Sweden’s Syre Group eyes $1bn textile recycling plant in Vietnam

The proposed project, covering 20 hectares, is scheduled to begin operations by 2028 with an annual recycling capacity of 250,000 metric tons.

It aims to process textile waste into regenerated polyester fiber, positioning Vietnam as a global hub for circular textile production.

Speaking at the signing ceremony, Ho Quoc Dung, secretary of the provincial Party Committee, emphasized the province’s readiness to welcome high-tech investment.

“We have well-developed industrial zones, ample clean land, and a trained workforce from local institutions ready to support large-scale projects,” he said.

Pham Anh Tuan, chairman of the provincial administration, voiced strong support for green, environmentally responsible industries and pledged assistance in clearing legal hurdles related to raw material imports.

In return, Syre is expected to honor its commitments to circular and green economic development and prioritize domestic textile waste in its recycling operations.

Susanna Campbell, chair and co-founder of Syre Group, said the textile industry must move toward a more sustainable future.

The company has acquired leading American technology to recycle used textile materials into high-grade polyester yarn.

“We reviewed 20 recycling technologies and selected the most advanced system for this project,” she stated.

If realized, this will be the largest Swedish-invested project in Vietnam to date.

Sweden’s Ambassador to Vietnam, Johan Idisi, noted that Swedish companies have already invested around $3 billion in this Southeast Asian country.

He highlighted the long-standing relationship between Sweden and Vietnam, evolving from post-war reconstruction support to a reliable trade partnership.

Sweden was among the first European nations to establish diplomatic ties with Vietnam, the ambassador added.