During discussions with the Ministry of Industry and Trade, Syre Group outlined its intention to develop a high-tech fabric production complex in Nhon Hoi A Industrial Park, Binh Dinh Province.
Leaders of the Ministry of Industry and Trade and representatives of Syre Group meet with Bình Định provincial leaders to discuss a high-tech fabric production project. — Photo anninhthudo.vn
Syre, a subsidiary of H&M, has revealed ambitious plans to invest up to US$1 billion in establishing a high-tech fabric production complex in Bình Định, aiming to position the province as a global centre for circular textile manufacturing.
During discussions with the Ministry of Industry and Trade, Syre Group outlined its intention to develop a high-tech fabric production complex in Nhơn Hội A Industrial Park, Nhơn Hội Economic Zone, with an estimated capacity of 250,000 tonnes per year and a total investment ranging from $700 million to $1 billion.
According to Tim King, Senior Operations Director at Syre, the group is committed to integrating state-of-the-art technologies into its polyester fibre recycling project, ensuring compliance with global environmental standards, while adhering to Việt Nam's environmental protection regulations.
In addition to advanced manufacturing processes, Syre has requested policy support regarding waste textile recycling initiatives, import procedures for recycled materials and environmental impact assessments. The company has also sought assistance in connecting with relevant regulatory bodies to streamline project implementation.
Although Syre prioritises sourcing raw materials locally, the lack of a structured framework for collecting used clothing in Việt Nam poses challenges. The absence of clear collection, sorting, and processing mechanisms has hindered efforts to secure a steady supply of recycled materials that meet the project’s production standards.
"We propose that the Ministry of Industry and Trade develop specific guidelines and mechanisms for collecting, sorting and processing used clothing domestically to ensure a stable supply of recycled raw materials," a Syre representative said.
Chairman of the Bình Định People’s Committee, Phạm Anh Tuấn, emphasised the strategic significance of Syre’s project, highlighting its potential to transform Việt Nam into a global hub for circular textile production, generate numerous employment opportunities and contribute to the green economy.
Meanwhile, Deputy Minister of Industry and Trade Trương Thanh Hoài acknowledged the unique and pilot nature of the project, stressing the need for strict control measures over used raw materials. While the Ministry of Industry and Trade supports the initiative, it must first be submitted to the Government for special approval through a dedicated resolution. — BIZHUB/VNS
Read original article here