HCMC - Swedish textile firm SYRE has signed a memorandum of understanding (MOU) with the south-central province of Binh Dinh to develop a  polyester fabric recycling complex at a total cost of US$1 billion.

At the signing ceremony on April 25, Ho Quoc Dung, secretary of the Party Committee of Binh Dinh Province, said the province has some fully developed industrial zones with abundant cleared land, allowing investors to begin construction immediately upon approval. The polyester fabric recycling complex is expected to cover 20 hectares, and will begin operations in 2028 with an annual capacity of 250,000 tons. It will recycle textile waste into polyester fiber, positioning Vietnam as a global hub for circular textile production. On April 23, Prime Minister Pham Minh Chinh met with Susanna Campbell, chairwoman of SYRE Group; Johan Ndisi, Swedish Ambassador to Vietnam; and leaders of Binh Dinh Province to discuss the polyester recycling complex project. The prime minister noted that SYRE’s project aligns with Vietnam’s strategy to diversify its markets, products, and supply chains in order to adapt to changing global market conditions.