On April 25, the People's Committee of Binh Dinh Province and Sweden’s Syre Group signed a memorandum of understanding for investment cooperation on the polyester fabric recycling complex project.

The project carries a total investment of approximately USD 1 billion, spans 20 hectares, is designed for an annual capacity of 250,000 tons, and is expected to begin operations by the end of 2028.

The project aims to build a large-scale complex specializing in recycling textile industry waste into polyester fabric fiber, positioning Vietnam as the world’s first global hub for circular textiles, using high-tech processes meeting U.S. and EU standards.

At the signing ceremony, Secretary of the Binh Dinh Provincial Party Committee Ho Quoc Dung stated that the province offers many fully developed industrial parks with abundant clean land, allowing investors to begin construction immediately after obtaining permits. The local government also committed to providing a high-quality workforce to serve the project.

According to Pham Anh Tuan, Chairman of the People's Committee of Binh Dinh Province, Sweden is known for its advanced technology, especially in recycling and environmental protection. Therefore, the province is ready to support Syre Group in resolving legal challenges related to the import of raw materials.

However, Mr. Tuan emphasized that Syre Group must strictly adhere to commitments on developing a circular economy, a green economy, protecting the environment, prioritizing the use of domestic waste materials for recycling, and implementing the project in clearly defined phases.

Susanna Campbell, Chairwoman of Syre Group, shared that with over 30 years of experience in researching and implementing projects in green and circular economies, the launch of the polyester fabric recycling production complex in Binh Dinh presents a significant opportunity to leverage the group’s strengths and expertise.

Amid the strengthening Vietnam-Sweden relationship, Syre Group expressed a strong desire to establish a sustainable, long-term partnership with Binh Dinh Province.

Ha Nam - Nguyen Hien