Pandora, the world’s largest jewelry brand, has signed a memorandum of understanding to build a new jewelry manufacturing plant in Vietnam Singapore Industrial Park 3 (VSIP) in Binh Duong province, about 40 km north of Ho Chi Minh City.
Pandora will invest $100 million to build the new factory in Vietnam. Construction is expected to begin in early 2023 and production is expected to start by the end of 2024.
The new facility will be built to LEED Gold, a leading green building certification, and will be powered by 100% renewable energy. It will create jobs for more than 6,000 artisans and will have an annual capacity of 60 million pieces of jewelry.
Before settling on Vietnam and Binh Duong Province, Pandora explored countries around the world.
Pandora Sourcing Manager Jeerasage Puranasamriddhi said Vietnam has a rich craft history and we will be able to access a large group of artisans. Binh Duong and VSIP provide excellent infrastructure, and they are very grateful for the support from local authorities.
“Expanding our production capacity is essential to meet expected demand, and we are ready and excited for our new chapter in Vietnam,” said Jeerasage Puranasamriddhi.
The Binh Duong plant will be the company’s third manufacturing site and the first outside of Thailand. Pandora will also expand its current location in Lamphun, Thailand, bringing the total investment to DKK 1 billion ($160 million) over the next four years.
This will allow Pandora to increase its total manufacturing capacity by approximately 60% and support the company’s long-term growth ambitions. By diversifying its geographic 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 manufacturing plants in Thailand. Both facilities run on 100% renewable energy and are on track to use only recycled silver and gold by 2025.