remuneration as described below.
- Consulting and advising on policy development and solving problems of short, medium and long-term investment strategies,
investment risk management, research/appraisal/evaluation of investments under the BOD’s competence.
Member of Board of Directors (Excluding Member of BOM) Remuneration of BOD Salary + bonus Allowance
Mrs. Cao Thi Ngoc Dung 55% 23% 22% STRATEGY SUBCOMMITTEE’S ACTIVITIES IN 2021
Mrs.Huynh Thi Xuan Lien 26% 58% 16% In the year, the subcommittee well-performed in advising, supervising the updating and implementation of strategic orientations
Mrs.Tieu Yen Trinh 100% in the period 2017-2022, as well as implementation of business focus of the whole company in 2021:
Mr.Nguyen Tuan Hai 100%
Mr.Le Quang Phuc 100% - Closely coordinating with BOM through monthly regular meetings to update information on fluctuations of the socio-
economic and pandemic situation in order to promptly propose orientations and guidelines in the business executive.
- Organizing workshops to update the strategic orientations in the period of 2017 - 2022 according to the fluctuations
Member of Board of Directors (Member of Board of Management) Remuneration of BOD Salary + bonus Allowance of macroeconomic conditions in Vietnam and the world, as well as the continuous change of variables to ensure
Mr.Le Tri Thong 30% 48% 22% sustainable development in the Retail industry.
Mr.Le Huu Hanh 23% 58% 19%
- Assessing and supervising the development of business plans in 2021 when the business situation fluctuated
Mrs.Dang Thi Lai 23% 58% 19% continuously due to the Covid-19 pandemic.
Mrs. Tran Ngoc Phuong Thao 15% 61% 24%
- Advising and directing the process of implementing business focuses under limited resource conditions to ensure
the good completion of KPIs in 2021 assigned by the GMS.
Audit Committee Remuneration of AC - Assessing and supervising the member companies in developing orientations and business action plans in 2021.
Mr.Le Quang Phuc - - Monitoring and supervising the implementation of Key Indicators (KPIs) Set in 2021 of the whole Company and its
Mr.Nguyen Tuan Hai - departments; giving orientations, comments, and adopting Key Indicators (KPIs) Set of PNJ in 2022.
- Organizing workshops to develop PNJ group strategy in the period of 2023-2027 and with a vision to 2030.
Member of Board of Management Salary + bonus of BOM Allowance - Participating in supervising the implementation of the "PNJ's Human Resource Enrichment Strategy 2017 -
2022" to ensure that human resources could go one step ahead of the development according to PNJ's strategy;
Mr.Phan Nguyen Hoai Anh 88% 12% supervising, urging and directly participating in periodic activities on corporate culture.
Mr.Dao Trung Kien 74% 26%
Mr.Dang Hai Anh 100% 0% - Implementing work of the Board of Corporate Culture Project.
Mr.Nguyen Anh Hung 72% 28%
- Supervising the planning, construction, and implementation of phase 2 of Board of Corporate Culture Project.
Mr.Duong Quang Hai 72% 28%
- Monitoring, supervising, promoting in the implementation of building and enriching the new capabilities of the
company: risk management capacity, international business capacity, technology capacity, digital transformation
capacity, modern retail capacity, wholesale production and business capacity, ...

OPERATIONS OF BOARD OF DIRECTORS (continued) - Transactions among companies, among affiliates and BOD’s ● Supervising the operation of the Board of Internal Audit:
members, between PNJ and related parties, ensuring that - Completing the personnel structure, developing operational
STRATEGY SUBCOMMITTEE’S ORIENTATION IN 2022 the CEO to comply with operating regulations, company documents of the Board of Internal Audit including
charters and current laws. regulations, procedures and audit manuals;
As an Advisory Committee, advising BOD on issues related to strategy and investment, in 2022 the Strategy Subcommittee
would concentrate on: ● Assessing the Company's internal control and risk - Approving and supervising the implementation of the internal
management systems: audit plan in the first year, coordinating the contribution
- Together with the BOD and BOM, developing and completing PNJ Group’s strategy in the period of 2023-2027 with a vision to 2030. - Evaluating and giving feedback to transform and to building risk management & compliance monitoring
- Closely monitoring the results of implementation and evaluating the effectiveness of human resource development strategies perfect the 3-line model in the internal control and risk activities at PNJ.
in the project "PNJ's human resource enrichment strategy in 2017 - 2022" management system. ● Closely coordinating activities with the BOD, BOM and
- Assessing and supervising the business plans building in 2022 whereas unpredictably complicated developments of economic - Ensuring the effectiveness of rebuilding of risk management management departments of PNJ:
and political conditions both domestically and in the world; frameworks, tastes and risk portfolios, communicating risk - Closely coordinating with the BOD, BOM to fully receive
awareness to the whole system. reports and documents related to the management, business
- Supervising the evaluation of the completion of KPIs for PNJ
and financial situation of PNJ.
2. AUDIT COMMITTEE
AUDIT COMMITTEE’S ORIENTATION IN 2022
Committing to change in practicing CG in accordance with international practices, in 2021, PNJ changed its governance model
with the establishment of the Audit Committee - the consulting department, supporting the BOD to carry out the following tasks: ● Continuing to supervise the construction and improvement ● Well-performing the supervision of financial statements
of the internal audit system and risk management under the and coordinating with the supervisory team to evaluate the
- Supervising the financial statements’ preparation and presentation and control procedures related to this process;
three-line model; effectiveness of independent audits;
- Ensuring the effectiveness of control in operation, finance and legal, the codes in business including transactions with ● Directing the professional work of the Board of Internal Audit, ● Supervising the consolidation of PNJ's normative documents
stakeholders; ensuring completion of 2021 plan assigned by the BOD; system related to CG in accordance with best practices.
- Supervising and guiding the Internal Audit Committee.
Structure of the Audit Committee BOARD OF INTERNAL AUDIT’S ACTIVITIES

PNJ's Board of Internal was established to ensure objectively - The appropriateness of the internal audit system at PNJ to
No. Member of Audit Committee Title and impartially advise on the completeness and effectiveness prevent, detect and handle risks of PNJ;
01 Le Quang Phuc Chairperson of Audit Committee of internal audit systems, risk management and CG. - The effectiveness of governance processes and risk
Specifically, through the inspection and evaluation activities, management processes at PNJ;
02 Nguyen Tuan Hai Member of Audit Committee the Board of Internal Audit would make recommendations on: - The completeness and effectiveness of PNJ's strategic
objectives and operational plans.
Meetings of Internal Audit Committee
Number of Number of meetings
No. Member of Audit Committee Title meetings attended attended (Rate) Voting Rate
DUTIES OF BOARD OF INTERNAL AUDIT INCLUDE
01 Le Quang Phuc Chairperson of Audit Committee 4 100%
No matters to vote
02 Nguyen Tuan Hai Member of Audit Committee 4 100% Developing internal Making an annual internal Doing snap-check Proposing measures Composing audit
audit regulations and audit plan to submit to audits and consulting to modify and correct reports; Notifying and
internal audit business the Audit Committee for upon request from AC; errors; proposing promptly sending the
procedures and approval and carry out measures to improve results of internal audits
AUDIT COMMITTEE’S ACTIVITIES IN 2021:
submit them to the internal audit activities and improve the as prescribed;
● Reviewing and appraising the Company's quarterly and - Assessing the risk of fraud in the establishment of financial Audit Committee for according to the approved effectiveness and
semi-annual financial statements: statements; approval; plan to ensure quality and efficiency of the internal
- Ensuring that financial statements to be prepared and presented - Supervising the audit of financial statements in 2021. efficiency; audit system;
honestly, complied with Vietnam Accounting Standards and ● Assessing the implementation of the company's business
current regulations, without detecting any material errors that targets in 2021: Supervising the Developing, editing, Advising the AC Presenting the internal audit’s Maintaining regular
may falsify the financial statements results; implementation supplementing and on selecting and opinion when requested by communication with the
- Assessing difficulties in production and business due to the
- Considering crucial adjustments and matters to accounting Covid-19 pandemic; results of audit perfecting the internal audit controlling the the Audit Committee as of independent auditing
policy, business results and fluctuations in financial data (if any); recommendations; method and the scope of independent audit considering and deciding organization of the
- Assessing the scenarios and improvisation plans of the BOD operation of the internal services to ensure budget estimates, allocating unit to ensure effective
- Considering changes in the maturity date for payment of and BOM in the process of adjusting the strategy and finding and assigning budget
audit to be able to update savings and efficiency; cooperation.
receivables, payables and noticeable issues for money and solutions to overcome difficulties in the pandemic; estimates, budget statements,
and keep up with the
assets inventory (if any); financial statements,
● Reviewing and evaluating transactions between the Company development of the unit;
- Considering unusual findings for related party transactions management reports;
(if any); and related organizations/individuals:

BOARD OF INTERNAL AUDIT’S ACTIVITIES (continued) 2. OPERATION OF BOD OFFICE IN 2021 AND ORIENTATION IN 2022
Although there were plenty challenges in 2021 in pandemic In 2022, the Office of the BOD commits to continue to
Organization structure conditions, the Office of the Board of Directors completed successfully complete the assigned tasks to continue to
its assigned tasks fully and effectively such as helping the actively advise on the organization of quarterly meetings of the
No. Member of Audit Committee Title Qualification meetings and activities of the BOD to take place smoothly, BOD and specialized committees, organization of the AGM in
1 Nguyen Anh Tuan Head of Board Internal Audit Bachelor of Credit Finance timely and effectively; actively advising the BOD to further 2022 and other contents according to the functions and tasks
complete the practice of CG in accordance with best practices. under the Regulations on CG and under the BOD’s direction.
Bachelor of Accounting
2 Nguyen Thanh Du Internal Audit Senior Specialist
Bachelor of Commercial Accounting -Services
Master of Political Economy
ENGAGING STAKEHOLDERS
3 Le Anh Duc Internal Audit Specialist
Bachelor of Accounting – Auditing
PNJ identifies stakeholders based on the possible effects of various sources and media. This communication process
PNJ's activities on related individuals/organizations or on helps PNJ to provide an overall and objective perspective of
Audits to be conducted in 2021 their influence on the current activities of the company. PNJ current activities and policies as well as future directions of
accesses and communicates with stakeholders through the company.
2021 is the first year that PNJ's Board of Internal Audit to come into operation, so in the year the Board of Internal Audit
concentrated on:
● Constructing Department structure: Investors / State / Regulatory
- Completing personnel structure (Appointment of Head of Board of Internal Audit in November 2022); Customers Employees
Shareholders Agency
- Developing legal foundation for operation: Regulations, development strategies, processes, internal audit manuals.
● Professional activities: Partners /

Association Press agency Community
- Participating in consulting and supervising inventory management activities - Supply division; Suppliers
- Contributing opinions on the development of risk management activities and compliance supervision;
- Reviewing and appraising financial statements in 2021 & supervising independent auditing units.
STAKEHOLDERS’ INTERACTIONS, FEEDBACK AND PNJ'S ACTIONS
BOARD OF DIRECTORS OFFICE
The BOD Office and the Officer in charge of the CG play an important role in supporting the BOD to perform tasks including: SỰ TƯƠNG TÁC, PHẢN
CONSULTATION HỒI CỦA CÁC BÊN CONCERNS
ACTIVITIES LIÊN QUANOFVÀ HÀNH ĐỘNG CỦA PNJ
STAKEHOLDERS PNJ'S ACTIONS
- Preparing and supporting in developing documents for BOD’s meetings, specialized committees and AGM upon requests from
the BOD or Committees; INVESTORS AND SHAREHOLDERS
- Supporting the Chairperson of BOD to build relationships with shareholders; advising the BOD in implementing and perfecting
- General Meeting of Shareholders - Effective use of the enterprise’s - The average growth rate is
CG practices in accordance with best practices;
- Collecting shareholders' opinions capital sustainable.
- Monitoring and reporting to the Chairperson of BOD on compliance with the obligation to disclose and publicize information in in writing - Information transparency, - Posting IR news quarterly and
accordance with law; - Disclosing information regularly ensuring benefits of investors updating promptly on website
- Supporting for other activities of the BOD on administrative affairs. and promptly in the media. - Market value of stocks and www.pnj.com.vn
corporate value - Information is published promptly,
- Corporate management capacity publicly and transparently
1. COURSES/ WORKSHOPS ON CORPORATE GOVERNANCE AND LEGAL UPDATES TO BE ATTENDED IN 2021 - Products Quality of and care - Top 50 best listed companies in
services Vietnam
- Investing effectively in the
No Course/seminar information Date
customer care system
Improving CG capacity in listed enterprises in Vietnam (organized by HCM Stock Exchange,
01 February 2021 CUSTOMER CARE
State Securities Commission, IFC-International Financial Corporation)
In-depth training program on the Audit Committee (organized by the Vietnam Institute of - Loyalty customer programs, periodic - Product quality and customer - Effective investment in customer care
02 March 2021 customer care policies, activities. care services are enhanced system, report results being recorded,
Directors-VIOD)
- Process of settling customers’ - Prestige, brand in the market aggregated, analyzed and solutions,
Optimizing the effectiveness of the online AGM (organized by HCM Stock Exchange & Vietnam complaints, the post-settlement suggestions, improvements and
03 March 2021 strategic directions being provided.
Institute of Directors-VIOD) report system and the post
complaint customer care policies. - Developing KPIs to improve the
management system and quality of
04 Steadfast leadership (Vietnam Institute of Directors-VIOD & Deloitte Vietnam Co., Ltd.) August 2021
customer care

STAKEHOLDERS’ INTERACTIONS, FEEDBACK AND PNJ'S ACTIONS (continued)
SỰ TƯƠNG TÁC, PHẢN

CONSULTATION HỒI CỦA CÁC BÊN LIÊN
ACTIVITIES QUAN VÀ HÀNH
CONSULTATION ĐỘNG CỦA PNJ
ACTIVITIES PNJ'S ACTIONS CONSULTATION ACTIVITIES CONSULTATION ACTIVITIES PNJ'S ACTIONS
CUSTOMER CARE ASSOCIATION

- Reporting Net Promoter Score (NPS) - Investing in researching, developing, information on the activities of the - Proposing to respond to competitive
and assessing the customers’ testing product quality main competitors to promptly grasp activities based on transparent and
satisfaction about PNJ - Gaining Vietnamese high quality the moves and adjustments in the healthy criteria and not violating
- Organizing market surveys to assess goods for 22 consecutive years, Top strategic orientation of the brands in professional ethics and social
customers' tastes, behaviors and 50 Leading brands in Vietnam. the domestic market. standards
degree of satisfaction on PNJ brand.
PRESS AGENCY
EMPLOYEES, HUMAN RESOURCES
Regularly providing information - Transparent disclosure with the - Transparent disclosure of annual
- Annual seminars, preliminary - Good benefit and remuneration -Ensuring occupational safety, - Providing press releases by month, press about business activities operating results, disclosure of
reviews and summaries of policies, ensuring training and salary, bonus and benefits quarter, year or prominent events, important events
business activities, family festivals, development opportunities schemes, increasing programs - Having good relationship with
employees’ conferences, trade - Ensuring safe working conditions, competitiveness, Top 100 best - Providing information at the request press agencies, such that business
union congresses, youth union ... equality, freedom, and workplaces in Vietnam of press organizations/agencies information is updated promptly,
- Building internal communication occupational health care. - Improving and developing the - Invitation to the company’s events objective, accurate and transparent
tools: internal website, fanpage, program of Developing and - Organizing interviews, participating
email, phone number, radio, internal maintaining talents, building in talk shows
LCD system, computer monitors, “Constantly learning team”
internal dispatching network - Employees are evaluated according PARTNERS, SUPPLIERS – PNJP COMPANY
- Internal notifications. Survey of to the KPIs system and the
employees in terms of working Criteria of Core competencies, - Negotiating and communicating - Cooperating and developing, - Ensuring reliability in business
environment, salary, bonus, training ensuring fairness, objectivity and directly with suppliers and partners ensuring stable input with cooperation
programs transparency. - Disclosing transparent information suppliers - Ensuring fairness between partners
- Whistleblowing policy by bidding price, offering - Strictly implementing the and suppliers
competitive price agreed terms and conditions, - Punctual on maturity day payment
STATE, REGULATORY AGENCY - Measuring and managing suppliers’ indicating openness and - Ensuring a stable supply source,
performance indicators transparency in cooperation maintaining cooperation and
- Participating in seminars and - Complying with State regulations - Complying with State policies - Sharing information, opportunities development relationship
conferences organized by the and policies and circulars with reference to and risks from the market
(Customers, competitors of the
Government - Fully performing obligations with business activities
same industry, alternative products,
- Continuously updating policies the State Budget - Fully and timely complying with
technology ...),
and circulars issued by the - Sustainable business production and fulfilling tax obligations
Government and social responsibilities - Complying with safety and CSR COMMUNITY
- Periodic reports to the State environmental licenses
authorities - Effective corporate governance - Disseminating and raising - Supporting local economic and - Pioneering to deploy and implement
towards sustainable development. awareness of sustainable social conditions projects and programs for the
development through - Ensuring environmental safety community and environmental
ASSOCIATION protection
communication and promotion and sustainable development
of environmental and social - Supporting and promoting the - Actively establishing PNJ Charity
- Quarterly/annual reports - Share information, improve - Connecting, sharing experiences
programs role of disadvantaged people Fund to perform charitable activities
- Seminars on gold, silver and gems competitiveness, cooperate and and resources to contribute
- Regularly collecting information, such as granting scholarships
business develop together with other to promoting the sustainable to students and pupils; giving
- Other relevant seminars and members of the Association development business ecosystem, communicating with local
Tet Holiday gifts, supporting
conferences sustainable development authorities to assess risks and
disadvantaged people...
- Monitoring and evaluation of the industries. challenges with respect to the - Complying with regulations on
industry's business performance local environment and society wastewater, solid waste, exhaust
in the market in National and and occupational environment
international - Top 10 out of 100 Sustainable
- Regularly organizing to collect Development Businesses in Vietnam

ASSESSMENT REPORT OF INDEPENDENT MEMBERS OF BOD TOWARDS BOD SHAREHOLDER STRUCTURE
1. OWNERSHIP INFORMATION OF BOARD OF DIRECTOR’S MEMBERS

• The BOD organized effective coordination between online and offline 26 meetings in 2021, in accordance with
the orders and procedures specified in the Company's Charter, the Regulation on CG and the Regulations on Ownership rate Title of member of BOD holding
No. Full name Title of Voting shares in other joint stock companies
REGARDING organization and operation of the BOD.
ORGANIZING
BOD’S
• BOD meetings were conducted with specific schedules, well-prepared documents, in accordance with 1 Cao Thi Ngoc Dung Chair of BOD 2,8%
MEETINGS principles.
2 Le Tri Thong Vice Chair of BOD cum CEO 0,28%
• The content of the meetings was discussed, fully and deliberately evaluated by BOD’s members based on the
spirit of demand, openness and objectivity to provide the best orientations and solutions for the Company. 3 Le Huu Hanh Member of BOD 1,10%
4 Dang Thi Lai Member of BOD 0,59%
• In general, the BOD well-performed in supervising the management and administration of the BOM. In 5 Tran Phuong Ngoc Thao Member of BOD 2,53%
addition to discussing and exchanging at regular meetings/ other meetings of the BOM, the BOD also
6 Huynh Thi Xuan Lien Member of BOD 0,03%
regularly communicated by phone, email as well as online meeting media about the strategic situation,
results of production and business activities, the implementation of the Resolution of the AGM and the - Chairperson of BDSC Management Consulting JSC
objectives proposed by the AGM in 2021. - Member of BOD of Phat Dat Real Estate JSC
7 Le Quang Phuc Independent member of BOD 0,01% - Member of BOD of Tay Ho Investment & Construction JSC
• The company has strictly complied with the covid-19 prevention notices of the authorities from the - Member of BOD of SEAREFICO Refrigeration
beginning and throughout the beginning of the year until now. The BOD accompanied BOM to develop Industry Corporation (SEAREFICO)
response scenarios and implement in a systematic and closed manner, ensuring the company's 8 Nguyen Tuan Hai Member of BOD 0% - Chairman of Alphanam Group
operations to be stable, safe, complying with the provisions of law, satisfying issues of production -
business and financial activities. In addition, the BOD has paid a great attention to risk management - Founder & CEO of Talentnet Corporation
REGARDING 9 Tieu Yen Trinh Independent member BOD 0% - Member of BOD of Vietnam Dairy Products
SUPERVISION issues in production and business activities and taken good care of the employees’ lives during the social Joint Stock Company (Vinamilk)
ON CEO distance period.
AND OTHER • In general, in the difficult economic situation caused by the Covid-19 pandemic, the BOM and management
MEMBERS OF levels constantly made efforts, creativity and initiative in their work to achieve the targets proposed by 2. OWNERSHIP INFORMATION OF AUDIT COMMITTEE
BOD
the AGM.
Ownership rate
• In general, the BOD closely followed the enterprise operation and shared with the BOM especially during No. Full name Title Title in BOD
of Voting shares
the Covid pandemic at peak to ensure the company's operation to be stable, safe, complied with the
1 Le Quang Phuc Chairperson of Audit Committee 0.01% Independent member BOD
provisions of law and the AGM.
• The BOD members holding board titles regularly attended BOM’s meetings. The BOD has always been 2 Nguyen Tuan Hai Member of Audit Committee 0% Independent member BOD
aware of the company's operations, decisions, management and management activities of the BOM and
the BOD has coordinated very well with the BOM to make timely and correct decisions and policies to
3. OWNERSHIP INFORMATION OF MEMBERS OF BOARD OF MANAGEMENT
overcome the challenges of the market and the Enterprise to achieve the best business results.
• The BOM was determined to implement the long-term strategies proposed by the BOD and made very Ownership rate
No. Full name Title Title in BOD
high efforts to complete the business targets in 2021 as well as the targets of each department with a of Voting shares
close connection. 1 Le Tri Thong Chief Executive Officer 0.28% Vice Chair of BOD
2 Dang Thi Lai Senior Chief Finance – Operation Officer 0.59% Member of BOD
• The BOD’s work carried out in 2021 focused in accordance with the Resolution of the AGM and complied
3 Nguyen Anh Hung Senior Chief Human Resources Officer 0.06%
with the Company's Charter, the Regulation on Governance and the standard practices of CG
GENERAL • The BOD proposed many effective solutions to help the BOM overcome several challenges in the process 4 Dao Trung Kien Senior Chief Strategy Officer 0.07%
ASSESSMENT
OF ACTIVITITIES
of running the Company, while leading the business to develop strongly towards global integration and 5 Phan Nguyen Hoai Anh Acting Chief Marketing Officer 0.02%
OF BOD AND become the leading enterprise in Asia.
6 Dang Hai Anh Senior Chief Information Technology Officer 0%
PROFESSIONAL • The BOD well-performed in monitoring and supervising to ensure the criteria of compliance with the law
SUBCOMMITTEES that the Company absolutely respects.
• Subcommittees under the BOD were established with clear and transparent objectives and plans, in 4. OWNERSHIP INFORMATION OF CHIEF ACCOUNTANT
accordance with the overall orientation of the organization.
• The activities of the sub-committees under the BOD has complied with the regulations and provisions of Ownership rate
No. Full name Title of Voting share Title in BOD
the BOD, contributing to helping the BOD fully perform its tasks in the period
1 Duong Quang Hai Chief Accountant 0.09%

SHAREHOLDER STRUCTURE (continued)
5. LIST OF AFFILIATES AND LINKAGE
Charter Capital PNJ’s Proportion of DOMESTIC/FOREIGN SHAREHOLDER STRUCTURE

No Company Name Business Industry (VND) ownership
1 PNJ Jewelry Production and Manufacturing and 200.000.000.000 100%

Trading Company Limited, trading jewelry Number Proportion of Number of Shareholder structure (person)
No. Subject
of Share ownership shareholder Organization Individual
2 PNJ Laboratory Company Consulting and inspecting 10.000.000.000 100%
Limited jewelry, precious stones 1 State shareholder 0 0,00% 0 0 0
CAO Fashion Company 2 Foundation 0 0,00% 0 0 0

3 Trading jewelry 130.000.000.000 100%
Limited (CAF) - Domestic 0 0,00% 0 0 0
- Foreign 0 0,00% 0 0 0
6. SHAREHOLDER STRUCTURE 3 Major shareholder (ownership from 5% above) 47.606.419 20,92% 10 9 1
STOCK (10/12/2021): - Domestic 27.074.846 11,90% 2 1 1
- Total stock as of 9th March 2021: 227,612,362 shares
- Foreign 20.531.573 9,02% 8 8 0
- Number of shares outstanding: 227,366,563 shares
- Treasury shares: 245,799 shares 4 Corporate union 68.800 0,03% 1 1 0
- Domestic 68.800 0,03% 1 1 0

SHAREHOLDER STRUCTURE:
- Foreign 0 0,00% 0 0 0
5 Treasury fund 245.799 0,11% 1 1 0

Amount Transferring Amount of Free Proportion of
Subject Total
limited shares Transferring shares Ownership 6 Preferred stocks 0 0,00% 0 0 0
I. Insiders 1.981.120 20.347.933 22.392.053 9,81% 7 Other shareholder 179.691.344 78,95% 12.180 252 11.928
II. Treasury stock 0 245.799 245.799 0,11% - Domestic 92.930.644 40,83% 11.924 122 11.802
III. Corporate Union 0 68.800 68.800 0,03% - Foreign 86.760.700 38,12% 256 130 126
IV. Other preferred stock 0 0 0 0,00% TOTAL 227.612.362 100,00% 12.192 263 11.929
V. Other Shareholders 4.621.200 200.347.510 204.968.710 90,05%
In which: - Domestic 120.320.089 52,86% 11.928 125 11.803
1. Domestic 4.621.200 93.055.273 97.676.437 42,91%
- Foreign 107.292.273 47,14% 264 138 126
1.1 Individual 4.621.153 62.293.340 66.914.493 29,40%
1.2 Organization 47 30.761.897 30.761.944 13,52%
Of which State: 0 0 0 0,00%
2. Foreign 0 107.292.273 107.292.273 47,14%
2.1 Individual 0 670.156 670.156 0,29%
2.2 Organization 0 106.622.117 106.622.117 46,84%
TOTAL: 6.602.320 221.010.042 227.612.362 100,00%
58 BÁO CÁO
ANNUAL
REPORT
SHAREHOLDER STRUCTURE (continued)

Transactions between Company with company-related persons or between Company and major Shareholders, Insiders,
Insider-related persons.
TRANSACTIONS BETWEEN COMPANY AND OTHER ENTITIES:

Name of Number of Resolution/
Related to Number of Date of Content, Number,
No Organization/ Head Office/ Decision of AGM/BOD
Company Owner Certificate transaction with Total value
Individual Date of issuance
Contact Address
Company
…of Approval
transaction ● Transactions between the company and the company in borrowing/lending, renting/leasing property (workshops,
(if any, date of issuance which members of the Board of Directors, members of the offices, materials, equipment...); warranty, maintenance,
PNJ Jewelry Supervisory Board, the CEO and other managers have been repair and supply of jewelry/fashion materials; cooperation
Production and 0315018466, No. 23, Street founding members or members of the Board of Directors or agreements, guarantees, cost sharing, sharing resources
01/04/2021 180/2021/NQ-HĐQT-
Trading Company 28/04/2018. 14, Ward 5, Go CEO in the recent three (03) years (calculated at the time of among the parties.
CTY, 01/04/2021
01 Limited, PNJ Affiliate SKHĐT Vap District, report making):
Laboratory TPHCM HCMC, Viet ● Transactions between the company and the company
Company Limited Nam in which the related persons of the Board of Directors,
- Talent Connection Joint Stock Company: providing consulting
services, solutions related to salary and welfare structure members of Supervisory Board, CEO and other managers
168A Phan
0310521330,
Dang Luu 180/2021/NQ-HĐQT- Contracts/ projects, organizational development and talent training. are members of the Board of Directors, CEO:
01/04/2021
02 PNJ Laboratory Affiliate 16/12/2010, CTY, 01/04/2021 transactions/ - Saigon House Production Trading Service JSC: providing
Street, Ward
Company Limited SKHĐT commercial services, providing goods, handicrafts, food and products in - Golden Space Interior Decoration Joint Stock Company:
3, Phu Nhuan
TPHCM agreements/ interior decoration - furniture (supply, installation, warranty,
District, HCMC business.
commercial repair of tables and chairs, counters, cabinets ...) for offices,
170E Phan
- 4 affiliates (PNJ Jewelry Production and Trading Company
0309279212, agreements, production and business systems
Dang Luu, Limited, PNJ Laboratory Company Limited , CAO Fashion
CAO Fashion 14/08/2009, 01/04/2021 180/2021/NQ-HĐQT- purchases
Affiliate Ward 3, Phu and services Company Limited (CAF), Customer Era Company Limited):
03 Company Limited SKHĐT CTY, 01/04/2021 ● Other transactions of the company (if any) may bring
Nhuan district, valued at less contract/transaction/trade agreement, trading, industry-
(CAF) TPHCM material or immaterial benefits to BOD members, members
HCMC than 20% of related services, occupations/products/services that
the Company or its member companies do business in; of the Supervisory Board, CEO and other managers:
the total value
Related 0305202145, 33 Mac Dinh of assets
Talent 180/2021/NQ-HĐQT-
party 18/09/2007 Chi St., Dakao stated in the
04 Connection Joint 02/04/2021 CTY, 01/04/2021
to BOD SKHĐT ward, District Company's
Stock Company
member TPHCM 1, HCMC most recent ADDITIONAL INVESTMENT IN THE OWNER’S EQUITY
financial
statements In 2021, PNJ did not make any changes to charter capital.
Saigon House Related 0316164237, 148, Le Van Sy
Production party 26/02/2020, St., Ward 10, 180/2021/NQ-HĐQT-
05 01/06/2021
Trading Service to BOD SKHĐT Phu Nhuan CTY, 01/04/2021 TREASURY STOCKS TRANSACTION
JSC member TPHCM Dist., HCMC
On January 29th 2021, PNJ published the buyback transaction result of the number of shares issued to the employees in the
Employee Stock Ownership Plan in 2018, 2019 as treasury shares to the employees who had resigned before the end of the
Golden Space Related 0310057126, 497 Hoang Sa 180/2021/NQ-HĐQT- transferring due time: 76,240 shares.
Interior party 04/06/2010, St., Ward 8, 01/04/2021 CTY, 01/04/2021
06
Decoration Joint to BOD SKHĐT District Quận 3,
Stock Company member TPHCM HCMC

ASSESSMENT BY ASEAN SCORECARD
Content Assessment Results of implementation in 2021 & Content Assessment Results of implementation in 2021 &
Commitment/orientation in 2022 and onwards Commitment/orientation in 2022 and onwards
BASIC RIGHTS OF SHAREHOLDERS Does the company make publicly available by the next working day the
result of the votes taken during the most recent AGM for all resolutions? Complied
The company implements a policy
The Company pays dividends within 30 days after publication or after being Partially of paying stable dividends over the
approved by the AGM complied years on the basis of approval at the Do companies provide at least 21 days’ Notice for all resolutions? Complied
General Meeting of Shareholders
Does the company provide the rationale and explanation for each agenda
Shareholders are informed and involved in decisions related to Regulations and implementation in item which require shareholders’ approval in the Notice of AGM /circulars
Complied
fundamental changes of the company such as amendments of statutes, Complied accordance with the Company's Charter and/or the accompanying statement?
company’s charter or similar documents
Regulations and implementation in The right of shareholders to propose contents in the AGM Complied
Shareholders have the right to participate in deciding on the plan to
issue shares Complied accordance with the Company's Charter
In cases of mergers, acquisitions and/or takeovers, does the board of
Shareholders have the right to participate in decisions in the Company's Regulations and implementation in directors/commissioners of the offeree company appoint an independent Complied
key transactions Complied accordance with the Company's Charter party to evaluate the fairness of the transaction price?
Regulations and implementation in accordance with the Company's Regulations and implementation in
Do the company's ordinary or common shares have one vote for one share?
Charter Complied accordance with the Company's Charter Complied
Regulations and implementation in Where the Company has more than one class of shares, does the company The company does not currently have
Shareholders have the right to nominate candidates for BOD members accordance with the Company's Charter Complied
Complied publicize the voting rights attached to each class of shares? this case.
Regulations and implementation in Are the profiles of Board members /commissioners (at least age, academic
Shareholders have the right to vote for each BOD member candidate
Complied accordance with the Company's Charter qualification, date of first appointment, experience, and directorships in Complied
other listed companies) in seeking election / reelection included?
The company publishes the voting procedures used before the meeting Regulations and implementation in
starting Complied accordance with the Company's Charter Meeting documents outlining the list of selected audit companies?
Complied
PNJ notes that shareholders ask Documents requires to be proxy / Were the proxy documents made easily
Do the minutes of the latest AGM record that shareholders have the
Complied questions or propose issues at the available Complied
opportunity to ask questions or propose issues?
annual AGM and responds fully.
Are the Board members required to report their dealing in company shares
Did the company disclose the voting results including approving, dissenting, Complied
within 3 business days?
and absenting votes for each agenda item for the most recent AGM? Complied
Does the company disclose the list of board members who attended the Are the Board members required to report their dealing in company shares
within 3 business days? Complied
most recent AGM? Complied
Did all BOD’s members, CEO/Managing Directors attend the most recent AGM? The company has a policy that requires board members to disclose their
Complied interests or conflicts of interest in transactions. Complied
Regulations and implementation in
The company has the provision of the right to vote in absentia The company has a policy that requires board members to disclose their
Complied accordance with the Company's Charter
interests or conflicts of interest in transactions. Complied
Did the company disclose the voting results including approving, dissenting, Does the company have a policy requiring a committee of independent
and absenting votes for each agenda item for the most recent AGM? Complied The AC of the Board of Directors
members of BOD to review significant transactions to determine whether Complied performs this function.
they are in the best interests of the company and shareholders?
At the AGM, PNJ always invites
an independent party that is the Does the company have a policy requiring board members to abstain from
Does the company disclose that it has appointed an independent party representative of the company's participating in the board discussion on a particular agenda when they are Complied
(scrutineers/inspectors) to count and/or validate the votes at the AGM? Complied shareholders to participate as a conflicted in interest?
member of the Vote Counting Board and
approved by the. Does the company have policies on loans to BOD’s members?
Complied

ASSESSMENT BY ASEAN SCORECARD (continued)
Does the company disclose that related party transactions are conducted Does the information on shareholdings reveal the identity of beneficial
in such a way to ensure that they are fair and at arms' length ? Complied owners, holding 5% shareholding or more? Complied
Does the company disclose the direct and indirect (deemed) shareholdings
In case of important transactions required the approval of shareholders, of major shareholders? Complied
can minority shareholders participate in the vote? Complied
Does the company disclose the direct and indirect (deemed) shareholdings
of BOD’s members? Complied
ROLE OF STAKEHOLDERS
Does the company disclose the direct and indirect (deemed) shareholdings of BOM? Complied
The company has issued policies
The company stipulates the existence and scope of the company's efforts aimed at protecting customers and in Does the company disclose details of the parent/holding company,
Complied subsidiaries, associates, joint ventures: name, percentage of the Company
to address customers' interest PNJ's business philosophy, core values Complied
and culture. held in these companies.
The company formulates Procedures/process for Supplier/Contractor Does the annual report clearly disclose the company's governance objectives? Complied
selection and criteria Complied
Does the company disclose Financial performance indicators? Complied
The Company ensures the Company's value chain is environmentally-
friendly or suitable for promoting sustainability development Complied Does the company disclose Non-Financial performance indicators? Complied
Does the company make an effort to interact with the communities in
Does the company disclose a dividend policy? Complied
which it operates? Complied
Does the company issue a program and implement an anti-corruption The company issued PNJ's business Biographical details (at least age, qualifications, date of first appointment,
process? Complied philosophy, core values and culture. relevant experience, and any other directorships of listed companies) Complied
Board members
The company has a statement on protecting the interests of creditors
Complied Attendance details of each member of the Board in respect of meetings held
Complied
The company has issued PNJ's
The Company has separate reports on its activities related to
business philosophy, core values and Details of remuneration of each member of the board
environmental/economic and social issues Complied Complied
culture.
Does the Annual Report contain a statement confirming the company's full
Does the company provide contact details via the company's website or Customer care hotline: 1800 545457 compliance with the code of corporate governance and where there is incompliance,
Annual Report which stakeholders (e.g. customers, suppliers, general PNJ Operator: +84 28 39951703 - Ext 0 Complied
does the report identify and explain reasons for such non-compliance?
public etc.) can use to voice their concerns and/or complaints for possible Complied Shareholder Relations
violation of their rights? Email: [email protected] Does the company disclose its policy covering the review and approval of
significant related party transactions? Complied
Does the company explicitly disclose the health, safety, and protection Does the company disclose the name of the related party and relationship
policy for its employees? Complied for each significant related party transactions? Complied
Does the company have training and development programs for its Does the company disclose trading in the company's shares by insiders?
Complied
employees? Complied
The AC and formerly the Supervisory
Does the company have a reward policy to boost its performance in the Are audit and non-audit fees disclosed? Board shall report the evaluation of audit
long term rather than in the short term? Complied Complied service fees and audit fees to the BOD
before submitting them to the AGM.
Does the company have procedures for complaints by employees
Do the non-audit fees exceed the audit fees? Partially
concerning illegal (including corruption) and unethical behavior? Complied complied
Does the company have a policy or procedures to protect an employee/ Does the company disclose its quarterly report? Complied
person who reveals illegal/unethical behavior from retaliation? Complied
Does the company have a company website? Complied
DISCLOSURE AND TRANSPARENCY
Does the company conduct conferences / seminars with financial analysts? Complied

Does the company disclose in the media, press conferences and press PNJ has continued to have many The 9-member PNJ Corporate Board
releases? Complied initiatives and improvements in the was established in 2019 to serve as
coming time
Does the company disclose how it implements and monitors compliance the implementation, communication,
Is the audited annual financial report released within 120 days from the with the code of ethics or conduct? supervision of compliance with
Complied
financial year end? Complied these codes of conduct throughout
the system and develop programs
Is the annual report released within 120 days from the financial year end? to nurture and maintain the cultural
Complied
values characteristic of PNJ’s people.
Is the true and fairness/fair representation of the annual financial
statement/reports affirmed by the BOD and BOM? Complied
Complied with According to the provisions of
Does the company's website publish its financial statements (the most the Vietnam the Charter of PNJ Company, the
Complied Do independent board members make up more than 50% of the board
recent quarter)? Enterprise Law proportion of independent board
members?
and company members accounts for at least 1/3 of
Does the company's website publish the documents provided in briefings
charter the number of members of the BOD.
to analysts and media? Complied
Is the annual report downloadable on the website? Complied Does the company have a provision limiting the board member’s term to no more
than 9 years or up to 2 terms (5-year/term) for independent board members. Complied
Does the company's website publish an AGM and/or EGM notice? Complied
Does the company stipulate that each independent/non-executive board member
Does the company's website publish the minutes of the AGM and/or EGM? Complied may hold up to 5 board positions at the same time in another listed company? Complied
Does the company's website publish the company's charter? Complied Does the company have any executive directors who serve on more than two
boards of listed companies outside of the group? Complied
Does the company disclose the contact details (e.g. telephone, fax, and
email) of the officer responsible for investor relations? Complied
The company has established the Human
Does the company disclose the policy of CG / operating charter of the Resources Subcommittee in 2022.
Board of Directors? Complied
In 2021, the Strategy Subcommittee
Are the types of decisions requiring board of directors' approval disclosed? assigned Mrs. Tieu Yen Trinh to be an
Complied
independent member of the BOD in
Are the roles and responsibilities of the board of directors clearly stated? Does the company have a Human Resources Committee? Complied charge of human resource management
Complied
strategy, welfare compensation policy
Does the company have a statement about its latest vision and mission? Complied from employees, to leaders and
members of the BOD of the company. By
Does the Board of Directors have a role to lead the company to develop 2022, it is recommended to separate to
and review the company's strategy annually? Complied practice in accordance with best practices.
Do board members monitor/supervise the implementation of the company's
strategy? Complied Does the Human Resources Committee consist of a majority of Partially
independent board members? complied
PNJ currently has labor regulations and
conduct rules in the Company; in parallel, Is the chairperson of the Human Resources Committee an independent Partially
Are the details of the code of ethics or conduct disclosed? Partially there are plans to implement the redesign board member? complied
complied into a Codes of conduct to suit the core
values just reviewed and refreshed. Does the company disclose the operating regulations/governance Partially
structure/charter of the Human Resources Committee? complied
Workshops, teambuilding on corporate
culture have been implemented and Does the Human Resources Committee meet at least twice a year? Does the
communicated on the principles of company announce the situation of attending each member's meetings? Partially
conduct, “Do & Don't behaviors” in complied
each core values of PNJ people are
Does the company disclose that all BOD’s members, senior management shared to each employee, manager and Partially
Complied Does the company have a Remuneration Committee?
and employees are required to comply with the code? leader (specifically, the vacation trip in complied
conjunction with PNJ Cultural Day in Phu
Quoc island with 3 trips, 6,000 employees Does the Remuneration Committee comprise of a majority of independent Partially
and 2 nights/trip shared about the board members? complied
company's cultural values_

Is the chairperson of the Remuneration Committee an independent board Partially REMUNERATION MATTERS
member? complied
Does the company disclose its remuneration (fees, allowances, benefit-in-
Does the company disclose the terms of reference/ governance structure/ Partially kind and other emoluments) policy (i.e. the use of short term and long term
charter of the Remuneration Committee? Complied
complied incentives and performance measures) for its board members and CEO?
Does the Remuneration Committee meet at least twice during the year? Does Partially
the company announce the situation of attending each member's meetings? Is there disclosure of the fee structure for board members? Partially
complied complied
Does the company have an Audit Committee (AC)? Complied Do the shareholders or the Board of Directors approve the remuneration of
the executive board members and/or the senior executives? Complied
Does the Audit Committee comprise entirely of Nonexecutive board
members with a majority of independent board members? Complied and standards to link the remuneration paid, based on the achievements of the
Executive Board member or BOM with the long-term interests of the Company? Complied
Is the chairperson of the AC an independent board member? Complied INTERNAL AUDIT
Does the company disclose the terms of reference/governance structure/
charter of the Audit Committee? Complied Does the company have its own Internal Audit? function?
Complied
Does at least one of the independent board member of the AC have Is the head of Internal Audit identified or, if outsourced, is the name of the
Complied
accounting expertise (accounting qualification or experience)? external firm disclosed? Complied
Did the Audit Committee meet at least four times during the year? Is the Does the appointment and removal of the Internal Auditor require the
attendance of members at Audit Committee meetings disclosed? Complied approval of the Audit Committee? Complied
Does the Audit Committee have primary responsibility for recommendation
Complied RISK OVERSIGHT
on the appointment, re-appointment and removal of the external auditor?
Does the company disclose the internal control procedures/risk
OPERATION PROCESS OF BOARD OF DIRECTORS Complied
management systems it has in place?
Is the board meeting planned before the start of the fiscal year? Complied Does the Board of Directors conduct inspections and considerations of key
areas to control (operations, finance, compliance) and the Company's risk Complied PNJ's AC is in charge of this function
Do members meet at least 06 times a year? management system during the year?
Complied
Does each board member attend at least 75% of the board meetings during Does the company disclose the main risks that the company is financially
the year? Complied involved in, activities including IT, environment, society, economy ...? Complied
Does the company require that two-thirds of the board members attend Does the Annual Report disclose that the members BOD or Supervisory
meetings in adopting a board resolution? Complied Board have conducted a review of the company's material controls and
Complied
Do non-executive board members of the company have a private meeting risk management systems?
at least once a year without executive members present? Complied
BOD PERSONNEL
ACCESS TO INFORMATION
Does the company separate the role of Chairperson and CEO? Complied
Are board papers for BOD meetings provided to the board at least five
Complied
business days in advance of the board meeting?
Is the chairperson an independent board member? Not yet
Does the company secretary play a significant role in supporting the board
in discharging its responsibilities? Complied Have any of the board members served as the company's chief executives for
Is the company secretary trained in legal, accountancy or company the past two years? Complied
secretarial practices? Complied
Are the chairperson's roles and responsibilities disclosed? Complied
BOD APPOINTMENTS AND RE-ELECTION
KEY BOD MEMBERS
Does the company disclose the criteria used in selecting new board members? Complied
If the Chairperson is not independent, has the Board of Directors appointed The Chairperson is a non-executive
Does the company disclose the process followed in appointing new board the Head of the Independent/Non-Executive Board member? Complied board member.
members? Complied
SKILLS AND COMPETENCIES
Are all the board members subject to re-election at least once every
three years; or 5 years for companies listed in countries where the law Complied Is there at least 01 non-executive board member with previous work
stipulates the term of each company is 5 years? experience in the main field in which the company is operating? Complied Keep performing

SKILLS AND COMPETENCIES EQUITABLE TREATMENT OF SHAREHOLDERS.

Training of board members Has there been any conviction of insider trading involving BOD, BOM and Continue to perform to make sure there
employees in the past three years? Complied are no violations.
Does the company have orientation programs for new board members? Complied
Has there been any cases of Non-compliance with the laws, rules and regulations Continue to perform to make sure there
PNJ is a regular partner of the Vietnam pertaining to significant related party transactions in the past three years? Complied are no violations.
Does the company have a policy that encourages board members to Institute of Directors and participates in
attend on-going or continuous professional education programs? Complied
forums on CG, business leaders. Has there been any cases related party transactions that can be classified
as financial support (i.e., not reasonably executed on a market basis) for Continue to perform to make sure there
Appointment and evaluation of the effectiveness of the CEO and BOM Complied are no violations.
non-affiliates entities?
Does the company disclose how the board of members plans for the
succession of the CEO/Managing Director/chairperson and key management? Complied ROLE OF STAKEHOLDERS
Does the board of members conduct an Annual performance assessment Has there been any violations of any laws pertaining to labor/employment/ Continue to perform to make sure there
of the CEO/Managing Director/chairperson? Complied
consumer/insolvency/ commercial/competition or environmental issues? Complied are no violations.
BOD Appraisal
Has the company faced any sanctions by regulators for failure to make an Continue to perform to make sure there
announcement within the requisite time period for material events? Complied are no violations.
Does the company conduct assessment on BOD/Members and disclose
the criteria used in assessment process? Complied
Is an annual performance assessment conducted of board members/individual Continue to perform to make sure there
commissioner and are the criteria used in assessment process disclosed? Complied Did the company receive a "qualified opinion" in its external audit report? Complied are no violations.
Committee Appraisal Continue to perform to make sure there
Did the company receive a "adverse opinion" in its external audit report?
Complied are no violations.
Is an annual performance assessment conducted of the BOD’s committees
Complied
Continue to perform to make sure there
and are the criteria used in assessment process disclosed? Did the company receive a "disclaimer opinion" in its external audit report? Complied are no violations.
Has the company revised its financial statements for reasons other than Continue to perform to make sure there
PENALTY SCORECARD changes in accounting policies? Complied are no violations.
Content Assessment Results of implementation in 2021
RESPONSIBILITIES OF BOARD OF DIRECTORS
RIGHTS OF SHAREHOLDERS
Is there any evidence that the company has Not complied with any listing Continue to perform to make sure there
Did the company fail or neglect to offer equal treatment for share Continue to perform to make sure there rules and regulations over the past year apart from disclosure rules? Complied are no violations.
repurchases to all shareholders? Complied are no violations.
Have there been any instances where Non-executive board members Continue to perform to make sure there
Is there evidence of barriers that prevent shareholders from communicating Continue to perform to make sure there have resigned and raised any issues of governance-related concerns? Complied are no violations.
or consulting with other shareholders? Complied are no violations.
Has the company have any independent board member who has served Continue to perform to make sure there
Does the company include additional and unannounced content on the Continue to perform to make sure there for more than 9 years or 2 5-year terms in the same office? Complied are no violations.
agenda in the announcement of the AGM/EGM? Complied are no violations.
Has the company not specified who is an independent member of the Continue to perform to make sure there
Did the Chairperson of the BOD, the Chairperson of the AC and the CEO attend Continue to perform to make sure there Board of Directors? Complied are no violations.
the latest AGM? Complied are no violations.
Does the company have non-executive/independent board members Continue to perform to make sure there
Continue to perform to make sure there serving in more than 5 boards of listed companies? Complied are no violations.
Did the company fail to disclose the existence of the shareholder agreement? Complied are no violations.
In the past 2 years, has there been any board member or senior executive Continue to perform to make sure there
Continue to perform to make sure there leader has been employee or a partnership member of the current
Did the company fail to disclose the existence of voting cap? Complied are no violations.
Complied are no violations. independent auditing firm?
Continue to perform to make sure there Continue to perform to make sure there
Did the company fail to disclose the existence of Multiple voting rights? Complied Has the chairperson been the company CEO in the last three years?
are no violations. Complied are no violations.
Continue to perform to make sure there Continue to perform to make sure there
Is a pyramid ownership structure and/ or cross holding structure apparent? Has the chairperson been the company CEO in the last three years? Complied
Complied are no violations. are no violations.

PENALTY SCORECARD (continued)
Content Assessment Results of implementation in 2021
RIGHTS OF SHAREHOLDERS
Does the company allow the use of secure electronic voting in absentia at
the general meetings of shareholders? Not yet Consider improving in the near future.
EQUITABLE TREATMENT OF SHAREHOLDERS
Does the company release its Notices of AGM (with detailed agendas and
explanatory circulars), as announced to the Exchange, at least 28 days Complied
Continuing
before the date of the meeting?
ROLE OF STAKEHOLDERS
Does the company adopt an internationally recognized reporting Continuing

framework for sustainability (i.e. GRI, Integrated Reporting, SASB)? Complied

The audited annual financial statements
Are the audited annual financial report/statement released within 60 days are always publicly announced within
from the financial year end? 60 days from the end of the fiscal year
Complied and before the AGM (usually taking
place in April)
Does the company disclose details of remuneration of the CEO? Partially

complied
RESPONSIBILITIES OF BOARD OF DIRECTORS
Does the company have at least one female independent director member? Complied Continuing
Does the company have a policy and disclose measurable objectives for Continuing
implementing its board diversity and report on progress in achieving its objectives? Complied
Does the Nominating committee comprise entirely of independent board

members Complied Continuing
Does the Nominating Committee undertake the process of identifying the

quality of directors aligned with the company's strategic directions? Complied Continuing
Does the Nominating Committee undertake the process of identifying the

quality of directors aligned with the company's strategic directions? Complied Continuing
Does the company use professional search firms or other external sources
of candidates (such as board members databases set up by BOD member or Complied Continuing
shareholder bodies) when searching for candidates to the board members?
Does the company have an independent/non-executive board member Of the nine members of the Board of
exceed 50% of the board members with the chairperson being an Directors, there are 3 independent
Complied members and 03 non-executive
independent member?
members.
Does the Board describe the governance process on information
technology-related issues such as disruption, cybersecurity, disaster
Complied Continuing
recovery, to ensure that all major risks are identified, managed and
reported to the Board of Directors?
Công ty có Tiểu ban QLRR riêng biệt? Not yet PNJ's AC performs this function.

SWEET FRUIT
IN
THE STORM
"Every sweet fruit PNJ picked today is
a crystallization of the endeavour and
dedication that PNJ made during a year
full of difficulites and pressures"
CEO’S MESSAGE
and pressure" of the environment to “Hit F5-Refrest”. As a result, to "regenerate" the operating platforms, coordination, professional
PNJ has crystallized more strongly its own "diamond qualities", management capacity, autonomy and spirit of "break out to be
Mr. LE TRI THONG continued to go upstream spectacularly in business results, creative" of employees, continuing to bring to PNJ a lot of sweet
CEO reached out to affirm its international position, accumulated fruit seasons in the future.
"strategic capital" to solidify the foundations and sustainable
competitive advantages for the future. The pressures of the challenges and difficulties of the pandemic
did not shrink PNJ but, on the contrary, the true value of PNJ
Proactively responding to many scenarios outlined early, PNJ went trust has been spread more strongly than ever in the most
through the harsh challenges of 2021 to continue "go upstream" difficult and stressful circumstances. In 2021, PNJ was one of
to achieve very proud achievements with total business revenue the few enterprises recognized by all levels of government,
reaching 19,735 billion VND, an increase of 11.6% compared to recognized by society and the community as typical in helping
2020. We continued to preserve the profit after tax at the trillion the community and society overcome the COVID-19 pandemic
threshold of 1,029 billion VND, approximately the level of 2020 with effective and widespread initiatives such as Zero Dong Mini
whereas we had to close most of the store system during the Supermarket, Accompanying Labor and Delivery, Tet Zero Dong
pandemic days; the cost of transportation and ensuring system Mini Supermarket ... PNJ's "community trust capital", "social
safety and health for employees increased many times. And most prestige capital" has been strongly multiplied even in the most
importantly, we have still ensured health safety, income and life difficult times. These "strategic capital sources" would be a
for all employees of PNJ. Through this letter, once again, I would valuable asset that PNJ would continue to invest in and enrich to
like to sincerely thank the spirit of determination to fight, protect create the foundations for sustainable development for the future.
each other and love the dedication to the company of every PNJ On behalf of the Board of Management of the company, I would
member. Through difficulties, we have become more closely like to express my sincere and cherished gratitude to the support
attached to each other and sharpened the qualities of PNJ people. and trust that customers, partners and shareholders have always
Even in the life-and-death twists and turns of 2021, PNJ believed in PNJ. I would like to sincerely thank the companionship,
continued to be steadfast and agile to accelerate the process of sharing and side-by-side of the Board of Directors and all the
"Hit F5-Refresh", borrowing "the pressures of the challenge" as loving members of PNJ Great Family who together we turned
an accelerated catalyst for the process of "reinventing yourself". pressure and hardship into motivation for the upstream miracle
Thanks to the "F5-Refresh" as early as 2019, PNJ's operating to develop the company firmly and strongly.
apparatus has been thoroughly rehearsed in proactively
responding to fluctuations and changes. The continuous F5 We believe that with PNJ's solid foundation of people and
actions have also helped the supply chain efficiency, the efficiency corporate culture, with its strategic vision and spirit of always
of PNJP plant, the efficiency of financial exploitation, the efficiency self-innovation, always awake to "Hit F5-Refresh”, with the
of branch operations to be constantly improved and gave PNJ a unanimous striving and dedicated commitment of its members,
solid financial position in difficulty. The technology systems have Our PNJ company will continue to accelerate and rise strongly to
been continuously improved and refreshed to improve operational conquer new heights, continue to develop and firmly expand new
efficiency and customer experience; newly built planning capacity business activities and spread true values.
has helped PNJ to proactively respond to the constant changes
of the market; F5 initiatives on reward and human development
have created a vitality and spirit of learning and eager to work Respectfully and kindly,
non-stop... That compiling a series of "F5 buttons" has helped PNJ
continue to expand the trust platform of customers, go upstream
sharply increasing market share to accumulate solid competitive
premises for the future. On behalf of the Board of Management
Chief Executive Officer
These reinvented and refreshed platforms have helped PNJ
Dear valued customers, partners, shareholders and members of or left the industry. With the same perspective, we would consider continue to step up to a new position in its international competitive
PNJ Great Family, 2021 to be a "very special" year with difficulties, pressures, losses position by winning the grand prize "the Outstanding Manufacturer
and challenges multiplied many times more than in 2020. of the Year-Jewellery" in the Jewellery World Awards (JWA) and
Many analysts have named 2020 a "special" year when summing conquering a series of prestigious awards across sectors from
up and analyzing the huge impact of the COVID-19 pandemic With PNJ, 2021 is "even more special" when in the middle of business, brand, sustainable development to human resources,
on the Vietnamese economy in general and the strong negative the pandemic, the Board of Management proposed the Board customer experience, information technology leadership. I
effects on the jewelry retail industry in particular when the whole of Directors not to adjust the target, accept not to complete the strongly believe that the journey of “F5-Refresh” would continue LE TRI THONG
industry was in decline and many businesses fell into hibernation plan ... to be able to actively "borrow that very harsh temperature

SWEET FRUIT IN THE STORM
WITH THE POWER OF TRUST, GOING UPSTREAM SPECTACULARLY
In 2021, Vietnam was severely affected by the COVID-19 the attractiveness of the retail market and the confidence of 1. TAKING ADVANTAGE OF PRESSURE,
outbreak that lasted from April and the economy recorded businesses in the potential of the industry in the near future.
CREATING MIRACLES
record declines for the retail industry until the end of the third
quarter. Entering the fourth quarter, in the face of the positive The room for growth is still very large when Vietnam's per Those relentless efforts have continued to bring sweet fruits
impacts of the policy of "living with COVID-19", the retail capita spending is still low, especially the penetration rate to PNJ with revenue growth of 11.6% over the same period
market gradually recovered, increasing by 28.1% compared to of modern retail channels (MT) and e-commerce (EC) is still despite having to "going against the wind" with weakening
REVENUE
GROWTH
11%
the previous quarter. In the recovery trend, many companies relatively far from neighboring countries. It is estimated that market conditions; total retail sales of goods and services
began to join or expand in the retail industry. The market the market size of new retail channels will increase 3-6 times decreased by 3.8%; purchasing power decreased sharply
also become more competitive. But this has also shown within 10 years. especially for non-essential items such as jewelry. PNJ's
average daily revenue grew at 32% compared to 2020,
demonstrating the flexibility to improvise to go upstream and
RETAIL MARKET SIZE & NEW RETAIL CHANNELS 2016 - 2021 recover strongly although the overall purchasing power still compared to
(BILLION USD) decreased. PNJ's market share thus expanded strongly right 2020
during the pandemic, which is a solid premise for the next
stage of development after the pandemic.
Consistent with the strategic orientation of transforming from

the "production - sales" mindset to the "retail" mindset, PNJ
87.0 continues to strengthen the foundation, expand the market LABOR
77.8
PRODUCTIVITY
19%
84.6 share and customer portfolios of medium and high-end
75.9 jewelry retail customers in Vietnam. PNJ's customer portfolio
80.3
71.0 has been constantly being exploited and expanded, bringing
the total number of accumulated customers by 18% in 2021.
PNJ has also been constantly learning, constantly improving
8.7 13.0 and initially succeeding in building a professional modern retail
1.7 3.3 5.4 compared to
0.9
10.7 11.9 13.2 13.3 13.7 model, developing a store network in depth, while integrating 2020
9.0
new drivers of growth and modern retail technology.
2016 2017 2018 2019 2020 2021
The release of human internal powers continued to be focus to
Modern retail E-commerce Other retail PNJ’s development. The spirit of F5 "Accelerate regeneration
– Break out to reach beyond" continued to spread, creating
Source: Euromonitor a dynamic and effective working environment, caring for
co-development, expanding the thinking & creativity of each
individual, helping labor productivity in 2021 to increase by
The current and future drivers of growth in the industry coming from 3 major trends:
19% over the same period and reached the peak since 2017.
MANUFACTURER
- Middle-high-class growth: The disposable income of - Gen Z and Millennials will be the next generation of As a worthy recognition, PNJ excelled over the world's leading
Vietnamese people is estimated to double after 10 years mainstream customers with specific consumer needs jewelry and jewelry businesses to become Manufacturer of the
OF THE YEAR
(from 45 million to 106 million VND in 2030). and behaviors, requiring retailers to quickly transform Year - Jewellery Manufacturer of the Year in the JWA Awards Manufacturer of the Year
themselves to adapt. 2021 – the award is likened to the "Oscar of the jewellery - Jewellery Manufacturer
- Multi-channel – multi-touch and e-commerce become the industry" in the world. This is a very important award to of the Year in the JWA
main drivers for retail companies in the "New Normal". Seizing the opportunity after the period of distance, from show recognition for the enterprise to demonstrate its stable Awards 2021
Modern door chains & e-commerce are benefited from the the fourth quarter, PNJ has made great efforts, quickly and sustainable financial efficiency, expanding the market
post-pandemic consumer shift. A series of moves to join, implemented continuously the programs “F5-Refresh”, self- effectively, improving production performance with a healthy
develop and expand the multidisciplinary - multi-platform forged the determination of a warrior, strengthening resources working environment, attracting labor and understanding
ecosystem in the retail sector of large enterprises. with a proactive mind, flexible adaptation, being ready to face customers.
the pandemic developments and the accompanying economic
consequences.

WITH THE POWER OF TRUST, GOING UPSTREAM SPECTACULARLY (continued)

2. TRANSPARENT, COMPREHENSIVE FINANCIAL MANAGEMENT
2020A 2021A %(+/-)

By the end of 2021, PNJ's total assets reached 10,619 billion VND, an increase of 25% compared to
2020. In particular, inventories accounted for 82% of total assets, recording an increase of 34% over
Effective the same period. Other short- and long-term assets remained stable in the three years 2019-2021. a) FINANCIAL RATIOS
management of Due to the specific field with many complex developments of the market, the BOM not only considered
assets continued Total Asset 8,483,146 10,619,016 25%
balancing the indicators of efficiency in terms of asset exploitation, but also making management
to be the focus in 12%
decisions, macro judgments, ensuring the optimization of sources of goods for production and Net Revenue 17,510,789 19,547,059
the context of the
business activities and creating financial advantages for the company. In 2021, besides increasing
volatile market. -7%
strategic inventory, PNJ maintained good inventory management efficiency. The number of inventory Operating Profit 1,508,304 1,408,824
days reached 175 days, shortening 1 day compared to the previous year. The return on total assets -778%
(ROA) in 2021 reached 10.8% in the context of loss of nearly 3 business months.
Other Profit (3,152) (27,667)
Profit before tax 1,345,980 1,279,230 -5%
Profit after tax 1,069,310 1,029,042 -4%

The company In relation to the management of bad liabilities/receivables/bad assets, the company
did not incur had no items affecting the results of its business, other than the long-term investment b) KEY FINANCIAL RATIOS
liabilities and in DongA Bank that fully provisioned in previous years. To achieve this result, PNJ’s BOM
bad assets 1. Solvency ratio
had built a model of combining Internal Audit, effective risk management to recognize,
during the year
measure, evaluate and handle risk signs related to assets. + Short-term Solvency ratio 2.2x 2.0x
+ Quick ratio 0.2x 0.1x

The company 2. Capital structure
maintained The company optimized accounts payable at the appropriate rate and used short-term loans
secure financial to finance working capital. As of December 31st, 2021, PNJ's liabilities on total assets reached + Total Liabilities/Total Equity 0.2x 0.3x
leverage, in line 43%, leverage ratio of 1.77, equivalent to the average in the period 2019 - 2020. During the
with its business year, the demand for working capital financing increased, the company increased short-term + Liabilities/ Owner’s Equity 0.4x 0.5x
orientation. borrowing debt to 2,722 billion VND (recorded at the end of 2021). Total debt was equivalent to
31% of inventory to ensure financial safety norms during operations. 3. OPERATION COMPETENCY
+ Inventory turnover ratio 2.07 2.08
+ Asset turnover Ratio 2.05 2.10

Exchange rate Besides the main market is the domestic market, the company has still had the import of goods
differences has (to diversify models) and raw materials (mainly gemstones) for production, leading to the need 4. PROFITABILITY INDEX
been positively for foreign currency demand. In 2021, the company effectively managed international trade
impacting + Profit after tax/Net Revenue 6.1% 5.3%
operations. Along with the USD/VND interbank exchange rate decreased by 1.3% compared to
business the same period, the company recorded positive results from the impact of the exchange rate + Profit after tax/Owner Equity 21.8% 18.3%
operations
difference, in 2021 the company profited 9.8 billion compared to a loss of 1.4 billion in 2020.
+ Profit after tax/Total Assets (ROA) 12.5% 10.8%
+ Operating profit/Net revenue (ROS) 8.6% 7.2%

The company
optimally managed The total cost of using loans in 2021 recorded 104 billion, down 32% compared to the
cash flow, previous year. The efficiency index of loan cost/gross profit in 2021 stood at 2.9%, a
contributing to significant decrease over the same period of 4.5%. The cost savings of using the loan Retail sales revenue - PNJ's core business segment continued to grow by 10.5% compared to 2020, the proportion of retail
saving the cost of positively impacted the company's business results. increased to 60.9% of the total group's net revenue. Notably, the average revenue of PNJ's actual operating days grew
using loans
impressively this year, reaching 69 billion per day, an increase of 32% compared to last year.

WITH THE POWER OF TRUST, GOING UPSTREAM SPECTACULARLY (continued) 5. ORGANIZATIONS AND PEOPLE WITH CONSISTENCY, FLEXIBLITY, AND COHESION TOWARDS
3. OUTSTANDING RESULTS OF MEMBER COMPANIES COVID-19 IMPROVISATION
In 2021, the BOM took advantage of pressure to increase the motivation for PNJ to accelerate and challenge to increase creativity
67%
CAO Fashion Company Limited (CAF) in transforming the organization, highlighting the cultural values that PNJ has developed and preserved.
CAF has been doing a great role of promoting brand development and
increasing customer experience for specific segment groups, although the
business time lost by 20~25%, the number of CAO brand customers still
Increase in
HIGHLIGHTS IN 2021
increased by 67% and the Watch label remained at the same level over the number of
the same period. In addition, the strategy of diversifying shop-in-shop and customers
Omni channel business channels demonstrated positive business efficiency,
minimizing the impacts caused by the pandemic. 1. The staff very unanimously implemented the motto "No one is left behind". Hundreds of employees across
the country pioneered the support and health care of employees and relatives, providing medicines and food even
during the period of distance. The board of directors, Disease Prevention Committee of the company initiatively and
timely promoted vaccination for employees very early to protect their health and "strengthen resistance" through the
PNJ JEWELRY PRODUCTION AND TRADING COMPANY LIMITED most difficult moment of the pandemic in 2021.
(PNJP)
In 2021, the company focused on completing and enhancing the factory PRODUCTIVITY
2. The board of directors of the company actively and proactively responded to many improvisation scenarios
10%
capacity in Long Hau Industrial Park, while investing in upgrading the INCREASED by
in each period of different epidemic effects, proactively arranged resources; implemented effective financial
factory in Ho Chi Minh City to strengthen production capacity, prepare for solutions, optimized business efficiency, while ensuring remained income for all employees in the period of social
the upcoming development strategy. In 2021, PNJP's labor productivity distance with the general context of many workers in the market losing their jobs or reducing income. This initiative
increased by 10% compared to 2020, the punctual-enough delivery rate to and flexibility helped PNJ "preserve its forces" in the period of distance and quickly broke through immediately after
be ensured even though production stopped throughout the third quarter due economic activity returned.
compared to 2020
to social distancing. The operating expenses on gross profit decreased by 7
percentage points compared to 2020. The inventory turnover increased 1.5 3. Hitting F5-Refresh through the redesign/construction of a new title and hierarchy in the direction of removing
times over the same period. "barriers" to freeing up internal energy. The new hierarchy of Mercer (the leading human resources consultancy
company) would help PNJ compare each position – with international companies and large Vietnamese companies
to have timely updates with the market – ensuring the competitiveness of regimes & policies for employees. The
new title system is homogeneous & standardized but still creates flexibility - versatility. The new system also opens
PNJ LABORATORY COMPANY LIMITED (PNJLAB) up many new avenues for career development; all employees would have many opportunities to develop their
PNJL affirms to be the leading diamond, gemstone and precious metals GOODS careers in accordance with the knacks and inclinations of each individual.
inspection unit in Vietnam today and is one of the few domestic inspection DELIVERED ON
companies to build and operate successfully according to ISO 17025. In TIME OVER 4. Hitting F5-Refresh through the new remuneration and welfare system in the direction of flexibility, increasing
95%
2021 PNJLAB completed the relocation of new Business locations. Despite fairness and differentiation to create worthy compensation for each individual and team according to the results of
the extended social distance period, PNJLAB finished with a 17% growth in practical contributions to the company's business performance. The new mechanism also increases empowerment,
revenue and goods delivered on time at a rate of over 95%. in which leaders of business units are more proactive in rewarding outstanding employees, unleashing the capacity
of each employee.
5. Transforming the organization with the consolidation of corporate cultural values as well as the enhancement
of core competenciesi. Enriching corporate culture and helping employees instill cultural values by consistently
4. MAJOR INVESTMENTS OF THE YEAR (FINANCIAL AND PROJECT INVESTMENTS) expressing values through practical implementation programs (health care and income assurance for employees,
According to Resolution No. 27/2021/NQ-HQT-CTY of the Board of Directors adopted on January 12th, 2021 on contributing creativity in business scenarios, efforts to conquer goals, Zero Dong supermarket, ...); Promoting the development
capital to Golden Friend JSC to exploit the necessary capital for business, PNJ implemented business cooperation with Golden of team capacity and building a learning culture organization, increasing the experience on Digital Learning platform,
Friend JSC in the field of financial services business related to the jewelry industry. standardizing the business team’s capacity; Accelerating the digitalization roadmap by bringing human resources
business processes to the HRIS (Human Resources Information System); Recruiting nearly 1,300 more employees
Of which, PNJ participated in contributing capital to Golden Friend Joint Stock Company below 30% of the charter capital to promote business activities, adding new competencies to the business model, accelerating to finish the targets in
of Golden Friend Joint Stock Company at the time of participation. In addition, PNJ also supports Golden Friend Joint Stock 2021 and creating a momentum for 2022.
Company to find partners to exploit the necessary capital in the course of business activities.
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VALUES TO BE CREATED
For PNJ, the COVID-19 pandemic that has dragged on for the past two years has been an unprecedented event, affecting the
company's entire manufacturing, operations and business operations. PNJ's business results are significantly affected when the
pandemic has been constantly spreading. PNJ’s revenue fell sharply in April 2020 when the decision to blockade the country in
the first wave of pandemics was implemented.
Despite this, the COVID-19 pandemic has also helped to forge and enrich the Group's internal strength. Starting from the fourth
quarter of 2021 when the measures of "social distancing" were released, PNJ effectively implemented pandemic response
measures while making the most of market opportunities after the blockade. The business activity recovered strongly, bringing
new peaks in terms of business results.
In order to create the miracles of excellent achievements in the context of many pressures caused by the COVID-19 pandemic
and the market transformation, PNJ deployed many actions to capture the trend, which has been worthy of its leading position
in the jewelry industry.
1. DIGITAL TRANSFORMATION, OMNI-CHANNEL

At PNJ, digital transformation and Omni-channel development
were well-invested since 2017.
● The new Omni-channel mixed-use store model at PNJ with

the combination of modern physical stores nationwide and
logistics services associated with diverse online platforms
2. CASHLESS PAYMENTS
has helped Omni-channel revenue really explode with an The process of digital economy transformation and social
average growth of over 200% per year in the last 3 years distancing has created a favorable context for cashless forms
of transaction to grow. Up to 89.3% of sellers rated it very
● With customer-centricity, PNJ has created a network positively on cashless forms of payments, considering it a
that quickly responds to customer needs with the ability trend of the present and the future.
to deliver:
Capturing that trend, PNJ has been flexible in encouraging
● Consulting, ordering, delivery, payment methods are customers to transfer money & offer new payment services
diverse, convenient and time-saving for customers, through e-wallets such as VNPAY & Momo. In 2021, PNJ
including door-to-door delivery & quick delivery within 3 was in the TOP 10 strategic partners of VNPAY, together with
hours in major cities; VNPAY & Momo to implement many cashback promotions,
giving gifts directly to customers who bought goods at PNJ
● Sales channel through PNJ website & linked pages with as well as providing exclusive programs and services such
friendly interface, constantly updating nearly 30,000 product as payment for gold purchases on God of Wealth Day... As a
samples ranging from gold and silver jewelry, diamonds, result, the number of customers using new forms of payment
gemstones to accessories, glasses, watches in collections grew dramatically over the years, especially in 2021, reaching
are always updated with many incentive programs. nearly 100,000 customers.
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VALUES TO BE CREATED (continued)
3. OPTIMIZING CUSTOMER EXPERIENCE 4. REAPING SWEET FRUITS

With the retail trend putting customers at the center, retailers stores, PNJ organizes many interactive activities to increase Along with positive business achievements, PNJ continued to be honored in many prestigious awards ranging from management-
optimizing the experience to retain customers will get a better customer experience such as check-in areas, lucky games on business, culture-people to brand, outstanding as
advantage in the market. A number of retail models are being festive occasions, fashion exchange activities ...
started by many businesses including: in-store (shop in shop);
multi-brand store; One-stop shop, ... In parallel, PNJ has constantly improved the professionalism
and dedication of customer service of in-store consultants and
Not missing the above trend, PNJ has continued to affirm its online consultants to ensure the best service of customers'
position as a professional retailer as it continued to expand needs. Many customer service processes have been rethought MANUFACTURER OF THE
PNJ Next flagship store model in many localities, upgrading and redesigned to speed up service. Thanks to these efforts,
and expanding many existing stores into PNJ Center multi- PNJ was honored Top 10 Leading Brands in Customer YEAR – JEWELLERY
brand stores. These new stores have given customers a Experience in Vietnam surveyed and evaluated by KPMG. IN 2021 – JWA
special experience with luxurious, classy spaces. Inside the
TOP 10
ENTERPRISES MEETING
TOP 10
OUT OF 100 SUSTAINABLE
TOP 50
MOST ATTRACTIVE
BUSINESS CULTURE DEVELOPMENT BUSINESSES EMPLOYER BRANDS
STANDARDS IN VIETNAM
TOP 100
BEST WORKING
TOP 50
VIETNAM’S BEST-
TOP 50
BEST LISTED COMPANIES
ENVIRONMENTS IN VIETNAM PERFORMING COMPANIES IN VIETNAM
VIETNAM VALUE-NATIONAL
BRAND
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WEATHERING THE STORM BY FOCUSING ON RISK MANAGEMENT AND

INTERNAL CONTROL EXTERNAL
RISKS
In the face of the complex covid-19 pandemic in 2021, PNJ with regulations and procedures built for each business RISK IDENTIFICATION
promptly put in place appropriate compliance controls to segment. Line 2 is the monitoring inspection activities of the
ensure good operations in accordance with the target set at BOM supporting departments in ensuring that the compliance In risk management activities, PNJ implemented risk
OPERA
WER
RISKS
RISKS
the beginning of the year. In 2021, PNJ continued to perfect requirements specified in Line 1 are fully implemented and identification and understanding of risks in the Vietnamese
MANPO
TION
the three-line control system – a model built by the U.S. the activities of identifying, assessing and controlling risks. In jewelry industry market. According to Statista, although there KEY RISKS
U.S. Institute of Internal Auditors (IIA) and widely adopted addition, in the 3-line model, there are also Internal Audit’s was a slight recovery in 2021, Vietnam’s jewelry market has
by domestic and foreign businesses. Accordingly, the two activities – the function of supporting the BOD in ensuring been still quite far from the scale of 2019 and there are many
control lines under the BOM include: Line 1 is the control in and advising independently and objectively, while contributing difficulties and challenges ahead. The key risks facing the
the operation process implemented within the specialized to improving the value and perfecting the activities of the jewelry industry include: RE
PU
N
TIO Y
departments through the standardization and compliance organization. RI TATI RMA LOG
SK ON FO O
IN CHN SKS
TE RI
THREE-LINE MODEL
The COVID-19 pandemic could have been continuing to have a major impact on PNJ's business as
BOARD OF DIRECTORS stores in the retail system must adhere to social distancing measures to reduce the spread of the
Accountable to stakeholders in the role of supervising the organization EXTERNAL disease. This caused PNJ to lose sales at its main distribution channel, the stores system. At the
RISKS
same time, in the situation of the pandemic spreading strongly, consumers limited their needs to
DEMONSTRATING ITS INTEGRITY, LEADERSHIP AND TRANSPARENCY buy non-essential items, directly affecting the company's business results.
The COVID-19 spread rapidly in office, factory, and store environments where many
MANPOWER employees are concentrated and could have serious effects on people's health both
RISKS physically, and mentally, directly affecting ability and productivity. In addition, the employees
BOARD OF MANAGEMENT
SECURITY SERVICE PROVIDERS
AUDIT in areas with cases must comply with isolation measures leading to reduced productivity or
Implementing risk management activities to achieve Responsibility, report. temporary disruption in production and business activities.
development goals in a safe -sustainable way COMMITTEE
Orientating, Authorizing,
Directing, Providing With the rapid development of information technology, PNJ must continuously upgrade
LINE 1 LINE 2 LINE 3 Resources, Supervising
its infrastructure as well as develop information systems in production and business
RISK MANAGEMENT INTERNAL AUDIT INFORMATION
FUNCTIONAL UNITS, Linking, Exchanging, and products marketing to meet the requirements of customers in fast and convenient
CENTER TECHNOLOGY
BRANCHES, MEMBER -Ensuring the coverage, Coordinating and procurement and improve the experience across many different technology platforms.
- Building a risk RISKS
COMPANIES independence, Collaborating
The company might face the challenge of reasonable investment costs for technology
management framework efficiency and
- Responsible for and human resources, synchronous linkage of information systems, data optimization for
- Continuous deploying, completeness of the
- Pursuant to terms and
building and applying risk provisions in the Charter of production and business activities, especially in the context of increasing remote working,
monitoring and improving risk management
management process of organization and operation online business during the COVID-19 pandemic.
risk management system
operation in the works at of Phu Nhuan Jewelry JSC
work across the group - Providing independent on the composition of the
the unit
according to defined and objective Audit Committee, the rights
- Ensuring compliance at REPUTATION Information technology security has been PNJ's top concern as the company recorded many
measure and risk appetite assessments and and obligations of the Audit
the operational level for RISK cases of email attacks containing malicious code, forged PNJ brand on the network.
- Monitoring and advice on the suitability
Committee and CEO, the
processes, controlling management and operation
evaluating compliance and effectiveness of
and reporting problems, structure of the enterprise
with operational the risk management
matters, related to risks, - Pursuant to Chapter VII of
processes, effectiveness system at the whole OPERATION The business of high-value goods always carries security risks, losses, and cost-
compliance the internal regulation on CG
of control and group on coordination of activities RISKS effectiveness during operations.
consultation for between the BOD, AC, CEO
improvement
Source: U.S. Institute of Internal Auditors (IIA)
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WEATHERING THE STORM BY FOCUSING ON RISK MANAGEMENT

AND INTERNAL CONTROL (continued)
RISK IDENTIFICATION (continued)
On the basis of risk identification, PNJ carried out risk assessments and developed controls focused on critical risks, integrated
into operational processes, and regularly monitored compliance with such controls through internal control and compliance
monitoring systems.
4. COMPLIANCE CONTROL OPERATIONS PLAN IN 2022
1. COMPLIANCE CONTROL ACTIVITIES IN 2021:
- Continuing to carry out and maintain system-wide compliance control inspection activities;
- System-wide inventory and monitoring: 1,000 visits
- Strengthening inspection of key activities to have timely remedial and preventive plans;
- Control of system-wide focus activities: 400 times;
- Advising and contributing to the sales program in accordance with trade promotion regulations: 37 times; - Combining with the development of Disaster Risk Reduction, Key Risk Indicator at departments, thereby identifying
- Contributing comments on building a safe and effective process: 30 times; risk factors, non-compliance factors to plan to promote timely monitoring;
- Organizing store reviews, standard behaviors throughout the system: 2500 times; - Strengthening Risk Management awareness training and how to check and control daily operations for the management team.
- Implementing other compliance control activities such as security, safety and safety assurance as prescribed during
the pandemic season;
- Organizing training to improve inspection and supervision capacity for employees in the operation process.
2. COMPLIANCE CONTROL ACTIVITIES IN ACCORDANCE WITH THE PROVISIONS OF LAW
The Legal and Compliance Department under the BOM has the role of ensuring that all management and business activities of
PNJ are carried out based on the provisions of law, thereby minimizing legal risks and protecting the legal rights of PNJ. In order
to ensure flexibility, but safety and efficiency in the new working conditions, the Legal Department also needs to propose the
most appropriate solutions and ways in handling specific legal situations.
3. TYPICAL ACTIVITIES OF LEGAL DEPARTMENT IN 2021
- Advising the Board of Directors in formulating and promulgating legal documents on CG along with restructuring the governance
model and being approved by the AGM: (1) Company charter, (2) Operating regulations of the Board of Directors, (3) Regulations
on internal governance of the company, (4) Developing a new draft for the Operational Regulation of the AC;
- Regular activities:
● Successful review of trading contracts: 1,450 contracts;
● Supporting procedures for opening new and changing business licenses: 31 companies & 28 stores;
● Number of trademarks successfully registered for intellectual property: 22 trademarks;
● Issuance of new contract templates: 13 templates
● Participating in PNJ’s legal activities;
● Takeing up-to-date courses, workshops and improving knowledge.
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CROSSING BOUNDARIES
FROM
TRUST "The pressures of 2021 also could not stop PNJ people from
bringing their hearts and enthusiasm to share love for more difficult
situations during the pandemic storm.
Along with financial capital and human capital, the sources of

"social prestige capital" and "trust capital" were accelerated by PNJ
in 2021 and would be solid foundations for PNJ to accelerate its
breakthroughs.
And we believe that the trust from the community would help us
achieve more miracles in the future."
CROSSING BOUNDARIES FROM TRUST
HUMAN RESOURCES ARE VALUABLE ASSETS

From the early days of establishment, PNJ has always Overcoming a turbulent 2021, with creativity and persistent 1. DIVERSITY AND EQUAL OPPORTUNITY
maintained the principle that people are the focus, the decisive effort, PNJ confronted and overcame challenges to build a
factor to help businesses transform strongly in the face of all strong internal strength, established a fast breakthrough In 2021, PNJ had more than 6,400 official employees diverse in towards the development of the "PNJ’s One Family Culture",
changes, as well as be able to respond flexibly to unexpected momentum, created great miracles. PNJ's achievements age, gender, ethnicity, religion and professional qualifications. contributing to a friendly working environment where everyone
factors. In the heart of the storm, when businesses face many today have been built on the hard work of each individual, from PNJ has encouraged diversity and equality in the work culture, cares about each other and there is no discrimination between
difficulties and have to make decisions to cut resources or PNJ management to staff under the pressure of the times. without any discrimination or boundaries of gender, ethnicity bosses and employees.
close businesses, PNJ has remained steadfast, maintained Over time, PNJ has increasingly shone as it has not merely or religion. All of the company's labor policies are geared
the mentality, focused on making operational policies to care conquered economic goals, but also continuously spread
and develop internal resources. Because, simply, they have positive values to the community, making efforts to contribute
the valuable foundation of the assets that brought PNJ's to forming the ideal environment for human development and Year 2018 2019 2020 2021
success today. sustainable-growth business population.
Total labor force 5,648 6,087 6,011 6,473
Male 2.103 2,262 2,286 2,478
Gender
Female 3.545 3.825 3,725 3,995
< 30 3.004 3,143 2,770 4,486
Age 30 – 50 2.507 2,765 3,047 1,946
> 50 137 179 194 41
North 564 774 763 679
Region Central 752 1,068 1,013 1,475
South 4.332 4,245 4,235 4,319
2. HUMAN RESOURCES STRUCTURE BY GENDER
STRUCTURE BY GENDER
120.00%
100.00%
62.77% 62.69% 61.69% 61.72%
80.00%
60.00%
40.00%
37.23% 37.16% 38.03% 38.289%
20.00%
0.00%
2018 2019 2020 2021
Male Female
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HUMAN RESOURCES ARE VALUABLE ASSETS (continued)

2. HUMAN RESOURCES STRUCTURE BY GENDER (continued) 4. STRUCTURE BY REGION
Over the years, the gender gap in the labor structure tends to decrease gradually, properly demonstrating the Company's strategy: PNJ's labor structure is still concentrated mainly in the North and Central markets are still very modest compared to
Southern region due to the specificity of production and the South, there has been still a lot of potential. However, PNJ
Human resource development goes parallel with gender - Milking room for employees with babies business areas. The company currently owns and operates has been planning to expand its operations, attacking more
equality. Health care benefits: two large-scale production facilities in Ho Chi Minh City: Go aggressively in the Northern and central markets. This is also
All PNJ employees have an equal opportunity to express - "Healthy living" activities for women with Yoga, Aerobic Club Vap and Long Hau Factories with production capacity of up to an opportunity for PNJ to create jobs and attract more quality
their values and contribute to the overall success of the (PNJP) 4 million and 2 million products, respectively. By region, the human resources from all regions of the country.
organization. The company specifically upholds the spirit of - "Periodic health screening" activities with expanded
gender equality for women workers. PNJ always places a top items exclusively for female employees with a higher
priority on raising awareness of the role of women, both in the examination budget. STRUCTURE BY REGION
family and in society.
In particular, at PNJ, there are benefits for female workers such as: Cost and allowance policies for women 120.00%
- Supporting higher dress costs for female employees
Special days Benefits:
- Supporting the cost of makeup and socks exclusively for 100.00%
On every holiday such as Women’s Day (08th Mar), female employees
Vietnamese Women’s Day (20th Oct) ... The company always
gives meaningful gifts to each PNJ employee and welcome Activities to connect "PNJ Sisters" 80.00%
activities to connect the working environment, while creating PNJ has built a community for female employees working at 69.74% 70.45% 6672%
relaxing and memorable moments after working hard hours. PNJ group with a lot of activities to engage female employees 60.00%
Maternity benefits: such as Sharing tips for women, answering concerns in working
life, Emulation activities such as Rice Tray in Covid Season, 40.00%
- Maternity benefits in Health Insurance 21-day challenge... creating a comfortable environment and 76.70%
- Break time for pregnant female employees showing appreciation to the female employees in the "PNJ’s 17.55% 16.85% 22.79%
- Visiting policy for female employees after giving birth 20.00%
One Family”. 13.31%
(2.3-2.5 million VND/ time) 12.72% 12.69% 10.49%
9.99%
0.00%
2018 2019 2020 2020
3. STRUCTURE BY AGE North Central South
PNJ's human resources have been increasingly young and dynamic in parallel with improving skills, in line with PNJ's strategy
of "rejuvenation" as it has expanded the market to attract young customers. With a dynamic, dedicated staff, it promises to make
a breakthrough for the success of PNJ Next. 5. STRUCTURE BY MANAGEMENT AND EMPLOYEE-LEVEL
STRUCTURE BY AGE
610 6,473
2.43% 2.93% 3.23% 3.58%
100%
80% SENIOR TOTAL

44.39% 45.42% 50.69% 53.38%
MANAGERS EMPLOYEES
60%
40%
53.19% 51.52% 46.08% 43.04%
20% In order to meet the requirements of CG in the new situation, of Directors/ Board of Members. In 2021, the total number of
PNJ has continued to maintain a reasonable ratio of the managers at the management level of PNJ was 610 people,
0% management-level staff structure of the Board of Directors, the accounting for 9.42% of the total number of employees.
2018 2019 2020 2021 Board of Members and the Advisory committees of the Board
<30 30 - 50 >50


5. STRUCTURE BY MANAGEMENT AND EMPLOYEE-LEVEL (continued)
MANAGEMENT STRUCTURE BY GENDER MANAGEMENT LEVEL STRUCTURE BY AGE EMPLOYEES STRUCTURE BY GENDER EMPLOYEES STRUCTURE BY AGE
Nam (%) 30 - 50
0 1000 2000 3000 4000 0 1000 2000 3000 4000

Male Female < 30 age 30 - 50 age > 50 age
Leadership Management Non-leadership Leadership Management Non-leadership

8. LABOR FLUCTUATIONS
In recent years, the business market has been volatile, 8.8% and 10.37% compared to 2020 and 2019). Regarding
especially during the Covid-19 pandemic. For PNJ, the the resignation structure in 2021, the resignation rate of Men
period of having to close stores according to the distancing was 5.08%, and Women's was 10.9%; in terms of age group,
designation caused a lot of difficulties in maintaining the the resignation rate of workers over 50 years old (mainly
6. TALENT ACQUISITION
company's human resources. However, with the policy retirement) accounted for 0.25%, young workers (under 30
PNJ's policy of attracting talent is not competitive with salary as well as the pandemic impacts. of investment, development and maintenance of human years old) accounted for 9.44% and workers aged 30-50 years
but by long-term commitment and sharing of achievements. resources in 2021, the resignation rate of units decreased only accounted for 6.3%.
As a company with a large and prestigious brand, together
With the number of recruits in 2021 more than 1,700 compared to the previous year, equivalent to 15.99% (down
with a visionary management board, modern management
employees, PNJ's recruitment team has excellently met
system, competitive compensation policies according to
the needs of business development as well as production
market surveys have so far been built and perfected, PNJ Năm 2019 2020 2021
of the Group in the context of fierce competition in the retail
has certain advantages in attracting talent by receiving high Total Number of new employees
industry (the development and expansion of the system of a 1.686 1.067 1.733
rankings in the voting Best Working Place in Vietnam" and
series of retail chains & F&B industry in the country as well Male 557 467 609
"Employer of Choice”. Gender
as of foreign brands penetrating into the Vietnamese market) 1129 600 1124
Female
< 30 1280 693 1201
Gender 30 – 50 391 352 521
7. NEW RECRUITMENT STRUCTURE > 50 15 22 11
1,733
In 2021, PNJ employed 1,733 people. Of the total number of Resigning employee 1.489 1.509 1.035
candidates recruited, male candidates accounted for 35.14%, Male 533 593 329
Gender
women accounted for 64.86%; Young candidates under the Female 956 916 706
age of 30 were employed by PNJ with the highest proportion RECRUITED < 30 951 929 611
of 69.30%, followed by candidates aged 30 to 50 years old with
EMPLOYEES Gender 30 – 50 525 557 408
30.06% and candidates over 50 years old with 0.63%.
> 50 13 23 16
Voluntary 512
Reason for resigning
Involuntary 523
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8. LABOR FLUCTUATIONS (continued)
In order to continue to build the necessary human resources the annual program is always focused by the management Ratio of starting salary by gender compared to However, we have always ensured that PNJ's starting salary
for the continuous growth, in addition to establishing a to build a mechanism to measure, review and evaluate the minimum salary is higher than the minimum salary as prescribed by law,
recruitment process to meet the timely recruitment of results of personal work clearly and reasonably; thereby The starting salaries for employees in units PNJ vary depending while not discriminating against gender for the salary regime
candidates for the expansion of the business network, PNJ encouraging employees, creating opportunities to reflect and
on the nature and capacity requirements for employees. because with PNJ, each individual is equal.
has also continuously improved the process, step by step, develop themselves accordingly.
digital transformation of content, how to communicate with
candidates to help candidates easily and conveniently access Every year, the results of the KPIs implementation and targets AVERAGE INCOME AT PNJ LEVELS
information about PNJ on the digital platform. in the Set of Leadership Capacity Indicators of each rank are
reported and evaluated to serve as the basis for the promotion 300,000,000
The Personal Performance Management Program is the assessment and compensation policy for each individual. At
process by which managers and employees work together to the same time, the KPIs system and the set of Leadership 250,000,000
formulate goals, plan, monitor supervision to come up with an Capacity Indicators of each individual are also monitored
improvement/development plan, and ultimately evaluate the and evaluated to discover individuals capable of helping 200,000,000
results of the implementation of the planned targets, as well as the Human Resources department have the basis to build a
contributing results to the overall targets of the organization. suitable development roadmap for each employee.
The development of mechanisms and implementation of 150,000,000
100,000,000
9. ENSURING ECONOMIC CONDITIONS FOR EMPLOYEES 50,000,000

PNJ has well-understood and highly appreciated the company's remuneration philosophy of is to ensure
importance of the company's staff. Therefore, we have "Internal Fairness" and "Market Competition" through 0
always strived to create a healthy working environment constantly improving the system of remuneration Non-leadership Management Leadership
as well as ensure the best economic conditions for policies.
Male Female
workers. For remuneration policies, PNJ follows the
In its efforts to ensure attractive income levels for employees throughout the system, PNJ has developed compensation
Male 4.750.000 policies for employees based on comprehensively constructed work efficiency, creating equitable opportunities for
Starting salary by gender
Female 4.750.000 development for all employees:
At Minimum salary (VND/month) 4.420.000
PNJ ● Implementing the 13th month salary, the salary scale ● Reviewing and implementing regulations on welfares,
Ratio of starting salary by gender compared to Male 107,5% according to the structure of the business direct salary allowances and annual support costs. Promulgating
minimum salary Female 107,5% group (Front), indirect business (Middle) and support (Back) new policies to improve the comprehensive
to meet the strategy of the company's compensation compensation package at PNJ such as Mid-shift meal
Male 5.270.000 structure, promulgating work rank under the new system costs, gasoline, telephone, costume costs and other
Starting salary by gender
Female 5.270.000 referenced to the international work rank assessment cost support according to location and nature of work,
At standard to ensure the implementation in compensation cost of business travel.
Minimum salary (VND/month) 4.420.000
PNJP philosophy of the company;
Male 119,2% ● The policy of rewarding personal work results in
Ratio of starting salary by gender compared to
● Making income adjustments for positions with 2021 was associated with the business results of
minimum salary Female 119,2%
changes in the structure of the income framework and the company/unit /individual, the work rank and the
Male 5.270.000 adjustments to salary increases to ensure compliance level of completion of the target: With the business
Starting salary by gender with the provisions of the law on regional salaries; situation in 2021 and the efforts to overcome the
Female 5.270.000
At ● Continuing to implement the consultant's salary, the common difficulties caused by the Covid pandemic, the
Minimum salary (VND/month) 5.200.000
CAF level of income at the store level applied to some improved company bonus coefficient was higher than
Ratio of starting salary by gender compared to Male 117,6% positions at the store; the previous year and so employee bonuses were also
minimum salary Female 117,6% increased accordingly;


10. HUMAN RESOURCE SKILLS TRAINING & DEVELOPMENT ATTRACTING AND PROMOTING A CULTURE OF CONTINUOUS LEARNING, OVERCOMING THE COVID-19 CRISIS
In the KPIs set of PNJ, there is always a team capacity development skills when working directly with customers, PNJ has always
In 2021, the training activities recorded the participation of basis of meeting the competencies that need to be oriented to
section in which the leader/head of the unit must be responsible focused on skills training for the workforce. PNJ's training programs
Internal Lecturers & participated in the training of many experts, develop the capacity of the organization including:
for building, organizing training programs and developing the include mandatory programs as prescribed by law, skills training
Senior Managers or more from Divisions of Customers &
team of their unit. It accounts for 10% of total KPIs. programs to develop the orientation capacity of the organization,
Retail, Operations Finance, Marketing, Supply Department, • Retail Management Capacity Development
With the characteristics of the jewelry industry that requires high skills upgrade programs for Leadership and Management as well
Risk Management Center, ... Buon Ma Thuot branch. Especially, • Marketing capacity Development
skills in the manufacturing department as well as communication as sharing activities, spreading internal knowledge.
there were many new leadership teams from multinational • Financial and Accounting Capacity Development
corporations with a lot of knowledge and new perspectives. • Professional Development & use of digital tools for sales team
Năm 2019 2020 2021 The number of internal lecturers participating in teaching in • Customer experience
2021 at PNJG was 86, of which 45 was managers, experts or • Security, Safety & Risk Management
Number of training courses 465 508 522
more with nearly 650 hours of flexible online & offline training. • Other New Competencies Development
Internal training 297 391 401 Besides, many of them were Senior Managers, Directors • Production Capacity Development
External training 168 117 121 who had not been internal lecturers but very enthusiastic,
willing to implement in the sharing programs at the invitation Employees across the group, whether in retail stores,
Total training hours 167.922 137.379 104.962 manufacturing or in the Supporting Center office group, have
of the Training Department. This has shown that more and
Internal training 120.475 105.727 82.716 more leaders and managers have been interested in capacity been free to choose to participate in general online programs
development activities for the organization, knowledge transfer. and professional programs tailored to each specific title and
External training 47.447 12.884 22.246
expertise directly on Zoom or to study on playback materials
Staff level 149.658 92.770 74.224 The training topics in 2021 were diverse and abundant on the at E-learning.
Management level 18.264 25.841 30.738
Male 50.919 37.802 41.406
Female 117.003 80.809 63.556 12. TYPICAL TRAINING PROGRAMS 2021
Number of employees 20.695 24.257 35.330 RETAIL MANAGEMENT
Staff level 18,382 14,883 27.012 A professional head of store faces many problems that
Management level 2,313 9,374 8.318 need better and better solutions, more and more complete.
Therefore, retail management knowledge should always be
Male 6,524 7,179 9.728
up to date. In 2021, the retail industry in particular was heavily
Female 14,171 17,078 25.602 affected by the unpredictable impacts of the pandemic, so the
problem needed to be solved with more conundrums. With
the desire to contribute to solving this difficult problem, the
11. HIGHLIGHTS OF HUMAN RESOURCE TRAINING ACTIVITIES Training Department had connected with the Directors, Senior
ONE-HOUR TRAINING PROGRAM ON ZOOM PLATFORM HAS BECOME "HOT TREND" managers who were in charge of expertise, experience in
the field at the company to design the program, compose
If in 2020, One-Hour – learning program in an hour was considered and No.16, from the beginning of June to November 2021, 90% of syllabus and implemented this "Retail Management" course.
a new form of training and a "New Normal Training" for everyone, training programs at PNJG were conducted online on the zoom The program consisted of 4 sessions that took place every
then in 2021 this learning method was considered "trending" with platform. This meant that offline training plans in 2021 were virtually Tuesday morning & Friday morning, starting from September
all training topics, becoming a common sharing platform, familiar impossible to implement and forced to gradually switch to online. 7th to September 17th, 2021 with topics sticking to the new
to both lecturers and students at PNJG. This also stood for that the lecturers must rewrite the program, capacity framework for PNJ Heads of Stores.
Due to the prolonged Covid-19 outbreak and most of the country redesign interactive activities for students & made an effort to
1. Team building and staff development
falling into a state of social distancing under the Instructions No.15 quickly familiarize themselves with the zoom online training tool.
2. Business management and planning
3. Commodity structure Management
RECORD NUMBERS OF COURSE ATTENDANCES CONSTANTLY BROKEN 4. Financial management and planning
500 students participating in a training class was a huge number time as the program "Search & create loyal customers". In particular, The program helped more than 92% of the Heads of stores
– the record of 2020 was quickly surpassed with the number of after upgrading the zoom account to 1,000 people, it was still not participating in the program to develop a business plan 2022 for
participants increased to 600, 700, 800 in many programs in 2021. enough to meet the program "Sales Marketing", the organizers of their own store. This was also the level 4 assessment program
Therefore, at the time of not having time to upgrade zoom, the the program just combined livestream on The Library for more than – The only business impact assessment program of 2021.
Training Department used 2 accounts of 500 people at the same 200 viewers and live online & full room for 1,000 people on zoom.
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12. TYPICAL TRAINING PROGRAMS 2021 (continued) 13. OCCUPATIONAL SAFETY & HEALTH
LIVE TALK-SHOW: THE SECRETS OF SEASON SALES As a leading enterprise in the jewelry industry, PNJ has always PNJP had also made many efforts in treating and minimizing
strived to pay attention and had policies to ensure occupational wastewater, waste, hazardous emissions, noise in the
The record of Live Talk show at PNJ with 08 guests of Consultants, safety, especially for those working in the area, potentially at production process, complying with and achieving certification
Heads of the stores with the highest revenue of 6 branches in the risk of occupational diseases. in accordance with Vietnam's technical standards.
condition of the stores were lockdown due to the serious impact The risk comes from workers being exposed to wastewater,
of the Covid-19 pandemic. waste, hazardous emissions, working in high-temperature The Objects at risk of occupational diseases have been also
Participating in the program of colleagues – the Consultants environments and noise pollution in a number of specific supported by PNJP to carry out periodic examinations of
received many interesting and unexpected "tips" from approaching, manufacturing processes such as casting, metals detaching, intensive tests to detect occupational diseases if any. The Safety
taking care of customers remotely to creating products pictures polishing, plating. With the investment and upgrading of Department of PNJP is a specialized organization on monitoring,
warehouses to easily consult products for customers, close modern technologies regularly at most stages, the workers evaluating and reporting on the periodic occupational safety for
orders and pack delivery goods, ... The program was also meant only participated in programming so that machines could the BOM with timely handling directions. For years, PNJ has
to motivate and encourage stores to overcome the Covid-19 crisis automatically perform production stages, thereby contributing not detected any cases of workers suffering from occupational
due to not being able to come to the store to do their favorite to minimizing the risks of occupational diseases for workers. diseases.
consulting and sales.
UNLEASHING LEADERS- HR FOR NON-HR MANAGERS INSURANCE POLICY

Following the orientation of unleashing the strength and
potential of the team, building a strong organization based on In 2021, PNJ company continued to pay attention and focused on In addition to fully complying with the regulations on compulsory
the ability to lead human development at all levels, the Human developing welfare programs to bring practical welfare values insurance programs, PNJ also expanded the provision of
Resources Department organized this special program and built to employees. All employees of PNJ Company participated in Advanced Health Insurance Benefits to contribute to maintaining
a team of "Unleashing Leaders" at PNJ. the compulsory insurance program in accordance with the state a healthy life for employees, sharing the financial burden when
regulations, including Social Insurance, Health Insurance and medical treatment costs arose, which brought employees more
The program was for managers to help them recognize and Unemployment Insurance. The company also took initiative on peace of mind in life and work. The Health Insurance Program
promote the role of unleashing leadership at PNJ, together communication to encourage the installation of VssID Application provides 24/24 accident insurance, life insurance and health
express the cultural values of "Caring for co-development" and – Digital Social Insurance to increase employee awareness of insurance with outpatient and inpatient treatment assistance
leading the team to new successes, with 3 topics / 3 sessions: the new application implemented by Vietnam Social Insurance. for employees and extends to relatives who are spouses and
children of management level.
1. Talent recruitment - Strategic role-playing
2. Development launching - Multipurpose improvisation
3. Consensus cohesion - Motivation for success
These were the first three sessions in a series of topics, with

strings of topics followed in 2022.
FINANCE FOR NON-FINANCE MANAGERS

Within 2 sessions of the program, 4 lecturers from Operations
Finance Division shared with students the real financial
knowledge for a manager at PNJ; Helping them from
understanding basic financial principles to applying analysis
of financial indicators in reports and making decisions based
on available data. In particular, the program took place at the
right time when the units were preparing to plan the budget
for in 2022 to help managers have good knowledge in budget
planning & budget management of their units on ERP.

HUMAN RESOURCES ARE VALUABLE ASSETS (continued) TIGHTEN OUR HANDS TOGETHER TO OVERCOME COVID-19 STORM
In addition to the policies available to workers, with the spirit of tightening hands together to overcome COVID-19 storm, in 2021,
311
FEMALE EMPLOYEES
11
MALE EMPLOYEES
PNJ improved to its operating model, navigating resources smoothly to meet the challenges. Actions and policies for workers in
2021 revolved around three pillars:
1. Taking care of health and ensuring human safety;

ON MATERNITY ON MATERNITY
LEAVE LEAVE 2. Maintaining income stability and welfare for employees;
3. Improving the team's work performance, morale and combat readiness.
MATERNITY LEAVE 1.DEDICATED TO TAKING CARE OF HUMAN HEALTH AND SAFETY

PNJ applies maternity leave policy to employees (both men and 2021, 307 workers had returned to work after maternity leave,
women) in compliance with the provisions of labor law. In 2021, reaching 98.7%; in particular, male workers returned to work Since the outbreak began in Vietnam in early 2020, PNJ From solutions implemented very early for staff such as
the actual number of employees on maternity leave was 322; 100% and the number of female workers returning to work was immediately established the Group-level Disease Prevention remotely dividing forces, carrying out tests to review the
of which, male workers with wives giving birth to children were 296, reaching 95.18%. PNJ is committed to and always ensures Committee. The principles were quickly established; infection situation, building medical isolation areas, equipping
entitled to maternity leave of 11 people, female workers who took full employment for the number of workers on maternity leave to communication and guidance implemented throughout the necessary medical equipment to respond to on-site support,
maternity leave were 311 people. By the end of December 31st, return to work in the old position after the end of the leave period. Group to protect the safety of personnel. In 2021, the COVID-19 PNJ staff received effective initial care and attention.
Prevention Committee issued 20 notices, and more than 60
detailed communication articles, providing detailed guidance and As the pandemic worsened with the number of infections
WORKING ENVIRONMENT SAFETY constantly updating measures to handle pandemic situations and the risk of death constantly increasing, PNJ established
throughout the Group, closely monitoring the pandemic situation a National Rapid Response Force with nearly 100 volunteers
Policies on occupational safety such as 5S were propagated, • Construct a modern toilet system, ensuring and maintaining of each locality through the monitoring system, covid dashboard from PNJ's staff, connected to medical facilities and doctors in
disseminated and included in the operation process of each 100% clean conditions; updates report automatically every day. the industry, at the same time, quickly and flexibly supplied
department and group to improve the general working • Construct many independent smoking rooms to create a medicines, medical instruments and contacted the transfer
environment safety of the whole company. Enforcement clean environment and minimize smoking for employees; The information system throughout each member of the of serious diseases to care for not only workers but also the
measures include: • Provide a medical system for employees who are sick or tired staff through Enterprise Internal Social Media (Workplace by workers' relatives when there were adverse health risks
• Ensure compliance with regulations on occupational safety, during the working and resting process during working hours, Facebook) helped to equip knowledge and capacity, constantly caused by the worsening disease.
fire protection and security of the working environment; and offer a 30-minute leave policy for maternal women; updated the actions and response solutions from the Group as
• Maintain an average space of 12m2/person; • Hire a cleaning company to clean the building, especially in well as disseminated news and preventive knowledge to more Vaccination activities for employees were implemented
• Keep clear and clean working conditions, with air conditioning glass and high areas on a quarterly basis; than 6,000 employees working in the group. quickly, safely, increasing coverage throughout the system.
systems and systems to handle cool and convective air • Have toxic policies for employees who work in related areas
throughout the factory, ensuring clean air for workers; with money and refreshing drinks
2. ENSURING INCOME AND WELFARE FOR EMPLOYEES
During the period of being heavily affected by the temporary to Mrs. Cao Thi Ngoc Dung, Chairperson of PNJ's BOD, during
closure of business activities in localities nationwide under the the pandemic, "No employee would be left behind".
Instructions No.15 and No.16, PNJ still took care of employees
practically and thoughtfully through paying salaries earlier than In 2021, PNJ still considered adjusting annual income for
the planned payment period at the end of the month so that employees and had many solutions to improve the competitive
employees could afford shopping food and foods reservation level of income and remuneration regimes, to constantly attract
before the deadline for implementing social distancing; advance talents to the organization towards the greater development of
payment of 50% of the 13th month's salary by the end of June business results and sustainable growth.
2022 and ensuring income safety for all employees. According
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TIGHTEN OUR HANDS TOGETHER TO OVERCOME COVID-19 STORM (continued) BRINGING PEACE OF MIND TO CUSTOMERS
3. IMPROVING TEAM'S PERFORMANCE, MORALE AND COMBAT READINESS

1. ENSURING SAFETY OF PRODUCT TO USERS
PNJ and CAO jewelry gold and fine art products do not contain substances harmful to the health of users, are not on
Despite the complicated situation of the COVID-19 pandemic, invested by PNJ through its activities of communication,
the list prohibited for use in the production of jewelry and fine arts - according to the effective regulations of the state,
PNJ continuously has had policies and activities to improve reminders and examples. at the time such products are produced, it does not adversely affect the environment, in accordance with the relevant
the performance, morale and combat readiness of employees
applicable regulations.
throughout the system. The new business rewards policy During the peak of 2021 outbreaks, remote working (WFH)
was also effectively applied to bring positive encouragement was effectively implemented. Thousands of training sessions
to the team and created excitement for the entire business were recorded. Dozens of projects/action plans remained on 2. PURCHASE & PAYMENT (INSTALLMENT POLICY, REFUND, DELIVERY)
force. The monthly job bonus policy was also applied in testing
schedule during the distancing period, from which the company PNJ introduced a 0% credit card installment program and the Installment Program through Mcredit Financial, ACS. PNJ has
at office units, helping PNJ create motivation towards high
was well-prepared, as the foundation for revenue results in offered customers simple procedures, easy payment, flexible payment periods and many attractive incentives in order to
achievement development and create resilience to overcome
the fourth quarter of 2021 increased by 21% compared to the bring the best and most favorable experience to customers in the process of using PNJ service to guide the flexible forms of
obstacles due to the pandemic.
same period of 2020 (which was already very high). In 2021, all purchase and payment at PNJ website to help customers freely choose.
Simultaneously, online training solutions were constantly employees working at PNJ complied with the labor regulations In order to ensure the customers’ interests, PNJ accepts requests for return/return of products or refunds in accordance with
being implemented to refresh team capacity, equipped with issued. In addition, PNJ intended to reissue an updated version the terms and services outlined on the company's website. In addition, the return/refund process and the return period are
in-depth knowledge and skills and spread knowledge in the of the Code of Conduct in enterprises, requiring all employees also disclosed so that customers can easily use PNJ's services.
system, ensuring construction of a team to be rich in both from leaders to employees to comply, helping PNJ's operations
"quality" and "quantity". Corporate culture is also a factor become more and more professionally standardized.
3. JEWELRY MANUAL
In order to increase customer experience and satisfaction, PNJ has provided and supplemented necessary knowledge about
diamonds and gemstones on the website for customers to easily choose and trade depending on each customer's purpose.
4. WARRANTY AND EXCHANGE POLICIES

The conditions and duration of warranty and exchange for each jewelry group have been disclosed in details on the
company's website to help customers know information about the benefits of their purchases.
TOP 100
BEST WORKING
5. LOYALTY POLICY
ENVIRONMENTS IN
VIETNAM
When becoming a loyal customer at PNJ, customers will receive privileged discounts corresponding to 4 types of
cards: Connection, Member, Companion, Loyalty.
In addition, customers will receive special care benefits at PNJ such as
● Special gifts on birthdays, Tet holidays, ...
● Attractive offers with products and services that are partners of PNJ.
● Regular notification of existing offers at PNJ.
6. CUSTOMER INFORMATION PRIVACY POLICY

Protecting customer information has always been PNJ's top issue. Therefore, we respect and commit to keeping
private information confidential and collecting only the necessary information related to the purchase.
The personal information of customers on the website is committed to absolute confidentiality by the management
board in accordance with the information privacy policy that has been posted. The collection and use of the customer's
information shall be carried out only with the customer’s consent except in other cases of law provisions.
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SPREADING LOVE TO THE COMMUNITY

"We inspire, bring love to PNJ people, and they themselves help us spread that love to the community."
1. ZERO DONG MINI SUPERMARKET- SPREAD LOVE

With the sustainable development strategy that has been developed and implemented over the years, PNJ has always integrated
economic goals into community objectives with deep insight into the view: "Enterprises can only develop sustainably when they
exist in a sustainable development society". This is the reason why the Company has constantly made efforts and left a bold
mark in a series of community activities, typically in 2021 was the chain "Zero Dong Mini Supermarket", and other CSR activities
aimed at supporting difficult circumstances during the Covid-19 pandemic.
From the first location held on June 26th in Thu Duc City, the model of Zero Dong Mini Supermarket was quickly replicated
and implemented in 21 districts in Ho Chi Minh City, with the combination of online and offline forms, which supported more
than 50,500 disadvantaged households, 5,500 students stuck in dormitories and more than 7,000 frontline doctors fighting the
pandemic at 19 field hospitals for COVID-19.
The Program quickly attracted the companionship of many businesses and benefactors such as The Catholic Bishops'
Conference of Vietnam, Nutifood, Kido, Phuc Khang, Ban Viet Bank, Fulbright University, YBA Golden Member Club, Hung Thinh
Group, Former Executive Board of YBA Club, Dragon Capital, Vina Capital, Deloitte, Phat Dat Real Estate and hundreds of other
organizations and individuals. The model was quickly replicated in many provinces and cities across the country. And in Hanoi,
together with the Red Star Club and the Northern business community, PNJ continued to support 25,000
households through the most stressful period of the pandemic. 
Not stopping there, PNJ continued to coordinate with the Vietnam Fatherland Front Committee -Ho
Chi Minh City and HCMC Association for Women Executives & Entrepreneurs organized a chain of
Tet Zero Dong Mini Supermarkets to create conditions to help disadvantaged households have
the opportunity to shop Tet, have a happy spring, with essential items and new year products.
There were 38 supermarkets to be quickly deployed in Ho Chi Minh City, Hai Phong, Da Nang,
Dak Lak, Dong Nai and Soc Trang, which contributed to bringing a warm Tet to more than
30,000 households and frontline doctors. This especially meaningful activity contributed
greatly to help relatives put aside their worries, towards a new year with a
more optimistic spirit after 2 years of intense pandemic.
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SPREADING LOVE TO THE COMMUNITY (continued) RAISING AWARENESS OF RESPONSIBILITY ON THE ENVIRONMENT
2. DIVERSE ACTIVITIES TO BRING LOVE TO THE COMMUNITY During the 34 years of establishment and development of the The year of 2021 was a difficult one for most businesses; however,
Group, PNJ has always integrated environmental protection in with PNJ, besides efforts to develop production and business, has
In order to share the burden of thousands of disadvantaged there were timely and meaningful activities such as awarding its sustainable development goals. The awareness on natural always focused on environmental protection. PNJ has applied
pregnant women in Ho Chi Minh City during the covid-19 scholarships to encourage learning, accompanying the mass resources and environment protection has permeated all PNJ's outstanding measures and initiatives to economically and efficiently
outbreak, in September 2021, PNJ co-operated with The wedding program of disadvantaged workers and frontline actions and development goals. The company has policies and use raw materials and energy as well as waste treatment,
Saigon Liberation Newspaper, Ho Chi Minh City Women's couples at Military Hospital 175, contributing social security regulations on the environment and specific programs and contributing to the green - clean - beautiful circle of the corporate
Union, Ho Chi Minh City Midwifery Association and HCMC funds in the districts... activities to protect the environment and sustainable development, environment and the natural environment. These initiatives have
Association For Women Executives & Entrepreneurs (HAWEE) towards the goal of green growth in the future. also demonstrated the commitment of PNJ's board of directors
launched the "Accompanying Labor and Delivery" program The image of the "yellow-shirt warriors" PNJ persistently
spreading to convey love on all fronts in the past year added and employees in preserving and protecting the environment.
with the initial campaign amount of up to 50 billion VND to
support nearly 2,000 women who were about to give birth in faith, strength both materially and spiritually to the community
& society in the midst of the toughest days. The "social prestige
difficult circumstances. 1. ECONOMICAL AND EFFICIENT USE OF MATERIALS
capital" and "trust capital" of the community were strongly
In 2021, PNJ also continued its journey to bring new and enriched by PNJ during the pandemic. Along with financial Due to its peculiarity as one of the major jewelry makers and input materials, thereby reducing negative impacts on the
spacious houses to difficult situations throughout Vietnam by capital, human capital, the sources of "social prestige capital" retailers, PNJ is aware of certain environmental impacts of its environment and nature
awarding 440 " Trust Houses" with a total value of 19.8 billion and "trust capital" accelerated by PNJ in 2021 would be the solid production and business activities have a certain impact on The company also has a policy of purchasing used products of
VND from the contribution of all PNJ employees. In addition, foundations for PNJ to accelerate breakthroughs in the future. the environment, since most of PNJ's input materials are non- customers to make renewable materials and has a process of
renewable materials. Therefore, PNJ's Board of Management recovering precious metals when disposing of waste.
3. SUMMARY OF CSR PROGRAMS has always paid constant attention to the efficient use of
ACTIVITY LOCATION VALUE

INPUT MATERIAL TABLE
Supporting the relief of workers and workers in
difficulty Bac Giang 250.000.000
Unit 2017 2018 2019 2020 2021
Sponsoring 3,000 test kits, Supporting the relief of Quang Ngai, Bac Ninh, Renewable Rubber kg 1.644 1.685 2.191 1.534 2,145
workers, employees in difficulty, donating medical Binh Thuan 525.000.000
masks materials
Gilding water Liter 4,2 172 223,6 157 4,573
Contributing and mobilizing chain of Zero Dong Mini HCMC, Binh Duong, Can Tho, An Gold material kg 9.130 12.508 22.412 15.688,4 6,592
28.485.000.000
Supermarkets Giang, Dak Lak, Da Nang, Ha Noi.
Silver materials kg 2.420 2,7 1.145 801,5 1,158
Supporting the Vaccines Fund of Vietnam Fatherland Non- Brass + other alloy materials kg 998 1.297 907,9
HCMC 2.000.000.000 2.200 741
Front Committee in Ho Chi Minh City renewable
materials Diamond (*) Kg or pcs 7,137kg 1.515 1.970 16,974,161 2,715,404
Funding protective clothing for frontline forces
fighting pandemic in Ho Chi Minh City areas and HCMC 700.000.000 Wax material kg 1.143 1.513 1.967 1.376,9 1,950
ventilators for University Medical Center Plaster material kg 44.199 42.880 55.744 39.021 51,942
Program of 1 million meals for disadvantaged
people (coordinated to implement The Vietnamese HCMC 30.000.000.000
Arms campaign)
RENEWABLE RATIO:
HCMC, Hai Phong, Dan Nang,
Tet Zero Dong Mini Supermarket Program 12.000.000.000
Dak Lak, Dong Nai, Soc Trang
RENEWABLE MATERIALS Tỷ lệ %
Contributing and mobilizing the Accompanying Labor Year 2019 2020 2021
and Delivery Program HCMC 5.000.000.000
Gold materials 92% 94% 97%
Sponsoring HCMC Communist Youth Union for “Gratitude
Diary program”, Phu Nhuan District Social Security fund Silver materials 98% 98% 94%
and New Year Bus Program supporting workers in need, HCMC 455.000.000
Brass and other alloy materials 95% 94% 90%
and sponsoring Mass weddings of workers.
Stone materials 88% 89% 98%
STF-PNJ Scholarship Funding HCMC 200.000.000 Wax materials 25% 29% 0%
TOTAL 79.615.000.000

RAISING AWARENESS OF RESPONSIBILITY ON THE ENVIRONMENT (continued)

1. ECONOMICAL AND EFFICIENT USE OF MATERIALS (continued) 2. ENERGY EFFICIENCY
The Covid-19 pandemic in 2021 continued to be complicated - Completion of the transfer of some highly polluted production The recovery in industrial production after the pandemic is source, protect the environment and reduce greenhouse gas
and profoundly affecting in all aspects of socio-economic. PNJ stages such as Plating, metals detaching, and silver line to forecast to push up energy demand. However, Vietnam is emissions, contributing to reducing the impacts of global
Company was not out of that influence. In order to maintain a Long Hau Industrial Park to avoid environmental risks. facing the risk of energy shortages. In addition, traditional climate change.
stable balance as well as a suitable balance in such a global - Rearranging the Layout of PNJP factory to create a energy sources are running out and the use of fossil energy
difficult situation, PNJ's Board of Directors has still maintained comfortable working environment, in accordance with the sources also has negative impacts on people and habitats such Recognizing the role of each enterprise in the economical and
a deep investment in technology, technical equipment to Law, contributing to improve morale for all employees of as climate change, global warming. Therefore, economical efficient use of energy as well as responsibility for the country's
ensure modernity. amount, using raw materials effectively. In the company. and efficient use of energy is both an important solution in the energy resources, PNJ has always focused on maximizing
2021, the average raw material - fuel input decreased by an In parallel with the investment in modern machinery and national energy security policy, and the most effective solution efficiency and energy saving in production activities, business,
average of 60% compared to 2020. The average loss reduction equipment as well as suitable infrastructure for production to reduce pressure in the extraction, processing and supply joining hands to protect the environment and habitat.
rate increased by 30% compared with the demand for raw purposes, PNJ also promoted training and propaganda for of energies, thereby helping to preserve the national energy
materials - input fuels of the year. In particular, with some employees:
input materials, the rate of regeneration increased compared
- Always focusing on training workers’ skills, organizing many
to the previous year, contributing to reducing the demand for
training courses and improving techniques for technical
materials extracted from nature. DEMAND FOR ELECTRICITY AND FUEL
experts to operate the processes and machines effectively.
In line with the Group's comprehensive strategy, PNJP
- Especially in 2021, PNJ focused on training and communication With two factories and a nation-wide network of stores and Minh City Energy Saving Center. In addition to consuming
implemented projects focusing on investment and renovation
for employees, combined with strengthening identification branches, PNJ's electricity and fuel energy demand is mainly electrical energy for its operations, PNJP equipped itself a
of equipment systems, facilities and infrastructures to improve
and reminding employees daily about saving and recovering focused on the purpose of manufacturing and maintaining stand-by generator with the capacity of 870KVA in case of
the efficiency of fuel use:
materials. operations, of which the demand for energy arises the largest power failure; the fuel used for the generator is 120 liters of
- Completion of a new factory project in Long Hau Industrial In general, the rate of renewable input materials at PNJ gradually at PNJP. The Enterprise is powered by the city's electricity DO oil used for 1 hour of power outages
Park - Long An with modern equipment and machinery, has increased over the years, showing the effectiveness of gridline. It registered for support to saving energy at Ho Chi
contributing to minimizing the rate of loss of input materials. applying modern technologies and technical equipment to the
production and training and propaganda of PNJ.
ENERGY CONSUMPTION
2017 2018 2019 2020 2021
Total products 2,552,133 2,615,217 3,295,173 1,837,037 2,335,589
Electricity (kwh) 2,491,312 2,881,411 3,745,834 2,415,948 2,793,056
Average (kwh/product) 0.98 1.1 1.13 1.24 1.20
Gas (kg) 4,056 4,238 5,509 4,190 3,044
Average (kg/1,000 products) 1.59 1.62 1.66 2.15 1.30
Oil (liter) 15,071 17,522 22,779 15,848 16,254
Average (liter/1,000 products) 5.9 6.7 6.9 8.12 6.96
In 2021, although PNJ's total output increased by 20% to meet respectively compared to 2020. This is a positive signal showing
the increased market demand, the average consumption of the efforts of all employees in reducing the amount of fuel
raw materials per product decreased significantly in all three consumed in production, contributing to reducing emissions to
groups of electrical, gas and petroleum energy. In particular, the the environment as well as the pressure on energy supply in the
consumption of gas and gasoline decreased by 39% and 14% context of the current energy crisis in the world.
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RAISING AWARENESS OF RESPONSIBILITY ON THE ENVIRONMENT (continued) Unit 2017 2018 2019 2020 2021
2. ENERGY EFFICIENCY (continued) Reduction of Energy Consumption

Electricity Million VND 4,061 4,697 4,486 2,916 742
Gas Million VND 694 688 581 180 7.2
INCREASE/DECREASE AVERAGE ENERGY CONSUMPTION PER
Oil Million VND 750 98.8 766 544 54
UNIT OF PRODUCT OVER THE YEARS
Investment Cost in saving initiatives Million VND 200 500 979 2.000 1,580
40.0% Saved costs Million VND 550 1,500 6,812 5,640 803
30.0%
20.0% 3. WATER EFFICIENCY

10.0% GREEN WATER SOURCE
0% At PNJ, we have understood and appreciated the value of sources appropriately to protect the environment. The input
2018 2019 2020 2021 water resources. In addition to water-saving initiatives and water is used for production and domestic purposes, and
-10.0% measures, PNJ has also offered initiatives to reuse water discharged after reused:
-20.0% sources safely and efficiently, while treating wastewater
-30.0%
Domestic
-40.0%
-10.0%
INPUT WASTE
WATER WATER
Electricity consumption (kwh/ product) Gas consumption (kg/thousand products) Petroleum consumption (liters / thousand products)
Production
EFFICIENT USE AND ENERGY SAVING WATER SUPPLY & WATER CONSUMPTION VOLUME
PNJ determined the efficient use and saving of energy as a - Using modern energy saving machines and equipment for The input water is used by PNJ for domestic and production Especially in 2021, Long Hau Factory was just put into
measure to further raise its economic soundness and fulfill the production and management purposes. In 2021, the amount of water purchased and the operation, the water use and treatment system in this plant
responsibility for a sustainable development of the Company - Turning off the power main supply not in use amount of water consumed increased sharply compared to was not completely effective compared to Go Vap factory,
and the whole society. Therefore, PNJ has developed energy - Arranging workplaces in a clean and neat manner so as to 2020. Specifically, the total amount of water purchased in making the average amount of water used per product and
saving policies in both terms of awareness and action, lighten the working load of the air conditioning, ventilation 2021 increased by 79%, the total amount of water consumed the amount of recycled water not as optimized as in the last
technique and administration. In particular: and lighting systems increased by 42% (compared to 2020). That was due to the 5 years. However, as an enterprise that has always integrated
- Installing water cooling ventilation system at the walls of recovery of the economy after the Covid-19 distancing, great importance to environmental factors in production, PNJ
• Propaganda: PNJ has always paid attention to reinforcing increased demand for production, production output was on has still tried to optimize the water output, ensuring the rate
the awareness of energy saving. This helps broadening the the floors.
- Converting steam welding technology from gas and gasoline the way to recover with a growth rate of 27% in the past year. of water treatment before discharging into the environment at
knowledge about of energy management and saving among 84%, even higher than in recent years.
all employees, thus aiding the reduction of production costs to NH3, reducing energy consumption and CO2 emissions.
and intensification of business efficiency - Regularly cleaning energy-consuming devices to maximize
their functional efficiency Target 2017 2018 2019 2020 2021
• Administrative Solution: Communication, guidance and
internal rules that require those employees operating The year of 2021 was the one that has witnessed the complex Purchased water (m3) 24.840 20.835 19.556 20.445 36.607
energy consuming machines and equipment in production and prolonged developments of the Covid-19 epidemic, the
Total water consumption 24.480 20.835 21.840 25.864 36.618
areas shall have the sense of duty and responsibility for closing time of PNJ accounted for about 22% of the time of
the year; the employees alternately worked at the factory Output 2.552.133 2.615.217 3.295.173 1.837.037 2.335.589
power saving, assure the disciplined, stable and long-lasting
economization of electricity. Simultaneously, PNJP has and office. To ensure optimal power use and avoid waste, Average amount of water used/1000 sp (m3) 9,59 7,97 6,63 13,3 15,7
always reminded, warned and handled individuals who use PNJ implemented an energy saving program through the
Total amount of recycled/reusable water (m3) 4.896 4.167 5.460 5.111 4.278
energy in a wasteful manner. installation of an automatic air conditioning power shutoff
system: reducing air-conditioning time after 15 minutes of The total amount of treated water 19.872 16.668 16.341 15.077 30.730
• Technical measures work and before 15 minutes before the break. Percentage of recycled/reusable water (%) 20% 20% 25% 25% 12%
Percentage of waste/treated water (%) 81% 80% 75% 58% 84%
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RAISING AWARENESS OF RESPONSIBILITY ON THE ENVIRONMENT (continued) WASTEWATER TREATMENT

The impact of wastewater that surpasses permitted environmental parameters will contaminate the destination, as it brings a
To achieve such a ratio, for industrial purposes, the supply The following amount of rainwater has a tank and then is high content of organics, suspended objects and pathogens. The high organic content in domestic wastewater as accumulated
water has been always saved as PNJ has been using Italian checked to ensure the indicators will be pumped into the over time will ferment, decompose, generate gases, odors and colors that invite the proliferation of germs, hence a harm to the
top-notch machines and technology which enable water cooling water tank for the corridors contributing to ensuring environmental aesthetics.
consumption minimization. For domestic use, PNJ has the water energy source. Moreover, industrial wastewater contains gypsum dust and heavy metals. Therefore, it must be treated to ensure the prescribed
constantly propagandized all staff members about the role of Currently, the enterprise is still in the process of equipping the environmental standards before being discharged
water resources and water saving, at the same time, delivers new plant to improve the efficiency of water use, wastewater
water saving slogans at tapping points and takes measures to treatment capacity and at the same time put in place
warn violations or acts of wasting water MEASURES TO MINIMIZE THE IMPACTS OF WASTEWATER: A QUALIFIED WASTEWATER TREATMENT SYSTEM
measures to use/recycle effectively the amount of water in
At PNJP & PNJ-LH, water is now reused at Plating group. this plant. PNJ believes that in the coming years, the indicators
Water is filled in the tubs to clean the products. Used water in of water efficiency, recycling, reuse and water treatment will
the following sinks is reused at the previous sink until it is no be improved and optimized. PROCESS OF WASTEWATER TREATMENT TECHNOLOGY
longer usable to discharge.
4. ENSURING ENVIRONMENTAL IMPACT FACTORS
Rainy water overflow
The major Water used for internal fire inspection and firefighting practice
sources of waste
water are
Production waste water
Domestic waste water
The two major sources of wastewater are industrial and domestic wastewater
Industrial wastewater:This comes from production stages, Domestic wastewater: This comes from the living activities
for example: plaster washing water at the Casting Stage; of employees, on-the-job trainees and apprentices in the
ultrasonic water, semi-finished and finished products Enterprise, including: wastewater from toilets, hand washing
cleaning; acids and bases neutralizing water at the metal water, floor washing water, laundry water, wastewater
residues separation process, polishing, ultrasonic and from air conditioning system, etc. The domestic wastewater
washing processes to recover precious metals; circulating volume of the Enterprise is about 80 ~ 90 m3/day. The main
water of the cooling system for the workshops, machinery compositions are residues, nutrients (N, P), suspended solids
and equipment. The wastewater volume is about 60 m3/day. (SS), organic substances (bOD5, COD and bacteria), etc. Non-
This wastewater contains primarily heavy metals that are treated domestic wastewater when discharged will cause
wasted from the restoration of precious metals, inorganic pollution to the local water and soil environment
residues and gypsum dust, and so on
Indicators Unit 2017 2018 2019 2020 2021

Total wastewater m3 19.872 16.668 16.341 15.077 30.739

RAISING AWARENESS OF RESPONSIBILITY ON THE ENVIRONMENT (continued) on working environment testing, health check-up, annual materials, and cooperates with waste collection and treatment
occupational check-up, equips well the working protection units through a rigorous supplier assessment and selection
According to waste water analysis result of PNJP in latest samples collecting (Nov 2021), all analyzing indicators in facilities such as noise-proof earplugs for those working at process to ensure these units have sufficient capacity and
wastewater samples after the Water treatment system meet QCVN 40:2011/BTNMT, column B – National Technical highly noisy machines. capacity to handle emissions and comply with applicable laws.
Regulation on Industrial Wastewater
Environmental supplier reassessment Every year, the Company periodically reassesses the supplier's
TREATED WASTEWATER QUALITY IN 2021 PNJ always sets aside adequate budgets for initiatives towards competence based on the applicable Law Compliance Review
efficient and economical use of energy sources and raw and the supplier's updated records.
TESTING QCVN 40:2011/ BTNMT

No PARAMETERS UNIT TESTING METHOD METHOD column B, Kq=0,9 and Kf=1,1
6. WASTE
01 Color Pt-Co TCVN 6185:2015 12,3 150 Domestic solid waste, which basically contains biodegradable organic substances, not being collected and treated as prescribed
02 pH -- TCVN 6492:2011 6,1 5,5-9 will generate bad odors affecting workers' health and cause air pollution.
Hazardous waste refers to a waste that contains substances or compounds that have at least one property that causes harm
03 TSS mg/L TCVN 6001-2:2008 15 100
or interacts with other substances to harm the environment and threaten the human health, for example: body injury, causing
04 COD mgO2/L SMEWW 5220C: 2012 10 150 allergies, chronic and acute diseases, causing respiratory diseases, cancer, nervous system disorders, mutations, etc. Hazardous
waste not properly disposed will destroy the environment and lead to potential public health hazards.
05 BOD5 (20oC) mg/L TCVN 6001-1: 2008 6 49,5
At PNJ, most of solid waste arises from the operation of PNJP, including
06 N-NH4+ mg/L TCVN 5988:1995 KPH 9,9
STIC SOLID WASTE:
07 Total N mg/L TCVN 6638:2000 30,4 39,6 This is generated mainly from the dining areas and office,
PNJP'S DOMESTIC SOLID WASTE COLLECTION
AND TREATMENT PROCESS:
08 Total P mg/L TCVN 6202:2008 0.86 5,94 including: Organic and biodegradable wastes from eating
activities, tree leaves and branches in company area, recycling
09 Asen (As) mg/L SMEWW 3113B:2012 KPH 0,099 wastes such as plastic and metal containers without dangers, DOMESTIC SOLID WASTE
10 Mercury (Hg) mg/L SMEWW 3113B:2012 KPH 0,0099 papers, carton boxes and so on.
The Enterprise stores and sorts domestic solid waste using
11 Lead (Pb) mg/L SMEWW 3113B:2012 KPH 0,495 plastic waste bins with lids, which are placed in a dedicated COLLECTION AND
12 Cadimi (Cd) mg/L SMEWW 3113B:2012 KPH 0,099 area to avoid exposing smell around CLASSIFICATION
13 CN- mg/L TCVN 6181:1996 KPH 0,099 • Recyclable waste will be sold to waste recycling units in
14 Total grease mg/L SMEWW 5520 B&F: 2012 KPH 9,9 the city;
STRORING
• For unusable waste, the Enterprise contracts with Go Vap
15 Coliforms MPN/100ml TCVN 6187-1:1996 1.400 5.000 District Public Service Co., ltd to collect, transport and
dispose in accordance with the applicable Law.
(Source: Phuong Nam Science Technology and Environment Analysis Company Limited, June 2020)
Note: QCVN 40:2011/BTNMT, column B – National Techinical Regulation on Industrial Wastewater) PNJP's solid waste is collected for thorough treatment, hence HANDOVER OF COLLECTION &
a default of environment pollution. PROCESSING FUNCTION UNIT
5. NOISE
The noise is incurred from the air conditioning system, pumps, PNJP has just a few noise sources. Machines with high noise
standby generator, exhaust hood, wastewater treatment levels are isolated (not placed concentrated on a single floor or HAZARDOUS WASTE FROM PRODUCTION:
system, vehicles to transport materials, and the specific into a separate cluster). Furthermore, all noise-causing equipment
manufacturing stages: gold processing, welding, pounding, should be placed at heights of good dispersion so as to minimize PNJP implemented to register Hazardous waste source owner • Sludge from wastewater treatment system.
stamping, honing, polishing, etc. impacts on other areas in the Company and the local community. at Department of Natural Resources and Environment of Ho Chi
Hazardous wastes are collected and stored separately to
The biggest source of noise is the stand-by generator, which poses Minh City. As a typical producer and processor of gold and silver,
The stand-by generator is placed in a closed room, so that its PNJP generated a number of hazardous wastes including: be compliant with law. PNJP contracted functional units
noise level is limited. a negligible interrupted impact because it is only used in case of to collect, transport and dispose these hazardous wastes
power outage. Vehicles entering and leaving the factory are limited •Rags, gloves stained with wastes
Vehicles also generate noise, yet this is an intermittent source according to the regulations. In addition, PNJP registered
to the speed of 5km/h to reduce noise • Damaged fluorescent bulbs, used batteries
of noise which posing just a little impact to the surrounding the Master Book of Hazardous Waste sources with the
environment Periodically, PNJP per request of the Division of Health carries out • Used cartridges Department of Natural Resources and Environment of Ho
reporting on the working environment monitoring in accordance • Chemical containers Chi Minh City and periodically reported the management of
Measures to minimize the impact on employees and the with Decree No. 44/2016/ND-CP dated July 29, 2016. As • Chemical wastes: chemical wastes from lab, engine hazardous waste to the management agency.
environment well, PNJ follows the Division of Health's recommendations gasoline and diesel,
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RAISING AWARENESS OF RESPONSIBILITY ON THE ENVIRONMENT (continued) create good scenery and limit dust and emissions around the itself and limit dust and emissions dispersal. On annual basis,
surrounding environment. the Safety - Environment Division coordinates with functional
SLUDGE FROM SEPTIC TANKS AND THE CENTRALIZED WASTEWATER TREATMENT SYSTEMS Moreover, the Enterprise plant trees in the campus to embellish units in objective measurement and analysis of emissions
Sludge from the centralized wastewater treatment system Sludge from septic tanks is sucked by a specialized septic tank
includes biodegradable biological sludge from the biological vacuum truck and disposed of periodically by functional units The emission analysis results for waste sources as in November 2021 are as follows
settling tank and hazardous sludge from the physio-chemical as regulated.
settling tank. Ratio Flow Dust CO SO2 NOx
Sludge from physicochemical tank is collected by a sludge
Biological sludge is circulated to aerobic and anaerobic tanks Waste source P(m3/h) ( mg/Nm3)
filter and then put into the hazardous waste storage,
to provide nutrition to microorganisms and a part of excess periodically handing over to the functional unit to collect and Air-pipe of Furnace group 1 (X=602537; Y=1198036) P < 20.000 15 17,4 KPH 10,1
sludge is stored in the biological sludge tank and then to is treat hazardous waste in accordance with regulations. – measured at the waste source
collected and processed by a functional unit as regulated.
Air-pipe of Furnace room 2 ( X=602534; Y=1198026)
P < 20.000 20 13,9 KPH 28,6
Total amount of waste by disposal methods at PNJP: – measured at the waste source
QCVN 19:2009/BTNMT Cmax=CxKpxKv 200 200 200 200

Indicators Action Unit 2017 2018 2019 2020 2021 Với : Kp = 1 và Kv = 1
( Column B)
Total KG 25.610 17.775 33.024 27.067 87.201
Total amount of
waste by disposed Recycling KG 1.392 1.592 4.235 5.306 2.354 Notes: QCVN 19:2009/BTNMT – National Technical Regulation on Industrial Emission of Organic Substances.
method Combustion-Burial KG 23.430 13.983 28.391 21.005 84.499 National Technical Regulation on Industrial Emissions for Dust and Inorganic Substances.
Other KG 788 2.200 398 756 348 FOR EMISSION AS SAMPLED AT THE WASTE SOURCES the measurement and analysis results show that readings at 2 locations
(waste sources) in November 2021 are within the allowable limits of QCVN 19:2009/BTNMT, column B – National Technical
Regulation on Industrial Emission of Organic Substances
In 2021, the amount of sludge generated increased due to the increase in output in 2021 compared to 2020. In addition, PNJ
built one more factory in Long Hau and built a separate wastewater treatment system from Go Vap Factory, so the amount of
treatment sludge generated more.
"SAY NO TO SINGLE-USE PLASTIC" MOVEMENT
7. DUST, EMISSIONS Being aware of the harmful effects of disposable items on the activities. Violations of eating at work or bringing disposable
environment, since the beginning of 2021, PNJ launched the plastic items into the company will be prompted.
- From traffic vehicles Traffic vehicles entering and escaping are designed to be closed so that the environmental threat is movement "Say no to single-use plastic". The company has
the Company’s site include bicycles, motorbikes, four-wheel insignificant. PNJP measure working environment indicators In addition, the company also distributes water bottles that
set regulations to limit employees to bring ball bags, food can be used many times for employees, both ensuring hygiene
vehicles of all kinds. The majority of traffic volume is attributed as regulated and there has not been any violated cases.
containers, disposable drinks such as bottles, chopsticks, and raising awareness of environmental protection through
to motorbikes, then cars. Most of these vehicles use gasoline - Other measures to reduce and treat emissions plastic bowls ... enter the Company. the control of the use of disposable plastic items. In meeting
and diesel oil, therefore they will emit a large amount of exhaust
containing air pollutants such as: NO2, CxHy, CO, CO2, etc. Beside the industrial emission treatment system, PNJP PNJ also prohibits all employees from eating at work; the rooms and shared spaces, PNJ replaces handy plastic
involves other measures to mitigate air pollution, such as:
- From power generators PNJP uses 01 stand-by generator Employees can register meals at the company's canteen, drinking water bottles with glass jars, glass cups, and water
with a capacity of 500 kVA to power the production in case • Internal paved roads to reduce polluting dust volume that bring their own rice and eat at the canteen or eat out, both purification machines. The movement has received a positive
of a power outage. Since the standby generator is neither incurs from the transportation of raw materials, fuel and creating a clean and hygienic working space, while ensuring response from all PNJ employees and formed the beauty in
of regular use nor a high capacity, its emission imprint is traffic activity of vehicles within the Company premises. the collection and treatment of waste from concentrated eating PNJ's culture of environmental protection.
negligible. - The major source of dust and emissions in • Ventilators in production and office areas to further ventilate
PNJP’s production process are: the Company.
• Furnacing group • Regular sanitation of corridors, offices, workshops and SEVERAL DIRECTIONS, PNJ'S PLANS TOWARDS GREEN DEVELOPMENT
• Furnacing room Emissions from the drainage and waste collection of solid wastes to minimize dust dispersal With corporate environment, PNJ is committed to reducing With the external environment, PNJ is oriented to green
water treatment systems: these pollutant components • Providing protective outfit (masks) to those working in direct emissions reflected in PNJ's plan to build a new office area development activities. In the coming years, the ESG
come in a high diversity, namely NH3, H2S, Mecaptan. These exposure to dust and gas generating areas (balancing and headquarters, in which the Company aims to design new Subcommittee under the Board of Directors would look for
gases cause bad odors, which may affect other areas in the mixing gypsum, ...).
working place in the direction of saving raw materials, green zone development projects such as reforestation,
Company, yet they incur in a low volume. On the other hand, Besides, the Enterprise has planted trees in the office to creating open space and orienting to become a Green House clean water projects…creating the premise for sustainable
the Company’s drainage and wastewater treatment systems
to minimize emissions and waste. development and contribute to environmental protection.
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ACCELERATE
TO CONQUER
NEW HEIGHTS "The pressure has not been over but 2022 will be the year that
PNJ would not fall asleep with the miracles that the whole PNJ
team has strived to achieve in 2021. Taking the pressure as
motivation, PNJ would continue to set new goals, new plans,
towards the vision of "To become an Asian leading jewelry
manufacturer and retailer with products honoring beauty, reach
global market". With the new strategic orientation from the BOD
and the construction and implementation by the BOM, 2022 is
promised to be a year of PNJ’s transformation and continues
to record a successful mark as a leader in the domestic and
regional jewelry manufacturing market."
ACCELERATE TO CONQUER NEW HEIGHTS
BOARD OF DIRECTORS' OPERATION PLAN IN 2022 EVALUATION CRITERIA
EVALUATION OF BOD EVALUATION OF EACH BOB MEMBER EVALUATION OF BOM

In 2022, PNJ continues to focus on implementing and perfecting issues related to corporate governance and directing the
implementation of key tasks throughout PNJ and its affiliates, specifically as follows: • General evaluation criteria • Level of interaction among • Level of implementation of
- The combination of knowledge, members resolutions, implementation of
experience, diverse characteristics of • Results of activities based on targets and plans
the members of the Board of Directors the assignment of tasks of • Level of coordination with
Implementing the construction of ESG subcommittee - Results of activities of committees/ each member the Board of Directors in the
1 promoting the process of integrating ESG in its operating philosophy and business strategy to ensure
the sustainable development of PNJ
subcommittees of the Board of Directors
• Dynamic and professionalism of the
implementation of common
activities and strategies
Board of Directors
Assessing the CG’s practices according to the ASEAN Regional CG Scorecard, narrowing the
2 gap in PNJ's CG with international standards. DEVELOPING 2022 - 2027 STRATEGY WITH BREAKTHROUGH HIGHLIGHTS
Implementing Internal Audit activities

- Developing, implementing and improving the internal auditing framework:
● Continuing to improve the process, build KPIs, improving the operation and performance of 03 risk
STRATEGIC VISION
TO BECOME AN ASIAN LEADING JEWELRY MANUFACTURER
management lines at PNJ; AND RETAILER WITH PRODUCTS HONORING BEAUTY, REACH
● Promoting communication activities at the Group on the functions of tasks and principles of GLOBAL MARKET
internal audit activities;
- Professional activities:
3 ● Developing a long-term internal audit plan; building guaranteed matrix;
● Assessing of risk management and compliance control in 2022;
STRATEGIC OBJECTIVES
● Coordinating in the development of risk frameworks and governance frameworks; CUSTOMER SOCIETY BUSINESS
● Coordinating the implementation of standardized procedures and procedures for compliance
control; supervising independent audits and other professional activities;
- Application of Information Technology in internal audit activities: STRATEGIC PILLARS
● Identifying foundational data, building data reports; digitizing and applying software in RETAIL COMPETENCE FINANCE & BUSINESS
PRODUCTION R&D
internal audit; & MARKETING OPERATIONS DEVELOPMENT
- Continuing to maintain training activities to improve the expertise of the internal audit team.
STRATEGIC PLATFORM
HUMAN COMPANY ORGANIZATION CULTURE
Completing the internal audit and risk management structure under the "Three Lines" model;
4 developing a risk management framework, taste and risk portfolio; raising awareness and forming INNOVATIVE TECHNOLOGY
a culture of risk management... to ensure that the internal audit and risk management system to be
operated effectively and closely.
BREAKTHROUGH NO.1
Continuing to regularly maintain the annual activities of the Board of Directors:
1. Implementing programs related to successors (BOD & BOM) DEVELOPING AN AMBITIOUS NEW STRATEGY, POSITIONING ASIA'S LEADING BRAND DESPITE
2. Organizing regular training programs for BOD members and training for newly appointed board RESOURCES AFFECTED BY COVID-19
5 members
3. Implementing the evaluation program for the activities of the Board of Directors, of each BOD and
Staying faithful to the philosophy of sustainable development
"Integrate the customer and society benefits into the
strategic trading position, increasingly favorable import and
export conditions & young manpower quickly grasping the new
BOM member. The assessment program is conducted based on a set of standards developed by company’s interests", PNJ would continue to work towards a technology trend of Vietnam... PNJ's Board of Directors has
PNJ, in the form of cross-assessment and anonymity. harmonious balance of the interests of the stakeholders of the set the business an extremely challenging goal of “To become
business, focusing on investment to nurture strong development an Asian leading jewelry manufacturer and retailer with
in the long term. Taking advantage of stable geopolitics, products honoring beauty, reach global market".

ACCELERATE TO CONQUER NEW HEIGHTS
DEVELOPING 2022 - 2027 STRATEGY WITH BREAKTHROUGH HIGHLIGHTS (continued)

With the above strategic vision, PNJ defines for itself the strategy implementation model for the period of 2023 - 2027 - Preparing human resources with enough knowledge, existing businesses, promotes research and development of
with 04 strategic platforms: experience in analysis, use of data in business activities to new business segments, creating growth momentum for the
move quickly and strongly into the retail era 4.0. future.
COMPANY TECHNOLOGY & In addition, one of the typical activities in building and In parallel, enriching customer relationship assets through
PEOPLE CULTURE consolidating the development strategy is updating the a new approach and interaction, with the motto "customer-
ORGANIZATION CREATIVITY
Group's development strategy in the period of 2022 - 2027. centric", selecting strategic business partnerships and
PNJ upholds diversity, The enterprise PNJ's corporate culture & This is an important The strategy is updated during the market period with many cooperation; Continuing to enrich PNJ brand assets - the group
entrepreneurship, management and brand reputation for more foundation in the era of the changes, in line with challenges and opportunities in the of PNJ brands through creating links and resonance between
pioneering change with governance system than 30 years continues to 4.0+ industrial revolution "new normal" conditions after Covid-19, company's potential, brands of PNJ ecosystem, increasing integration of programs,
high commitment of continues F5-process be a foundation to help PNJ and creativity, which is preparing for the next phase. Accordingly, PNJ accelerates promoting effectiveness of CSR programs.
internal resources; in a professional and rise from the pressures, vital for businesses to
organizational way, accelerate regeneration and compete and reach out
according to the CG’s break out. In the new stage of in an increasingly flat BREAKTHROUGH NO.2
best practices. PNJ has development, with unleashing market but the speed of
INTEGRATING ENVIRONMENT, SOCIETY AND GOVERNANCE (ESG) IN CORPORATE GOVERNANCE
emphasized resilience, orientation, PNJ will create an change is high, the heat of
STRATEGY TOWARDS SUSTAINABLE DEVELOPMENT
empowerment & environment where creativity, competition is great and the
motivation to be able to autonomy and responsibility, volatility of the market is Sustainable development is an element to be integrated respond to climate change, increase responsibilities to the
unleash its members’ integrity are always strong very fast. creating pressure throughout PNJ's culture and activities throughout the 34- community and society.
internal energy, develop motivations for the company for businesses that do year development journey, expressed through the business In addition, PNJ will re-standardize the work related to
a comprehensive retail to self-operate to become not promptly transform philosophy of "Integrate the customer and society benefits into sustainable development activities in accordance with
ecosystem & expand new a fast-growing and always themselves. the company’s interests". Therefore, the Board of Directors international standards. The new and pioneering establishment
business opportunities. evolving business; has always integrated ESG objectives in building and updating of the Environmental, Social and Governance Subcommittee
its business strategy in each period and annually. Specifically, (ESG) with the standing of its BOD’s members is expected to
the BOD, together with the BOM, has constantly strived to enhance its long-term strategy and open up the future for
perfectly perform CG’s best practice both domestically and the sustainable development of the Group. Together with the
On the basis of a solid strategic foundation, PNJ has focused PNJ maintain its leading position in the retail market in
internationally, and committed to implement environmental Subcommittee’s consultancy, PNJ will continue to promote
on transforming the company apparatus through the jewelry, develop a comprehensive ecosystem & expand new
and social responsibility in accordance with international law initiatives and sustainability development activities right from
improvement of competencies in the four strategic pillars. business opportunities.
and standards. the unit level. In addition, PNJ will focus on "Green House"
- Retail & marketing competence: Expanding the customer PNJ’s BOD and all employees have always been awake, F5
In 2022, the Board of Directors aims to develop a strategy technology, green area development projects by maximizing
portfolio through providing them with exceptional - Refresh fiercely to promote creativity and respond flexibly
on ESG in a methodical manner, perfect regulations and fuel economy, as well as participating in reforestation projects,
experiences and personalized services; leading the market to the impacts of the Covid-19 pandemic, overcoming the
processes, identify the criteria for environmental protection, clean water development, etc.
in applying technology in business; upgrading extended point rapid transformation of the economy and social-technological
of sale & Omni-Chanel system to provide a comprehensive trends to ensure sustainable rapid growth and the position of
customer experience. the Most Outstanding Enterprise in the Asia-Pacific Jewellery
- R&D and manufacturing: Improving production capacity Industry, as well as going further in the process of entering BREAKTHROUGH NO.3
and R&D development along with increasing supply chain the international market. PNJ's Board of Directors has always
been very well-prepared, invested with a focus, ensuring that ENHANCING MANAGEMENT SYSTEM TO ENSURE PROFESSIONALISM AND INDEPENDENCE
management efficiency to ensure transparency & make a
difference in value as well as product quality with world- PNJ has always been ready for the future with 4 strategic PNJ believes that strong and professional CG operations are an Governance Code and apply the ASEAN CG Scorecard. The BOD
leading standards, meet the distinctively exquisite needs of focuses for the period of 2021 - 2023: important foundation to ensure the sustainable development continuously improves the capacity of its members through
the market and customers. - Solid growth with a focus on maintaining the number one of the company. Therefore, the Board of Directors has sending members to participate in courses/ training courses
position in the market; continuously raised the level of CG activities according to the on the role of board members, participating in annual seminar
- Finance and operations: Strengthening financial resources
- Constantly developing synchronous production capacity, philosophy of ensuring: (1) diversity and professionalism of activities on CG to update knowledge about best practices
& strong financial capacity as the foundation for the
supply chain management, strategic management, the BOD and BOM, (2) transparency in disclosing information being applied at listed companies in Vietnam. In addition,
implementation and performance of strategies, optimizing
marketing, to create the comprehensive strength of the with investors, (3) fairness to all shareholders. the Board of Directors also organizes CG department and
operations by technology and digital transformation.
business; Specialized Investor Relations with well-trained members to
- Business development: Enhancing business development In addition to committing to practice CG in accordance with the
- Continuing the enrichment of human resources, brand effectively implement CG’s activities and provide information
capacity with the spirit of internal entrepreneurship, Law of Vietnam on CG, the BOD also implements a roadmap
resources, customer resources, to increase the core values to shareholders and investors.
cooperation and partner development, in order to help to comply with CG’s best practices - Vietnam Corporate
of the enterprise;

CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
CORPORATE INFORMATION
ENTERPRISE REGISTRATION CERTIFICATE
No. 0300521758 dated 2 January 2004 was initially issued by the Department of Planning and Investment of Ho Chi Minh
City and the latest (the 32nd) amendment dated 6 January 2022.
BOARD OF DIRECTORS
FINANCIAL
Mrs Cao Thi Ngoc Dung Chairwoman
Mr Le Tri Thong Vice Chairman
Mr Le Huu Hanh Member
Mrs Tran Phuong Ngoc Thao Member
STATEMENT
Mrs Huynh Thi Xuan Lien Member
Mrs Dang Thi Lai Member
Mrs Tieu Yen Trinh Independent Member
Mr Le Quang Phuc Independent Member
Mr Nguyen Tuan Hai Independent Member
AUDIT COMMITTEE
Mr Le Quang Phuc Chairman
Mr Nguyen Tuan Hai Member
Mr Nguyen Anh Tuan Head of Internal Audit(appointed on 10 November 2021)
BOARD OF SUPERVISION

Mr Nguyen Thanh Du Head
Mrs Nguyen Ngoc Hue Member
Mr Le Anh Duc Member
(From 17 April 2021, the General Meeting of Shareholders terminated the
Board of Supervision and dismissed all members of the Board of Supervision.
Also, the Company established an Audit Committee under the Board of Directors)
BOARD OF MANAGEMENT
Mr Le Tri Thong General Director
(From 10 August 2020 the Board of Directors assigned Mr. Le Tri Thong to
manage and operate the Customer & Retail and Supply sectors)
Mrs Dang Thi Lai Chief Finance and Operation Officer
Mr Phan Nguyen Hoai Anh Alternate Marketing Director
Mr Dao Trung Kien Chief Strategy Officer
Mr Dang Hai Anh Information Technology Division Director
Mr Nguyen Anh Hung Human Resource Director
Mr Duong Quang Hai Chief Accountant
Legal representative: Mr Le Tri Thong - General Director

Registered office 170E Phan Dang Luu Street, Ward 3, Phu Nhuan District,
Ho Chi Minh City, Vietnam
Auditor PwC (Vietnam) Limited

FINANCIAL STATEMENT
STATEMENT OF THE BOARD OF MANAGEMENT

INDEPENDENT AUDITOR’S REPORT
RESPONSIBILITY OF THE BOARD OF MANAGEMENT OF THE COMPANY IN RESPECT OF
THE CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF PHU NHUAN JEWERLY JOINT STOCK COMPANY
The Board of Management of Phu Nhuan Jewelry Joint Stock Company (“the Company”) is responsible for the We have audited the accompanying the consolidated financial statements of Phu Nhuan Jewerly Joint Stock Company
consolidated financial statements of the Company and its subsidiaries (together, “the Group”) which give a true and (“the Company”) and its subsidiaries (together, “the Group”) which were prepared on 31 December 2021 and approved by
fair view of the consolidated financial position of the Group as at 31 December 2021, and of the consolidated results the Board of Management on 14 March 2022. The consolidated financial statements comprise the consolidated balance
of its operations and its consolidated cash flows for the year then ended. In preparing these consolidated financial
sheet as at 31 December 2021 the consolidated income statement and the consolidated cash flow statement for the year
statements, the Board of Management is required to:
then ended, and explanatory notes to the consolidated financial statements including significant accounting policies, as
set out on pages 5 to 39.
• select suitable accounting policies and then apply them consistently;
• make judgments and estimates that are reasonable and prudent; and
THE BOARD OF MANAGEMENT’S RESPONSIBILITY
• prepare the consolidated financial statements on a going concern basis unless it is inappropriate to presume that the
Group will continue in business.
The Board of Management of the Company is responsible for the preparation and the true and fair presentation of the
consolidated financial statements of the Group in accordance with Vietnamese Accounting Standards, the Vietnamese
The Board of Management is responsible for ensuring that proper accounting records are maintained, which disclose,
Corporate Accounting System and applicable regulations on the preparation and presentation of consolidated financial
with reasonable accuracy at any time, the consoidated financial position of the Group and which enable the consolidated
statements and for such internal control which the Board of Management determines as necessary to enable the
financial statements to be prepared which complies with the basis of accounting set out in Note 2 to the consolidated
preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether
financial statements. We are also responsible for safeguarding the assets of the Group and hence for taking reasonable
due to fraud or error.
steps for the prevention and detection of fraud and error.
AUDITOR’S RESPONSIBILITY
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted
We hereby approve the accompanying consolidated financial statements as set out on pages 5 to 39 which give a
our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical
true and fair view of the consolidated financial position of the Group as at 31 December 2021, and of the consolidated
standards and requirements and plan and perform the audit in order to obtain reasonable assurance as to whether the
results of its operations and its consolidated cash flows for the year then ended in accordance with Vietnamese
consolidated financial statements are free from material misstatement.
Accounting Standards, the Vietnamese Corporate Accounting System and applicable regulations on preparation and
presentation of consolidated financial statements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
to the Group’s preparation and true and fair presentation of the consolidated financial statements. The procedures selected
On behalf of the Board of Management depend on the auditor’s judgment, including an assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
Board of Management, as well as evaluating the overall presentation of the consolidated financial statements.
LE TRI THONG
General Director
Ho Chi Minh City, SR Vietnam

14 March 2022

FINANCIAL STATEMENT (continued)
Form B 01 – DN/HN
CONSOLIDATED BALANCE SHEET
AUDITOR’S OPINION AS AT 31 DECEMBER

CODE ASSETS NOTE
2021 VND 2020 VND
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial
position of the Company as at 31 December 2021, its consolidated financial performance and consolidated cash flows for
100 CURRENT ASSETS 9,292,192,238,421 7,143,929,036,497
the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Corporate Accounting System
and applicable regulations on the preparation and presentation of consolidated financial statements. 110 Cash 355,454,838,957 422,234,781,061
111 Cash 3 355,454,838,957 422,234,781,061
OTHER MATTERS
130 Short-term receivables 111,969,758,488 98,997,286,429
The independent auditor’s report is prepared in Vietnamese and English. Should there be any conflict between the 131 Short-term trade accounts receivable 4 59,930,655,833 67,591,685,619
Vietnamese and English copies, the Vietnamese copy shall take precedence. 132 Short-term prepayments to suppliers 5 30,659,175,548 20,218,946,599
136 Other short-term receivables 6(a) 22,831,538,994 12,261,206,010
137 Provision for doubtful debts – short-term (2,004,798,077) (1,202,878,846)
139 Shortage of assets awaiting resolution 553,186,190 128,327,047
For and on behalf of PwC (Vietnam) Limited

140 Inventory 8,754,741,712,359 6,545,905,987,056
141 Inventories 7 8,754,741,712,359 6,545,905,987,056

150 Other current assets 70,025,928,617 76,790,981,951
151 Short-term prepaid expenses 8(a) 56,716,921,380 66,112,866,470
152 Value Added Tax to be reclaimed 8,705,831,517 10,670,276,957
153 Tax and other receivables from the State 4,603,175,720 7,838,524

200 NON-CURRENT ASSETS 1,326,824,308,701 1,339,217,061,954

210 Long-term receivable 84,131,506,164 77,310,617,360
216 Other long-term receivables 6(b) 84,131,506,164 77,310,617,360
Tran Thi Thanh Truc Nguyen Vu Anh Tuan
Audit Practising Licence No. Audit Practising Licence No. 220 Fixed assets 909,985,491,983 931,617,117,533
3047-2019-006-1 3631-2021-006-1 221 Tangible fixed assets 9(a) 259,137,188,160 281,244,232,172
Authorised signatory 222 Historical cost 633,614,629,426 600,464,186,725
223 Accumulated depreciation (374,477,441,266) (319,219,954,553)

Report reference number: HCM11514
227 Intangible fixed assets 9(b) 650,848,303,823 650,372,885,361
Ho Chi Minh City, 14 March 2022 228 Historical cost 697,774,918,988 683,791,142,309
229 Accumulated amortisation (46,926,615,165) (33,418,256,948)

240 Long-term asset in progress 30,795,369,850 33,003,867,003
242 Construction in progress 10 30,795,369,850 33,003,867,003

250 Long-term investments 11 - -
253 Investments in other entities 395,271,613,400 395,271,613,400
254 Provision for long-term investments (395,271,613,400) (395,271,613,400)

260 Other long-term assets 301,911,940,704 297,285,460,058
261 Long-term prepaid expenses 8(b) 201,443,147,089 206,301,766,031
262 Deferred income tax assets 21 100,468,793,615 90,983,694,027
270 TOTAL ASSETS 10,619,016,547,122 8,483,146,098,451

Form B 01 – DN/HN Form B 02 – DN/HN
CONSOLIDATED BALANCE SHEET (continued) ONSOLIDATED INCOME STATEMENT
AS AT 31 DECEMBER AS AT 31 DECEMBER
CODE RESOURCES NOTE CODE CODE NOTE
2021 VND 2020 VND 2021 VND 2020 VND
300 LIABILITIES 4,606,382,566,869 3,241,284,233,443 01 Revenue from sales of goods and rendering of services 19,735,646,137,250 17,681,913,026,177

310 Short-term liabilities 4,563,002,409,508 3,231,907,356,443 02 Less deductions (188,587,772,416) (171,124,375,178)
311 Short-term trade accounts payable 12 680,447,298,103 481,588,464,720
312 Short-term advances from customers 13 156,729,112,135 157,182,968,364 10 Net revenue from sales of goods and rendering of services 27 19,547,058,364,834 17,510,788,650,999
313 Tax and other payables to the State 14 309,500,571,902 214,710,310,923
314 Payable to employees 15 385,144,216,152 290,765,645,610 11 Cost of goods sold and services rendered 28 (15,948,760,134,458) (14,076,055,770,112)
315 Short-term accrued expenses 16 69,534,599,697 55,520,256,916
319 Other short-term payables 17 83,404,423,727 76,978,636,900 20 Gross profit from sales of goods and rendering of services 3,598,298,230,376 3,434,732,880,887
320 Short-term borrowings 18 2,721,930,701,144 1,839,275,064,065
321 Provision for short-term liabilities 20(a) 30,129,306,488 - 21 Financial income 29 16,326,114,795 2,368,958,316
322 Bonus and welfare fund 19 126,182,180,160 115,886,008,945 22 Financial expenses 30 (118,252,734,395) (161,541,087,492)
23 - Including: Interest expense (104,380,274,160) (154,416,694,276)
330 Long-term liabilities 43,380,157,361 9,376,877,000 25 Selling expenses 31 (1,687,654,952,494) (1,423,499,070,565)
337 Other long-term payables 518,668,000 526,168,000 26 General and administration expenses 32 (501,819,303,928) (502,929,377,487)
342 Provision for long-term liability 20(b) 42,861,489,361 8,850,709,000
30 Net operating profit 1,306,897,354,354 1,349,132,303,659
400 OWNERS’ EQUITY 6,012,633,980,253 5,241,861,865,008
31 Other income 8,861,354,013 5,485,848,150
410 Capital and reserves 6,012,633,980,253 5,241,861,865,008 32 Other expenses (36,528,186,336) (8,637,683,094)
411 Owners’ capital 22, 23 22, 23 2,276,123,620,000 2,276,123,620,000 40 Net other expenses (27,666,832,323) (3,151,834,944)
411a - Ordinary shares with voting rights
412 Share premium 23 2,276,123,620,000 2,276,123,620,000 50 Net accounting profit before tax 1,279,230,522,031 1,345,980,468,715
415 Treasury shares 23 991,261,882,458 991,261,882,458
418 Investment and development fund 23 (4,908,890,000) (3,384,090,000)
421 Undistributed earnings 23 800,503,556,918 372,779,556,918 51 Business income tax - current 33 (259,673,455,974) (279,422,477,414)
421a - Undistributed post-tax profits of previous years 1,949,653,810,877 1,605,080,895,632 9,485,099,588 2,752,113,960
52 Business income tax - deferred 33
421b - Post-tax profits of current year 920,611,645,232 670,845,205,971

1,029,042,165,645 934,235,689,661
60 Net profit after tax 1,029,042,165,645 1,069,310,105,261
440 TOTAL RESOURCES 10,619,016,547,122 8,483,146,098,451

61 Owners of the parent company 1,029,042,165,645 1,069,310,105,261

70 Basic earnings per share 25(a) 4,197 4,308
71 Diluted earnings per share 25(b) 4,197 4,308
NGUYEN THANH DAT DUONG QUANG HAI LE TrI ThOng

Preparer Chief Accountant General Director
14 March 2022

14 March 2022

CONSOLIDATED CASH FLOW STATEMENT (Indirect method) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER
FOR THE YEAR ENDED 31 DECEMBER 2021
CODE NOTE
2021 VND 2020 VND
CASH FLOWS FROM OPERATING ACTIVITIES 1,279,230,522,031 1,345,980,468,715 1. GENERAL INFORMATION

01 Net accounting profit before tax
Adjustments for: 75,118,429,219 72,154,867,041 Phu Nhuan Jewelry Joint Stock Company (“the Company”) is a joint stock company established in SR Vietnam in accordance
02 Depreciation and amortisation 64,942,006,080 6,391,807,846 with the Enterprise Registration certificate No. 0300521758 which was initially issued by the Department of Planning and
03 Provisions Investment of Ho Chi Minh City on 2 January 2004 and the latest (the 32nd) amendment dated 6 January 2022.
04 Unrealised foreign exchange losses 2,504,365,377 177,425,063
On 23 March 2009, the Company’s shares were officially listed in the Ho Chi Minh City Stock Exchange (“HOSE”) with the
05 (Profits)/losses from investing activities (3,225,478,644) 1,237,319,162 stock trading code PNJ in accordance with the Decision No. 129/UBCK-ĐKNY issued by the General Director of HOSE
06 Interest expense 104,380,274,160 154,416,694,276 on 26 December 2008.
08 Operating profit before changes in
1,522,950,118,223 1,580,358,582,103
working capital The principal activities of the Company are to manufacture and to trade gold, silver, jewelry and gemstones, and to
09 (Increase)/decrease in receivables (23,111,709,097) 17,322,807,863 import and export jewelry in gold, silver and gemstones.
10 (Increase)/decrease in inventories (2,208,835,725,303) 484,514,384,160
11 Increase/(decrease) in payables 354,804,359,041 (99,651,505,808) The normal business cycle of the Company and its subsidiaries (“the Group”) is within 12 months.
12 Decrease/(increase) in prepaid expenses 14,254,564,032 (42,462,273,125)
14 Interest paid (105,200,568,547) (155,543,069,575) As at 31 December 2021, the Company had 3 subsidiaries (as at 31 December 2020, the Company had 4 subsidiaries)
15 BIT paid (234,058,441,077) (253,134,374,354) as follows:
17 Other payments on operating activities (43,169,828,785) (34,492,822,139)
20 Net cash (outflows)/inflows from operating activities (722,367,231,513) 1,496,911,729,125

CASH FLOWS FROM INVESTING ACTIVITIES 31.12.2021 31.12.2020
21 Purchases of fixed assets and other long-term assets Place of % of % of % of % of The principal
(61,304,197,645) (85,433,646,180) incorporation ownership voting ownership voting
right right activities
22 Tiền thu từ thanh lý, nhượng bán TSCĐ 12,869,426,085 792,669,960 and operation % % % %
27 Tiền thu từ lãi tiền gửi 267,480,935 251,771,651
30 Lưu chuyển tiền thuần từ hoạt động đầu tư (48,167,290,625) (84,389,204,569)
CAO Fashion Company Limited Ho Chi Minh City 100 100 100 100 Trading of jewellery
LƯU CHUYỂN TIỀN TỪ HOẠT ĐỘNG TÀI CHÍNH products
- 46,375,540,000
31 Proceeds from issuance of shares Jewelry inspection
(1,524,800,000) (1,283,000,000)
32 Payments for share repurchases PNJ Laboratory Company Limited Ho Chi Minh City 100 100 100 100 and consultancy
7,758,858,344,889 7,432,783,338,336
33 Proceeds from borrowings services
34 Repayments of borrowings (6,876,202,707,810) (8,208,110,896,493)
PNJ Jewelry Production and Trading Jewelery
36 Dividend paid (177,376,257,045) (355,099,739,283)
Company Limited Ho Chi Minh City 100 100 100 100 manufacturing
40 Net cash inflows/(outflows) from financing activities 703,754,580,034 (1,085,334,757,440) and trading
50 Net increase in cash (66,779,942,104) 327,187,767,116
60 Cash at beginning of year 3 422,234,781,061 95,224,439,008 Customer Era Company Limited (*) Ho Chi Minh City - - 100 100 Retailing
61 Effect of foreign exchange differences - (177,425,063)
70 Cash at end of year 3 355,454,838,957 422,234,781,061
(*) Pursuant to Decision No. 24/2021/NQ-HĐQT-CTY dated 12 January 2021, Customer Era Company Limited was merged
into CAO Fashion Company Limited.
As at 31 December 2021, the Group had 56 branches (as at 31 December 2020: 56 branches) located in various provinces
and cities in Vietnam.
As at 31 December 2021, the Group had 5,806 employees (as at 31 December 2020: 6,191 employees).

138 14 March 2022 ANNUAL REPORT 2021 | 139
Form B 09 – DN/HN
Form B 09 – DN/HN
dates, the gap must not exceed 3 months. Adjustments of the previous period are recognised as an increase or
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES issuance of shares or bonds) and/or regularly collect these are made to reflect impacts of significant transactions and decrease of cost of goods sold in the year.
currencies from business operations and savings. events occurring between the end dates of the subsidiaries’
2.1 BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL accounting period and that of the Group’s. The length of the 2.9 INVESTMENTS IN OTHER ENTITIES
STATEMENTS 2.4 EXCHANGE RATES reporting period and differences in reporting date must be
consistent between periods. Investment in other entities is investment in equity
The consolidated financial statements have been prepared Transactions arising in foreign currencies are translated at instruments of other entity without controlling rights or
in accordance with Vietnamese Accounting Standards, the exchange rates prevailing at the transaction dates. Foreign 2.6 CASH co-controlling rights, or without significant influence
Vietnamese Corporate Accounting System and applicable exchange differences arising from these transactions are over the investee. This investment is initially recorded at
regulations on preparation and presentation of consolidated recognised in the consolidated income statement. Cash comprise cash on hand, cash at bank and cash in cost. Subsequently, the Board of Management reviews
financial statements. The consolidated financial statements transit. all outstanding investments to determine the amount of
have been prepared under the historical cost convention. Monetary assets and liabilities denominated in foreign provision to recognise at the year end.
currencies at the consolidated balance sheet date are 2.7 RECEIVABLES
The accompanying consolidated financial statements are respectively translated at the buying and selling exchange Provision for investments in other entities is made when
not intended to present the consolidated financial position rates at the consolidated balance sheet date of the Receivables represent trade receivables from customers there is a diminution in value of the investments at the year
and results of consolidated operations and consolidated commercial banks with which the Group regularly trades. arising from sales of goods and rendering of services or end. It is calculated based on market value if market value
cash flows in accordance with accounting principles and Foreign currencies deposited in banks at the consolidated non-trade receivables from others and are stated at cost. can be determined reliably. If market value can not be
practices generally accepted in countries and jurisdictions balance sheet date are translated at the buying exchange Provision for doubtful debts is made for each outstanding determined reliably, the provision for investments in other
other than Vietnam. The accounting principles and practices rate of the commercial bank where the Group opens its amount based on overdue days in payment according to entities is calculated similarly to provision for investments
utilised in Vietnam may differ from those generally accepted foreign currency accounts. Foreign exchange differences the initial payment commitment (exclusive of the payment in subsidiaries.
in countries and jurisdictions other than Vietnam. arising from these translations are recognised in the rescheduling between parties), or based on the expected
consolidated income statement. loss that may arise. Bad debts are written off when Changes in the provision balance during the accounting
The consolidated financial statements in the Vietnamese identified. period are recorded as an increase or decrease in financial
language are the official statutory consolidated financial 2.5 BASIS OF CONSOLIDATION expenses. A reversal, if any, is made only to the extent the
statements of the Group. The consolidated financial Receivables are classified into long-term and short-term investment is restored to its original cost.
statements in the English language have been translated Subsidiaries receivables on the consolidated balance sheet based on the
from the Vietnamese version. remaining period from the consolidated balance sheet date 2.10 FIXED ASSETS
Subsidiaries are all entities over which the Group has the to the maturity date.
2.2 FISCAL YEAR power to govern the financial and operating policies in Tangible and intangible fixed assets
order to gain future benefits from their activities, generally 2.8 INVENTORIES
The Company’s fiscal year is from 1 January to 31 December. accompanying a shareholding of more than one half of the Fixed assets are stated at historical cost less accumulated
voting rights. The existence and effect of potential voting Inventories are stated at the lower of cost and net realisable depreciation or amortisation. Historical cost includes any
2.3 CURRENCY rights that are currently exercisable or convertible are value. Cost is determined by the weighted average method expenditure that is directly attributable to the acquisition
considered when assessing whether the Group controls and includes all costs of purchase, costs of conversion and of the fixed assets bringing them to a suitable condition
The consolidated financial statements are measured another entity. Subsidiaries are fully consolidated from the other costs incurred in bringing the inventories to their for their intended use. Expenditure which is incurred
and presented in Vietnamese Dong (“VND”), which is the date on which control is transferred to the Group. They are present location and condition. In the case of manufactured subsequently and has resulted in an increase in the future
Company’s accounting currency. The Company determines de-consolidated from the date that control ceases. products, cost includes all direct expenditure and production economic benefits expected to be obtained from the use of
its accounting currencies based on the currencies which are overheads based on normal levels of operating activity. Net fixed assets, can be capitalised as an additional historical
mainly used in sales of goods and rendering of services, Inter-company transactions, balances and unrealised gains realisable value is the estimated selling price in the normal cost. Otherwise, they are charged to the consolidated
which have a significant impact on selling prices of goods and losses on transactions between group companies are course of business, less the estimated costs of completion income statement when incurred.
and services, which are normally used to list selling prices eliminated. and selling expenses.
and receive payments; which are mainly used in purchases Depreciation and amortisation
of goods or services, which have a significant impact on Accounting policies of subsidiaries have been changed The Group applies the perpetual method for inventories.
costs of labor, materials and other production or operating where necessary to ensure consistency with the policies Fixed assets are depreciated and amortised using the
costs; and which is normally used as payments for those adopted by the Group. Provision is made, where necessary, for obsolete, slow- straight-line method so as to write off the historical cost
costs. moving and defective inventory items. The difference of the fixed assets over their estimated useful lives. The
The financial statements of the subsidiaries are prepared between the provision of this period and the provision estimated useful lives of of each asset class are as follows:
In addition, the Company and its subsidiaries also use for the same accounting period of the Group for the
these currencies to raise financial resources (such as via consolidation purpose. If there are differences in end

Buildings and structures 5 - 25 years 2.13 PAYABLES Provisions are recognised when the Group has a present Share premium is the difference between the par value and
Machinery and equipment 3 - 15 years legal or constructive obligation as a result of past events; the issue price of shares and the difference between the
Motor vehicles 5 - 10 years Classifications of payables are based on their nature as follows: it is probable that an outflow of resources will be required repurchase price and re-issuing price of treasury shares.
Office equipment 3 - 10 years to settle the obligation and the amount has been reliably
Software 3 - 5 years • Trade accounts payable are trade payables arising from purchase estimated. Provision is not recognised for future operating Treasury shares brought before the effective date of the
of goods and services; and losses. Securities Law (ie. 1 January 2021) are shares issued by
Indefinite land use rights are stated at costs and not • Other payables are non-trade payables, and payables not relating the Company and bought-back by itself, but these are not
amortised. to purchases of goods and services. Provisions are measured at the expenditures expected to be cancelled and may be re-issued in accordance with the
required to settle the obligation. If the time value of money Law on securities.
Disposals Payables are classified into long-term and short-term payables is material, provision will be measured at the present
on the consolidated balance sheet based on remaining period value using a pre-tax rate that reflects current market Treasury shares brought after 1 January 2021 will be
Gains or losses on disposals are determined by comparing from the consolidated balance sheet date to the maturity date. assessments of the time value of money and the risks cancelled and adjusted to reduce equity.
net disposal proceeds with the carrying amount of the fixed specific to the obligation. The increase in the provision due
assets and are recognised as income or expense in the 2.14 BORROWING COSTS to passage of time is recognised as a financial expense. Undistributed earnings record the Group’s results profit
consolidated income statement. Changes in the provision balance during the accounting after BIT at the reporting date.
Borrowings include borrowings from banks and individuals. period are recorded as an increase or decrease in operating
Construction in progress expenses. 2.19 APPROPRIATION OF NET PROFIT
Borrowings are classified into long-term and short-term
Construction in progress represents the cost of assets in borrowings on the consolidated balance sheet based 2.17 PROVISION FOR SEVERANCE ALLOWANCES The Group’s dividend is recognised as a liability in the
the course of installation or construction for production, on remaining period from the balance sheet date to the Group’s the consolidated financial statements in the year
rental or administrative purposes, or for purposes not yet maturity date. In accordance with Vietnamese labour laws, employees of the in which the dividend are approved by the Group’s the
determined, which are recorded at cost and comprise of Group who have worked regularly for full 12 months or longer General Meeting of Shareholders.
such necessary costs to construct, repair and maintain, Borrowing costs that are directly attributable to the are entitled to a severance allowance. The working period used
upgrade, renew or equip the projects with technologies construction or production of any qualifying assets are for the calculation of severance allowance is the year during Profit after BIT could be distribute to Shareholders after
as construction costs; costs of tools and equipment; capitalised during the year of time that is required to which the employee actually works for the Group less the year approval at a General Meeting of Shareholders, and after
project management expenditures; construction consulting complete and prepare the asset for its intended use. In during which the employee participates the unemployment appropriation to other funds in accordance with the Group’s
expenditures; and capitalised borrowing costs for qualifying respect of general-purpose borrowings a portion of which insurance scheme in accordance with the labour regulations charter and Vietnamese regulations.
assets in accordance with the Group’s accounting policies. is used for the purpose of construction or production of and the working period for which the employee has received
Depreciation of these assets, on the same basis as other any qualifying assets, the Group determines the amount severance allowance from the Group. The Group’s funds are as below:
fixed assets, commences when the assets are ready for of borrowing costs eligible for capitalisation by applying
their intended use. a capitalisation rate to the weighted average expenditure The severance allowance is accrued at the end of the (a) Investment and development fund
on that assets. The capitalisation rate is the weighted reporting period, on the basis that a half of an average
2.11 LEASED ASSETS average of the interest rates applicable to the Group’s monthly salary per each working year. The average monthly Investment and development fund is appropriated from
borrowings that are outstanding during the year, other than salary used for calculating the severance allowance is the profit after BIT of the Group and subject to Shareholders’
Leases where a significant portion of the risks and rewards borrowings made specifically for the purpose of obtaining employee contract's average salary for the year prior to the approval at the General Meeting of Shareholders. The fund
of ownership are retained by the lessor are classified as a qualifying asset. Other borrowing costs are recognised in consolidated balance sheet date. is set aside for the use in the Group’s expansion of its
operating leases. Payments made under operating leases the consolidated income statement when incurred. operation or in-depth investments.
are charged to the consolidated income statement on a This allowance will be paid as a lump sum when the
straight-line basis over the term of the lease. 2.15 ACCRUED EXPENSES employees terminate their labour contracts in according (b) Bonus and welfare fund
with current regulations.
2.12 PREPAID EXPENSES Accrued expenses include liabilities for goods and services Bonus and welfare fund is appropriated from the Group's
received in the year but not yet paid for, due to pending 2.18 OWNERS’ CAPITAL profit after BIT and subject to Shareholders' approval at the
Prepaid expenses include short-term and long-term invoice or insufficient records and documents. Accrued General Meeting of Shareholders. This fund is presented
prepayments on the consolidated balance sheet. Prepaid expenses are recorded as expenses in the reporting period. Contributed capital of the shareholders is recorded as a liability on the consolidated balance sheet. The fund
expenses are recorded at historical cost and allocated on a according to the actual amount contributed and is recorded is set aside for the purpose of pecuniary rewarding and
straight-line basis over estimated useful lives. 2.16 PROVISIONS according to the par value of the shares. encouragement, common benefits and improvement of the
employees’ benefits.

2.20 REVENUE RECOGNITION • The costs incurred for the transaction and the costs to
complete the transaction can be measured reliably. 2.25 GENERAL AND ADMINISTRATION EXPENSES including holding companies, subsidiaries and fellow
(a) Revenue from sales of goods subsidiaries are related parties of the Group. Associates
(c) Interest income General and administration expenses represent expenses and individuals owning, directly or indirectly, an interest in
Revenue from sale of goods is recognised in the for administrative purposes which mainly include salary the voting power of the Group that gives them significant
consolidated income statement when all five (5) of the Interest income is recognised on an earned basis. expenses of administrative staffs; social insurance, medical influence over the enterprise, key management personnel,
following conditions are satisfied: insurance, labour union fees, unemployment insurance of including the Chairwoman of the Board of Directors,
(d) Dividend income administrative staff, expenses of office materials, tools members of the Board of Directors, the Board of Directors,
• The Group has transferred to the buyer the significant and supplies, depreciation and armotisation of fixed assets the Board of Management of the Group and close members
risks and rewards of ownership of the goods; Income from dividend is recognised when the Group has used for administration, land rental, outside services and of the family of these individuals and companies associated
• The Group retains neither continuing managerial established the receiving right from investees. other expenses. with these individuals also constitute related parties.
involvement to the degree usually associated with
ownership nor effective control over the goods sold; 2.21 SALES DEDUCTIONS 2.26 CURRENT AND DEFERRED INCOME TAX In considering the related party relationship, the Group
• The amount of revenue can be measured reliably; Income taxes includes all income taxes which is based on considers the substance of the relationship not merely the
• It is probable that the economic benefits associated with Sales deduction include sales allowances and sales taxable profits. Income tax expense comprises current tax legal form.
the transaction will flow to the Group; and returns. Sales deductions incurred in the same period expense and deferred tax expense.
• The costs incurred or to be incurred in respect of the of the related sales of products, goods and services are 2.28 CRITICAL ACCOUNTING ESTIMATES
transaction can be measured reliably. recorded as deduction of revenue of that period. Current income tax is the amount of income taxes payable
or recoverable in respect of the current year taxable profits The preparation of consolidated financial statements in
No revenue is recognised if there are significant Sales deductions for products, goods or services which are at the current period tax rates. Current and deferred tax are conformity with Vietnamese Accounting Standards, the
uncertainties regarding recovery of the consideration due sold in the year but are incurred after the balance sheet recognised as an income or an expense and included in the Vietnamese Corporate Accounting System and applicable
or the possible return of goods. date but before the issuance of the consolidated financial profit or loss of the year, except to the extent that the tax regulations on preparation and presentation of consolidated
statements are recorded as deduction of revenue of the year. arises from a transaction or event which is recognised, in financial statements requires the Board of Management to
Revenue is recognised in according with principle of the same or a different period, directly in equity. make estimates and assumptions that affect the reported
“substance over form” principle and allocated to each 2.22 COST OF GOODS SOLD AND SERVICES RENDERED amounts of assets, liabilities and disclosures of contingent
sales obligation. If the Group gives promotional goods to Deferred income tax is provided in full, using the liability assets and liabilities at the date of the consolidated
customers associated with their purchases, the Group Cost of goods sold and services rendered are cost of method, on temporary differences arising between the tax financial statements and the reported amounts of revenues
allocates the total considerations received between goods finished goods, merchandises, materials sold or services bases of assets and liabilities and their carrying amounts and expenses during the accounting period. Although these
sold and promotional goods. The cost of promotional goods rendered during the year, and recorded on the basis of in the consolidated financial statements. Deferred income estimates are based on the Board of Management’s best
is recognised as cost of sales in the consolidated income matching with revenue and on a prudence basis. tax is not accounted for if it arises from initial recognition knowledge of current events and actions, actual results
statement. of an asset or liability in a transaction other than a business may differ from those estimates.
2.23 FINANCIAL EXPENSES combination that at the time of occurrence affects neither
(b) Revenue from rendering of services the accounting nor the taxable profit or loss. Deferred Such estimates and assumptions are continually evaluated.
Finance expenses are expenses incurred in the year for income tax is determined at the tax rates that are expected They are based on historical experience and other factors,
Revenue from rendering of services is recognised in financial activities including expenses or losses relating to to apply to the financial period when the asset is realised including expectations of future events that may have a
the consolidated income statement when the services financial investment activities; expenses of borrowing; and or the liability is settled, based on tax rates that have been financial impact on the Group and that are assessed by
are rendered, by reference to completion of the specific losses from foreign exchange differences. enacted or substantively enacted by the consolidated the Board of Management to be reasonable under the
transaction assessed on the basis of the actual service balance sheet date. circumstances.
provided as a proportion of the total services to be provided. 2.24 SELLING EXPENSES
Revenue from rendering of services is only recognised Deferred income tax assets are recognised to the extent 2.29 SEGMENT REPORTING
when all four (4) of the following conditions are satisfied: Selling expenses represent expenses that are incurred that it is probable that future taxable profit will be available
in the process of selling products, goods, and providing against which the temporary differences can be utilised. A segment is a component which can be consolidated
• The amount of revenue can be measured reliably; services, which mainly include publicity, display, by the Group engaged in sales of goods or rendering of
• It is probable that the economic benefits associated with promotions, advertising expenses, warranty charges of services (business segment); or sales of goods or rendering
the transaction will flow to the Group; goods and products, maintenance charges, packaging, and 2.27 RELATED PARTIES of services within a particular economic environment
• The percentage of completion of the transaction at the transportation. (geographical segment). Each segment is subject to risks
consolidated balance sheet date can be measured reliably; and Enterprises and individuals that directly, or indirectly and returns that are different from those of other segments.
through one or more intermediaries, control, or are A reportable segment is the Group’s business segment or
controlled by, or are under common control with, the Group, the Group’s geographical segment.

(b) Long-term
3. CASH 2021 VND 2020 VND
2021 VND 2020 VND Rent deposits 84,131,506,164 77,310,617,360
Cash on hand 108,982,273,042 113,043,139,318

7. INVENTORIES
Cash at bank 213,630,437,624 286,111,163,400
2021 VND 2020 VND
Cash in transit 32,842,128,291 23,080,478,343
Raw materials 635,145,088,845 390,491,615,025
355,454,838,957 422,234,781,061
Tools and supplies 34,566,769,933 28,975,937,334
4. SHORT-TERM TRADE ACCOUNTS RECEIVABLE Work in progress 147,603,238,069 148,684,491,248
Finished goods 173,951,077,140 379,933,495,924
2021 VND 2020 VND
Merchandise 7,763,475,538,372 5,597,820,447,525
FH Trautz GmBh 2,420,619,704 6,165,618,167 8,754,741,712,359 6,545,905,987,056
DC&D Co. 6,589,972,421 6,758,326,847
As at 31 December 2021, the Group’s total inventories of VND3,303,916,000,000 (as at 31 December 2020: VND2,996,916,000,000)
Aeon Vietnam Co., Ltd. were pledged as collaterals for short-term borrowings from commercial banks (Note 18).
- Binh Duong Branch 7,417,481,647 5,965,409,829
8. PREPAID EXPENSES
Aeon Vietnam Co., Ltd. 6,055,942,557 4,699,946,682
(a) Short-term
Aeon Vietnam Co., Ltd.
2021 VND 2020 VND
- Binh Tan Branch 7,047,219,391 4,658,692,785
Others 30,399,420,113 39,343,691,309 Tools and supplies 8,256,792,363 10,320,459,979
Operating lease 25,131,143,445 30,263,584,357
59,930,655,833 67,591,685,619
IT expenses 15,347,742,167 12,490,883,142
As at 31 December 2021 and 31 December 2020, there was no balance of short-term trade accounts receivable that was Repairs and maintenances 2,687,986,462 5,572,063,499
past due or not past due but doubtful.
Others 5,293,256,943 7,465,875,493
56,716,921,380 66,112,866,470
5. SHORT-TERM PREPAYMENTS TO SUPPLIERS
(b) Long-term
2021 VND 2020 VND 2021 VND 2020 VND
Gia Khang Construction Real Estate Corporation 476,099,621 3,035,860,000 Tools and supplies 103,689,818,858 91,055,979,728
Others 30,183,075,927 17,183,086,599 Office and store renovation 80,879,194,596 80,669,317,259
30,659,175,548 20,218,946,599 Store rental 8,930,291,938 13,759,093,930
Repairs and maintenances 2,190,418,018 18,248,358,470
6. OTHER RECEIVABLES
Others 5,753,423,679 2,569,016,644
(a) Short-term
201,443,147,089 206,301,766,031
2020 VND 2019 VND
Movements in prepaid expenses during the year were as follows:
Advances from employees 12,867,680,249 6,347,378,451
2021 VND 2020 VND
Others 9,963,858,745 5,913,827,559
Beginning of year 270,404,042,417 229,952,359,376
22,831,538,994 12,261,206,010
Increase 483,139,145,191 575,275,386,825
As at December 31, 2021 and December 31, 2020, the balance of short-term receivables that are past due is Allocation (494,840,534,604) (532,813,113,700)
VND4,009,596,154. As at 31 December 2021, the Group has made provision for this receivable respectively VND2,004,798,077 Disposal (542,584,535) -
(as at 31 December 2020: VND1,202,878,846).
End of year 258,160,068,469 272,414,632,501
Form B 09 – DN/HN
9. TFIXED ASSETS (continued)
600,464,186,725
36,188,422,645
4,482,459,400
(7,520,439,344)
633,614,629,426
319,219,954,553
60,539,013,251
(5,281,526,538)
374,477,441,266
281,244,232,172
259,137,188,160
(b) Intangible fixed assets
Total
VND Land use rights Softwares Total
VND VND VND
Historical cost
116,638,099,699
3,272,364,127
-
(1,561,516,607)
118,348,947,219
59,365,321,593
15,219,564,459
(1,549,930,222)
73,034,955,830
57,272,778,106
45,313,991,389
As at 1 January 2021 542,729,276,942 141,061,865,367 683,791,142,309
Office equipment
New purchases 22,727,350.000 - 22,727,350,000

Disposals (7,672,515,570) (1,071,057,751) (8,743,573,321)
VND
As at 31 December 2021 557,784,111,372 139,990,807,616 697,774,918,988

Accumulated amortisation
As at 1 January 2021 - 33,418,256,948 33,418,256,948
36,475,119,707
13,824,473,800
-
(1,853,331,999)
48,446,261,508
23,433,425,214
4,628,183,446
(1,853,331,999)
26,208,276,661
13,041,694,493
22,237,984,847
Charge for the year - 14,579,415,968 14,579,415,968
Motor vehicles
Disposals - (1,071,057,751) (1,071,057,751)

As at 31 December 2021 - 46,926,615,165 46,926,615,165
VND
(a) Tangible fixed assets
Net book value

9. FIXED ASSETS
As at 1 January 2021 542,729,276,942 107,643,608,419 650,372,885,36

290,239,737,420
18,007,702,847
4,482,459,400
(1,862,600,738)
310,867,298,929
185,012,990,430
32,357,234,809
(1,743,802,614)
215,626,422,625
105,226,746,990
95,240,876,304
As at 31 December 2021 557,784,111,372 93,064,192,451 650,848,303,823
Machinery and
equipment
As at 31 December 2021, the historical cost of land use rights of the Group amounting to VND27,089,291,000 (as at 31
December 2020: VND49,837,617,572) were pledged as collaterals for borrowings from commercial banks (Note 18).
VND
As at 31 December 2021, the historical cost of software that were fully amortised but still in use was VND6,982,250,583
(as at 31 December 2020: VND6,982,250,583).
157,111,229,899
1,083,881,871
-
(2,242,990,000)
155,952,121,770
51,408,217,316
8,334,030,537
(134,461,703)
59,607,786,150
105,703,012,583
96,344,335,620
Buildings and
10. CONSTRUCTION IN PROGRESS

structures
VND
2021 VND 2020 VND
Land use right in Di An - Binh Duong 26,137,767,250 26,137,767,250

Long Hau Fire System - 2,574,172,400
Transfers from construction in progress
Human resource management software 1,990,919,100 1,990,919,100

Others 2,666,683,500 2,301,008,253
30,795,369,850 33,003,867,003
Accumulated depreciation
As at 31 December 2021
As at 1 January 2021
Charge for the year
Net book value

New purchases
Historical cost
Disposals
Disposals
(Note 10)

Movements in the construction in progress during the year are as follows: 14. TAXES AND OTHER PAYABLES TO THE STATE
2021 VND 2020 VND 2021 VND 2020 VND
Beginning of year 33,003,867,003 28,457,398,434 Value added tax ("VAT") 106,359,582,855 47,328,341,499
Addition 2,388,425,000 6,483,065,709 BIT 184,591,961,711 154,678,620,526
Transfer to tangible fixed assets (Note 9(a)) (4,482,459,400) (1,143,927,180) Personal income tax ("PIT") 13,412,674,360 8,133,718,365
Others (114,462,753) (792,669,960) Others 5,136,352,976 4,569,630,533
End of year 30,795,369,850 33,003,867,003 309,500,571,902 214,710,310,923
Movements in taxes and other payables to the State during the year are as follows:
11. LONG-TERM INVESTMENT
As at Payable Paid during (Netted off)/ As at
2021 2020 1.1.2021 during the year the year Reclassified 31.12.2021
Cost VND Provision VND Cost VND Provision VND VND VND VND VND VND
VAT 47,328,341,499 465,707,264,308 (399,771,568,908) (6,904,454,044) 106,359,582,855

Dong A Commercial Joint Stock Bank(*) 395.271.613.400 (395,271,613,400) 395,271,613,400 (395,271,613,400)
BIT 154,678,620,526 259,673,455,974 (234,058,441,077) 4,298,326,288 184,591,961,711
(*) As at 31 December 2021 and 31 December 2020, Dong A Joint Stock Commercial Bank was still under special control of the State PIT 8,133,718,365 92,558,433,452 (87,279,477,457) - 13,412,674,360
Bank of Vietnam and its shares have not been eligibly transferable. Therefore, the Board of Management has decided to recognise full Others 4,569,630,533 2,073,002,614 (1,506,280,171) - 5,136,352,976
provision for diminution in value of this investment as at the consolidated balance sheet date.
As at 31 December 2021 and 31 December 2020, the Group had not determined the fair value of this investment to disclose in the 214,710,310,923 820,012,156,348 (722,615,767,613) (2,606,127,756) 309,500,571,902
consolidated financial statements because it does not have listed prices.
15. PAYABLE TO EMPLOYEES
12. SHORT-TERM TRADE ACCOUNTS PAYABLE The balances represent accruals for the 13th month salary and performance bonus payable to employees.
2021 VND 2020 VND
16. SHORT-TERM ACCRUED EXPENSES
Finesse Impex Limited 419,140,437,414 185,106,975,192 2021 VND 2020 VND
Forte Jewellery (HK) Co., Ltd 161,906,400,863 126,662,589,601
Advertising and marketing 47,856,371,900 40,969,790,347
Quang Vinh Nguyen Co., Ltd - 912,591,777
Interest expense 2,611,807,589 3,432,101,976
Fu Sheng Company Limited - 1,667,935,368
Others 19,066,420,208 11,118,364,593
Others 99,400,459,826 167,238,372,782
69,534,599,697 55,520,256,916
680,447,298,103 481,588,464,720
17. OTHER SHORT-TERM PAYABLES
13. SHORT-TERM ADVANCES FROM CUSTOMERS
2021 VND 2020 VND
2021 VND 2020 VND
Bonus for the Board of Management and Board of Directors (Note 35) 10,084,181,002 21,039,066,145
Mrs.Nguyen Thi Anh Tuyet 6,165,000,000 15,000,000 Dividend payables (Note 24) 15,684,687,047 11,167,693,692
LM Manufacturing Pty. Ltd. 2,005,462,968 2,005,462,968 Union trade 4,036,647,172 5,302,327,162
Duoc Hau Giang Joint Stock Company - 42,864,000,000 PIT paid on behalf of shareholders 4,531,133,392 4,531,133,392
Others 148,558,649,167 112,298,505,396 Raw materials borrow for processing 26,949,152,804 5,035,237,406
156,729,112,135 157,182,968,364 Others 22,118,622,310 29,903,179,103
83,404,423,727 76,978,636,900

18. BORROWINGS
(*) Details of short-term bank loans are as follows:
As at As at As at Interest
31.12.2021 Increase Decrease 31.12.2021 31.12.202 Maturity date Collateral
VND VND per annum
VND VND VND
BANK
Bank borrowings(*)
Joint Stock Commercial Bank for From 8 March 2022
Joint Stock Commercial Bank for 398,800,000,000 5,1% Inventories
Investment and Development of Vietnam to 10 April 2022
Investment and Development of Vietnam 315,230,965,374 1,370,692,097,756 (1,287,123,063,130) 398,800,000,000
Vietnam Joint Stock Commercial Bank Vietnam Joint Stock Commercial Bank From 30 March 2022 to
for Industry and Trade 764,417,632,142 4,2% Inventories
for Industry and Trade 439,980,551,393 1,821,316,339,965 (1,496,879,259,216) 764,417,632,142 9 June 2022
Southeast Asia Joint Stock Commercial Bank 234,871,440,600 805,759,271,800 (770,671,440,600) 269,959,271,800 Southeast Asia Joint Stock From 25 February 2022
Commercial Bank 269,959,271,800 5,2% Unsecured
to 22 March 2022
Vietnam International Commercial
Joint Stock Bank 144,405,989,760 - (144,405,989,760) - CTBC Bank Company Limited - From 15 April 2022 to
86,686,381,740 4,5% Inventories
Ho Chi Minh City Branch 22 June 2022
HSBC Bank (Viet Nam) Ltd. 165,436,846,311 316,734,601,473 (430,150,655,902) 52,020,791,882 Joint Stock Bank for Foreign Trade From 21 January 2022 Land use rights, buildings
693,167,317,617 4,6%
of Vietnam to 24 May 2022 and inventories
CTBC Bank Company Limited -
Ho Chi Minh City Branch 72,337,384,646 200,729,651,215 (186,380,654,121) 86,686,381,740 From 12 April 2022 to
China Construction Bank 91,800,000,000 26 April 2022 4,8% Unsecured
Ho Chi Minh City Development
Joint Stock Commercial Bank 68,348,957,900 178,692,432,640 (247,041,390,540) -
Petrolimex Group Commercial From 2 March 2022 to Unsecured
282,932,584,960 5,2%
Shinhan Bank Vietnam Limited 65,000,000,000 82,900,000,000 (147,900,000,000) - Joint Stock Bank 28 March 2022
Joint Stock Bank for Foreign
Trade of Vietnam HSBC Bank (Viet Nam) Ltd. 52,020,791,882 To 3 February 2022 4,4% Unsecured
115,747,972,000 1,671,355,880,077 (1,093,936,534,460) 693,167,317,617
Military Commercial Joint Stock Bank 47,338,228,281 30,000,000,000 (77,338,228,281) - KEB Hana Bank - Ho Chi Minh City
2,216,065,600 To 30 March 2022 4,5% Unsecured
Branch
China Construction Bank 44,800,000,000 115,800,000,000 (68,800,000,000) 91,800,000,000 2,642,000,045,741
Vietnam Bank for Agriculture and Rural 3,700,000,000 - (3,700,000,000) - (**) Individual loans represent unsecured loans from the Group’s employees with original maturity of 12 months and bear
Development
interest at the interest rate of 3% - 7.6% per annum.
Petrolimex Group Commercial Joint
- 892,932,584,960 (610,000,000,000) 282,932,584,960
Stock Bank
The land use rights at No. 52A-52B Nguyen Van Troi Street, Phu Nhuan District, Ho Chi Minh City; No. 195A Phan Dang Luu
Woori Bank Vietnam Limited - 13,500,000,000 (13,500,000,000) - Street, Phu Nhuan District, Ho Chi Minh City; No. 577 Nguyen Kiem Street, Phu Nhuan District, Ho Chi Minh City and No.
174 Le Thanh Ton Street, District 1, Ho Chi Minh City with total carrying amount of VND63,592,666,838 were held by East
- 2,216,065,600 - Asia Commercial Joint Stock at the consolidated balance sheet date.
KEB Hana Bank - Ho Chi Minh City 2,216,065,600
Individual borrowings (**) 122,076,727,800 256,229,419,403 (298,375,491,800) 79,930,655,403
19. BONUS AND WELFARE FUND
1,839,275,064,065 7,758,858,344,889 (6,876,202,707,810) 2,721,930,701,144
2021 VND 2020 VND

Appropriation from undistributed earnings (Note 23) 53,466,000,000 59,696,000,000
Utilisation during the year (43,169,828,785) (34,492,822,139)
End of year 126,182,180,160 115,886,008,945

22 OWNERS’ CAPITAL
(a) Number of ordinary shares
20 PROVISION FOR LIABILITIES
(a) Short-term 2021 VND 2020 VND
The balance represents the provision for warranty for products, goods which may be payable within one to six months
Number of shares registered 227,612,362 227,612,362
after the financial year ended.
Number of shares issued 227,612,362 227,612,362
(b) Long-term
Number of shares repurchased (245,799) (169,559)
The amount in the provision for Severance allowance was determined base on the method presented at Note 2.17.
Number of existing shares in circulation 227,366,563 227,442,803
21 DEFERRED INCOME TAX ASSETS
Deferred income tax assets and liabilities are offset when The Group have a legally enforceable right to offset current tax (b) Details of owners’ shareholding
assets against current tax liabilities and when the deferred income taxes relate to the same taxation authority and same
taxable unit. The offset amounts were as follows: 2021
%
2020
%
Ordinary shares (VND) Ordinary shares (VND)
2021 VND 2020 VND Mrs. Truong Ngoc Phuong (**) 204,315,730,000 8.99 208,209,430,000 9.15
Deferred tax assets: Dragon Capital Vietfund Management
156,908,280,000 6.90 46,752,160,000 2.05
Joint Stock Company(*)
Deferred tax assets to be recovered after more than 12 months 83,207,628,911 82,009,418,884
VinaCapital Fund Management Joint Stock Company(*) 113,840,180,000 5.01 156,537,510,000 6.88
Deferred tax assets to be recovered within 12 months 17,261,164,704 8,974,275,143
Mrs. Tran Phuong Ngoc Ha 92,000,000,000 4.05 - -
100,468,793,615 90,983,694,027
Mrs. Cao Thi Ngoc Dung 63,840,180,000 2.80 205,840,180,000 9.04
The gross movements in the deferred income tax, taking into consideration the offsetting of balances within the same tax Other shareholders 1,645,219,250,000 72.36 1,658,784,340,000 72.93
jurisdiction, are as follows:
Treasury shares (2,457,990,000) (0.11) (1,695,590,000) (0.06)
2021 VND 2020 VND 2,273,665,630,000 100 2,274,428,030,000 100
Beginning of year 90,983,694,027 88,231,580,067 (*) As at 31 December 2021 and 31 December 2020, Dragon Capital Vietfund Management Joint Stock Company and
VinaCapital Fund Management Joint Stock Company were the representatives for a group of investors.
Credit to consolidated income statement (Note 34) 9,485,099,588 2,752,113,960 (**) As at 31 December 2021 and 31 December 2020, Ms. Truong Ngoc Phuong is the representative of a group of foreign
investors.
Số dư cuối năm 100,468,793,615 90,983,694,027
(c) Movement of share capital
Number of shares Ordinary shares VND

Details of deferred tax assets:
As at 1 January 2020 225,188,176 2,251,881,760,000
2021 VND 2020 VND New shares issued 2,318,777 23,187,770,000
Deductible temporary differences 100,468,793,615 90,983,694,027 Treasury shares (64,150) (641,500,000)
As at 31 December 2020 227,442,803 2,274,428,030,000
The deferred income tax assets are mainly derived from accruals and provisions. Treasury shares (*) (76,240) (762,400,000)
As at 31 December 2021 227,366,563 2,273,665,630,000
The Group applied tax rate of 20% for determining deferred tax assets.
Par value per share: VND10,000 per share.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
The Company do not have preferred share.
against which the temporary difference can be utilised.
(*) According to the Resolution No. 217/2021/NQ-ĐHĐC dated 17 April 2021, the Company bought back 76,240 ESOP shares of
the retired staffs. The Board of Management assessed that this transaction did not have a material impact on the consolidated
financial statements of the year 2021, accordingly, the Company did not reduce its capital in 2021 (Note 23).

Form B 09 – DN/HN
23 MOVEMENTS IN OWNERS’ EQUITY (continued)
4,577,265,811,347
1,069,310,105,261
5,241,861,865,008
1,029,042,165,645
6,012,633,980,253
(360,262,591,600)
(181,893,250,400)
(59,696,000,000)
(29,848,000,000)
(53,466,000,000)
(21,386,000,000)
(1,283,000,000)
(1,524,800,000)
46,375,540,000
(*) The Company has appropriated the 2020 dividends of VND181,893,250,400 to its shareholders in accordance with the
Resolution No. 113/2021/NQ-HDQT-CTY dated 24 February 2021 of the Board of Directors.
(**) According to Resolution of the Shareholders General Meeting No. 217/2021/NQ-ĐHĐCĐ-CTY dated 17 April 2021, the
Total
Shareholders have approved the appropriation of net profit for the year ended 31 December 2020 as follows:
VND
-
• Dividends payable in cash: VND453,387,000,000;
• Investment and development fund: VND427,724,000,000;
1,045,273,381,971
1,069,310,105,261
1,605,080,895,632
1,029,042,165,645
1,949,653,810,877
(360,262,591,600)
(181,893,250,400)
(427,724,000.000)
• Bonus and welfare fund: VDN53,466,000,000; and
(59,696,000,000)
(59,696,000,000)
(29,848,000,000)
(21,386,000,000)
(53,466.000,000)
• Allowance for the Board of Directors and Board of Management: VND21,386,000,000.
Undistributed
earnings
24 DIVIDEND
VND
-
2021 VND 2020 VND

313,083,556,918
372,779,556,918
427,724,000,000
800,503,556,918
59,696,000,000
development fund
Dividend payable during the year 181,893,250,400 360,262,591,600

Investment and
Dividend paid in cash (177,376,257,045) (355,099,739,283)

End of year 15,684,687,047 11,167,693,692
VND
-
-
-
-
-
-
-
-
23 MOVEMENTS IN OWNERS’ EQUITY
25. EARNINGS PER SHARE

(2,101,090,000)
(1,283,000,000)
(3,384,090,000)
(1,524,800,000)
(4,908,890,000)
Treasury hares
(a) Basic earnings per share

Basic earnings per share is calculated by dividing the net profit attributable to shareholders after deducting the bonus and
VND
welfare fund and allowance for the Board of Directors and the Board of Management by the weighted average number
-
-
-
-
-
-
-
-
of ordinary shares outstanding during the year, adjusted for bonus shares issued during the year and excluding treasury
shares. The details were as follows:
968,074,112,458
991,261,882,458
991,261,882,458
23,187,770,000
Share premium
2021 VND 2020 VND
Net profit attributable to shareholders (VND) 1,029,042,165,645 1,069,310,105,261

VND
-
-
-
-
-
-
Less amount allocated to bonus and

welfare fund, allowance for the Board of Directors and
2,252,935,850,000
2,276,123,620,000
2,276,123,620,000
the Board of Management (VND) (Note 23) (74,852.000,000) (89,544,000,000)

23,187,770,000
Owners’ capital
954,190,165,645 979,766,105,261
Weighted average number of ordinary
shares in issue (shares) 227,366,563 227,442,803
VND
-
-
-
Appropriation to investment and development fund -
-
-
-
Basic earnings per share (VND) 4,197 4,308

Issuance of ordinary shares under Employee
Appropriation of bonus and welfare fund
Appropriation of bonus and welfare fund
Appropriation to bonus for the Board of

Directors and the Board of Management (**)
of Directors and the Board of Management
Stock Ownership Plan to Employees (*)
(b) Diluted earnings per share

Appropriation to bonus for the Board
Appropriation to investment and
The Company has no diluted earnings per share during the year and at the reporting date. Therefore, the diluted earnings
per share is equal to the basic earnings per share.
Dividends appropriation (*)
Dividends appropriation
development fund (**)

Net profit for the year
Net profit for the year

Repurchase share
Repurchase share
(Note 19) (**)

(Note 19)

26. OFF BALANCE SHEET ITEMS 29 FINANCIAL INCOME

(a) (a) Included in cash were balances held in foreign currencies of:
2021 VND 2020 VND
2021 2020
Interest income 267,480,935 251,771,651
United States Dollar - USD 1,059,414 1,464,450
Realised foreign exchange gains 16,058,633,860 2,117,186,665
Euro - EUR 3,677 3,724
16,326,114,795 2,368,958,316
British Pound - GBP 1,625 1,625
Australia Dollar - AUD 958 1,002
30 FINANCIAL EXPENSES
2021 VND 2020 VND

(b) (b) The future minimum lease payments under non-cancellable operating leases were VND1,444,225,351,587 and
VND1,316,720,121,669 for years ended 31 December 2021 and 31 December 2020, respectively (Note 36).
Interest expense 104,380,274,160 154,416,694,276
Realised foreign exchange losses 6,160,507,306 3,510,464,614
27 NET REVENUE FROM SALES OF GOODS AND RENDERING OF SERVICES Net loss from foreign currency translation
2,504,365,377 177,425,063
at year-end
2021 VND 2020 VND Others 5,207,587,552 3,436,503,539
Revenue 118,252,734,395 161,541,087,492

Revenue from sales of gold, silver and jewelry 19,608,294,312,644 17,487,379,140,948 31 SELLING EXPENSES
Revenue from sales of accessories 79,149,769,974 153,937,831,108
Revenue from rendering of services 48,202,054,632 40,596,054,121 2021 VND 2020 VND
19,735,646,137,250 17,681,913,026,177 Staff costs 927,933,521,764 689,190,889,491

Sales deductions
Rental 246,307,802,475 258,343,539,717
Sales returns (188,580,972,416) (171,123,340,972)
Advertising and marketing 126,473,042,786 146,040,903,385
Sales allowances (6,800,000) (1,034,206)
(188,587,772,416) (171,124,375,178) Tools and supplies 106,242,385,201 106,063,237,322
Depreciation 18,852,708,747 15,627,150,063
Net revenue from sales of goods and
Outside services 158,156,935,122 120,084,763,960
rendering of services 19,547,058,364,834 17,510,788,650,999
Others 103,688,556,399 88,148,586,627
1,687,654,952,494 1,423,499,070,565
28 COST OF GOODS SOLD AND SERVICES RENDERED
32 GENERAL AND ADMINISTRATION EXPENSES
2021 VND 2020 VND
2021 VND 2020 VND
Cost of gold, silver and jewelry sold 15,907,666,477,678 14,017,473,506,356
Staff costs 334,815,199,923 362,870,156,577
Cost of accessories sold 29,613,031,220 49,331,825,580
Cost of services rendered 11,480,625,560 9,250,438,176
Depreciation 28,655,150,417 29,840,270,105
15,948,760,134,458 14,076,055,770,112
Fee charges 1,273,038,584 1,063,819,767
Others 45,991,252,572 21,566,125,118
501,819,303,928 502,929,377,487

33 BIT
The BIT on the Group’s accounting profit before tax differs from the theoretical amount that would arise using the 2021 VND 2020 VND
applicable tax rate as follows:
Compensation of key management
2021 VND 2020 VND

Gross salaries and other benefits 64,450,423,358 54,932,689,167
In which:
Net accounting profit before tax 1,279,230,522,031 1,345,980,468,715
Board of Directors 19,690,844,975 13,327,809,094
Including Board of Management 44,759,578,383 31,098,221,218
- Accounting profit before tax 1,354,549,732,531 1,357,382,622,984
- Accounting loss before tax (75,319,210,500) (11,402,154,269) (b) Related party balances
Tax calculated at a rate of 20% 255,846,104,406 269,196,093,743 2021 VND 2020 VND
Effect of: Other short-term payables (Note 17)

Expenses not deductible for tax purposes 8,105,845,631 1,501,733,297 Members of the Board of Management and Board of Directors 10,084,181,002 21,039,066,145
Temporary differences for which no deferred
income tax asset was recognised (21,196,075,967) 3,692,105,560
36 COMMITMENTS UNDER OPERATING LEASES
Impact of changes in tax rate (741,406,483) - The future minimum stores lease payments under non-cancellable operating leases were as follows:
Tax losses for which no deferred income
tax asset was recognised 6,429,003,684 2,280,430,854 2021 VND 2020 VND
Under-provision in previous years 1,744,885,115 - Within one year 267,648,043,754 230,896,342,548

BIT charge (*) 250,188,356,386 276,670,363,454 Between one and five years 814,210,958,710 727,906,892,402
Charged/(credited) to income statement: 259,673,455,974 279,422,477,414 Over five years 362,366,349,123 357,916,886,719
Total minimum payments 1,444,225,351,587 1,316,720,121,669
BIT – current (9,485,099,588) (2,752,113,960)
BIT – deferred (Note 21) 250,188,356,386 276,670,363,454
37 SEGMENT REPORTING
Geographical segment
34 COSTS OF OPERATION BY FACTOR The Group has performed all manufacturing and trading activities of gold, silver, jewelry, gemstones and services in
Costs of operation by factor represent all costs incurred during the year from the Group’s operating activities, excluding Vietnam only. Therefore, the Group does not present the geographical segment.
cost of merchandises for trading activities. Details are as follows: Business activity segment
Manufacturing and trading gold, silver, jewelry and gemstones is the principal activities of the Group to generate revenue
2021 VND 2020 VND
and earn profit for the Group, whereas, other income accounts for a small portion in total revenue of the Group, therefore,
Raw materials 6,533,668,664,645 5,272,469,182,700 the Board of Management assumed that the Group is in one business activity segment only.
Staff costs 1,468,307,712,404 1,254,333,985,055 The consolidated financial statements were approved by the Board of Management on 14 March 2022.
Depreciation 75,118,429,219 72,154,867,041
Others 216,461,489,153 242,950,595,911
9,061,955,781,205 7,573,741,201,368
35 RELATED PARTY DISCLOSURES

(a) Related party transactions NGUYEN THANH DAT DUONG QUANG HAI LE TrI ThOng
During the year, the following major transaction were carried out with related parties: Preparer Chief Accountant General Director

GRI INDEX REFERENCE

GRI INDEX REFERENCE

GRI INDEX REFERENCE INDEX REFERENCE AS PER REQUEST OF CIRCULAR NO.96/2020/TT-BTC
166 BÁO CÁO

ANNUAL
REPORT
PHU NHUAN JEWELRY JOINT STOCK COMPANY
170E Phan Dang Luu St., Ward 3, Phu Nhuan District, HCMC
www.pnj.com.vn

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FROM PRESSURE

ANNUAL REPORT 2021

IN A SMALL COUNTRY ON THE EARTH'S SURFACE, THE

THOSE ARE THE "DIAMONDS" THAT HAS MADE UP A PNJ

ANNUAL REPORT 2021 | 3

TOTAL PRODUCT OUTPUT

THE BUSINESS TIME LOST 2,335,589 PRODUCTS

GROSS PROFIT 3,598 BILLION VND

90 DAYS PROFIT AFTER TAX 1,029 BILLION VND

4 ANNUAL REPORT 2021 | 5

PHU NHUAN JEWELRY JOINT STOCK COMPANY MAIN BUSINESS INDUSTRIES

• English name: Phu Nhuan Jewelry Joint Stock Company

• Shares outstanding: 227.366.563 shares

INSPECTION SERVICES OF DIAMONDS, GEMS, PRECIOUS METALS

BUSINESS MARKET AND NETWORKS

6 ANNUAL REPORT 2021 | 7

AGILE TO CREATE VALUE

8 ANNUAL REPORT 2021 | 9

COVID-19 has created a real crisis for every company's Board of

The difficulty in 2021 has further highlighted the correctness of the

CAO THI NGOC DUNG

12 ANNUAL REPORT 2021 | 13

WINNING CHALLENGES, CREATING MIRACLES

2.58% 4,789.5 TRILLION VND 119,800 ENTERPRISES 600,000 12,000

T1 T2 T3 T4 T5 T6 T7 T8 T9 T10 T11 T12

CONSUMER CONFIDENCE INDEX IN VIETNAM 2018 - 2021

14 ANNUAL REPORT 2021 | 15

DESPITE DIFFICULTIES, BREAKING OUT TO CREATE MIRACLES

PNJ OPERATION STRATEGY IN 2021

16 ANNUAL REPORT 2021 | 17

18 ANNUAL REPORT 2021 | 19

VISION - MISSION - CORE VALUES

20 ANNUAL REPORT 2021 | 21

2009 - 2018 ANNOUNCING ITS NEW VISION AND

CONSTANT BREAKTHROUGH PNJ REALIZED ITS VISION AS A LEADING

PIONEERING PROCESS TO BECOME A STRATEGIC “LAUNCHER”,

22 ANNUAL REPORT 2021 | 23

MAIN BRANDS AND PRODUCTS

CAO FINE JEWELLERY

PNJ GOLD JEWELRY

24 ANNUAL REPORT 2021 | 25

MAIN BRANDS AND PRODUCTS

STYLE BY PNJ BRAND

PNJSILVER & ACCESSORIES

MAIN BRANDS AND PRODUCTS

PREMIUM CORPORATE GIFTS

MAIN BRANDS AND PRODUCTS

30 ANNUAL REPORT 2021 | 31

PNJ's CORPORATE GOVERNANCE FRAMEWORK

COMPANY’S KEY ACTIVITIES IN CORPORATE GOVERNANCE IN 2021

INDEPENDENCE 2. CONSTANTLY UPDATING INTERNATIONAL KNOWLEDGE AND PRACTICES ON CORPORATE GOVERNANCE;

3. IMPLEMENTING THE APPLICATION OF CONSISTENT CORPORATE GOVERNANCE REGULATIONS AND PROCEDURES

DIVERSITY 4. PERFECTING THE RISK MANAGEMENT MODEL AND INTERNAL SUPERVISION;

5. APPLYING INTERNATIONAL STANDARDS - IFRS IN THE FINANCIAL STATEMENTS COMPOSING;

34 ANNUAL REPORT 2021 | 35

36 ANNUAL REPORT 2021 | 37

Mr. DAO TRUNG KIEN

38 ANNUAL REPORT 2021 | 39

FINANCE & RETAIL & HUMAN