Jeweler Bao Tin Manh Hai eyes Vietnam IPO as gold market evolves

Bao Tin Manh Hai Jewelry, one of Vietnam’s largest gold retailers, is preparing for an initial public offering in the fourth quarter as it pursues an aggressive expansion plan and seeks to capitalize on gold reforms aimed at opening up the market. The Hanoi-based jeweler is in the pre-IPO phase and expects to begin marketing the share sale through investor roadshows in June, Chairman Vu Hung Son said in an interview. Son declined to disclose the fundraising target, but said the company plans to sell at least a 15% stake in the offering. How Vietnam’s gold market reforms are reshaping jewelry retail Gold market reforms aimed at boosting raw material supply, narrowing the gap between domestic and global prices and tightening oversight are reshaping the competitive landscape for Vietnam’s jewelry companies. The rollback of the state monopoly on bullion production allows major private firms to apply for production licenses, expanding sourcing flexibility and improving access to gold inputs. “This should help alleviate the raw material shortages that have constrained the jewelry manufacturing industry in recent years,” said Ngan Ly, senior analyst at Vietcap Securities. Better access to gold could lift production capacity and sales growth for manufacturers and retailers, she said. Eleven companies and credit institutions have applied for gold bar production licenses, the State Bank of Vietnam — the main regulator of the gold market — said in April. Son, who is also vice president of the Vietnam Gold Traders Association, confirmed that Bao Tin Manh Hai expects to receive approval by midyear. “We have everything ready, from technology to personnel, so once we receive the license we can begin production immediately,” Son said. The company has signed memorandums of understanding with several London Bullion Market Association-linked firms to import gold once approvals are granted, he added. Jewelry market growth and IPO momentum The planned IPO would add momentum to Vietnam’s primary market after a roughly 41% rally in the benchmark VN-Index last year rekindled investor appetite and prompted companies to tap public markets for growth capital. The VN-Index has gained more than 7% so far this year. Bao Tin Manh Hai is working with advisers including SSI Securities Corp. on valuation and listing preparations, Son said. The company, which plans to list on the Ho Chi Minh City Stock Exchange in the same quarter as the IPO, is already in discussions with potential strategic investors, he said. The debut would make Bao Tin Manh Hai only the second Vietnamese gold company to trade on an official exchange after Phu Nhuan Jewelry, which listed in 2009. Bao Tin Manh Hai’s expansion strategy and store growth plans Founded more than three decades ago as a family business, Bao Tin Manh Hai aims to have a network of 450 stores by 2030. It currently has 16 shops across Hanoi, Ho Chi Minh City, Bac Ninh and Haiphong, and plans to open 68 additional outlets this year. In Vietnam’s gold market, where the local price has risen more than 7% this year, the jeweler is focusing on 24K lifestyle products such as ultra-small 0.1 mace (0.375 grams) decorated gold pieces. It’s seeking to position the precious metal as a mass-market savings vehicle accessible to customers across all income levels, Chief Executive Officer Nguyen Thi Hong said in the same interview. “We want to become a national gold brand,” Hong said, adding that the company is working with Chinese specialists to utilize their expertise in jewelry manufacturing and craftsmanship. Gold occupies a unique role in Vietnam’s economy and culture, serving as a store of wealth, a hedge against inflation and a symbol of prosperity. The demand for physical gold has surged over the last year as domestic prices climbed to record highs and retail investors searched for alternatives to property and equities. Bao Tin Manh Hai reported after-tax profit of 774 billion dong ($29.4 million) last year, compared with 21.9 billion dong in 2024, according to figures released in March. Revenue rose to nearly 28 trillion dong from about 2.5 trillion dong a year earlier. Son said he expects revenue to at least double this year. By Nguyen Kieu Giang and Francesca Stevens

Jeweler Bao Tin Manh Hai eyes Vietnam IPO as gold market evolves

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Jeweler Bao Tin Manh Hai eyes Vietnam IPO as gold market evolves

How Bottega Veneta weaved China’s forever it bag