Memorandum of Understanding signing ceremony between Binh Dinh Provincial People's Committee and Syre Group, Sweden - Photo: VGP/Minh Trang
On April 25, the People's Committee of Binh Dinh province and Syre Group (Sweden) held a signing ceremony of a Memorandum of Understanding on investment cooperation in the polyester fabric recycling production complex project in Binh Dinh.
The Polyester Fabric Recycling Complex Project has a total estimated investment of 1 billion USD, an expected area of about 20 hectares, a capacity of 250,000 tons/year, and is expected to operate in 2028.
The project aims to build Vietnam into the first global center for circular textiles, applying high technology according to US and EU standards, following the direction of sustainable development, achieving the goal of net zero emissions. Thereby, making Vietnam a leading country in developing a circular economy .
Syre is a pioneer in fabric-to-fabric textile fiber recycling, with a mission to reduce carbon emissions and waste in the textile industry through the massive recycling of textile fibers from post-consumer fabrics, starting with polyester. Syre’s circular recycling solution produces polyester that is comparable in quality to virgin polyester but with superior sustainability performance.
In May 2024, along with the announcement of its first round of funding worth USD 100 million, Syre announced that it had selected Vietnam as one of the potential locations for its first Gigascale recycling plant. Vietnam was chosen due to its strategic location in the global textile supply chain, its long history in the textile industry, and its existing expertise. Syre then conducted a thorough site survey and selection based on a list of key criteria and conditions.
This MoU marks a commitment to cooperate between Binh Dinh Province and Syre to ensure that key conditions and criteria are met for Syre to decide to invest in the construction of its first Giga recycling plant. Key criteria include: Industrial zones near infrastructure, green energy sources, input materials (recyclable textile products), as well as a pilot mechanism for licensing the import of recycled textile materials from neighboring countries.
With the determination to "accelerate", "breakthrough", and transform strongly to join the country in entering a new era, Binh Dinh province commits to creating favorable conditions and supporting Syre Group in the process of surveying and implementing the project in Binh Dinh province after the project is approved by competent authorities in accordance with the provisions of Vietnamese law.
According to the People's Committee of Binh Dinh province, on April 23, Prime Minister Pham Minh Chinh had a meeting with Ms. Susanna Campbell, President of Syre Group, Swedish Ambassador to Vietnam Johan Ndisi and leaders of Binh Dinh province regarding the investment proposal for the Polyester Fabric Recycling Production Complex project.
At the meeting, the Prime Minister welcomed Syre Group's plan to invest in a polyester fabric recycling complex towards green and clean production, utilizing textile-related waste, contributing to improving the environment in the spirit of the Conferences from COP26 to 28.
The Prime Minister emphasized that Vietnam is focusing on developing a circular economy and green energy transition, identifying this as one of the new driving forces for rapid and sustainable growth, achieving GDP growth of 8% in 2025 and double digits in the coming years. At the same time, Syre's project is also in line with Vietnam's orientation in diversifying markets, products and supply chains to adapt to fluctuations in the situation.
Minh Trang
Source: https://baochinhphu.vn/binh-dinh-va-tap-doan-syre-xuc-tien-dau-tu-to-hop-tai-che-vai-polyester-tri-gia-1-ty-usd-102250425104324952.htm
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