Building a Jewelry Empire

"No one understands this market yet. Just apply your business experience and do what you’ve always done." - Words that marked the beginning of Cao Thi Ngoc Dung's journey to building Phu Nhuan Jewelry.

Cao Thi Ngoc Dung, 68, is the chairwoman of a company with a market capitalization of over US$1 billion.

With no background in jewelry and barely understanding the market, she was assigned to lead Phu Nhuan Precious Metals Store in 1988.

Cao Thi Ngoc Dung chose to go it alone, not partnering with state-run firms, despite their capital and know-how.

She believed a strong jewelry sector must be built around true artisans, not just commerce.

By 1988–89, she had formed a team of professional goldsmiths through her professional training programs.

In 1995, the World Gold Council entered Vietnam, and Cao Thi Ngoc Dung took a study tour with Regional Director Albert Cheng.

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.

Cao Thi Ngoc Dung overcame the toughest time between 1992 and 1995, transitioning from a small workshop to an industrial factory.

At 68, she remains active, continuing to inspire the next generation of Vietnamese entrepreneurs with her clear goals, perseverance, and long-term vision.