Pandora, the world’s largest jewelry brand, has signed a memorandum of understanding to build a new jewelry crafting facility in Vietnam Singapore Industrial Park 3 (VSIP) in Binh Duong Province, about 40km to the north of Ho Chi Minh City.
Pandora will invest $100 million to build the new facility in Vietnam. Construction is set to begin in early 2023 and production is due to start by the end of 2024.
The new facility will be built according to the LEED Gold standard, a leading green building certification, and be powered by 100 per cent renewable energy. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewelry.
Before deciding on Vietnam and Binh Duong province, Pandora scouted countries all over the world.
Pandora's chief supply officer Jeerasage Puranasamriddhi said that 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 they are very grateful for the support from the local authorities.
"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.
The plant in Binh Duong will be the company’s third manufacturing site and first outside Thailand. Pandora will also expand its current site in Lamphun, Thailand, bringing the total investment to DKK 1 billion ($160 million) over the next four years.
This will allow Pandora to grow its total crafting capacity by around 60% and support the company’s long-term growth ambitions. By diversifying its geographical footprint, Pandora will also become more resilient to potential supply disruptions.
In 2021, Pandora sold 102 million pieces of jewelry, hand-finished at the company’s two crafting facilities in Thailand. Both facilities operate on 100 per cent renewable energy and are on track to use only recycled silver and gold by 2025.