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Top 3 largest gold & gems companies in Vietnam

Top 3 largest gold & gems companies in Vietnam

Thursday 02, 06 2022
DOJI is the largest gold bar trading and distribution company in Vietnam with 15 member companies, 5 affiliated companies, 61 branches, nearly 200 centers and stores across the country, along with more than 400 agents and points of sale.


DOJI Gold & Gems Group Joint Stock Company was formerly known as TTD Trading and Technology Development Company established in 1994. In 2007, this company officially changed its name to DOJI Gold & Gems Investment Joint Stock Company.

In the late 90s, when the gem mining industry was still unnoticed, DOJI emerged as a pioneer in this field. TTD was the leading enterprise in gem mining, cutting and polishing processing. It also exported gems to the international market and was the first to introduce Vietnam Star Ruby brand - VSR.

Since 1994, DOJI has grown continuously by mastering the source of raw materials from mining activities to manufacturing. In the following years, the company focused on trading gold bars, jewelry, importing and exporting gold and fine art jewelry, expanding the system of chain of gold and silver centers nationwide.

In the period 2006 - 2007, DOJI acquired Hanoi Jewelry Joint Stock Company and SJC Da Nang to become the largest gold bar trading and distribution company in Vietnam. Its position was further strengthened when it group completed the acquisition of Diamond World Company Limited in early 2020.

DOJI owns 15 member companies, 5 affiliated companies, 61 branches, nearly 200 centers and stores across the country, along with more than 400 agents and points of sale. These figures help DOJI become the leading enterprise in the field of gold, silver and gems in Vietnam.

Since 2016, the revenue of DOJI Group has increased continuously, surpassing the two giants in the same industry: SJC and PNJ.

DOJI Group

In 2016, DOJI recorded a net revenue of nearly VND 47,400 billion which increased to nearly VND 52,000 billion in the following year. However, in the period of 2019 - 2020, DOJI's revenue increased even more dramatically, reaching VND 88,900 billion and surpassing VND 100,000 billion for the first time.

However, DOJI's profit margin is very low compared to the industry average. After a series of acquisitions to expand the distribution system, DOJI witnessed the highest revenue, yet its profit is less than half that of PNJ.


The company was established on April 28, 1988 with the name Phu Nhuan Jewelry Store (PNJ). In January 2004, PNJ was equitized and became Phu Nhuan Jewelry Joint Stock Company. In 2009, its stock was officially listed on HOSE. PNJ is the first and only jeweler listed on the Vietnamese stock exchange so far.

Over 30 years of establishment and development, PNJ has been constantly developing, becoming one of the largest jewelry manufacturers and retailers in Vietnam with famous brands such as PNJ Silver, PNJ Gold, CAO FINE Jewelry and Jemma. Besides, PNJ is also a pioneer in exporting Vietnamese jewelry to the international market.

At the end of 2021, PNJ recorded net revenue of VND 19,593 billion, up 11.9% and completing 93.3% of the year plan. Profit after tax reached VND 1,030 billion, down 3.7% compared to the previous year and only achieved 84% of the plan set out at the beginning of the year.


In December 2021 alone, PNJ's net revenue reached VND 2,834 billion, up 29% and profit after tax reached VND 192 billion, up 43.4%. Gross profit margin in December 2021 reached 16.6% compared to 18.1% in the same period of 2020.

In 2021, this business recorded a negative net cash flow of more than VND 717 billion. In terms of asset structure, PNJ's total assets at the end of 2021 was VND 10,547 billion, an increase of about 24% compared to the end of 2020.


Saigon Jewelry Company - SJC was established in 1988. It used to be a state-owned enterprise operating under the model of parent-subsidiary company. From September 16, 2010, the company officially operated under the model of one-member limited liability company with the name Saigon Jewelry Company Limited - SJC. After 34 years of operation in the sensitive and volatile gold market, Saigon Jewelry Company Limited - SJC has always stood firm with the leading position, holding 90% market share of gold bars.

The company has 23 branches, 6 subsidiaries and 6 associate companies, 13 invested enterprises. Its distribution network includes more than 200 stores, 43 official agents, and over 3,000 retail stores nationwide. In addition, SJC also has a concentrated jewelry production factory, which produces more than 500,000 products per year. In the coming time, SJC aims to become a leading economic group of the country, develop the gold and jewelry business with the foundation of a national brand to become an international brand.

In 2021, SJC saw a decrease of 25% in net revenue, to only VND 17,689 billion. Last year’s sales of the company fell to the lowest level since 2015. The above result comes from the fact that Ho Chi Minh City and many localities implemented social distancing for months in a row, and SJC's stores also had to temporarily close.


SJC's gross profit in 2021 reached VND 131 billion, equivalent to a gross profit margin of only 0.7%, also down compared to 1.1% of the same period in 2020. By the end of 2021, SJC's total assets reached nearly VND 1,700 billion, in which, inventory accounted for nearly VND 1,200 billion.

Equity reached more than VND 1,500 billion while liabilities were just over VND 100 billion. The company does not have any bank loans.

Henry Tran - VietnamCredit

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