With the ambition to turn Vietnam into the first high-tech textile center in the world, SYRE Group (Sweden) has identified Vietnam as one of the strategic locations to develop this model in the coming time.
The project is the result of the signing ceremony of the Memorandum of Understanding on investment cooperation in the polyester fabric recycling production complex project with a total estimated capital of 1 billion USD between Binh Dinh Provincial People's Committee and SYRE Group on April 25, 2025. Expected to be operational by the end of 2028, the project has a scale of about 20 hectares, with a design capacity of up to 250,000 tons per year. SYRE hopes to turn Vietnam into the first global center for high-tech circular textiles, meeting US and EU standards, and in line with Vietnam's sustainable development orientation.
At the signing ceremony, Ms. Susanna Campbell, President of Syre Group, affirmed that the technology used by the project was acquired from a leading US technology company, and expressed her impression of Vietnam's strong green transformation process. She wished to choose Vietnam as a strategic destination due to its developed textile industry and great renewable energy potential. SYRE is committed to increasing the use of domestic materials and building a sustainable supply chain in Vietnam.
Mr. Dennis Nobelius, General Director of Syre, said that Vietnam is the Group's first destination in the field of fabric recycling, thanks to its strong textile industry and dynamic economy.
The Swedish Ambassador to Vietnam, Mr. Johan Ndisi, affirmed that the project is a symbol of strategic cooperation, continuing the strong relationship between the two countries for many decades.
On the Vietnamese side, according to Mr. Ho Quoc Dung, Secretary of Binh Dinh Provincial Party Committee, the project has basically been supported by the Government in principle, with only minor problems regarding the raw material import mechanism to be resolved soon. The province has also fully prepared infrastructure and green energy for the project to be implemented effectively.
SYRE is a subsidiary of H&M Fashion Group and Vargas Technology Investment Company (Sweden). This enterprise aims to build a global circular textile ecosystem through high-tech recycling centers using renewable energy. This project not only contributes to reducing environmental pollution but also creates a large number of high-quality jobs locally.