On the afternoon of April 23, Prime Minister Pham Minh Chinh met with Susanna Campbell, Chairwoman of SYRE Group, and Johan Ndisi, Swedish Ambassador to Vietnam. During the meeting, SYRE Group announced plans to invest in a polyester fabric recycling complex with an investment of approximately USD 1 billion in Binh Dinh.
The project is expected to commence operations by the end of 2028 and aims to establish Vietnam as the world's first global hub for circular textiles, utilizing high-tech standards from the U.S. and the EU, in line with Vietnam's sustainable development goals.
The polyester fabric recycling complex in Binh Dinh is projected to have a designed capacity of up to 250,000 tons per year, with a total investment of around USD 1 billion.
During the meeting, the Prime Minister welcomed SYRE Group's investment in a green, clean polyester fabric recycling facility that utilizes textile waste, contributing to environmental improvement in line with the spirit of the COP26 to COP28 conferences.
The Prime Minister emphasized: "Vietnam is focusing on developing a circular economy and transitioning to green energy, recognizing this as one of the new drivers for rapid and sustainable growth, aiming for a GDP growth of 8% in 2025 and double-digit growth in the following years. At the same time, SYRE's project aligns with Vietnam's direction of diversifying markets, products, and supply chains to adapt to the volatility of the current global situation."
Binh Dinh is highly favorable for SYRE's project due to its excellent investment environment. It is a center for clean energy (wind and solar power) and has a well-developed infrastructure, including highways, international airports, deep-water ports, and good environmental conditions. The Prime Minister suggested that the province and relevant ministries work closely with the group during the project implementation process.
The Prime Minister assigned the Ministry of Finance, Ministry of Industry and Trade, and Ministry of Agriculture and Environment to cooperate with SYRE Group to guide procedural processes and work with Binh Dinh's provincial government to address any challenges and legal issues the group may face.
Swedish Ambassador to Vietnam Johan Ndisi confirmed that with the strong political ties between the two countries, Swedish businesses are eager to cooperate, invest, and establish long-term operations in Vietnam. Sweden also looks forward to partnering with Vietnam in green transformation and becoming Vietnam's comprehensive strategic partner in science, technology, innovation, and digital transformation.
From the business perspective, SYRE Group Chairwoman Susanna Campbell and other SYRE leaders expressed their interest in selecting Vietnam as a strategic investment location, given the country's strong growth in green energy. SYRE is committed to maximizing domestic raw materials and strengthening Vietnam's supply chain and production.