Pandora Opens $150 Million Vietnam Factory, Reshaping Global Jewellery Supply Chain
The Danish jewellery giant’s Ho Chi Minh City facility marks its first manufacturing expansion beyond Thailand in over two decades.
On 1 October 2026, Pandora cut the ribbon on a sprawling new production complex in Vietnam’s economic heartland, signalling one of the most significant shifts in global jewellery manufacturing in years. The $150 million facility sits on 7.5 hectares within the Vietnam Singapore Industrial Park III, a statement of intent from a company that has relied almost exclusively on Thai production since its founding.
This is not a hedge. It is a transformation.
“To start with, Vietnam will be around 15% of our global capacity, but when we are at full capacity by 2030, it will be a third of our total capacity,” said Berta de Pablos-Barbier, President and Chief Executive Officer of Pandora.
A New Chapter in Ho Chi Minh City
For a brand that crafts over 100 million pieces of jewellery annually, concentration risk has long been the elephant in the boardroom. Pandora’s entire manufacturing operation has run through Thailand for more than two decades, an arrangement that served the company well during stable times but left it exposed to supply chain disruptions that have become increasingly common.
The Ho Chi Minh City factory changes that equation. At full design capacity, the site can produce up to 60 million pieces annually, effectively boosting Pandora’s global manufacturing capacity by around 50 percent. The numbers are substantial, but what matters more is the strategic flexibility they represent.
The timeline suggests a measured ramp-up rather than an overnight shift, with initial production scaling gradually toward those 2030 targets.
Supply Chain Diversification in an Uncertain Era
The timing feels deliberate. Global supply chains have endured years of stress, from pandemic shutdowns to shipping bottlenecks to geopolitical friction that has made single-country sourcing strategies look increasingly risky. Jewellery production, with its reliance on precious metals, skilled labour, and precision manufacturing, is particularly vulnerable to disruption.
Vietnam offers Pandora several advantages beyond simple diversification. The country’s manufacturing sector has matured considerably over the past decade, with infrastructure improvements and a growing pool of trained workers making it competitive with traditional production hubs. Labour costs remain lower than in Thailand, though that gap has narrowed as Vietnam’s economy has developed.
When volatility happens, the company is leaning on operational efficiency, integration, and flexibility rather than assuming calm conditions will last.
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Employment and Economic Impact
When fully operational, the facility is expected to employ approximately 7,000 workers, making it one of the larger manufacturing employers in Ho Chi Minh City’s industrial zones. That figure represents a significant commitment to local workforce development, though hiring will scale alongside production capacity over the coming years.
The employment projection also hints at the labour-intensive nature of jewellery manufacturing, even at industrial scale. Unlike sectors that have automated away much of their workforce, jewellery production still relies heavily on skilled craftspeople for finishing, quality control, and the kind of detailed work that machines cannot replicate.
For Vietnam, the investment reinforces the country’s position as a preferred destination for companies looking to diversify manufacturing away from traditional hubs. The government has actively courted foreign direct investment in higher-value manufacturing sectors, and a facility of this scale from a globally recognised brand validates that strategy.
What This Means for the Industry
Pandora’s Vietnam move will likely prompt competitors to reconsider their own supply chain arrangements. The jewellery industry has historically been slow to change its manufacturing geography, with production concentrated in a handful of countries including Thailand, India, and China. A successful diversification by one of the sector’s largest players could accelerate similar moves across the industry.
The facility’s modern design, complete with rooftop solar panels visible across the low-rise industrial buildings, also signals Pandora’s sustainability commitments. The company has set ambitious targets for reducing its environmental footprint, and building new facilities to higher standards is considerably easier than retrofitting existing plants.
Looking Toward 2030
The four-year horizon to full capacity gives Pandora time to train workers, optimise processes, and integrate the Vietnam operation with its existing supply chain. Initial production will focus on established product lines while the company develops the site’s capabilities.
By 2030, if the company hits its targets, Vietnam will produce roughly one third of all Pandora jewellery globally. That represents a fundamental rebalancing of the company’s manufacturing base, reducing dependence on any single geography and creating operational flexibility that was previously impossible.
The factory inauguration marks more than a ribbon-cutting ceremony. It represents Pandora’s acknowledgment that the global manufacturing landscape has changed, and that resilience now matters as much as efficiency. In Ho Chi Minh City, that future is already taking shape.
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