SJC Company, as per this year’s business plan, aims for a profit exceeding 70 billion VND, the highest level since 2018, despite reducing nearly 4,500 taels of gold bars. Saigon Jewelry Company Limited (SJC) has set a revenue target of about 30,145 billion VND, slightly down by 1% from the 2023 plan. However, the company is striving for a profit of 70.2 billion VND, an increase of 24%.
If successful, this will mark the third consecutive year that SJC has achieved revenue of over a billion USD and recorded the highest profit in six years. SJC anticipates an increase in post-tax profit even though there is a policy to reduce output. The enterprise plans to produce nearly 31,700 taels of gold bars and more than 444,900 jewelry items, which is a decrease from previous targets.
SJC is focusing on investing in jewelry production and business, aiming to become a leading enterprise in jewelry manufacturing and trading, with plans to expand into the Southeast Asian market. The company intends to introduce new products made from agarwood, handicrafts, watches, and eyeglasses, as well as collaborate with travel companies to reach customers domestically and internationally.
As a 100% state-owned enterprise under the People’s Committee of Ho Chi Minh City, SJC has contributed significantly to the State budget over the years. It is part of a group of 27 enterprises that will have 50% or less of charter capital owned by the state after equitization. SJC is the only entity authorized by the State Bank to exclusively produce gold bars since 2014. However, recent fluctuations in the gold market have prompted discussions about changing production plans and eliminating its monopoly status.