Pandora opened a US$150m plant in Ho Chi Minh City on 1 October 2026, its first production base outside Thailand. It plans capacity of up to 60 million pieces a year, about 50% more than its current total, and around 7,000 jobs at full operation. Pandora still runs three Thai factories, and the company says Vietnam will be about 15% of global output at first, rising to roughly a third by 2030. The article says this is not yet a move out of Thailand. For a Thai jewellery SME, watch whether Pandora shifts production lines or cuts Thai jobs. Meanwhile, Thai jewellery exports rose 9.87% in January-July 2026 excluding unwrought gold, but July alone fell 6.36%. Plan on Vietnam as a rival for new orders, not a replacement for current ones.