Vietnam's jewellery manufacturing sector combines established craftsmanship with growing international production capabilities. Its long-standing tradition of gold and silver jewellery provides a foundation for businesses serving domestic consumers and export markets.
For foreign investors, the opportunity lies in identifying manufacturing capabilities that meet their requirements for design, quality and reliable supply. Recent international investment has also brought greater attention to Vietnam as a potential production base for global jewellery businesses.
On 1 October 2026, Pandora opened its USD 150 million manufacturing facility in Vietnam, with the capacity to produce 60 million jewellery pieces annually. The investment highlights Vietnam's growing role in international jewellery production.
However, entering the market requires more than identifying a suitable manufacturing location. Businesses need to assess market demand, material sourcing, local partners, regulatory requirements and operational costs before committing capital.
This guide examines the latest trends in Vietnam's jewellery manufacturing market in 2026, opportunities and challenges for foreign investors, key companies in the market, and the procedures required to establish business operations in Vietnam.
The jewellery industry in Vietnam continues to change due to shifts in purchasing behaviour, the rise of domestic retailers, and investment in jewellery production by foreign manufacturers. Knowing these trends is beneficial for foreign businesses when making decisions about their products and production.
Domestic jewellery businesses have built strong relationships with their customers. The Phu Nhuan Jewellery Joint-Stock Company (PNJ) is a domestic jeweller engaged in jewellery manufacturing and retail.
PNJ reported 13.6% growth in retail jewellery sales in the first half of 2026, supported by customer growth and an integrated approach to online and offline sales.
For foreign brands entering the Vietnam market, a clear value proposition that responds to local demand. Distinctive design, product quality, competitive positioning and dependable service can help businesses differentiate themselves from established competitors.
Gold prices continue to influence jewellery demand in Vietnam. According to the World Gold Council, Vietnam's gold jewellery demand reached USD 472 million in value in Q1 2026, despite subdued volumes. The Council suggests that constraints in gold bar supply directed some investment demand towards gold rings.
This figure represents consumer spending on gold jewellery rather than manufacturing revenue, making the distinction important for businesses assessing the market.
In Q2 2026, demand fell to 1.8 tonnes, down 28% year-on-year, as elevated prices and living costs affected affordability.
For investors, higher sales values do not necessarily indicate stronger demand. Rising gold prices can increase the value of jewellery sold even when consumers purchase fewer pieces.
Production planning should therefore consider unit demand, material costs and working capital alongside revenue projections. These factors can help businesses make more realistic decisions about inventory, pricing and production volumes.
High precious-metal prices are influencing product preferences across parts of Asia. The World Gold Council has identified a shift towards lower-carat jewellery across ASEAN and lighter-weight designs in several markets.
For businesses serving Vietnamese consumers, this supports the assessment of collections across different weights, materials, and price points. A carefully structured product range can help reach customers with different budgets while maintaining quality and brand positioning.
For export-focused manufacturers, product selection should also reflect the specifications, price expectations and regulatory requirements of the destination market.
Pandora's manufacturing facility, opened in October 2026, highlights Vietnam's growing role in international jewellery production.
The USD 150 million investment provides capacity to produce 60 million jewellery pieces annually, with 7,000 jobs expected when fully operational. The facility combines specialised workforce training with renewable electricity and recycled silver and gold.
For foreign manufacturers, the project illustrates the importance of assessing craftsmanship, training capacity, infrastructure and responsible sourcing together.
These capabilities influence whether a production location can consistently meet international specifications, maintain quality standards and support long-term operations. However, each business should assess Vietnam's suitability against its own production requirements and investment plans.
Vietnam offers several potential opportunities for foreign businesses considering jewellery manufacturing, sourcing or related services. At the same time, investors need to understand the operational and regulatory requirements that can affect costs, timelines and commercial viability.
Vietnam offers foreign manufacturers an additional production base, helping reduce reliance on a single country and providing flexibility as demand changes.
Pandora's USD 150 million manufacturing facility, opened in October 2026, illustrates this approach to international production investment.
For businesses considering a similar strategy, the decision should account for supplier capabilities, material availability, logistics and the ability to maintain consistent quality across different production locations.
Vietnam's craftsmanship provides a foundation for jewellery manufacturing, supported by investment in technical training.
Pandora's training programme demonstrates how local capabilities can be developed to meet international specifications and production requirements.
For investors, assessing workforce skills, training needs and production experience is important when determining whether local teams can meet the technical requirements of a particular jewellery category.
International manufacturing projects can generate demand for machinery, equipment and operational services.
Reporting on Pandora's supply chain identifies Vietnamese participation in these activities, with potential for more specialised work as capabilities improve.
This creates opportunities for foreign suppliers and technical partners to support manufacturers establishing or expanding operations. Businesses providing equipment, maintenance or related services should assess the specific needs of manufacturers and the capabilities already available in Vietnam.
Vietnam's free trade agreement (FTA) network may reduce duties on qualifying products traded with partner markets.
For manufacturers, preferential treatment can strengthen pricing or margins, depending on product classification, tariff schedules and rules of origin.
However, preferential tariffs are not automatic. Investors should assess eligibility against their actual material sourcing and production processes before including potential savings in financial projections.
Decree 232/2025/ND-CP amended Vietnam's gold management framework and ended the state monopoly on gold bar production.
These changes may influence the wider gold supply environment, but access remains conditional. The rules applicable to gold jewellery manufacturing, gold imports and gold bar production should be assessed separately.
Foreign investors should confirm the requirements for their intended activities before making sourcing commitments or finalising their operating structure.
Factory development requires coordination between site selection, technical design and applicable approvals.
The Pandora case study describes construction-permit difficulties that affected the project's schedule. For other investors, early due diligence and realistic approval timelines can help manage financing costs and delivery commitments.
Planning should account for the requirements applicable to the proposed facility, production processes and business activities.
Establishing production in Vietnam does not necessarily provide a complete domestic material supply chain.
Pandora currently sources direct production materials internationally, while local suppliers primarily support equipment and services.
This highlights the importance of reviewing material sourcing arrangements before committing to a manufacturing model. Investors should assess supplier reliability, import requirements, delivery times, price exposure and working capital needs.
International buyers expect consistent specifications and documented sourcing.
Pandora's supplier assessments include business integrity, financial capacity and compliance capabilities, illustrating the requirements for joining global production networks.
Manufacturers should establish suitable quality-control procedures, material documentation and supplier assessments to demonstrate that their products meet buyer requirements.
Jewellery manufacturing, raw-gold imports and gold bar production should be assessed separately.
The high capital thresholds introduced for gold bar production are not a general entry requirement for every jewellery manufacturer.
Investors should confirm the rules applicable to their intended activities, including manufacturing, importing, wholesale distribution or retail trading, before finalising their business structure and investment plans.
Precious-metal price increases can raise sales values while reducing purchase volumes.
Vietnam's gold jewellery demand fell 28% year-on-year in Q2 2026, according to the World Gold Council.
Manufacturers serving domestic customers should assess volume demand and product affordability alongside revenue forecasts to avoid overestimating production requirements.
Businesses manufacturing for export should also distinguish between market-wide spending trends and actual orders from their target buyers.
Vietnam's jewellery industry includes established manufacturers, retailers, specialist businesses and suppliers serving different product categories. The following companies and industry resources provide starting points for businesses researching potential manufacturing and sourcing partners.
Their capabilities and business models differ, so investors should verify production capacity, product specifications, export experience and commercial suitability before entering into an agreement.
Phu Nhuan Jewellery Joint-Stock Company (PNJ), founded in 1988, is one of Vietnam's established jewellery manufacturers. The company specialises in gold and silver jewellery, gemstones, fashion jewellery and crafts.
PNJ is described in the original research as the world's third-largest jewellery firm and one of Asia's Top 500 retailers. The company focuses on providing quality products at competitive prices.
Its factory can produce up to 3 million pieces annually, supported by 680 skilled staff and contemporary machinery from Germany and Italy.
PNJ's current export markets include the USA, Australia, Denmark, Germany and France.
For businesses exploring manufacturing or sourcing partnerships, its production capabilities and export experience make it a relevant company to investigate. Investors should confirm the services and partnership arrangements available for their particular requirements.
Website: https://export.pnj.com.vn/
Bien Bac Jewellery, one of the prominent jewellery stores in Hoi An's Old Town, opened to the public in 1997. The business has continued to develop its customer base among local residents and foreign tourists.
Its offerings include gold and silver jewellery, such as bracelets and rings, alongside custom-designed products including necklaces, earrings, pendants, bangles and cufflinks.
Businesses considering custom jewellery should confirm the company's manufacturing arrangements, production capacity, customisation options and ability to support their required order volumes.
Website: http://bbjewellery-hoian.com/
Handmade Buffalo Horn Jewellery is a Vietnamese manufacturer and exporter of handcrafted home décor and fashion accessories.
Its product range includes handmade jewellery for everyday wear and special occasions, such as necklaces, bracelets, earrings, rings, pendants, and hair accessories. The company also offers products such as spoons and forks.
Its focus on buffalo-horn products and handcrafted accessories makes it distinct from businesses specialising in precious-metal jewellery.
Potential buyers should assess material sourcing, product specifications, quality requirements and suitability for their target markets.
Website: https://vietnamhornjewelry.com/
Saigon Jewellery and Accessories Company (SAJA) specialises in precious gems, feng shui crystals, silver jewellery with gemstones and unique handmade products.
In addition to manufacturing, the company handles imports and wholesale distribution. Its products have expanded into overseas markets and are available in key countries across North America, Europe, Asia-Pacific and Australia.
Businesses considering SAJA should confirm the company's current product range, manufacturing capabilities, export arrangements and commercial terms before proceeding.
Website: https://saja.trustpass.alibaba.com/
Ant Jewellery is a Vietnamese wholesale fashion jewellery business. The company manufactures and exports a range of sterling silver and gold diamond jewellery.
Its stated vision is to become a market leader in Vietnam specialising in silver and platinum jewellery.
For businesses evaluating Ant Jewelry as a potential partner, relevant considerations include production capacity, available materials, product customisation, quality standards and export experience.
The Vietnam International Jewelry Fair is an industry event that provides a platform for manufacturers, wholesalers and retailers to showcase designs and collections.
With exhibitors from different markets, such events can help businesses connect with potential manufacturers, compare product ranges and expand their industry networks.
International Jewelry + Watch Vietnam (IJV) is an official event resource to investigate when planning participation.
Businesses should confirm the latest event dates, exhibitor details and participation arrangements through the official event website.
Entering Vietnam's jewellery industry requires a clear commercial strategy supported by the right business structure, approvals and operational capabilities.
Aligning these decisions early can help foreign investors manage capital commitments, understand their obligations and establish reliable operations.
Define whether your business will manufacture for export, supply the domestic market, work with an existing manufacturer or operate retail stores.
Assess the ownership and partnership options available for your activities, considering the level of control, investment and local capabilities each requires.
A clear entry model helps establish a structure suited to both immediate business needs and future expansion plans.
Confirm the investment and enterprise registration procedures applicable to your entry route, including whether an Investment Registration Certificate (IRC) is required.
Registered business activities should cover your intended production, distribution and trading operations, using the current industry classification system.
Company registration and permission to undertake regulated activities are separate considerations. Mapping these requirements together helps reduce gaps between establishing the business and becoming ready to operate.
Gold jewellery production, gold bar activities and other jewellery operations require separate assessment.
Gold jewellery manufacturing is subject to a State Bank of Vietnam (SBV) certificate of eligibility under the amended gold management framework.
Investors planning retail operations should also review applicable business and outlet approvals, accounting for Decree 342/2026/ND-CP when it takes effect on 18 October 2026.
Confirming the requirements for the intended business activities before committing capital can support a more dependable launch schedule.
Assess the full funding requirement, including machinery, workforce training, security, material inventories and working capital.
Select premises that accommodate your production processes and applicable approvals. Then confirm capital contribution arrangements and banking requirements for the chosen business structure.
Financial planning should account for initial establishment costs as well as ongoing operating expenses, including materials, labour, quality controls and inventory.
Connecting financial planning with site selection helps businesses manage costs before operations begin.
Evaluate suppliers against material quality, traceability, delivery capacity and commercial terms.
Review customs classification, applicable taxes and any preferential tariff eligibility using the actual products and sourcing arrangements.
Gold import requirements vary by material form and intended use, making an early review important to production continuity.
Where appropriate, businesses should also assess alternative suppliers and establish clear procedures for material documentation and inventory reconciliation.
Use initial production runs or a phased market launch to assess quality, delivery reliability, costs and customer demand.
Establish clear controls for testing, inventory reconciliation and after-sales responsibilities.
Compare operational performance with the original business plan before increasing production or entering additional markets.
Expanding once these processes are proven can help investors allocate capital effectively and build lasting relationships with buyers and partners.
Vietnam's jewellery manufacturing sector offers potential for foreign businesses seeking to diversify production, develop supplier partnerships or serve domestic and international markets.
Its established jewellery industry, evolving consumer demand and growing international manufacturing investment provide reasons to assess the opportunity. However, the commercial case depends on more than headline investment figures or manufacturing capacity.
Businesses need to consider material sourcing, production requirements, workforce capabilities, regulatory obligations and working capital together. Market demand and the intended business model will also influence the suitability of a particular investment.