SJC’s jewelry exports sparkle again after three years
Saigon Jewelry Holding Co. (SJC) has resumed jewelry exports, after
stopping the business in late 2010 due to low competitiveness,
according to the The Saigon Times Daily.
Saigon Jewelry Holding Co. (SJC) has resumed jewelry exports, after
stopping the business in late 2010 due to low competitiveness,
according to the The Saigon Times Daily.
SJC is the second firm in the industry trying to ship jewelries abroad besides Phu Nhuan Jewelry Company (PNJ).
Do Cong Chinh, general director of SJC, said that his enterprise was sending small batches to Europe to explore the market before executing larger orders from foreign buyers. SJC will sign processing contracts with foreign partners to make shipments with bigger values in the near future, Chinh said.
Many foreign customers have already signed contracts with SJC after examining the processing technology and prices offered by the local company.
SJC has sought permission from the central bank to import materials temporarily for re-export to process jewelry for partners. Chinh deems this practice as the best way now as it is very difficult to compete with rivals from Thailand and Hong Kong who enjoy lower gold prices and have more advanced processing technologies.
PNJ is a jewelry exporter with steady exports done over the years. However, Nguyen Thi Cuc, deputy general director of the company, reported that jewelry export revenue only contributed some 6 percent to her company’s total while the export profits were low.
After an export tax rate of 10 percent was slapped on jewelry products having gold content of less than 99.99 percent, foreign customers have become lukewarm to high-value home-made jewelry items.
PNJ earns around 12.5-13 million USD from jewelry exports annually while its jewelry exports generated up to 29 million USD in the first five months of 2010 when jewelry exports by local firms were strong due to softer domestic gold prices then.
According to the Vietnam Gold Business Association, as other Asian countries apply jewelry export duties of zero percent, their export values of gold and jewelry products always stay high. Gold jewelry exports by Thailand average out at about 3 billion USD annually, the association said.-VNA
SJC is the second firm in the industry trying to ship jewelries abroad besides Phu Nhuan Jewelry Company (PNJ).
Do Cong Chinh, general director of SJC, said that his enterprise was sending small batches to Europe to explore the market before executing larger orders from foreign buyers. SJC will sign processing contracts with foreign partners to make shipments with bigger values in the near future, Chinh said.
Many foreign customers have already signed contracts with SJC after examining the processing technology and prices offered by the local company.
SJC has sought permission from the central bank to import materials temporarily for re-export to process jewelry for partners. Chinh deems this practice as the best way now as it is very difficult to compete with rivals from Thailand and Hong Kong who enjoy lower gold prices and have more advanced processing technologies.
PNJ is a jewelry exporter with steady exports done over the years. However, Nguyen Thi Cuc, deputy general director of the company, reported that jewelry export revenue only contributed some 6 percent to her company’s total while the export profits were low.
After an export tax rate of 10 percent was slapped on jewelry products having gold content of less than 99.99 percent, foreign customers have become lukewarm to high-value home-made jewelry items.
PNJ earns around 12.5-13 million USD from jewelry exports annually while its jewelry exports generated up to 29 million USD in the first five months of 2010 when jewelry exports by local firms were strong due to softer domestic gold prices then.
According to the Vietnam Gold Business Association, as other Asian countries apply jewelry export duties of zero percent, their export values of gold and jewelry products always stay high. Gold jewelry exports by Thailand average out at about 3 billion USD annually, the association said.-VNA
You should also see
PM urges stronger cooperation between Vietnamese, Chinese Ministries of Justice
Prime Minister Pham Minh Chinh has requested the Ministries of Justice of Vietnam and China to foster cooperation and mutual support, making them to be on a par with the height of the bilateral relations.
See more
Business
Vietnam an attractive destination for electronics, semiconductor investors: Official
Vietnam has strong infrastructure and research and development incentives as well as a skilled workforce, making it an attractive for “eagles” worldwide in the electronics and semiconductor industry, according to Deputy Minister of Planning and Investment Tran Duy Dong.
Business
Lam Dong strives to develop tea industry towards sustainable development
The Central Highlands province of Lam Dong aims to develop its tea industry to 2030 towards sustainable development by improving efficiency and fostering links between tea production, processing, and consumption. The province is also striving to replace aging tea plantations with high-quality tea varieties to enhance productivity.
Business
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
