Vietnam Industry and Trade Minister, Nguyen Hong Dien met with representatives from the People’s Committee of Binh Dinh province and Swedish textile group Syre to discuss a proposed high-tech fabric production complex. During the discussion, Syre Group outlined their proposal to establish a polyester fiber recycling complex in Binh Dinh province, with investment ranging from $700 million to potentially $1 billion.
Syre Group, a Swedish company specializing in large-scale textile-to-textile recycling, will employ advanced technology for the polyester fiber recycling project, ensuring highest environmental protection standards that complies with Vietnam regulations. According to the proposal, the facility would annually transform 250,000 metric tons of textile waste into usable raw materials for clothing manufacturers and other industrial sectors by recycling polyester waste.
At the discussion, Tim King, senior operations director at Syre Group, confirmed the use of sophisticated recycling techniques. He stressed that the factory would need around 300,000-400,000 metric tons of raw materials annually. He also underscored the challenges in collecting used cloth, due to the absence of clear mechanism which complicates the acquisition, sorting, and processing of materials to meet production standards.
Syre Group requested support for policies and mechanisms to facilitate the textile waste recycling project, including guidance on importing recycled materials and assessing environmental impacts. They also sought assistance in connecting with specialized agencies to ensure smooth project implementation.
During the session, Minister Dien reiterated that the European Union, including Sweden, is a key economic and trade partner for Vietnam. He stated that Syre Group’s proposals align with both traditional and new growth drivers, such as investment, green transformation, digital transformation, and the circular economy. Therefore, the MOIT fully supports the project. The minister then requested the group to collaborate with domestic enterprises to achieve the project’s goals, including creating a localized, closed production chain from processing to consumption, demonstrating its socio-economic benefits for Vietnam.
Pham Anh Tuan, Chairman of Binh Dinh Provincial People’s Committee, underlined the role of Syre Group’s project in establishing Vietnam as a global leader in the textile and garment industry. The project is expected to create numerous jobs and promote green economy. The committee proposed that the MOIT will support the project by providing favorable regulatory conditions for importing scrap fabric to ensure the stable supply of raw materials.
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