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.
- Read More
Policy support for private enterprises poised to drive Vietnam’s stock market
Amid global uncertainties and complex geopolitical shifts, financial experts believe that Vietnam’s new Resolution 68 on private sector development, signed by the Politburo on May 4, could become a significant catalyst for the domestic stock market.
Economy - Sun, May 11, 2025 | 8:00 am GMT+7
Malaysia develops data centers to become technology nation
The data center sector can be a catalyst for Malaysia to become a technology nation, said Deputy Minister of Investment, Trade and Industry Liew Chin Tong.
Southeast Asia - Sat, May 10, 2025 | 11:03 pm GMT+7
Vietnam's V-GREEN signs $300 mln MoU with partners for EV charging ports in Indonesia
V-GREEN, the global electric vehicle (EV) charging station arm of Vietnamese conglomerate Vingroup, on Friday announced the signing of an MoU with four strategic partners to deploy 63,000 VinFast EV charging ports across Indonesia by the end of 2025.
Southeast Asia - Sat, May 10, 2025 | 11:00 pm GMT+7
Northern Vietnam province Bac Ninh records two-fold rise in 4-month registered FDI
Bac Ninh province attracted more than $1.91 billion in registered FDI capital during the first four months of the year, marking a 2.2-fold year-on-year increase, according to provincial official data.
Southeast Asia - Sat, May 10, 2025 | 10:55 pm GMT+7
Vietnam's Dai Hung - Phase 3 project produces first commercial oil flow
The phase 3 of the Dai Hung field development project (Dai Hung - Phase 3) offshore Vietnam has officially begun production of its first oil flow with 6,000 barrels per day, 20 days ahead of the adjusted schedule, according to state-owned Petrovietnam.
Southeast Asia - Sat, May 10, 2025 | 4:34 pm GMT+7
Vietnam's Party chief attends inauguration of Hanoi-Moscow direct flight
Party chief To Lam and a high-ranking Vietnamese delegation attended the launching ceremony of Vietnam Airlines’ Hanoi-Moscow air route on May 9 (local time), as part of his trip to Russia for an official visit and participation in the celebration marking the 80th anniversary of Victory in the Great Patriotic War.
Travel - Sat, May 10, 2025 | 4:29 pm GMT+7
Where does Vietnam's agricultural major Hoang Anh Gia Lai stand in pig farming industry's boom?
Hoang Anh Gia Lai JSC missed out on the Vietnamese pig farming industry’s growth surge from 2024 through Q1 of this year, after halting pig production during a period of low prices.
Companies - Sat, May 10, 2025 | 4:24 pm GMT+7
Indonesia to allow private companies to build EV charging stations
The Indonesian government is revising the rules to allow third parties to set up electric vehicle (EV) charging stations in Indonesia, said Minister of Investment and Downstreaming and head of the Investment Coordinating Board (BKPM) Rosan Roeslani.
Southeast Asia - Sat, May 10, 2025 | 4:01 pm GMT+7
Philippines aims to become $2,000-billion economy by 2050
The Philippines is maintaining strong economic growth and is on track to become a $2,000-billion economy by 2050, said Secretary of the country's Department of Economy, Planning and Development Arsenio Balisacan.
Southeast Asia - Sat, May 10, 2025 | 3:53 pm GMT+7
Vingroup chairman Vietnam's first person to have $9 bln in assets: Forbes
Vingroup’s founder and chairman Pham Nhat Vuong has become the first Vietnamese person to have a fortune of $9 billion, according to Forbes's update on Thursday, May 8.
Companies - Sat, May 10, 2025 | 1:09 pm GMT+7
Vietnam guarantees 65% power offtake for imported LNG-to-power projects over 10 years
Vietnam will guarantee an offtake of at least 65% of annual electricity output from projects using imported liquefied natural gas (LNG) power for up to 10 years, under a newly-issued government decree.
Energy - Sat, May 10, 2025 | 10:27 am GMT+7
VAFIE signs cooperation deal with Institute of Energy Technology
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and the Institute of Energy Technology (IET) under Hanoi University of Science and Technology has signed a bilateral cooperation agreement.
Companies - Sat, May 10, 2025 | 10:12 am GMT+7
Advisor outlines three strategies for Vietnamese firms facing US tariffs
Vietnamese companies must upgrade their value chains, shift decisively from original equipment manufacturing (OEM) to original brand manufacturing (OBM), and invest in brand development to combat the threats posed by U.S. tariffs.
Economy - Sat, May 10, 2025 | 8:17 am GMT+7
Vietnam's real estate major Hoang Huy aims for record net profit in 2025
Vietnamese property developer Hoang Huy Group targets to earn VND1.6-2 trillion ($61.6-77 million) in 2025 net profit, an all-time high and up 43-78% year-on-year, said deputy CEO Do Huu Hung.
Real Estate - Fri, May 9, 2025 | 11:23 pm GMT+7
Excise tax on sugary drinks needed as soon as possible: Vietnamese finance minister
Minister of Finance Nguyen Van Thang said a tax on sugar-sweetened beverages should have been introduced earlier, warning action cannot wait until the next generation is already facing obesity and related illnesses.
Economy - Fri, May 9, 2025 | 4:35 pm GMT+7
Murphy Oil drills second oil discovery offshore Vietnam
The U.S.-based Murphy Oil has made an oil discovery at the Lac Da Hong-1X (Pink Camel) well in the Cuu Long Basin offshore Vietnam, which is the second discovery in the company's current Vietnam exploration program.
Companies - Fri, May 9, 2025 | 4:09 pm GMT+7