HCMC – Denmark’s jewelry maker Pandora on May 12 signed an MoU to build a new jewelry crafting facility at Vietnam Singapore Industrial Park 3 (VSIP) in Binh Duong Province, with a total investment of US$100 million.
The new facility will be built according to the LEED Gold standard, a leading green building certification, and be powered by 100% renewable energy. It will also create jobs for over 6,000 craftspeople and have an annual capacity of 60 million pieces of jewelry.
Work on the project will begin in early 2023 and production is scheduled to start by the end of 2024. This is the third manufacturing site of Pandora and the first outside Thailand.
“We scouted countries worldwide before deciding on Vietnam and Binh Duong Province. Binh Duong and VSIP provide great infrastructure, and we are very 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,” said Jeerasage Puranasamriddhi, Chief Supply Officer.
This is the second-largest recent project of Denmark in Binh Duong. Previously, LEGO Group, a Danish toy production firm, invested in a US$1-billion plant in Binh Duong.
Pandora is the world’s largest jewelry brand. The company designs, manufactures and markets hand-finished jewelry. Pandora jewelry is sold in more than 100 countries through 6,800 points of sale.