Saigon Jewelry plans its privatisation

Vietnamese jeweller Saigon Jewelry Company (SJC) is set to be privatised next year.

The company, which has some 200 retail stores across the country, is one of a group of government-owned enterprises set for spin-off, however specific details have yet to be released.

Established in 1988, SJC posted revenue of US$981.3 million and after-tax profit of US$3.4 million last year.

The state-owned company also operates in other business sectors, including real estate, financial investment and services.

SJC is one of the largest jewelry trading companies in Vietnam along with companies like Phu Nhuan Jewellery (PNJ), Bao Tin Minh Chau and Phu Quy Jewelry, all competing in the US$600 million Vietnam jewellery market.