Denmark’s Pandora invests $100 million in Binh Duong
The new crafting facility will be the company’s third manufacturing site and first outside Thailand.
Denmark’s Pandora will invest US$100 million to build a jewelry manufacturing facility at the Vietnam Singapore Industrial Park 3 (VSIP 3) in the southern province of Binh Duong, about 40km north of Ho Chi Minh City.
Delegates attend the signing ceremony. Photo: baobinhduong
The new facility will be built in accordance with the LEED Gold standard, a leading green building certification, and be powered by 100% renewable energy. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewelry.
Construction on the project is expected to begin in the first quarter of 2023 and to be operational in the fourth quarter of 2024.
Under the witness of leaders of the provincial People's Committee and departments, Kim Hojlund Christensen, Ambassador of Denmark to Vietnam, leaders of Pandora Group, and VSIP Company signed a memorandum of understanding on the investment project on May 12.
Speaking at the signing ceremony, Jeerasage Puranasamriddhi, Chief Supply Officer of Pandora Group in Thailand said: “We scouted countries all over the world before deciding on Vietnam and Binh Duong Province. Vietnam has a rich craftmanship history, and we will be able to access a large group of craftspeople.”
He added: “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.”
The Danish Ambassador to Vietnam Kim Højlund Christensen said 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.”
He hoped that the establishment of Pandora’s first crafting facility here will contribute to further expanding and intensifying close cooperation between Denmark and Vietnam.
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% renewable energy and are on track to use only recycled silver and gold by 2025.