Danish jewelry maker Pandora to build $163M crafting facility in Vietnam
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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.
Questions & Answers
Q.What is the expected timeline for Pandora's new crafting facility in Vietnam?
What is the expected timeline for Pandora's new crafting facility in Vietnam?
Pandora plans to begin construction on the facility in the first quarter next year. It is scheduled to become fully operational and begin production in 2026, according to the project head.
Q.How many jobs will the new Pandora facility create in Vietnam?
How many jobs will the new Pandora facility create in Vietnam?
The new jewelry crafting facility in Binh Duong is projected to create a significant number of employment opportunities. It is expected to employ between 7,000 and 9,000 workers once operational.
Q.What challenge is Pandora currently facing with its new facility project?
What challenge is Pandora currently facing with its new facility project?
Pandora is currently encountering difficulties in acquiring the necessary construction permits for the facility. The project head has requested the Ministry of Construction to help speed up this process.
Q.What is Pandora's current retail presence within Vietnam?
What is Pandora's current retail presence within Vietnam?
Pandora currently operates 15 stores across Vietnam. These retail outlets are primarily located within shopping malls in the major cities of Hanoi and Ho Chi Minh City.
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