Sweden’s Syre Eyes US$ 1 Billion Polyester Recycling Plant In Binh Dinh
Swedish textile company Syre has expressed interest in investing $700 million to over $1 billion in a polyester fiber recycling factory in Vietnam’s Binh Dinh province. The company shared its plans during a working session with the provincial People’s Committee, where Tim King, Operations Director at Syre, highlighted key challenges, including the supply of raw materials and electricity availability.
The proposed facility would require 300,000 to 400,000 tons of raw materials annually, but domestic sources can only provide 40,000 to 60,000 tons, necessitating imports. However, Vietnam’s Circular 08/2023 currently classifies imported used clothes and fabrics (HS code 6309) as banned consumer goods, posing a significant regulatory hurdle.
Pham Anh Tuan, Chairman of Binh Dinh province People’s Committee, acknowledged these concerns and assured that Vietnam is committed to facilitating sustainable investments. He noted that the regulations restricting raw material imports may be reconsidered if Syre can demonstrate financial capability, advanced technology, and commitment to circular economy principles.
Tim King reaffirmed Syre’s pledge to use world-class environmental protection technology and comply with Vietnam’s environmental regulations. The company has already outlined its financial plans and seeks government support to accelerate the project’s approval and implementation.
Established in 2023, Syre focuses on transforming the textile value chain from a linear to a circular model, utilizing textile waste to manufacture high-quality recycled polyester products.
