Business

H&M’s Syre eyes $1-billion recycling plant in Vietnam

by Hoang Dong February 24, 2025 | 09:28 AM GMT+7

Syre, a subsidiary of H&M Group, intends to build a polyester fiber recycling plant in Vietnam, with an investment ranging from $700 million to $1 billion.

Syre aims to establish the plant in Nhon Hoi A industrial park, part of the Nhon Hoi economic zone in Binh Dinh province. If successful, the facility is expected to have an annual capacity of 250,000 tons, primarily sourcing raw materials from local textile waste.

Textile recycling is an opportunity to elevate Vietnam’s position in the global textile value chain. Photo: Hoang Anh

During a recent meeting with the Ministry of Industry and Trade, Tim King, Chief Operating Officer of Syre, reiterated the company's commitment to employing advanced recycling technologies that meet world-class standards in the recycling plant.

However, King raised concerns regarding the lack of clear policies and mechanisms related to the collection, sorting, and processing of textile waste in accordance with the project’s requirements. As a result, Syre has requested the Ministry’s assistance in establishing these mechanisms and providing specific guidelines to ensure the project's smooth execution.

In response, Deputy Minister of Industry and Trade Truong Thanh Hoai, assured Syre of the Ministry's full support, adding that the Ministry would report to the Prime Minister to establish special mechanisms for the project.

Hoai further encouraged Syre to demonstrate the superiority of its recycling technology and its potential contributions to the Vietnamese economy, particularly in fostering a circular value chain in the textile sector.

The textile industry in Vietnam is a significant source of waste, with approximately 500,000 tons of textile by-products generated annually. Of this, about 50 per cent is collected and recycled. While there are companies such as Vikohasan and Thanh Cong involved in textile recycling, no project has yet achieved a "fiber-to-fiber" recycling process to fully close the circular loop.

The future of jobs in AI era

The future of jobs in AI era

Leader Talk -  8 month
While some jobs are expected to be replaced by emerging AI applications, the technology is broadly seen as a catalyst for positive transformation in the workforce.
The future of jobs in AI era

The future of jobs in AI era

Leader Talk -  8 month
While some jobs are expected to be replaced by emerging AI applications, the technology is broadly seen as a catalyst for positive transformation in the workforce.
Leading with empathy in Vietnam’s billion-dollar investment flows

Leading with empathy in Vietnam’s billion-dollar investment flows

Business -  3 week

For Koen Soenens, Sales and Marketing Director at DEEP C, empathy is a compass that guides major deals, the way a leader builds a team, and the ambition to create a sustainable industrial zone that carries a Vietnamese identity.

Taseco Land’s new logo marks a new growth trajectory

Taseco Land’s new logo marks a new growth trajectory

Business -  4 week

Taseco Land has shifted its listing to HOSE and introduced a new upward-pointing arrow logo - a visual statement of its strategy to raise capital, expand its land bank, and strengthen its standing in Vietnam’s real estate sector

SAP positions Vietnam as key R&D hub with €150 million investment

SAP positions Vietnam as key R&D hub with €150 million investment

Business -  1 month

Located in the heart of Ho Chi Minh City, SAP Labs Vietnam is the second SAP Labs Network hub in Southeast Asia, following Singapore and is one of 20 countries that have SAP Labs globally.

Solar & Storage Live Vietnam returns, leading sustainability and innovation in energy sector

Solar & Storage Live Vietnam returns, leading sustainability and innovation in energy sector

Business -  2 month

Solar & Storage Live Vietnam event has been running since 2017 and the 2025 edition will be the biggest yet.

New alliance pushes ESG standards for Vietnamese businesses

New alliance pushes ESG standards for Vietnamese businesses

Business -  3 month

A new partnership between EY and the Vietnam-Singapore Board Forum (VSBF) is set to strengthen ESG capabilities for Vietnamese businesses, helping shape more sustainable business models.

US giant backs Vietnam’s bid to lead ASEAN gas trade

US giant backs Vietnam’s bid to lead ASEAN gas trade

Business -  3 month

With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.