Vietnam gold major SJC charts new path with diverse products
Vietnam gold major Saigon Jewelry Company (SJC) has charted a new growth path by diversifying its product line to include agarwood products, handicraft items, watches and eyewear.
Founded in 1988, SJC is a state-owned enterprise under the Ho Chi Minh City People's Committee. In 2010, it was restructured and renamed Saigon Jewelry Company Limited.
SJC has built its gold bar brand into a national icon with high storage value and liquidity. At its peak (2007–2011), SJC gold bars accounted for 90% of gold transactions and 85% of the gold held by individuals and organizations in Vietnam, and they were commonly used in real estate transactions.

Straw bags introduced by SJC. Photo courtesy of SJC.
SJC was ranked 4th among the Top 500 largest enterprises in Vietnam in 2011, achieving record revenues of VND111 trillion ($4.47 billion).
However, fluctuations in gold prices since have led to instability in exchange rates and a weakening domestic currency, partly causing other investment channels like stocks and real estate to slump.
Therefore, in April 2012, the government issued Decree 24 on gold trading management, implementing its policy to "de-gold" the economy. As a result, the State Bank of Vietnam (SBV) monopolized the production of gold bars and only engaged SJC for processing under strict supervision.
Gradual loss of position
After 12 years, SJC's business performance has improved but remains far from its golden age, and the company has been gradually losing its position.
In 2023, SJC's revenue of VND28.41 trillion ($1.14 billion) was the highest in nearly a decade, but significantly lower than VND72.05 trillion ($2.9 billion) in 2012 and VND111 trillion ($4.47 billion) in 2011.
Profits also diminished substantially. According to reports submitted to the SBV, prior to 2012, SJC's profits exceeded VND300-400 billion ($12-16.11 million) per year, with 90-95% coming from gold bar production.
In 2012, profit dropped to VND295 billion ($11.88 million), and in 2013, after-tax profit fell to VND191 billion ($7.69 million), “saved” largely due to significant contributions from financial activities with a turnover of nearly VND250 billion ($10.07 million) per year.
Since 2014, SJC's profits have consistently remained below VND100 billion ($10.04 million).
One relatively positive aspect of SJC's business landscape has been the improvement in gross profit margins. In 2012, the gross profit margin was only 0.33%, but it increased to between 0.6% and 0.9% in subsequent years.
However, this margin is still quite low compared to competitors like Phu Nhuan Jewelry JSC, which enjoys a gross profit margin of 18-20% annually. While PNJ's asset size has grown 4.4 times over the past decade, SJC Gold Company's assets value has shrunk.
In 2012, SJC's total assets were valued at over VND3 trillion ($120.87 million), but they fell sharply to VND1.8 trillion (72.52 million) in 2013 after making payments and reducing debts.
From 2015 to 2021, its total assets value continued to decrease, hovering around VND1.5 trillion ($60.43 million) to 1.6 trillion ($64.46 million), partly due to divestments.
However, by the end of 2023, the company's assets had risen to nearly VND1.9 trillion ($76.55 million), thanks to accumulated profits and the beginning of financial leverage through debt.
Diversification of business lines
Instead of focusing solely on gold bar production, SJC has retrained sights on jewelry production and trading. The company established a jewelry production department in 2007 but didn't fully commit to it until 2012 with the launch of the "Jewelry Development Project 2012-2015." The project aimed to develop a nationwide and international jewelry business covering both popular and high-end segments.
The company also invested in the Tan Thuan jewelry factory, which was inaugurated in May 2012 with an annual capacity of 1 million products.
SJC's goal is to become a leading enterprise in jewelry production and trading by expanding the business throughout Southeast Asia.
This year, it plans to launch a range of agarwood products, handicrafts, watches and eyewear.
It will also collaborate with travel and tourism companies to implement a new business model, broadening the SJC brand's reach with products catering to both domestic and international tourists. Earlier this year, it introduced the SJC Star handmade straw bags.
The company believes that adding new business lines will provide momentum for further network expansion.
In May, SJC opened its first jewelry rental store, offering both real gold and gold plated jewelry, aiming to allow “every bride to shine on her special day.”
As of end 2023, SJC had 28 affiliated units – 11 branches, 16 stores and one factory – with presence extending from the south to the north of the country. It also has five subsidiaries among which only SJC Can Tho Jewelry JSC is making profits; the other units are either operating at a loss or generating no profit.
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