SJC gold bullion sold at a store in HCMC’s Binh Thanh District.
Photo by VnExpress/Quynh Tran. 

State-owned Saigon Jewelry Company reported a pre-tax profit of VND75 billion ($3.2 million) for 2020, up 11 percent from the previous year. 

The company's revenue rose 26 percent to VND23.49 trillion in 2020, but its financial expenses tripled because of provisions made for the loss of financial investments.

Established in 1988, SJC is a wholly state-owned enterprise belonging to Ho Chi Minh City. Revenues were up 26 percent at VND23.49 trillion, well below its target of VND25.7 trillion.

It has been the sole producer of gold bullion in the country since 2012, and has around 90 percent of the bullion market.