The Path to Success

Rejection of foreign overtures and independent development of manufacturing technology allowed Cao Thi Ngoc Dung to lead Phu Nhuan Jewelry to the forefront of Vietnam’s jewelry industry.
She is the chairwoman of a company with a market capitalization of over US$1 billion, with a clear goal of building a modern jewelry industry that could elevate Vietnam on the global stage.

At 68, she remains active, continuing to inspire the next generation of Vietnamese entrepreneurs. In an interview, VnExpress sat down with the “iron lady of Vietnamese jewelry” to discuss her business journey and philosophy.

Early Years

In 1988, at 31, Cao Thi Ngoc Dung was assigned to lead the Phu Nhuan Precious Metals Store – now PNJ – when Vietnam had no real jewelry market. With no background in jewelry and barely understanding the market, she hesitated. However, a leader told her: “No one understands this market yet. Just apply your business experience and do what you’ve always done.”

With that encouragement and a pioneering mindset, she took the plunge. Gold trading was tightly controlled then, mostly conducted through the black market. Jewelry artisans mostly worked without official recognition or regulation. When the government allowed gold businesses to open, many state-run firms partnered with private shops to leverage their capital and know-how. She chose to go it alone.

Building a Foundation

She believed a strong jewelry sector must be built around true artisans, the heart of the industry, rather than just commerce. Many private gold shop owners cared only about trading. She invited artisans to join her, learning the craft from them as she organized professional training programs. By 1988–89, she had formed a team of professional goldsmiths. In 1992, PNJ was chosen to create a joint venture with an Australian jewelry company. However, she rejected the deal after realizing that replicating their technology would not be sufficient to make PNJ a global exporter. She decided to invest in technology and research, studying documents, meeting with equipment suppliers, and learning how modern factories operated.

Turning Point

The turning point came in 1995 when the World Gold Council entered Vietnam. Regional director Albert Cheng took her on study tours to observe their business models. It was a difficult yet formative period for PNJ. Rejecting the joint venture taught her that if others can do it, so can we – with perseverance.

Industrialization and Expansion

PNJ became the first Vietnamese company to build an international standard jewelry workshop, train professional goldsmiths, and build a brand based on design and innovation. She won multiple domestic and international awards. At 68, she remains active, continuing to inspire the next generation of Vietnamese entrepreneurs.

Lessons Learned

The toughest time was between 1992 and 1995 as PNJ transitioned from a small workshop to an industrial factory. She had to streamline operations, boost efficiency, and shift from gold bullion to jewelry retail. However, with collective resolve and long-term vision, they overcame the challenge. Now, 2025 has proven even more difficult than the Covid period. PNJ faces rising material costs and a slowdown in consumer spending, while the global jewelry market is also contracting. However, she remains calm and focused, analyzing the root of the issue and solving it.

Advice to Young Entrepreneurs

She advises young entrepreneurs to have clear goals, perseverance, long-term vision, and a strong corporate culture. Today’s young entrepreneurs have many advantages, but some lack boldness. She encourages them to be dynamic, creative, and daring, seizing the opportunity to rise and become billionaires.

Preparing for the Future

She is preparing PNJ for the transition from day-to-day operations to strategic direction, corporate governance, and developing the next generation of leadership. She is focusing on developing mid-level managers, helping them identify and correct blind spots in thinking and skills. At PNJ, she values integrity over skills, requiring 8 or 9 in ethics and cultural fit.

Legacy

She feels proud of the fact that PNJ laid the foundation for Vietnam’s modern jewelry industry and proved that Vietnamese businesses can thrive on their own strengths. She is an influential leader, someone who has helped change how businesses are built, inspired others, and left a lasting legacy. Real leadership is about creating value for the next generation, not holding power.

Work-Life Balance

She maintains a work-life balance by doing what she loves, creating value, and finding joy and purpose. She enjoys reading, practicing yoga, walking or jogging on weekends, and meeting friends when she can. She believes that balance does not have to mean staying home on weekends, but rather meeting other businesswomen, sharing knowledge, and helping them grow – that too is balance.

Building a Jewelry Empire

The Path to Success

The Story of Cao Thi Ngoc Dung

“No one understands this market yet. Just apply your business experience and do what you’ve always done.”

These words of encouragement from a leader in 1988 marked the beginning of Cao Thi Ngoc Dung’s journey to building Phu Nhuan Jewelry, now a leading company in Vietnam’s jewelry industry.

Early Years

A Pioneering Mindset

Gold Trading and Artisans

Gold trading was tightly controlled then, mostly conducted through the black market. Jewelry artisans mostly worked without official recognition or regulation. When the government allowed gold businesses to open, many state-run firms partnered with private shops to leverage their capital and know-how. She chose to go it alone.

Building a Foundation

Turning Point

A Rejection and a New Path

In 1992, PNJ was chosen to create a joint venture with an Australian jewelry company. However, she rejected the deal after realizing that replicating their technology would not be sufficient to make PNJ a global exporter. She decided to invest in technology and research, studying documents, meeting with equipment suppliers, and learning how modern factories operated.

A Turning Point

The turning point came in 1995 when the World Gold Council entered Vietnam. Regional director Albert Cheng took her on study tours to observe their business models. It was a difficult yet formative period for PNJ.