FinancialsMay 04, 2022
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Pandora Announces Plans to Build Third Factory, First Outside Thailand
It will be located in Vietnam’s Binh Duong Province, and construction is slated to start early next year.
Pandora and Vietnamese officials meet in Vietnam last week to sign an MOU regarding Pandora’s new factory in the Binh Duong Province. On hand for the signing were, from left, Pieter Pennings and Michael Zinck Jensen, Vietnam program leads for Pandora; Pandora Vice President of Finance Christian Krüger; Kim Højlund Christensen, Denmark’s ambassador to Vietnam; Pandora Chief Supply Officer Jeerasage Puranasamriddhi; Nguyen Van Danh, vice chairman of the Provincial People’s Committee Binh Duong; VSIP General Director Nguyen Phu Thung; Bui Minh Tri, head of Binh Duong Industrial Zones Authority, and VSIP Deputy General Director Anthony Tan.
Binh Duong, Vietnam—Pandora outlined plans last week for its new $100 million manufacturing facility in Vietnam, its third factory and first outside Thailand.
Pandora and Vietnamese officials signed a memorandum of understanding regarding the project last Thursday in Vietnam’s Binh Duong Province, located about 40 km (about 25 miles) north of Ho Chi Minh City, the country’s largest city.
The Pandora factory will be located in the province’s still-under-construction Vietnam-Singapore Industrial Park III, the latest addition to a sprawling industrial development that will work to attract tech firms as well as more “labor-intensive” industries, like apparel and footwear, the Hanoi Times reported.
Pandora’s factory will employ 6,000 craftspeople.
The company said construction is set to begin in early 2023, with the facility slated to start producing jewelry by the end of 2024.
Currently, Pandora makes its jewelry at two factories in Thailand.
The company said it sold 102 million pieces of jewelry in 2021, a year in which global sales grew by 24 percent, topping $3.5 billion.
Pandora said the addition of a third factory in Vietnam—which will have a manufacturing capacity of 60 million pieces per year—along with the planned expansion of its facility in Lamphun, Thailand, will boost its overall manufacturing capabilities by 60 percent.
Expanding manufacturing into a new country will also help to make Pandora more resilient to any future supply chain disruptions, it noted.
Related stories will be right here …
Pandora and Vietnamese officials signed a memorandum of understanding regarding the project last Thursday in Vietnam’s Binh Duong Province, located about 40 km (about 25 miles) north of Ho Chi Minh City, the country’s largest city.
The Pandora factory will be located in the province’s still-under-construction Vietnam-Singapore Industrial Park III, the latest addition to a sprawling industrial development that will work to attract tech firms as well as more “labor-intensive” industries, like apparel and footwear, the Hanoi Times reported.
Pandora’s factory will employ 6,000 craftspeople.
The company said construction is set to begin in early 2023, with the facility slated to start producing jewelry by the end of 2024.
Currently, Pandora makes its jewelry at two factories in Thailand.
The company said it sold 102 million pieces of jewelry in 2021, a year in which global sales grew by 24 percent, topping $3.5 billion.
Pandora said the addition of a third factory in Vietnam—which will have a manufacturing capacity of 60 million pieces per year—along with the planned expansion of its facility in Lamphun, Thailand, will boost its overall manufacturing capabilities by 60 percent.
Expanding manufacturing into a new country will also help to make Pandora more resilient to any future supply chain disruptions, it noted.
Pandora Chief Supply Officer Jeerasage Puranasamriddhi said the company scouted countries worldwide before settling on Vietnam. It is one of a number of Danish companies to set up manufacturing there in recent years.
“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,” said Denmark’s Ambassador to Vietnam, Kim Højlund Christensen.
Both of Pandora’s factories in Thailand operate using 100 percent renewable energy and are on track to use only recycled silver and gold by 2025.
The company said renewable energy will power its new manufacturing facility in Vietnam, which will be built to meet the LEED Gold standard.
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