Pandora, the world’s largest jewellery brand, opened its first production site outside Thailand in Ho Chi Minh City on Thursday, investing $150 million in a factory expected to create 7,000 jobs.
The Danish company said that the plant is the world’s largest manufacturing site for fine jewellery. It is designed to produce up to 60 million pieces a year, an output that would lift the company's overall production capacity by 50%.
For nearly 40 years, Pandora has made its jewellery in Thailand, already operating three factories there. CEO Berta de Pablos-Barbier told AFP that the move into Vietnam is intended to make the company “less dependent on a single production location.”
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She said that Vietnam offers a “stable environment,” a strong economy, and above all, access to a large pool of skilled craftspeople.
Pandora, which employs 39,000 people worldwide, reported growth last year below its targets and a slight fall in net profit, partly because of US tariffs.
The company has also been hit by a sharp rise in silver prices and has increased production of platinum-plated jewellery, including at its new factory in Vietnam.
