Syre Group eyes $1 billion investment in Binh Dinh textiles facility

On February 19, 2025, Minister of Industry and Trade Nguyen Hong Dien discussed with Binh Dinh People's Committee on a groundbreaking proposal by Syre Group, a Swedish textiles impact company focused on hyperscale textile-to-textile recycling.

The factory would require around 300,000 to 400,000 tonnes of raw materials per year. According to the group’s survey, domestic materials can only supply around 40,000 to 60,000 tonnes, with the remainder to be imported.

"We commit to using modern technologies in the production lines, and meet the world's highest standards on environmental protection," said Tim King, senior operation director of Syre.

The imported raw materials, which include used clothes and fabrics, are classified as belonging to the list of used consumer goods, medical equipment and vehicles which are banned from import under Circular No.08/2023/TT-BCT by the Vietnamese Ministry of Industry and Trade (MoIT).

King proposed the government provide instructions related to importing recycled materials as well as carrying out environmental impact assessments. He also suggested that the government adopt policies to support the company’s textile waste recycling project.

The MoIT said it appreciated Syre's investment plan and that scrap fabric was considered waste material from the production process, so its import must comply with regulations on the list of scrap materials allowed to be imported from abroad for production purposes.

"It is necessary to consult relevant authorities on the matter and following Decision No.13/2023/QD-TTg promulgating the list of waste permitted for import from overseas for use as production materials," an MoIT representative said.

King therefore urged the ministry to issue clear policies and guidelines for collecting and processing used garments domestically to ensure a stable supply of recyclable materials for the project, as well as fostering a circular economy.

Minister Dien also agreed with the investment plan, requesting that the initiative's technologies be clean, safe for the environment, and meet all wastewater and waste treatment requirements. He asked the group to provide detailed evidence of its technological superiority and socioeconomic benefits to ensure the initiative aligns with Vietnam’s sustainability goals.

"If Syre Group proves the advantages of the venture in terms of production technology, the ability to contribute to Vietnam's socioeconomic development, and developing a closed domestic production chain, the MoIT will propose competent authorities to have specific mechanisms for the project," he said.

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