Pandora builds 100 million USD factory in Vietnam
Pandora – the world’s largest jewelry brand by sales volume, will invest 100 million USD to build a production base in Vietnam.
The jewelry company from Denmark said that it will build a new manufacturing facility in Vietnam Singapore Industrial Park 3 (VSIP III) in Binh Duong province, with an investment of 100 million USD. The facility will be built according to LEED Gold standards – a certified green building, using 100% renewable energy entirely. The project is expected to create jobs for more than 6,000 craftsmen with an annual capacity of 60 million pieces of jewelry.
Construction will begin in early 2023 and go into production by the end of 2024. The Vietnam factory is Pandora’s third production facility and the first to be built outside of Thailand.
“We did a lot of research around the world before deciding to choose Vietnam and specifically Binh Duong province as our next production base,” said Jeerasage Puranasamriddhi, Pandora Supply Director. According to him, Vietnam has the advantage of a large number of skilled craftsmen. Meanwhile, Binh Duong and VISIP have good infrastructure.
Pandora is headquartered in Copenhagen (Denmark). It is the largest jewelry brand in the world by annual sales. They design, manufacture and market handcrafted jewelry at affordable prices. Pandora jewelry is sold in more than 100 countries, with 6,800 points of sale, reaching sales of 3.1 billion euros in 2021.
Along with building more facilities in Vietnam, the company will also expand its existing base in Thailand in the next 4 years. This plan is intended to help Pandora increase its total production capacity to around 60% and support its long-term growth ambitions. By diversifying geographically, Pandora will also become more resilient to potential supply disruptions.
at Blogtuan.info – Source: vnexpress.net – Read the original article here