Vietnam’s Binh Dinh awards investment certificate for $1bn project to Swedish firm

The certificate was handed over during the Vietnam–Sweden Business Forum, held in Stockholm.

The event was witnessed by PM Chinh, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son, Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa, and top officials from various ministries and agencies of both countries.

The project will focus on recycling textile waste into PET plastic pellets, contributing to the development of a more sustainable and eco-friendly textile industry.

Once in place, the facility is expected to produce between 150,000 and 250,000 metric tons of PET pellets annually.

This project will mark one of the largest textile recycling initiatives ever undertaken in Vietnam and is anticipated to play a significant role in the country’s green transition and sustainable development goals within the textile and garment sector.

Besides, the project is expected to generate substantial employment opportunities for local workers and foster economic and industrial growth in the south-central region of Vietnam.

The initiative reflects Binh Dinh Province’s strong commitment to attracting sustainable investment and integrating environmental objectives into its economic development strategy.

The project is scheduled to begin implementation in 2025 and commence full operations by 2029.