PhuQuy Gold Investment JSC: A Long-Established Jewelry Manufacturer Facing Sharp Volatility

PhuQuy Gold Investment Joint Stock Company (Business Registration Number 0102617088) has operated for more than 17 years from its head office at No. 30 Trần Nhân Tông, Nguyễn Du Ward, Hai Bà Trưng District, Hà Nội. Known for manufacturing and trading jewelry, the company operates in a highly specialized yet extremely competitive segment of Vietnam’s precious metals industry. Led by Lê Xuân T., who serves as both Chairman and Director while holding 80% of all shares, the business remains tightly controlled, with a workforce of around 50 employees and additional offices in both Hà Nội and Ho Chi Minh City.

While PhuQuy Gold benefits from a long-standing brand presence and a diversified business license that includes jewelry production, precious-metal trading, wholesale activities, and consultancy services, the company’s financial performance reveals significant instability. According to the financial statements on page 1, the firm recorded USD 93.34 million in sales in 2023, yet its profit collapsed to USD 378,488, a steep 74.94% decline from the previous year. Sales themselves dropped nearly 26%, reflecting weakened market demand or internal operational challenges. Despite maintaining USD 26.37 million in assets and USD 23.71 million in equity, the company’s profitability trend raises concerns about cost controls, competitive pressure, or potential margin compression in its gold and jewelry trading operations.

The company’s relatively small team and concentrated ownership structure give it agility but also create dependency risks, particularly in an industry that requires tight risk management, regulatory compliance, and strong financial buffers. The contrast between high-volume sales and minimal profit signals that PhuQuy Gold may be operating on skinny margins, or deploying resources inefficiently, which could become problematic if market volatility intensifies. Moreover, its extensive portfolio of registered business activities—from precious-metal manufacturing to brokerage, trade shows, and property rights trading—suggests broad ambitions but may also dilute focus.

Overall, PhuQuy Gold Investment JSC stands at a crossroads: it has the brand, the experience, and the market presence, but its declining profitability and fluctuating sales expose structural weaknesses. Investors and partners should pay close attention to liquidity conditions, margin pressures, and governance concentration. The full VNBIS report provides a deeper financial and risk assessment for those engaging in supply, trading, or partnership decisions with the company.