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| Chairman of Binh Dinh Provincial People's Committee and General Director of Syre Group signed a memorandum of understanding on investment cooperation on April 25, 2025. |
Mr. Nguyen Tu Cong Hoang, Head of the Binh Dinh Economic Zone Management Board, has just signed the investment registration certificate for Syre Impact AB (headquartered at Drottninggatan 78,111 36 Stockholm, Sweden, with Mr. Dennis Bengt Nobelius as General Director) to implement the Polyester Fabric Recycling Production Complex Project.
The project aims to produce recycled polyester, recycle textile scrap into PET plastic pellets as raw materials for the textile industry. The scale of PET plastic pellets is from 150,000 to 250,000 m3 of products/year.
The project covers an area of 28.77 hectares at Lot B4-B5, Nhon Hoi Industrial Park (Area A), Nhon Hoi Commune, Quy Nhon City. The total investment capital is VND 24,970 billion (equivalent to USD 1 billion, 100% mobilized capital). The project operation period is within 50 years.
Regarding progress, Syre Group will construct and put the project into operation within 54 months from the date of being granted the first Investment Registration Certificate (June 6, 2025).
In particular, from June 2025 to the end of December 2026, the investor will complete procedures on investment, construction planning, environmental impact assessment and other types of licenses as prescribed; from January 2027 to December 2028, the factory will be constructed and equipment will be installed; in 2029, the project will be tested and put into official operation.
Regarding the import of recycled fabric materials, the content of the Investment Certificate clearly states that in case the investor or project is not permitted by the competent authority to import raw materials for production, the Investment Registration Certificate will no longer be legally valid. The investor shall not make any complaints or lawsuits related to the research, survey and project preparation process in Vietnam (Syre Group has made a written commitment on May 28, 2025).
At the same time, the investor commits to having a plan to fully arrange necessary financial resources after receiving approval for import from the Prime Minister and competent authorities.
“In case the investor comes to the final conclusion that the project is not feasible and cannot be implemented, the investor will proactively carry out the procedures to terminate the Project and return the Investment Registration Certificate”, the content of Clause 5, Article 3 of the Investment Registration Certificate mentioned.
Binh Dinh Department of Finance informed that within the framework of the Prime Minister's working trip to Europe, the Prime Minister will witness the ceremony to grant the Investment Certificate for this project at the Trade Forum.
Accordingly, in order to spread the message about Vietnam's attractive investment environment and strengthen economic cooperation with the Kingdom of Sweden and the Nordic countries, the Prime Minister has allowed the granting of an Investment Registration Certificate to the Polyester Fabric Recycling Complex Project within the framework of the Vietnam - Sweden Business Forum scheduled to be held in Sweden.
At the signing ceremony of the project memorandum on April 25, 2025, regarding fabric recycling technology, Mr. Dennis Bengt Nobelius, General Director of Syre Group affirmed, "The current technology that we have decided to use will be one of the most advanced technologies among the technologies used in the textile recycling industry".
The General Director of Syre Group also expressed his desire to implement a special mechanism so that businesses can import input materials in the production process; at the same time, he hoped to have an import license within the next 6 months...
Source: https://baodautu.vn/binh-dinh-phe-duyet-du-an-tai-che-vai-cua-tap-doan-syre-co-von-1-ty-usd-d298625.html
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