Gold price increases sharply, SJC gold tycoon makes record profit

Saigon Jewelry Company Limited (SJC) has just announced its audited financial report for 2024 with a profit four times higher, in the context of strong fluctuations in SJC gold prices.

Accordingly, revenue from gold, silver and gemstone trading activities reached VND 32,193 billion, an increase of 13.32% compared to 2023. Net profit from business activities was VND 378 billion, an increase of more than 384.6% compared to 2023.

The company's after-tax profit in 2024 will reach VND283 billion, while in 2023 this figure will be VND60.9 billion.

In 2024, the price of SJC gold bars continued to increase sharply. In the last session of 2024, the price of SJC gold bars was traded at 82.2-84.2 million VND/tael (buy-sell), an increase of 10.2 million VND/tael in 2024, equivalent to 13.78%.

As of December 31, 2024, SJC holds VND278 billion in cash and non-term deposits at banks. Inventory is VND1,587 billion.

According to AASC Auditing Company Limited, SJC Company recorded corporate income tax expenses arising in 2024 on the financial report by VND 13 billion higher than the actual amount. This caused the balance sheet as of December 31, 2024, in the "Taxes and amounts payable to the State" indicator to reflect a higher amount, and the "Undistributed profit after tax" indicator to reflect a lower amount of the corresponding amount.

SJC reports big profits in 2024. Photo: Nguyen Hue

On the business results report, the "Current corporate income tax expense" indicator is recorded higher than actual, while "Profit after tax" reflects lower than actual correspondingly.

In addition, in 2024, a number of officers and employees of SJC Company were prosecuted for embezzlement of property and abuse of position and power while performing official duties. Because the case is under investigation and there is no official conclusion or verdict, the auditing unit cannot determine the impact of this issue on the preparation and presentation of SJC Company's 2024 financial statements.

According to the conclusion of the State Bank Inspectorate announced in May 2025, SJC Company still has many shortcomings and violations of regulations in gold trading activities.

Specifically, the decision on gold buying and selling prices is entirely directed by one individual, the company's general director, without any specific process, criteria or basis. In addition, the relevant departments are not clearly separated in their responsibilities in the price determination consultation stage. This is considered to be potentially high risk, which can affect the gold market, as SJC holds a large market share.

In 2024, the Ministry of Public Security's Investigation Police Agency prosecuted a total of 6 defendants on 2 charges: Embezzlement of property; Abuse of position and power while performing official duties. Among them, Ms. Le Thuy Hang, General Director, was prosecuted for "Abuse of position and power while performing official duties".

Saigon Jewelry Company (SJC) is a 100% state-owned enterprise, under the People's Committee of Ho Chi Minh City, with 35 years of operation in the gold trading sector. SJC has a network of more than 200 stores and dozens of official agents, many of which are licensed to trade SJC gold bars.

Since 2012, SJC has been selected by the State Bank as the national gold brand. The company produces gold bars under the SJC brand and is responsible for the quality of this product.

Source: https://vietnamnet.vn/gia-vang-tang-manh-dai-gia-ban-vang-sjc-lai-ky-luc-2429412.html