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Syre Secures $1 Billion Investment for Gigascale Polyester Recycling Plant in Binh Dinh Province

Binh Dinh, Vietnam – April 26, 2025 (GMT) – Syre, a global leader in textile recycling, has formalized a Memorandum of Understanding (MOU) with the Binh Dinh Provincial People’s Committee to develop a state-of-the-art polyester recycling complex. The project, slated for a late 2028 commissioning, represents a projected capital expenditure of $1 billion and a nameplate capacity of 250,000 metric tons per annum.

This facility anchors Syre’s global Gigascale recycling plant strategy, deploying advanced technology compliant with both U.S. and EU environmental standards. The plant will produce recycled polyester fiber of virgin-equivalent quality, thereby offering superior sustainability benefits. Furthermore, the project is expected to generate hundreds of high-skilled employment opportunities and establish a closed-loop ecosystem, transforming textile waste into circular polyester yarn.

The signing ceremony featured key dignitaries including Mr. Pham Anh Tuan, Chairman of the Binh Dinh Provincial People’s Committee, and Mr. Dennis Nobelius, CEO of Syre Group.

Mr. Ho Quoc Dung, Secretary of the Binh Dinh Provincial Party Committee, emphasized the project’s genesis, stemming from productive discussions, particularly following a meeting with the Prime Minister on April 23, 2025. The Prime Minister directed the province to expedite project implementation, extend optimal investor support, and lauded the robust bilateral relationship between Vietnam and Sweden.

The Provincial Party Secretary pledged a conducive investment climate, accelerated investment approvals, and proactive regulatory amendments concerning raw material imports. He also committed to securing surplus green energy from renewable energy projects. “Addressing the key hurdle of raw material import, we will engage with relevant ministries to adapt regulations, facilitating material inflow,” Mr. Ho Quoc Dung stated. He expressed confidence in Syre’s track record, reputation, and pioneering vision, believing the project will succeed based on commitments made by Syre’s Chairman to the Prime Minister.

“This project epitomizes Vietnam-Sweden collaboration in the green industry and circular economy, while also fostering stronger diplomatic ties,” Mr. Ho Quoc Dung remarked.

Ms. Susanna Campbell, Chairman of Syre Group, affirmed that sustainable and circular development is a global imperative and crucial for Vietnam to cement its position in green energy advancement. Syre has acquired cutting-edge American technology and desires a long-term partnership with Binh Dinh, leveraging the strong Vietnam-Sweden connection to drive project growth.

Mr. Pham Anh Tuan, Chairman of the Binh Dinh Provincial People’s Committee, reiterated the province’s unwavering support for Syre’s project. The provincial leadership prioritizes investments in circular, green, and technologically advanced projects that safeguard the environment. He also pledged green energy support for the new project at the Becamex VSIP Binh Dinh Industrial Park.

Concurrently, the province is expediting infrastructure upgrades to facilitate international trade, including the Phu My deep-sea port, Phu Cat International Airport, and workforce development programs. The province will expedite legal procedures, especially concerning recycled fabric imports, while encouraging Syre to complete the project proposal promptly to demonstrate its circular economy rationale. Mr. Pham Anh Tuan also urged Syre to maximize the use of domestic raw materials, ensuring the project becomes a benchmark for green transformation in the textile industry.

On April 23, 2025, Prime Minister Pham Minh Chinh met with Ms. Susanna Campbell, Chairman of Syre Group, the Swedish Ambassador to Vietnam, Mr. Johan Ndisi, and Binh Dinh Provincial Leaders to discuss the proposed polyester recycling complex investment.

The Prime Minister welcomed Syre’s investment in a green and clean polyester recycling facility utilizing textile waste, thereby contributing to environmental improvements, in line with COP26 and COP28 objectives. He underscored Vietnam’s commitment to developing a circular economy and transitioning to green energy as new drivers for rapid and sustainable growth, targeting a GDP growth rate of 8% in 2025 and double-digit growth thereafter. The Prime Minister also noted that Syre’s project aligns with Vietnam’s strategy to diversify markets, products, and supply chains to adapt to global fluctuations.

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Source: TAPCHICONGTHUONG
This article has been adapted from its original source.