World’s biggest jeweler Pandora starts work on $150mn factory in Vietnam’s Binh Duong
World’s biggest jeweler Pandora starts work on $150mn factory in Vietnam’s Binh Duong
Denmark-based Pandora, the world’s largest jewelry maker, on Thursday hosted the ground-breaking ceremony for its US$150 million crafting facility at Vietnam-Singapore Industrial Park 3 (VSIP 3) in Binh Duong Province, a neighbor of Ho Chi Minh City.
The world’s largest jewelry maker Pandora breaks ground on its factory in Binh Duong Province, southern Vietnam, May 16, 2024. Photo: Ngoc Hien / Tuoi Tre |
This is Pandora’s fourth factory worldwide.
Speaking at the ground-breaking ceremony, chairman of the Binh Duong People’s Committee Vo Van Minh said together with Danish toy manufacturer Lego, the presence of Pandora at VSIP 3 had proved the province’s effective economic model restructuring.
With a high investment, modern production lines, and a large workforce, Pandora Production Vietnam is expected to become a leading unit in jewelry production in the country, Minh noted.
The new facility will produce up to 60 million pieces of jewelry per year, when it opens in early 2026, according to Alexander Lacik, CEO and president of Pandora.
It will meet the increasing demand for jewelries and help the group cement its position as the world’s largest jewelry producer.
The firm has learned about many other countries before making the decision to build its factory in Binh Duong as Vietnam boasts a long-standing goldsmith industry and Binh Duong has good infrastructure.
Lacik added that Pandora had received great support from the local government.
The facility will set up new standards in ecology, recycling, and emission reduction in the global jewelry sector, the CEO said.
The facility will employ up to 7,000 craftspeople, and Pandora plans to kick off recruitment in the first half of 2025.
Lacik informed that most of the products produced by the factory in Binh Duong would be exported.
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| The facility is expected to produce up to 60 million pieces of jewelry per year. Photo: Ngoc Hien / Tuoi Tre |
Pandora will only use recycled silver and gold as the input materials at the new facility, Lacik told Tuoi Tre (Youth) newspaper.
The facility will run on 100-percent renewable energy and will be constructed in accordance with LEED Gold standards, a leading green building certification.
This will contribute to Pandora’s sustainability goals of halving carbon emissions across its full supply chain by 2030 and achieving net zero by 2040.
The factory will be equipped with state-of-the-art manufacturing technology and be optimized with digital solutions, according to Pandora’s press release.
Jacob Jensen, Danish Minister for Food, Agriculture, and Fisheries, said Vietnam has become an increasingly important market for Danish investors, due to both the country’s competitive business environment and its commitment on net-zero emissions by 2050.
Pandora’s decision to develop its first factory in Vietnam proves its confidence in the country’s business environment, Jensen added.
