INTERNATIONAL INVESTMENT
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Pandora – a Danish jewellery brand – signed an MoU on May 12 to build a new jewellery crafting facility in the Vietnam-Singapore Industrial Park III (VSIP) in the southern province of Binh Duong, 40km north of Ho Chi Minh City.
The 60 million pieces of jewellery will be built to LEED gold standards and the facility will be powered by 100 per cent renewable energy, creating jobs for more than 6,000 craftspeople.
According to Jeerasage Puranasamriddhi, chief supply officer at Pandora Production Co., Ltd., Pandora will invest $100 million to build this new factory, which will be the company’s third manufacturing site and its first outside Thailand.
“The development in Vietnam is very important for Pandora’s investment strategy,” Puranasamriddhi told VIR.
The MoU will realise the goal of Pandora's $100 million crafting facility in Binh Duong province
Together with the new facility in Vietnam, Pandora is also expanding its current site in Lamphun, Thailand, bringing the total investment to $160 million over the next four years.
This will allow Pandora to grow its total capacity by around 60 per cent and support the company’s long-term growth ambitions. By diversifying its geographical footprint, it will also become more resilient to potential supply disruptions.
Puranasamriddhi added, “We scouted countries all over the world before deciding on Vietnam and Binh Duong province. The nation 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 grateful for the support we have received from the local authorities and the VSIP team. Expanding our production capacity is critical to meet the expected demand and we are ready and excited for our new chapter in Vietnam.”
Vo Van Minh, Chairman of Binh Duong People’s Committee, said that Pandora's reputation as the world’s leading jewellery manufacturer, its European working standards, and its diverse career opportunities promise to bring a professional working environment to the Binh Duong workforce when the facility is put into operation.
Denmark’s Ambassador to Vietnam Kim Højlund Christensen stated, “Vietnam has become an attractive destination for Danish companies, not least due to its green transformation, 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.”
Construction of the Binh Duong facility is set to begin in early 2023 and production is due to start by the end of 2024.
Last year, Pandora sold over 100 million pieces of jewellery, all 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.
