Prime Minister Pham Minh Chinh meets with Ms. Susanna Campbell, President of SYRE Group - Photo: VGP/Nhat Bac
SYRE is a subsidiary of H&M Group (a world-famous fashion brand from Sweden) and Vargas Technology Investment Company (Sweden).
SYRE creates a global circular textile ecosystem through large-scale recycling centers, applying high technology and using renewable energy. SYRE's goal is to build large recycling complexes in strategic areas around the world, including Viet Nam.
SYRE plans to invest in a polyester fabric recycling complex in Binh Dinh with a design capacity of up to 250,000 tons/year, with a total investment capital of approximately 1 billion USD. The project is expected to be operational by the end of 2028 and aims to make Vietnam the first global center for circular textiles, applying high technology in accordance with US and EU standards and Viet Nam's sustainable development orientation.
At the meeting, Prime Minister Pham Minh Chinh affirmed that Vietnam always attached importance to the good traditional realation with Sweden. The Prime Minister welcomed the SYRE Group's plan to invest in a polyester fabric recycling complex in the direction of green and clean production, utilizing textile-related waste, contributing to improving the environment in the spirit of the Conferences from COP26 to 28.
The Prime Minister emphasized that Vietnam was focusing on developing circular economy and converting to green energy, identifying this as one of the new driving forces for rapid and sustainable growth, achieving GDP growth of 8% in 2025 and double digits in the coming years. Also, SYRE's project goes in line with Vietnam's orientation in diversifying markets, products and supply chains to adapt to fluctuations in the situation.
The Prime Minister appreciated SYRE's plan to invest in a polyester recycling complex in the direction of green and clean production, utilizing textile-related waste, contributing to improving the environment - Photo: VGP/Nhat Bac
The Prime Minister said that Binh Dinh was very favorable for SYRE's project because it has a very good investment environment; is a center for clean energy (wind power, solar power), has a synchronous infrastructure system, such as highways, an international airport, a deep-water seaport, has a good environment and climate, and suggested that the province and ministries and branches closely coordinate with the group during the project implementation process.
Regarding some proposals from SYRE regarding raw materials and the direct power purchase mechanism (DPPA), the Prime Minister requested that SYRE Group, when implementing the project, focus on using domestic green materials such as lotus fiber, jute fiber, etc., as well as research on using scraps of fabric and discarded old clothes in Viet Nam as material for production, helping to save costs and be environmentally friendly.
The Prime Minister revealed that the Vietnamese Government has recently issued Decree No. 57/2025/ND-CP regulating the direct electricity purchase and sale mechanism between renewable energy power generation units and large electricity users; therefore, Syre should discuss specifically with the Ministry of Industry and Trade to clarify the regulations on the basis of the project proposal.
The Prime Minister assigned the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Agriculture and Environment to closely coordinate with the Group to guide the procedural process; and the People's Committee of Binh Dinh province to promptly coordinate and solve the Group's difficulties in accordance with the law.
SYRE Group leaders said they wanted to choose Vietnam as a strategic investment location because Viet Nam is developing strongly in green energy and also has a strong textile and garment industry - Photo: VGP/Nhat Bac
For their part, Chairwoman Susanna Campbell and SYRE leaders congratulated Vietnam's development achievements and appreciated Viet Nam's green transformation process; she believed that Viet Nam would be one of the leading countries in developing a circular economy in the world.
Expressing thanks to Viet Nam for its active support in proposing the project implementation, SYRE said they wanted to choose Viet Nam as a strategic investment location because Vietnam is developing strongly in green energy and also has a strong textile and garment industry. SYRE is committed to using the most raw material from Viet Nam, strengthening the supply chain and manufacturing in Vietnam.
The Swedish Ambassador affirmed that with the good political relations between the two countries, Swedish enterprises wish to cooperate, invest and do business in Vietnam for the long term; Sweden wishes to cooperate with Vietnam in green transformation and become a comprehensive strategic partner of Viet Nam in science and technology, innovation and digital transformation.
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