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Jewelry maker opens $5m factory

Oct 19th at 12:05
19-10-2012 12:05:02+07:00

Jewelry maker opens $5m factory

The Phu Nhuan Jewelry Joint Stock Co (PNJ) opened a VND100 billion (US$4.76 million) jewelry plant yesterday in HCM City's Go Vap District.

The new facility is the largest of its kind in the country with a total area of 12,500sq.m and 1,000 workers. It is expected to produce 4 million products a year.

PNJ chairwoman Cao Thi Ngoc Dung said that the inauguration of the factory would help the company solidify its position as one of the top domestic jewelry makers.

In the first nine months of this year, the company earned nearly VND4.9 trillion ($233.33 million) in total turnover and VND257 billion ($12.24 million) in pre-tax profits, or 81 per cent of its yearly goal.

The strategy, which will run until 2017, aimed to reach an annual turnover growth of 20 per cent and a yearly profit growth of 15 per cent for its core line of business, while quadrupling its export turnover, Dung said.

PNJ also hoped to become one of the leading jewelry makers and retailers in Asia, she added.

vietnamnews

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