Group assignment SITUATION ANALYSIS AND MARKETING STRATEGY FOR NEW PNJ SILVER JEWELRY COLLECTION

Company Background: Phu Nhuan Jewelry Joint Stock Company, abbreviated as PNJ, is one of Vietnam's most well-known and recognized jewelry retailers.. By the end of January 2022, PNJ has

Group Assignment SITUATION ANALYSIS AND MARKETING STRATEGY FOR NEW PNJ SILVER

JEWELRY COLLECTION

Class: MKT1705 Teacher in charge: Le Minh Viet

GROUP 3

Nguyen Ngoc Thuy Tien

Le Hoai Phong Nguyen Anh Duy

Table of Contents

Executive Summary: 3

I Introduction: 3

1 Company Background: 3

2 Introduction about the Product/Service: 3

II Situation Analysis: 4

1 Company analysis: 4

1.1 Competitive Advantage: 4

1.2 Market Share: 5

1.3 Company Issues: 6

2 Current Customer Analysis: 6

3 Competitor Analysis: 8

3.1 Doji Gold & Gems Group (Doji): 8

3.2 Sai Gon Jewelry Company Limited (SJC) 9

3.3 SBJ Gold Company: 9

4 Markting Environment Analysis: 10

4.1 Demographic forces: 10

4.2 Economic forces: 10

4.3 Technological forces: 10

4.4 Political forces: 11

4.5 Cultural forces: 11

5 SWOT Analysis: 11

5.1 Strengths: 11

5.2 Weakness: 12

5.3 Opportunities: 12

5.4 Threats: 12

III Marketing Strategy for the new product / Service 12

1 Segmentation / Target market: 12

2 Positioning / Value proposition: 14

3 Marketing Mix (4Ps) 15

3.1.1 Product: 15

Main products: “Luminary – Tinh Tú”: Sterling Silver Jewelry Collection 15

˗ Details: Luminary Sterling Silver PNJSilver Pendant, Luminary Sterling Silver PNJSilver Earrings, Sterling Silver PNJSilver Bangles 15

3.2 Price: 16

3.3 Place: 17

3.4 Promotion: 17

IV Appedix: 18

V References: 18

Executive Summary:

The main aim of this research report is to carry out a comprehensive analysis of the Phu Nhuan Jewelry Joint Stock Company’s situation and represent a marketing plan for new collection In so doing, the work would

go through the company background and it product lines, and most importantly, formulating a company situation of the company along with the market share, competitive advantage, current customer, competitor, marketing environment and SWOT analysis

Finally, the paper will show the marketing plan for the new products based on current company and market situation

I Introduction:

1 Company Background:

Phu Nhuan Jewelry Joint Stock Company, abbreviated as PNJ, is one of Vietnam's most well-known and recognized jewelry retailers PNJ is not only successful in Vietnam but it was also named one of the top 500 retailers in the Asia Pacific by Retail Asia magazine (Singapore) between 2004 and 2016 PNJ was founded

on April 28, 1988, in Phu Nhuan District, Ho Chi Minh City, Viet Nam by twenty progressive like-minded persons Since then, it has affirmed its position in the Vietnamese jewelry market with strong and steady growth and performance, combining its position as the largest player in the Vietnamese jewelry business

By the end of January 2022, PNJ has 329 stored around Vietnam with 310 PNJ Gold stores, 10 PNJSilver stores, and 9 other stores (CAO, Watch, Art, and Style), nearly 2,500 employees, and the distinction of being the only Vietnamese company capable of exporting gold and jewelry to the international market, PNJ has not only set up a dominant presence in the country but has also advanced to do business internationally

The company always assures customer pleasure by diversifying products and services of the best quality at a fair price, developing management and manufacturing systems, and enhancing the skills of artisans as given

to the company mission statement PNJ also furthers its business by supplying the sponsorship to many beauty competitions, such as the Elegant Talented Student Danang University 2019, Vietnam Young Lions

2019, 6th Vietnam Startup Wheel 2019, Business Journey 2019 of Miss Universe, and Miss Earth 2010, Nevertheless, in 2012, the claimed Asian biggest jewelry manufacturing factory was built to accelerate the firm’s productivity to the next level

PNJ has earned many commendable successes and is well on its way to approaching its vision, with the aim

of being the leader in the jewelry fashion sector in the Asia market, including the suggested philosophy

“Customer benefits is our commitment.” Net revenue reached more than 17,510 billion VND and net profit exceeded 1,069 billion VND, exceeding 20.9 percent and 28.5 percent of the goal, respectively There is a profit margin of 19.6% Forbes Vietnam values the PNJ brand at 93.1 million USD, up 18 percent from

2019 Talent.net praised and commended PNJ's prompt and effective F5-fresh practices as an Excellent Human Resources Policy Responding to Covid-19 Not content with that, PNJ's fruitful gold season was capped off with a slew of awards, including Top Vietnam 100 Best Places to Work, Top 10 out of 100 Sustainable Development Businesses in Vietnam, Vietnam's 50 Best-Performing Companies, and a slew of other prestigious domestic and international honors and awards

2.Introduction about the Product/Service:

PNJ Gold: PNJ Gold Jewelry has been developing since its start in 1988, launching hundreds of collections

with a variety of gold materials and rich gemstones Wedding jewelry lines such as Hanh Phuc Vang, Hoang Gia, Phuong Hoang, Mystery, Ngoc Bien, Ngu Hanh, and others are introduced one by one PNJ enhances the value of each piece of jewelry, not only to enhance the external attractiveness of the wearer but also to honor the actual values and noble traits of the wearer PNJ elevates the worth of each jewelry product, not

only to embellish the exterior beauty but also to celebrate the actual values, and noble traits of the owners, with the slogan "Seeing the Quality in You."

PNJSilver: PNJSilver, like a modern young lady, has always led the trend with broad and creative

collections of silver jewelry and accessories since its debut on the Vietnamese jewelry market in 2001 PNJSilver is happy to be a jewelry brand that is easily recognized in many shopping malls around Vietnam's provinces and cities, meeting the need for trendy jewelry of young individuals and groups

CAO Fine Jewelry: Set up 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 bring Vietnamese jewelry and brands to the world CAO Fine Jewelry, with independent storefronts mixed with the ShopIn-Shop (SiS) model, is placed in the classiest shopping districts in important cities, helping to enhance the brand experience and serve high-class clients, keeping up with the world's leading jewelry brands in Vietnam

PNJ Art: The advantages of design level, crafting technology, and a team of highly-skilled craftsmen and

goldsmiths have enabled PNJ to build a Gift line to offer corporate clients diverse and superior quality models, in addition to its masterpieces respecting beauty These corporate gift gifts are divided into six categories to provide businesses with a variety of alternatives for expressing appreciation, honor, or marks during the brand's history PNJ supplies Fashion presents, Gift masterpieces, Honor gifts, Gift envelopes, Jewelry gifts

PNJ Watch: In 2012, PNJ launched its first foray into the watch industry, targeting the midrange and

high-end categories, in keeping with the company's jewelry market-conquering strategy PNJ Watch has made consistent success with well-known brands like as Longines, Michael Kors, Movado, and Tissot Against the backdrop of a fragmented industry, this company aspires to be a market leader in authentic watch

distribution in Vietnam

STYLE by PNJ: STYLE by PNJ, which will debut at the end of 2020, is a personality statement and an

inspiration for the younger generation to discover their unique personalities and egos and create unique jewelry and fashion accessories that help them express and reflect those traits to the outside world, resulting

in your own personal style Style by PNJ offers novel shopping experiences through independent store formats integrated with Shop-In-Shop (SiS) to use the system's potential, with a concentration on large cities and plans to expand coverage soon

PNJ Lab: Inspection One Member Co., Ltd PNJ (Inspection One Member Co., Ltd PNJ), was founded by

PNJ with a team of experienced professionals and regularly updated knowledge and advanced technical equipment after 25 years of activity in the field of inspection services ( PNJLab) confirms reputable

customers at home and abroad PNJ Lab is currently the leading inspection company in the Vietnam market and one of the few inspection companies in Vietnam that have been successfully set up and used under ISO / IEC 17025 international standards All PNJ Lab certificates are based on the strictest international grading standards, including diamond grading based on the GIA Gemological Institute of America standards

PNJLab is also one of the few companies licensed by the General Department of Standards, Measurement, and Quality (Ministry of Technology) to measure the gold content of jewelry and works of art Depending

on the company or individual When there is a dispute Services available from PNJ Lab: Evaluation and advice on diamonds, Precious and semi-precious stone labeling and advice, Inspection and advice on gold, silver, precious metals, and non-ferrous metals, Diamond engraving on request

II Situation Analysis:

1 Company analysis:

1.1 Competitive Advantage:

Because of the rapid growth of PNJ, the company has become the largest segment in this field that almost no competitors would compare to it, not even Bao Tin Minh Chau, which has always been great A competitor

to not PNJ but all the jewelry companies One of the biggest reasons is that PNJ had successfully earned the trust of customers Moreover, the company has been producing high-quality products and services for years such as combining a comprehensive value chain with exclusive resources, human competence, and

technology application, Thus, they have been continuously stepping up and expanding increased branches

in the market whilst others are getting stuck at one place with serious problems such as faith All these

factors have strengthened the advantages of PNJ and its success Moreover, PNJ has an impressive move that they have successfully access to the younger generation like gen Z with Disney collections, STYLE X CHOUCHOU collection… but PNJ still always holds a special position in the hearts of potential customers

1.2 Market Share:

In 2017, PNJ had 28% of the market share in the jewelry segment with branches in 43/63 provinces In 2Q20, the company increased its market share to 34,7% and 35,8% in 3Q20 Since the shares are still

accelerating, it was predicted to grow and strengthen increasingly in the next several years And it did, until the very first quarter of 2022, the company has already taken more than 50% of the market share This number is believed to be growing and seems like there is no point in stopping Mr Le Tri Thong, Vice Chairman of the Board of Directors of PNJ said that the high potentiality in the future is still there because of the economic growth in Viet Nam and the intermediate and advanced segments which are still expanding year over year Therefore, the company had already had plans to exploit the chances

Figure 1.2.1: Market share and number of PNJ’s stores in Vietnam (Photo: Cafebiz)

Figure 1.2.2: Jewelry Industry and Business overview

1.3 Company Issues:

At the general meeting of shareholders, when assessing risks for business development work in 2022, Mr Thong announced that the biggest issues are development and monetary policy In fact, the detection sign appeared from the third and fourth quarter of last year, especially in some European countries and in March

2022, the Russian-Ukrainian conflict also had an impact on the world, the supply chain broke However, the Government's financial support packages will have a positive impact on the school's purchasing power Another issue that is no less important is about the negative equity and arrears of wages which has been leading to massive employees quitting the job

By the end of 2020, the company's inventory amounted to more than 5,500 billion VND, the main factor being goods When large inventory became a burden of capital costs, it somehow dragged down the

company's profits In addition, the company also handed out assets of nearly 48 billion VND at the bank to mortgage; The rights to u main cause of the problem were the money account for the inventory increased to more than 905 billion VND

At the end of 2021, PNJ maintains an abundant human resources, up to 6,473 people However, in the same year, 1,035 people quit their jobs

Entering 2022, PNJ has supported its growth momentum and continued to conquer new heights Sales and service provision in the first quarter of 2022 reached VND 10,229 billion, an increase of VND 2,994 billion, and profit after tax increased by VND 208 billion The business prospered, so PNJ strongly increased for the high-level leaders However, the problem is that PNJ still must pay employees and taxes of more than 500 billion VND

2 Current Customer Analysis:

Geographic Country region Northern Vietnam-Red River delta, North central coastal; Southern Vietnam

– Central Highlands, South central coastal, South Eastern, Mekong River delta

Density Urban, Suburban

Demographic

Family life cycle Young, single/married, with/without children;

Income Middle income (B+ 6 to 13 million VND/month) to middle-high income

(class A 13 to 20 million VND/month) Occupation Professionals, white collars; celebrities, affluent businessmen,

businesswomen, senior executives Generation Generation Z, Generation Y , Generation X

Nationality Confidence, materialistic, acquisitive, self-expression

Psychographic Social class Middle class to upper class

Lifestyle Succeeders, aspirers, mainstreamers

Personality Confidence, materialistic, acquisitive, self-expression

Behavioral Occasions Special occasions: Wedding, engagement, prom, formal meeting, dinner gala

party and celebration

Benefits sought Aesthetically pleasing, symbolize wealth and social status, express

personality, increase self-esteem and boost confidence

User status Potential user, first-time user, occasional users, and ex-users

User rates Occasional, light to medium

Loyalty status Loyal

Attitude toward product Positive, increasing level of customers’ satisfaction

˗ About Geographic Segmentation:

With the focus on developing the domestic market, PNJ symbolizes its influence by operating 310 outlets across every major city and suburban area nationwide, and the figure is ever increasing The business does not only aim to have a significant presence in the two biggest cities, namely Hanoi and Ho Chi Minh but also has imprinted the prestigious brand image to residents in emerging economic cities, such as Binh Duong, Can Tho, and Hai Phong Overall, PNJ focuses more on the market in the South of Vietnam, resulting in 85% and 70% of total revenue, for PNJ gold and PNJ silver respectively, that come from the region alone

˗ About Demographic segmentation

Overall, virtually all PNJ jewelry products are dedicated to female customers, with only a few exceptions such as some men’s watch collections and some exclusively designed CAO Fine Jewelry ordered by

executives

PNJ offers four differentiated brand products to target four distinct groups of customers To begin with, PNJ silver aims to cater to the needs of 15 to 25 years old girls, who love fashion and are always looking for ego expression, by offering graceful and elegant bracelets and necklaces Next, is JEMMA, a brand option designated for young female office workers, who are interested in looking good and renewing themselves Thirdly, PNJ gold segments 25 to 45 years old, prizing wealthier and medium to upper-medium class of females who are less price-conscious Finally, the renowned CAO Fine Jewelry includes luxury and high-end collections, which are crafted specifically to serve high-income customers and Vietnamese overseas

˗ About Psychographic segmentation:

Here we use the 4Cs lifestyle classification, which is short for Cross-Cultural-Consumer-Characterization proposed by (Young & Rubican, 2015)

Customers for the luxury product line of PNJ are often top managers, senior executives, affluent

businesspersons, and politicians They are the succeeders who have work-centric, high social status,

confidence, and brand choices often toward prestigious brands

Aspirers are people who pay attention to appearance, tend to be younger and acquisitive They are concerned with their image in the eyes of other people and can be materialistic These unflinching customers contribute the largest sales proportion of PNJ

Mainstreamers make up the largest category of customers who visit PNJ and are the latent consumers They are, however, most of society, ordinary, sentimental, and more familiar with consuming “family” brands

˗ About Behavioral segmentation:

Without question, PNJ has the most interest in the occasions that consumers spend their disposable income

on jewelry products, considering that the general features of jewelry are only optional items, are expensive, and are used in only particular events Some are the predictable times of the year when the demand is high, such as the wedding season starting in September annually Others events are unpredictable but happen all year round such as prom, partner meetings, company formal parties and gala dinners

Customers who visit a PNJ store usually already have some reasons to buy jewelry in their minds For whatever the reason may be, they are potential users of PNJ, and a proportion of them who have the

willingness and the ability to buy will become first-time users The increasing level of satisfaction that PNJ has delivered is bringing many customers back to the brand and they are occasional customers However, the jewelry market in Vietnam is highly competitive, with plenty of substitutes provided by competitors that affect loyalty and drag buyers away from PNJ

3 Competitor Analysis:

3.1.Doji Gold & Gems Group (Doji):

+ Company profile:

Vietnam's DOJI Gold & Gems Group was originally known as TTD Technology and Trading Development Company The DOJI brand has dominated the domestic market with a system of gold bars trading and diamond and jewellery distribution across Vietnam Its core cultural values are Integrity, Innovation,

Synergy, Knowledge, Benevolence and Knowledge With a clear strategic vision, a sustainable development vision and enormous potential, the DOJI Group has affirmed its role as Vietnam's national brand

+ Product lines:

DOJI has various famous line of jewelry such asDiamond House - Diamond Jewelry, Color Stone Jewelry, Wedding Land - Wedding Jewelry, 24K Gold Jewelry with 3D technology with lightweight, gold products such as Phuc Long Au gold, blister pressed products, Linh Armor… are well received by customers and have strong consumption power in the market

+ Marketing stategy:

The strategy with an open mind has brought DOJI from a small company in the field of gold, silver and gems to a multi-industry "giant" Do Minh Phu is the Chairman of the Founding Board of DOJI

Jewelry Group He and his associates have built and developed a famous brand in the fields of gold, silver, and gems In 2012, the group invested in the financial sector, taking part in the restructuring of Tien Phong Bank (TPBank) Two years later, DOJI "encroached" into the real estate sector, establishing DOJI Land The group owns many valuable land plots in Hanoi and Ho Chi Minh City, such as DOJI Tower, which is the

largest center for jewelry DOJI's goal is to become one of the leading multi-industry corporations in

Vietnam in the next 5 years The Group has set out many new strategies to overcome the limitations of a traditional gold and silver business, increase market share in the domestic market and boost exports to many markets According to the Chairman of the DOJI Founders Council, the company does not invest in multi-sectors following the movement but takes cautious steps

Distinct multidisciplinary strategy According to the Chairman of the DOJI Founders Council, the

company does not invest in multi-sectors following the movement, but takes cautious steps: "The three areas DOJI participates in have close relationships, all of which are difficult and risky areas DOJI believed that the risk is high, but they are confident because they had taken time to prepare carefully before making the right decision To implement a multi-industry strategy, enterprises must have strong financial potential Currently, DOJI has equity of VND 4,500 billion and total assets of VND 12,000 billion Revenue in 2009 reached 11,000 billion VND, in 2019 it is expected to be more than 8 times higher at 90,000 billion VND In

the overview, DOJI’s development strategy is very thorough, there is a continuous process The company seizes the opportunity, and chooses sometimes to take explosive and breakthrough steps if it sees

opportunities from the market For example, when building DOJI Tower with a location near Ho Guom streets, the Group wants to create a unique cultural and tourist destination of the capital, where international tourists can admire and shop for products Gold, silver, high-class gems made by Vietnamese people DOJI cooperates with travel agencies, putting the building in the list of tourism products, increasing the choice of places to visit for visitors

3.2.Sai Gon Jewelry Company Limited (SJC)

+ Company profile:

SJC is a corporation that buys and sells gold and silver, as well as processes, creates, imports, and exports jewels, gems, and semi-precious stones Producing gold bullion Saigon Jewelry Company (SJC) is

Vietnam's leading producer and distributor of gold and gold jewelry Saigon Jewelry Company Limited (SJC) is a unit directly under the HCM City Party Committee and controls 90% of the local gold bullion market The SBV selected Saigon Jewelry Company (SJC) as the sole business allowed to make gold bars in Vietnam in May 2011 SJC is the national gold bar brand and was a monopoly manufacturer The company model includes the parent company, 23 branches, 6 subsidiaries and 6 associate companies, 13 invested enterprises Distribution network includes more than 200 stores, 43 official agents, over 3,000 retail stores nationwide Besides, SJC also has a concentrated jewelry production factory, which produces more than 500,000 products a year Distribution network includes more than 200 stores, 43 official agents, over 3,000 retail stores nationwide Besides, SJC also has a concentrated jewelry production factory, which produces more than 500,000 products a year The main company, 23 branches, 6 subsidiaries and 6 associate firms, and 13 invested enterprises comprise the corporate model More than 200 outlets, 43 official agents, and over 3,000 retail retailers are part of the distribution network SJC also has a focused jewelry production plant that generates over 500,000 goods every year DOJI now owns more than 200 outlets, 43 official agents, and over 3,000 retail retailers are part of the distribution network SJC also has a focused jewelry production plant that generates over 500,000 goods every year

+ Product lines:

SJC launched the first gold bar product branded with Golden Dragon SJC 999.9, including 1 piece, 2 thread,

5 piece, 1 tael and 2 tael, which changed the payment method with gold rings, old gold leaf in the domestic market In 1992, SJC was the first organization to organize the Vietnam Jewelry Expo (the only fair on the jewelry industry in Vietnam) and has been continuously organized by SJC every year until now March/

1993, Changed its name to City Jewelry Company - SJC, the name is Saigon Jewelry Company.Now, SJC a lso provide mid-priced and luxury jewelry

+ Marketing strategy:

SJC with a long-term strategic vision, becoming a leading economic group in Vietnam, is a brand that is not only national but also international Currently, the company has 23 major branches, 6 subsidiaries and 6 associate companies, 13 more invested enterprises, proving that SJC's development resources are very strong

More than 200 main stores, 43 big agents and over 3000 retail stores nationwide SJC has covered almost every area in the country In addition, currently SJC is considered the unit of gold price in Vietnam, it directly reflects the domestic gold price and future trends

SJC does not focus mostly on the high-end customer segment, the company's products are divided into reasonable niches for everyone to own Whether it's popular or high-class jewelry, it is focused on quality, form and value This is put on the forefront of SJC during its operation

In addition, the company offers attractive after-sales policies for customers For that reason, SJC is

considered the second most prestigious when customers want to trade gold

3.3.SBJ Gold Company:

+ Company profile:

Saigon Thuong Tin Bank (Sacombank-SBJ) Gold Silver Jewelry One Member Limited Liability Company (Sacombank-SBJ), a subsidiary of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), began

operations on November 28, 2008 Sacombank-SBJ actively expands on the idea of a multi-product center, integrating exhibition, sale, and purchase, with the criterion of "rapid, efficient, yet safe, and sustainable growth."

+ Product lines:

SBJ diver they jewelry product lines with feng shui gifts, high-class jewelry gifts for individuals, units

+ Marketing strategy:

Sacombank-Branches SBJ's and Stores benefit from being Sacombank members in terms of location, as they are located in Sacombank's Branches or Transaction Offices: Congested location, close to various business hubs and recreation places, providing the finest convenience for customers to visit and shop

The demand for quality inspection of gemstone items is increasing in tandem with the expansion of

Vietnam's jewelry business As a result, Sacombank-SBJ formally launched the Jewelery Inspection & Service Center in accordance with worldwide standards on September 29, 2009

4 Markting Environment Analysis:

4.1 Demographic forces:

In October 2021, Vietnam had an estimated population of 97.338.579, and the number of people whose age

is between 15 and 54 accounts for the greatest proportion of 60,92% with 15.22% of age between 15-24 years and 45.7% of age between 25-54 (CIA World Factbook, 2020) This is a big market and, as a result, PNJ can take this young, large, and rapidly growing population to its advantage Moreover, the number of city dwellers is 37,70% of the total population with 36.727.248

According to the analysis of experts from Vietcombank Securities Company (VBCS), PNJ benefits greatly from the long-term growth potential from Vietnam's population of more than 97 million people with 69.3%

of the population in the 15-64 age group, in the working and consuming age group 51% of the population is female, which is the group with high demand for jewelry consumption Along with that, the income of the middle class is growing rapidly, contributing to the demand for branded jewelry Besides, the market also has opportunities to increase market share for retailers with big brands, these opportunities come from small businesses/small brands who can't resist after the pandemic COVID-19 About the traits of the jewelry industry, the emerging middle-class brings prosperity and opportunities to PNJ

World Gold Council has pointed out that 2021 demand for jewelry in Vietnam increased 11% higher than the

2020 But the jewelry market was hit hard by COVID-19 Jewlery outlets were allowed to reopen in October, but the severe effects of the pandemic in Vietnam have left consumers cautious about making high value purchases Despite this, sales picked up in November, reflected in strong q-o-q growth, with promotional campaigns and the wedding season in Vietnam contributing to the recovery Demand is likely to continue to pick up as Vietnam’s economic recovery boosts consumer confidence Q4 GDP grew 5.2%, and a major government stimulus package is likely to further support a recovery

4.2 Economic forces:

To cope with the market turmoil after the COVID-19 pandemic from 2019 to 2022, PNJ has actively

restructured its retail outlets In 2020, the company opened 29 new outlets but closed 36 to have better rental and locations This year, PNJ plans to open 40-45 new outlets and invest more in production technologies and product design

According to General Statistic (GSO), per capita monthly income of Vietnamese people was averaged at 4.2 million VND (182.7 USD) in 2020, down 1 percent year-on-year Deputy head Nguyen Trung Tien

attributed the decrease to the impact of the COVID-19 pandemic Besides that, based on the global data and research house ECA International, the annual Salary Trends Report recently released by U.K also pointed out that the average real salary rise for workers in Vietnam in 2020 is projected to be 5.1 percent, up from 4 percent which means the development of middle-class and lower-middle-class

4.3 Technological forces:

Back in 2013, Circular 22 was imposed to tighten the gold jewelry business, causing many small units to stop running temporarily When other businesses were still confused by the change and some of them had just started to return to promoting the jewelry manufacturing segment At this time, PNJ owned the largest