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.
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.
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