Syre Group is a subsidiary of H&M Group and Vargas Technology Investment Company, a leading player in the field of textile scrap recycling. The company's focus is recycling Polyester waste into new raw materials for the garment, automobile and interior industries.
Currently, Syre Group needs to invest in a high-tech fabric production complex project in Nhon Hoi A Industrial Park, Nhon Hoi Economic Zone, Binh Dinh province with a capacity of 250,000 tons/year, total investment capital of 700 million - 1 billion USD.
On the afternoon of February 19, the Ministry of Industry and Trade had a working session with the People's Committee of Binh Dinh province on the Syre Group High-tech Textile Production Complex project.
At the meeting, Mr. Tim King - Senior Operations Director of Syre Group said that the Group wishes to invest in a project of a polyester fiber recycling complex in Binh Dinh province.
The Group is committed to applying modern technology to polyester fiber recycling production projects, meeting the world's leading standards on environmental protection and complying with Vietnam's environmental protection regulations.
At the same time, the Group proposed to be supported in terms of mechanisms and policies related to the implementation of textile waste recycling projects, instructions on procedures for importing recycled materials and assessing environmental impacts, and supporting connections with specialized agencies to ensure the project is implemented smoothly.
The Group always prioritizes collecting domestic raw materials. However, the collection of used clothes in Vietnam still does not have a clear implementation mechanism despite increasing attention. This causes many difficulties in purchasing, classifying and processing raw materials to meet the project's production standards.
"Therefore, it is recommended that the Ministry of Industry and Trade support the development of specific mechanisms and instructions on collecting, classifying, and processing used clothes in the country to ensure a source of recycled materials for production" - the representative of Syre Group's leadership proposed.
At the meeting, Minister of Industry and Trade Nguyen Hong Dien assessed the proposal related to investment in a high-tech fabric production project in Nhon Hoi A Industrial Park, Binh Dinh province with a total investment of 700 million - 1 billion USD of the group to meet traditional growth drivers and new growth drivers. Therefore, the Ministry of Industry and Trade fully supports this project.
However, the Minister noted that recycling imports and environmental issues are the most important, so Vietnam is very interested in the technologies that Syre Group applies in the production and completion of products. The Minister requested that these technologies need to ensure cleanliness and safety for the environment, meeting the requirements of wastewater and waste treatment of the project.
The head of the Industry and Trade sector noted that it is necessary to spread to domestic enterprises to create a closed chain from production, processing to consumption that can be localized or connect domestic enterprises to jointly implement the project's goals. In particular, the project needs to prove its socio-economic efficiency for Vietnam.
Mr. Dien affirmed that the European Union (EU), including Sweden, is an important economic and trade partner of Vietnam. In recent years, since the two sides signed the Free Trade Agreement and the Investment Protection Agreement, the investment wave as well as economic and trade relations have increased rapidly every year.
At the meeting, Mr. Pham Anh Tuan - Chairman of Binh Dinh Provincial People's Committee emphasized that Syre Group's project is of great significance in turning Vietnam into a global circular textile and garment industrial center, creating many jobs and contributing to a green economy.
Therefore, the People's Committee of Binh Dinh province recommends that the Ministry of Industry and Trade consider, support and provide detailed instructions and support procedures for importing scraps of fabric from the production process according to current regulations, ensuring a stable source of raw materials for the project.
