Bình Định grants investment licence to SYRE's $1 billion polyester recycling project

Bình Định grants investment licence to SYRE's $1 billion polyester recycling project

The 29ha project will be located in Nhơn Hội Industrial Park (Zone A) and is expected to produce between 100,000 and 250,000 tonnes of PET pellets a year by 2029.

Chairman of the Bình Định provincial People’s Committee, Phạm Anh Tuấn (sitting, right), and the CEO of Syre Group sign a memorandum of understanding on investment co-operation on April 25. — Photo nld.com.vn

Authorities in the south-central province of Bình Định have officially granted an investment registration certificate to Sweden’s SYRE IMPACT AB for a large-scale polyester recycling and production complex valued at around US$1 billion.

The project will be located in Nhơn Hội Industrial Park (Zone A), spanning nearly 29 hectares. Once operational by 2029, the complex is expected to produce between 100,000 and 250,000 tonnes of PET pellets a year.

According to the provincial Investment Promotion Centre, the investment licence will be presented to the investor at the upcoming Việt Nam–Sweden Business Forum in Sweden, which is expected to be attended by Vietnamese Prime Minister Phạm Minh Chính. The move is part of the efforts to promote Việt Nam’s appeal as an investment destination and to strengthen economic ties with Sweden and the broader Nordic region.

The handover of the investment certificate under the witness of senior government officials from both countries is seen as a demonstration of Việt Nam’s commitment to maintaining a transparent, favourable business environment and partnering with strategic investors for green and sustainable growth.

Provincial leaders described the initiative as a model of circular economy in the textile and garment sector. The project aligns with Việt Nam’s ambition to become a regional hub for polyester fibre recycling and supports the country’s commitment to achieving net-zero emissions by 2050.

Earlier, in May this year, SYRE announced its first funding round worth $100 million and confirmed Việt Nam as one of the potential locations for its inaugural Gigascale recycling plant. The country was selected due to its strategic role in the global textile supply chain, long-standing garment manufacturing industry, and readily available expertise.

Each plant is expected to generate around 600 jobs, including positions for highly skilled technicians, technical experts, and operations staff. 

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