Sweden’s Syre to Invest $1 Billion in Vietnam’s Binh Dinh: A Green Leap in Global Textile Recycling

Under the signed MoU, Syre plans to develop a polyester recycling complex spanning approximately 20 hectares in the Nhon Hoi Economic Zone. The facility is expected to commence operations in 2028 with a production capacity of 250,000 tons annually. It will consume an estimated 300,000 to 400,000 tons of raw textile waste each year, with 40,000 to 60,000 tons sourced domestically from Vietnam’s discarded fabrics. The entire operation is designed to run on 100% renewable energy, aligning with Vietnam’s commitment to net-zero emissions by mid-century, pledged at the COP26 and COP28 climate summits.
Headquartered in Sweden, Syre is at the forefront of circular textile innovation, offering industrial-scale solutions for transforming used fabrics back into high-quality polyester fibers. With over half the global textile market dependent on polyester, Syre’s closed-loop model eliminates the need for landfill or incineration, replacing it with an eco-friendly regeneration process that meets global ESG standards. The company’s technology is designed not only to reduce carbon emissions but also to support global fashion brands in meeting their sustainability targets.
Before formalizing the partnership with Binh Dinh authorities, Syre engaged in a series of working sessions with Vietnam’s Ministry of Industry and Trade. The Swedish firm presented its core recycling technologies, environmental benchmarks, and global supply chain strategies to the Ministry’s Department of Industry and the Department of Energy Efficiency and Sustainable Development. The Ministry welcomed Syre’s model as aligning perfectly with Vietnam’s Sustainable Textile Industry Strategy through 2030, with a vision toward 2050. It further recommended that the central government include the Syre project in its priority investment list for infrastructure support, streamlined licensing, and preferential land access.
On April 23, 2025, Vietnamese Prime Minister Pham Minh Chinh received Syre Chairwoman Susanna Campbell, Swedish Ambassador to Vietnam Johan Ndisi, and senior Binh Dinh officials at the Government Office in Hanoi. The Prime Minister expressed strong support for Syre’s vision, particularly its focus on circular economy principles and carbon reduction in textile waste recycling. He stated: “The Government of Vietnam welcomes and fully supports foreign direct investment in green, clean industries using renewable energy and advanced technologies.” He encouraged Syre to strengthen collaboration with Vietnamese textile firms to enhance supply chain integration and generate local employment.
Binh Dinh province, under the leadership of Party Secretary Ho Quoc Dung and Chairman of the Provincial People’s Committee Pham Anh Tuan, has pledged comprehensive administrative and infrastructural support for Syre’s project. Strategically located near Quy Nhon seaport and Phu Cat Airport, the Nhon Hoi Economic Zone is undergoing significant infrastructure upgrades and is regarded as a prime site for high-tech and sustainable industrial development. The province is already a national leader in attracting green investment across technology, agriculture, and renewable energy sectors.
Syre’s investment promises more than economic dividends. The project is expected to create thousands of jobs for local workers, attract supporting industries in logistics and chemical recycling, significantly reduce textile waste and environmental pollution, and promote public awareness of sustainable consumption and circular economy principles. If completed as scheduled and with policy support from Vietnam’s central authorities, the Binh Dinh facility could become a flagship model for industrial textile recycling, replicable across other regions.
Syre’s $1 billion investment in Binh Dinh is more than a business deal — it is a symbol of environmental partnership between Vietnam and Sweden in the era of sustainable development. Backed by the Vietnamese government and local leadership, this initiative is poised to redefine Vietnam’s textile industry as a global leader in circular manufacturing and environmental stewardship.