On 12th May, jewellery brand Pandora, announced its plans to build a new jewellery crafting facility in Vietnam Singapore Industrial Park 3 (VSIP) in Binh Duong Province, about 40km north of Ho Chi Minh City. The new facility will be built according to the LEED Gold standard, a leading green building certification, and be powered by 100 percent renewable energy. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewellery. The construction is set to begin in early 2023 and production is due to start by the end of 2024.
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Pandora will invest USD 100 million to build the new facility in Vietnam, which will be the company’s third manufacturing site and the first outside Thailand. Pandora will also expand its current site in Lamphun, Thailand, bringing the total investment to DKK 1 billion (USD 160 million) over the next four years. This will allow Pandora to grow its total crafting capacity by around 60 percent and support the company’s long-term growth ambitions. By diversifying its geographical footprint, Pandora will also become more resilient to potential supply disruptions.
“We scouted countries all over the world before deciding on Vietnam and Binh Duong province. Vietnam has a rich craftsmanship history, and we will be able to access a large group of craftspeople. Binh Duong and VSIP provide great infrastructure, and we are very grateful for the support we have received from the local authorities and VSIP team. Expanding our production capacity is critical to meet expected demand, and we are ready and excited for our new chapter in Vietnam,” said Jeerasage Puranasamriddhi, Pandora’s Chief Supply Officer.
“Vietnam has become an attractive destination for Danish companies, not least due to its green transformation of the economy, and we are happy to see Pandora making this important investment decision in the country. We hope that the establishment of Pandora’s first crafting facility here will contribute to further expanding and intensifying our close cooperation with Vietnam,” says Denmark’s Ambassador to Vietnam, Kim Højlund Christensen.
In 2021, Pandora sold 102 million pieces of jewellery, hand-finished at the company’s two crafting facilities in Thailand. Both facilities operate on 100 percent renewable energy and are on track to use only recycled silver and gold by 2025.