Syre Group is expected to invest 1 billion USD to build a combination of fabric recycling production in Binh Dinh, making Vietnam the first global center for circulating and high technology textiles.
At the meeting with Prime Minister Pham Minh Chinh on April 23, Susanna Campbell, President of Syre Group (Sweden), said the group expected to invest in a fabric recycling complex with a capital of about $ 1 billion in Vietnam.
Syre Group is a subsidiary of H&M Group and Vargas Technology Investment Company, mainly operating in the field of recycling textile waste. Syre creates a completely global stitching ecosystem through large -scale recycling centers, high -tech applications and renewable energy use.
According to Susanna Campbell, the goal of this group is to build major recycling complexes in strategic areas around the world, including Vietnam.
Syre is expected to invest in a combination of polyester recycling in Binh Dinh with a design capacity of up to 250,000 tons a year. The project is expected to operate at the end of 2028, aiming to bring Vietnam into the first global center for circulating textile and garment, applying high technology according to US and EU standards.
Prime Minister Pham Minh Chinh received Ms. Susanna Campbell, President of Syre. Image: VGP
At the meeting, Prime Minister Pham Minh Chinh assessed the project in the direction of green and clean production, taking advantage of the waste of textile and garments will contribute to improving the environment. Syre’s project is also consistent with Vietnam’s orientation in diversifying markets, products and supply chains to adapt to the new fluctuations of the world.
The Prime Minister said that Binh Dinh has a very good investment environment, is a center for clean energy (wind, sun), with synchronous infrastructure (highway, international airport, deep -water seaport), with a good environment, good climate.
He asked Binh Dinh province and ministries to coordinate with the Group during the project implementation process. The Ministry of Finance, Industry and Trade, Agriculture and Environment guide the procedure process, and the locality to handle the problems and difficulties of investors.
Government leaders suggest SYRE, when implementing the project, will focus on using green materials in water such as lotus fibers, jute fibers, research using rags and old clothes arising in the territory of Vietnam as raw materials for production.
In response, President Susanna Campbell and Syre’s leaders believed that Vietnam would be one of the global leading countries in circulating economic development.
Syre said they chose Vietnam as a strategic investment location because Vietnam is thriving in green energy, with strong textile industry. Syre is committed to using the most domestic raw materials, strengthening the supply chain and manufactured in Vietnam.
Also at the meeting, Swedish Ambassador Johan Ndisi said that Swedish businesses want to cooperate, invest and do long -term business in Vietnam. The Swedish side proposes to cooperate with Vietnam in green transformation and become a comprehensive strategic partner of Vietnam on science and technology, innovation and digital transformation.