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Pandora chose Vietnam to build a factory worth over 150 million USD, creating jobs for over 7,000 people. Why did this "eagle" choose to "nest" in Vietnam?
The Danish Embassy in Vietnam said that on the afternoon of May 16, the world's largest jewelry company Pandora will hold a groundbreaking ceremony for the Pandora Production Vietnam factory at VSIP 3 industrial park in Hoi Nghia ward, Tan Uyen city (Binh Duong).
Pandora Production Vietnam factory has a total investment capital of more than 150 million USD (about 3,750 billion VND). This new project will be Pandora's third production facility and the first factory built outside of Thailand.
Once operational, the project will create jobs for more than 7,000 silversmiths and produce 60 million pieces of jewelry each year.
Sharing the reason for choosing Vietnam as a "nest", Pandora Jewelry Group said that this business researched countries around the world before deciding to choose Vietnam and Binh Duong province to set up its factory.
According to the Danish group, Vietnam has a rich history of craftsmanship and the company can find many groups of skilled silversmiths and artisans.
Mr. Jeerasage Puranasamriddhi - Supply Director of Pandora Jewelry Group - said that Binh Duong province and Vietnam - Singapore Industrial Park (VSIP 3) have good infrastructure.
In addition, the factory located in Binh Duong has the advantage of being close to the airport, while most of the group's products are exported, so the location near the airport is very important for transportation. At the same time, the group also receives active support from the government and the management board of VSIP 3 industrial park.
According to Mr. Jeerasage Puranasamriddhi, the group carefully considered 27 countries and finally chose Vietnam due to many factors to minimize supply risks when the factories are all concentrated in Thailand.
With the new factory in Vietnam, jewelry from Vietnam will account for one-third of Pandora's global capacity.
“Improving our production capacity is critical for us to meet market demand and we are excited about this new chapter in Vietnam,” said Jeerasage Puranasamriddhi.
Pandora Group said that this new factory will be built according to LEED Gold standards (a prestigious green building certification granted by the US Green Building Council - PV) and the factory will use 100% renewable energy.
Pandora currently has two manufacturing plants located in Thailand, both of which are powered by 100% renewable energy.
Pandora is the world's largest jewelry brand by sales. In the first quarter of 2024, Pandora Group's revenue was $977.77 million. Its products are sold in more than 100 countries through 6,700 points of sale. Pandora employs 33,000 people worldwide.
Notably, the group has committed to reducing greenhouse gas emissions by 50% across its entire value chain by 2030. The group is listed on the Nasdaq Copenhagen stock exchange and will generate revenues of €3.8 billion by 2023.
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