Binh Dinh province in Vietnam recently entered into a memorandum of understanding (MoU) with Sweden’s Syre Group to collaborate on a polyester fabric recycling initiative.
Syre Group specializes in recycling textile fibers through a fabric-to-fabric approach, aiming to minimize carbon emissions and textile waste via large-scale recycling methods.
This ambitious project is projected to have a capacity of 250,000 tonnes annually and will require an investment of $1 billion, with plans for it to become operational by the end of 2028.
It forms part of Syre’s broader strategy to establish a global network of giga-scale recycling plants.
Utilizing cutting-edge technology that meets US and EU standards, the facility will produce recycled polyester of comparable quality to virgin polyester, while enhancing sustainability. Additionally, the project is expected to create hundreds of high-quality jobs and facilitate a closed-loop system from textile waste to circular polyester fibers, according to a statement from the provincial government.
Vietnam’s Prime Minister has instructed the province to expedite the project’s implementation.
Dennis Nobelius, the General Director of Syre Group, indicated that the company plans to source textile waste from India, Spain, Indonesia, and the Philippines, while also addressing challenges related to raw material imports.