Binh Dinh grants investment registration certificate for 1 billion USD project

The event in which Secretary of the Binh Dinh Provincial Party Committee Ho Quoc Dung presented the Investment Registration Certificate for the "Polyester Fabric Recycling Complex” project to SYRE Impact-AB Company took place during the Vietnam–Sweden Business Forum themed "Green Transition, Digital Transformation, and Innovation," held in Stockholm, Sweden. This was a highlight event in the series of activities held during Prime Minister Pham Minh Chinh's official visit to the Kingdom of Sweden from June 12 to 14, 2025.

Secretary of the Binh Dinh Provincial Party Committee Ho Quoc Dung presented the Investment Registration Certificate for the "Polyester Fabric Recycling Complex" project to SYRE Impact-AB Company in the presence of Prime Minister Pham Minh Chinh; Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son; Sweden’s Minister for International Development Cooperation and Foreign Trade Benjamin Dousa; along with leaders of Ministries and branches of both Vietnam and Sweden.

This event followed the success of a high-level working visit between Binh Dinh provincial leaders and Swedish government agencies and enterprises earlier in 2025.

The "Polyester Fabric Recycling Complex" project has a total investment of USD 1 billion (equivalent to approximately VND 24.97 trillion). Its core objective is to recycle textile waste into PET (polyethylene terephthalate) resin, serving the development of an environmentally friendly textile industry.

Once fully operational, the project is expected to reach an annual production capacity of 150,000 to 250,000 tons of PET resin. This is one of the largest projects ever implemented in the field of textile waste recycling in Vietnam and is expected to make a significant contribution to the country's sustainable development goals and green transition in the textile industry. The project is also expected to generate substantial employment opportunities for local workers and promote industrial and economic growth in the South Central Coast region.

Furthermore, the project reflects Binh Dinh province's strong commitment to attracting investment in alignment with green transition and sustainable development strategies.

Earlier on the morning of June 12, Secretary of the Binh Dinh Provincial Party Committee Ho Quoc Dung had a working session with Ms. Susanna Campbell, Chairwoman of Syre Group, and the company’s leadership at Syre Company's headquarters to discuss the next steps for implementing the project in Binh Dinh.

During the working session, Mr. Ho Quoc Dung emphasized that both the Prime Minister of Vietnam and Binh Dinh province have paid great attention to and welcomed Syre’s investment in the polyester fabric recycling complex, focusing on green, clean, and circular production. He highlighted the project's priority in maximizing the use of textile-related waste, especially domestic sources, to help improve the environment. He also discussed the application of advanced technology, the employment of local labor, project financing, and the project’s contributions to local socio-economic development.

Ms. Susanna Campbell, Chairwoman of Syre Group, noted that many investors, such as H&M and TPG Rise Climate, have already committed capital to the project. She affirmed Syre’s commitment to supporting Binh Dinh’s green transition and sustainable development strategy. The company also pledged to utilize the most advanced technologies that meet international standards and to maximize the use of Vietnamese waste and scrap materials as inputs for the factory's operations. Additionally, Syre Group has collaborated with Quy Nhon University on human resource development and training for the project.

The "Polyester Fabric Recycling Complex" will be located on lots B4-B5 in Nhon Hoi Industrial Park (Zone A) in Quy Nhon city, Binh Dinh province. The project has a total investment capital of USD 1 billion, fully mobilized from private sources, with a 50-year operational duration and a land area of 28.77 hectares. The project will be implemented in three phases. Phase 1 (2025–2026) will complete legal, environmental, and planning procedures. Phase 2 (2027–2028) will implement the construction of the factory and installation of machinery. Phase 3 (2029) includes trial operation and commencement of full-scale production.