On the afternoon of April 23, Prime Minister Pham Minh Chinh received Ms. Susanna Campbell, Chairwoman of SYRE Group (Sweden), who plans to invest approximately USD 1 billion in a textile recycling complex in Vietnam, along with the Swedish Ambassador to Vietnam, Mr. Johan Ndisi.
SYRE is a subsidiary of the H&M Group (the world-renowned fashion brand from Sweden) and Vargas Holding, a Swedish technology investment company.
SYRE is building a global circular textile ecosystem through large-scale recycling centers, utilizing high-tech applications and renewable energy. SYRE’s goal is to establish major recycling complexes in strategic regions around the world, with Vietnam among them.
SYRE plans to invest in a polyester fabric recycling complex in Binh Dinh province, with a designed capacity of up to 250,000 tons per year and a total estimated investment of about USD 1 billion. The project is expected to commence operations by the end of 2028, aiming to make Vietnam the world’s first global hub for high-tech, circular textile production, meeting U.S. and EU standards, and aligning with Vietnam’s sustainable development orientation.
At the meeting, Prime Minister Pham Minh Chinh affirmed that Vietnam always highly values its longstanding traditional friendship with Sweden. He welcomed SYRE Group’s plan to invest in a green, clean polyester fabric recycling complex, utilizing textile-related waste to contribute to environmental improvement, consistent with the spirit of COP26 to COP28 conferences.
The Prime Minister emphasized that Vietnam is focusing on developing a circular economy and green energy transition, considering these as new driving forces for fast and sustainable growth, targeting GDP growth of 8% in 2025 and double-digit growth in subsequent years. Furthermore, SYRE’s project aligns with Vietnam’s strategy to diversify markets, products, and supply chains to adapt to global fluctuations.
The Prime Minister noted that Binh Dinh offers a favorable environment for SYRE’s project, featuring a strong investment climate, being a hub for clean energy (wind and solar power), and having comprehensive infrastructure including highways, an international airport, and a deep-water seaport. He requested that the province and relevant ministries and agencies closely coordinate with SYRE during project implementation.
Regarding some of SYRE’s proposals concerning raw material sources and the Direct Power Purchase Agreement (DPPA) mechanism, the Prime Minister suggested that SYRE prioritize using domestic green materials such as lotus fiber and jute fiber, and consider utilizing scrap fabric and discarded clothing generated within Vietnam as production materials, helping reduce costs and protect the environment.
The Prime Minister also mentioned that the Vietnamese Government recently issued Decree No. 57/2025/ND-CP, which stipulates the direct power purchase mechanism between renewable energy generators and major electricity consumers. He proposed that SYRE work closely with the Ministry of Industry and Trade to clarify relevant regulations based on the project proposal.
The Prime Minister assigned the Ministry of Finance, the Ministry of Industry and Trade, and the Ministry of Agriculture and Environment to coordinate closely with SYRE to guide procedural processes, and together with the Binh Dinh Provincial People’s Committee, promptly address any obstacles or difficulties faced by the Group in accordance with the law.
On their part, Chairwoman Susanna Campbell and SYRE’s executives congratulated Vietnam on its development achievements and highly appreciated Vietnam’s robust green transition, expressing confidence that Vietnam will become a global leader in circular economic development.
Expressing gratitude for Vietnam’s active support during the project proposal process, SYRE representatives stated that they chose Vietnam as a strategic investment location because of its strong green energy development and robust textile industry. SYRE committed to maximizing the use of raw materials from Vietnam and strengthening the supply and production chains within the country.
The Swedish Ambassador affirmed that with the excellent political relationship between the two countries, Swedish businesses are keen to cooperate, invest, and conduct long-term business in Vietnam. Sweden also wishes to collaborate with Vietnam in the green transition and become a Comprehensive Strategic Partner of Vietnam in science and technology, innovation, and digital transformation.