Sunday, July 14, 2024
Sunday, July 14, 2024
Home » Danish Jewelry Maker Pandora to Build $163M Crafting Facility in Vietnam

Danish Jewelry Maker Pandora to Build $163M Crafting Facility in Vietnam

by Chester Sutton
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Denmark’s Pandora will start work on a jewelry crafting facility in Vietnam in the first quarter next year at a cost of US$163 million.

The facility, in the southern industrial hub of Binh Duong, is scheduled to become operational in 2026, Michael Zinck Jensen, project head of Pandora Production Holding in Binh Duong, told Deputy Minister of Construction Bui Xuan Dung Monday.

It will come up in the Vietnam Singapore Industrial Park and employ 7,000-9,000 workers.

But it is having difficulty acquiring construction permits, and he expected the Ministry of Construction to speed up the process, Jensen said.

Dung said he has tasked a unit with assisting the company to complete all paperwork.

Pandora sells its jewelry in over 100 countries and reported revenues of $3.76 billion last year.

It has 15 stores in Vietnam, mostly in malls in Hanoi and Ho Chi Minh City.

Another Danish giant, Lego, began building a $1 billion toy factory in Binh Duong in the last quarter of last year.

The first made-in-Vietnam Lego bricks are set to be launched in the second half of next year.

Source: Retail News Asia

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