Trouble arises again with SJC gold bars with a single letter designation.

SJC Company has stopped buying SJC gold bars while waiting to process its existing gold inventory.

"One-letter" gold refers to SJC gold bars with a serial number consisting of a single letter preceding a series of numbers. This indicates the gold was produced by SJC Company quite some time ago.

According to our investigation, the reason SJC Company refused to buy is because they currently have an inventory of approximately 1,000 taels of dented and damaged gold bars that they purchased within the past two months, and there is no information yet on when the State Bank of Vietnam will reopen its factory to re-stamp these gold bars.

In fact, this is not the first time SJC Company has stopped buying or deducted costs when purchasing "single-letter" gold bars.

In March 2015, SJC Company deducted 40,000 VND/ounce when purchasing "single-letter" gold bars to compensate for high capital costs and risks due to gold price fluctuations while waiting for the State Bank of Vietnam to allow reprocessing. Following discussions with the State Bank of Vietnam in Ho Chi Minh City, SJC's leadership reversed this decision.

In late December 2015, many gold shops again expressed their concern after hearing that SJC Company had temporarily stopped buying SJC series gold bars with a single letter and SJC gold bars that were dented or damaged.

In January 2016, SJC Company also abruptly stopped buying "single-letter" gold bars because it had used up its allocated gold minting quota.

Later, after being granted a processing quota for damaged gold by the State Bank of Vietnam, SJC Company bought it back.

The market rejects gold bars with a single lettering.

In a previous interview with Tuoi Tre Online , SJC Company stated that the quality of "single-letter" gold bars was no different from "two-letter" gold bars. However, for some unknown reason, the market "rejected" the "single-letter" SJC gold bars.

People come to the company to sell, and the company still buys them, but the company sells them to gold shops, and neither do the people. This situation has dragged on, causing a large amount of "one-letter" gold bars to accumulate in inventory.

Therefore, SJC Company had no choice but to request permission from the State Bank of Vietnam to re-stamp these gold bars into "two-letter" gold bars with new packaging. However, the lengthy waiting period for approval resulted in inventory buildup and affected SJC Company's capital balance.

Previously, SJC Company had autonomy in producing gold bars. However, since Decree 24 came into effect, the State Bank of Vietnam has held a monopoly on the production of SJC gold bars. For many years, the State Bank of Vietnam did not grant licenses for minting additional SJC gold bars.

SJC Company is only permitted to reprocess dented gold and gold with a single letter designation, according to the quantity of gold licensed by the State Bank of Vietnam.