Authorities in Binh Dinh (Gia Lai) province have granted Sweden-based SYRE IMPACT AB an investment registration certificate for a USD 1 billion polyester recycling and production complex in the Nhon Hoi Industrial Park (Zone A). Spanning nearly 29 hectares, the facility is designed to produce between 100,000 and 250,000 tonnes of PET (polyethylene terephthalate) pellets annually once it becomes operational by 2029.
This project marks a major step in Vietnam’s efforts to attract green investment and reinforce its position as a key player in the global textile and garment supply chain. Local authorities describe the complex as a model for circular economy development, particularly within the textile sector, and say it will directly support Vietnam’s commitment to achieving net-zero emissions by 2050.
The investment certificate is scheduled to be formally handed over at the upcoming Vietnam – Sweden Business Forum in Sweden, where Vietnamese Prime Minister Pham Minh Chinh is expected to attend. The symbolic gesture highlights Vietnam’s focus on fostering high-quality foreign investment and strengthening ties with Nordic countries.
SYRE previously announced a USD 100 million funding round in May and identified Vietnam as a strategic location for its first Gigascale recycling facility due to the country’s established garment industry and skilled workforce. Once completed, the plant is expected to create approximately 600 jobs, ranging from technicians to operations specialists.
(Source: VN Economy, Vietnam News)
