Binh Dinh grants investment licence to SYRE's 1 billion USD polyester recycling project

Binh Dinh – Authorities in the south central province of Binh Dinh have officially granted an investment registration certificate to Sweden’s SYRE IMPACT AB for a large-scale polyester recycling and production complex valued at around 1 billion USD.

The project will be located in Nhon Hoi Industrial Park (Zone A), spanning nearly 29 hectares. Once operational by 2029, the complex is expected to produce between 100,000 and 250,000 tonnes of PET pellets a year.

According to the Binh Dinh provincial Investment Promotion Centre, the investment licence will be presented to the investor at the upcoming Vietnam–Sweden Business Forum in Sweden, which is expected to be attended by Vietnamese Prime Minister Pham Minh Chinh. The move is part of the efforts to promote Vietnam’s appeal as an investment destination and to strengthen economic ties with Sweden and the broader Nordic region.

The handover of the investment certificate under the witness of senior government officials from both countries is seen as a demonstration of Vietnam’s commitment to maintaining a transparent, favourable business environment and partnering with strategic investors for green and sustainable growth.

Provincial leaders described the initiative as a model of circular economy in the textile and garment sector. The project aligns with Vietnam’s ambition to become a regional hub for polyester fibre recycling and supports the country’s commitment to achieving net-zero emissions by 2050.

Earlier, in May 2024, SYRE announced its first funding round worth 100 million USD and confirmed Vietnam as one of the potential locations for its inaugural Gigascale recycling plant. The country was selected due to its strategic role in the global textile supply chain, long-standing garment manufacturing industry, and readily available expertise.

Each plant is expected to generate around 600 jobs, including positions for highly skilled technicians, technical experts, and operations staff.

Canadian biotechnology company Gene Bio Medical (GBM) has signed an MoU with Binh Dinh Pharmaceutical – Medical Equipment JSC (BIDIPHAR) to establish a large-scale production facility in the central province of Binh Dinh.

Binh Dinh has granted investment policy decisions and licences to 62 projects with a total investment of $8 billion.

Syre, a subsidiary of Sweden-based fashion retailer H&M, announced an MoU on April 25 with Binh Dinh province to establish Syre’s first Gigascale recycling plant.