INTERNATIONAL INVESTMENT
AND PORTAL

H&M subsidiary Syre signs MoU with Binh Dinh to establish textile recycling plant

Invest Global 10:24 29/04/2025

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

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.

H&M subsidiary Syre signs MoU with Binh Dinh to establish textile recycling plant Susanna Campbell, CEO of Syre, and Prime Minister Pham Minh Chinh

In connection with the signing of a $100 million Series A funding round in May 2024, Syre announced it had shortlisted Vietnam as a probable location for its first Gigascale recycling plant. Vietnam was chosen due to its strategic positioning within the textile supply chain, with a long history of a vibrant textile industry and access to know-how. Since then, Syre has been conducting a thorough investigation and site selection process, with a list of key criteria and conditions.

The MoU reflects a partnership with Binh Dinh province and Syre, working together to ensure the key criteria and conditions are met for a decision on the recycling plant. The criteria include access to an industrial park with core infrastructure, green energy, recyclable textiles, and a licence to import recyclable textile materials.

In a meeting in Hanoi on April 23, Syre had the opportunity to present its plans to Prime Minister Pham Minh Chinh.

“We are grateful and encouraged by the strong support expressed by the Vietnamese government. Syre has an ambition to support Vietnam in its green transition and as a global leader in the circular textile industry. The partnership with Binh Dinh province will, with the right conditions in place, be a great opportunity to jointly lead the textile shift. We now need to work together to get all fundamentals in place for a decision,” said Dennis Nobelius, CEO of Syre.

Syre aims to establish several Gigascale textile-to-textile recycling plants across the globe in the coming decade, closing the loop from textile waste to circular polyester. One Gigascale plant is designed for an annual output of 100-250,000 metric tons of high-quality PET chips. Each plant is expected to generate up to 600 jobs, including skilled manufacturing workers, technical experts, and operational support staff.

Syre Group eyes $1 billion investment in Binh Dinh textiles facility Syre Group eyes $1 billion investment in Binh Dinh textiles facility

Syre Group, a subsidiary of H&M, plans to build a high-tech fabric production complex in Nhon Hoi Economic Zone, Binh Dinh province with a capacity of 250,000 tonnes per year and a total investment of up to $1 billion.

H&M launches first store in Hue H&M launches first store in Hue

Global fashion retailer H&M announced the opening of its first store in Hue, marking its 14th store in Vietnam.

H&M Vietnam signs green deal with PECC2 H&M Vietnam signs green deal with PECC2

The Swedish clothing retailer H&M has signed a green energy deal to facilitate its Vietnam-based suppliers to convert to renewable energy sources.

By Thanh Van