Sweden’s Syre Group has unveiled plans to invest between USD 700 million and USD 1 billion in a high-tech polyester fiber recycling facility in Binh Dinh province, central Vietnam. The proposed plant is designed to process approximately 250,000 metric tons of textile waste annually, transforming it into raw materials for the garment and other industries.
During a meeting with the Binh Dinh provincial People’s Committee in February, 2025, Syre’s operations director, Tim King, highlighted challenges in securing sufficient raw materials. The facility requires 300,000 to 400,000 metric tons of input annually, but domestic sources can only provide 40,000 to 60,000 metric tons. This shortfall may necessitate imports, but current Vietnamese regulations prohibit the import of used textiles, posing a potential obstacle.
The director also expressed concerns regarding the province’s electricity infrastructure and its ability to support the facility’s large-scale energy needs. In response, Chairman of the provincial People’s Committee reassured Syre of the government’s commitment to fostering sustainable investments. He suggested that Vietnam might reconsider its import restrictions on used textiles and pledged efforts to ensure adequate energy supply for the project.
Founded in 2023, Syre Group focuses on decarbonizing the textile industry through large-scale textile-to-textile recycling. With plans to establish multiple production sites globally, the company aims to produce over 3 million metric tons of circular polyester within the next decade.
This investment aligns with Vietnam’s sustainable development strategy and circular economy transition. If successful, the project could position Binh Dinh as a regional hub for advanced textile recycling, reinforcing the country’s role in global sustainable manufacturing.
(Source: ScandAsia)
