Brian Jeffrey
Le Thuy Hang, born in 1970, has been the General Director of Saigon Jewelry Company Limited (SJC) since December 2019. She has recently been charged in a criminal case related to the company.
On December 31, Major General Hoang Anh Tuyen, the spokesperson for the Ministry of Public Security, shared updates about the situation at SJC.
According to the investigation, six individuals have been charged with two offenses: misappropriation of assets and misuse of authority in carrying out their duties.
Le Thuy Hang is among those charged, specifically for “misuse of authority during her official duties.”
The investigations indicated that she exploited activities meant for stabilizing gold prices, and manipulated records to divert funds for her personal use.
Holding dual master’s degrees in business administration and finance and banking, Hang was appointed General Director of SJC by the Ho Chi Minh City People’s Committee on December 2, 2019, after serving as the Deputy General Director.
During her time as General Director, Hang’s salary was reported as second highest at the company, only below that of Chairman Tran Van Tinh.
In 2022, her estimated annual salary was around VND 547 million (over $22,300), which increased to VND 552 million (approximately $22,500) in 2023, not including bonuses and other perks.
In 2024, the price of SJC gold surpassed international prices by VND 18 million ($738) per tael, prompting the State Bank of Vietnam to conduct gold auctions aimed at market stabilization.
On June 3, 2024, the State Bank began selling gold directly to four state-owned commercial banks, with SJC involved in the distribution process.
A report from June 28, 2024, that was signed by Hang acknowledged the fluctuations in the market.
“Both global and local gold markets are facing significant volatility, with domestic prices rising steeply. This scenario is detrimental to the stability of the monetary market and influences public sentiment,” it stated, cautioning that continued alignment with international trends could lead to substantial macroeconomic impacts, along with inflation concerns that could drive up general prices.
The company recommended strategies to create a safer and more stable gold market, which included price stabilization measures to reduce speculation and stockpiling.
SJC’s plans for 2024 included plans to cut indirect costs, enhance marketing efforts, and balance their inventory of gold bullion and jewelry to stabilize the market while achieving production objectives.
In October 2024, Dao Cong Thang was appointed as Acting General Director of SJC.
Financial reports from SJC indicated significant revenue, yet their profit margins remained low. In 2023, the company recorded revenue of over VND 28.4 trillion (more than $1.1 billion) but reported a post-tax profit of merely VND 61 billion ($2.5 million).
This trend of high revenue accompanied by low profit margins has been ongoing for several years, with a gold inventory valued at VND 1.446 trillion ($59 million) at the end of 2023, representing a sizeable proportion of total assets which amounted to VND 1.898 trillion ($77 million).
Besides Hang, others charged with “misusing authority during official duties” include Mai Quoc Uy Vien, Director of SJC’s gold workshop; Tran Tan Phat, Deputy Director of the workshop; and Nguyen Thi Hue, Director of SJC’s Hai Phong branch. Additionally, two others, Hoang Le Hue and Nguyen Thi Loc, were charged with “misappropriation of assets.”
