The transaction was carried out on July 8, leaving the VinaCapital group with nearly 25.6 million PNJ shares.

The sale came as PNJ shares continued to decline following a sharp sell-off triggered by a criminal investigation involving a former executive.

After rebounding modestly on July 8, PNJ shares fell 3.85% on July 9 and dropped another 6.8% on July 10, closing at VND46,600 (US$1.78) per share.

Investigation weighs on investor sentiment

Selling pressure intensified after investigators arrested Dang Ngoc Thao, former director of P-Lab, PNJ's wholly owned gemstone certification subsidiary, in connection with an alleged cross-border diamond smuggling ring involving more than 28,000 diamonds.

Of the nearly 3.1 million shares sold by the VinaCapital group:

VinaCapital Strategic Equity Fund sold more than 1.1 million shares.
VinaCapital Modern Economy Equity Fund sold nearly 782,000 shares.
VinaCapital Strategic Growth Equity Fund sold more than 619,000 shares.
Generali Vietnam Life Insurance Co., Ltd. sold about 399,400 shares.
VinaCapital Opportunity Equity Fund sold nearly 176,000 shares.

Stock down about 45% from January peak

VinaCapital became a major shareholder in PNJ in late March 2026 after increasing its ownership to 5.04%, when the stock was trading at around VND72,000 (US$2.75) per share.

Since then, PNJ's share price has fallen by about 35%.

Compared with its late-January peak of nearly VND85,000 (US$3.24) per share, the stock has lost roughly 45% of its value.

Trading on July 8 also marked a record session for PNJ, with more than 25.6 million shares, equivalent to around 5% of its outstanding shares, changing hands. Total trading value exceeded VND1.3 trillion (US$49.7 million).

Earlier, Cao Ngoc Duy, the brother of PNJ Chairwoman Cao Thi Ngoc Dung, registered to purchase 300,000 PNJ shares. The company also announced plans to repurchase its own shares in an effort to stabilize the stock price and strengthen investor confidence.

Manh Ha