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SYRE Group (Sweden) aims to establish Vietnam as the world’s first global hub for high-tech circular textile industry
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.
OTHER NEWS
Sweden exports to Vietnam
| Products | 03M/2024 | 03M/2025 | Change (%) |
|---|---|---|---|
| All products (USD) | 82,796,251 | 126,590,047 | 52.9 |
| Other petroleum products | 863,121 | 873,042 | 1.1 |
| Chemical products | 2,563,170 | 3,678,807 | 43.5 |
| Pharmaceutical products | 20,897,929 | 43,305,159 | 107.2 |
| Plastic materials | 428,041 | 737,913 | 72.4 |
| Plastic products | 1,741,107 | 1,735,208 | -0.3 |
| Wood and articles of wood | 1,235,864 | 1,381,592 | 11.8 |
| Paper products | 8,722,926 | 12,215,678 | 40.0 |
| Iron or steel | 2,206,883 | 3,925,668 | 77.9 |
| Articles of iron or steel | 2,468,597 | 3,082,241 | 24.9 |
| Computers, electrical products, part thereof | 2,290,704 | 2,127,743 | -7.1 |
| Telephone sets, parts thereof | - | - | - |
| Other machinery, equipment, tools and spare parts | 30,236,073 | 37,128,859 | 22.8 |
Sweden imports from Vietnam
| Products | 03M/2024 | 03M/2025 | Change (%) |
|---|---|---|---|
| All products (USD) | 278,651,620 | 310,271,649 | 11.3 |
| Fish and crustaceans, molluscs and other aquatic invertebrates | 4,620,727 | 7,989,471 | 72.9 |
| Plastic products | 4,883,835 | 4,555,553 | -6.7 |
| Rubber | 117,432 | 223,776 | 90.6 |
| Bags, purses, suitcases, hats, umbrellas | 5,669,364 | 7,069,790 | 24.7 |
| Products of rattan, bamboo, sedge and carpet | 2,284,141 | 2,125,657 | -6.9 |
| Wood and articles of wood | 6,847,435 | 8,949,258 | 30.7 |
| Textiles and garments | 16,242,999 | 21,221,961 | 30.7 |
| Footwears, parts of such articles | 6,770,919 | 11,256,717 | 66.3 |
| Materials for textiles and garments, and footwares | 1,166,067 | 1,397,506 | 19.8 |
| Ceramic products | 1,483,160 | 431,708 | -70.9 |
| Articles of iron or steel | 2,107,383 | 27,773,193 | 1,217.9 |
| Other metals and products | 171,518 | 567,515 | 230.9 |
| Computers, electrical products, part thereof | 25,073,553 | 37,665,268 | 50.2 |
| Telephone sets, parts thereof | 118,621,564 | 102,857,969 | -13.3 |
| Machinery, mechanical appliances, equipment, parts thereof | 24,738,597 | 34,098,964 | 37.8 |
| Toys, sports equipment and parts | 2,572,452 | 3,707,914 | 44.1 |
Denmark exports to Vietnam
| Products | 03T/2024 | 03T/2025 | Tăng/giảm (%) |
|---|---|---|---|
| All products (USD) | 50,227,972 | 56,021,200 | 11.5 |
| Fish and crustaceans, molluscs and other aquatic invertebrates | 2,558,475 | 5,086,318 | 98.8 |
| Milk and dairy products | 906,160 | 1,522,401 | 68.0 |
| Chemical products | 5,880,054 | 3,932,148 | -33.1 |
| Pharmaceutical products | 4,406,712 | 5,950,132 | 35.0 |
| Plastic products | 2,079,487 | 3,677,918 | 76.9 |
| Materials for textiles and garments, and footwares | - | - | - |
| Iron or steel | - | - | - |
| Articles of iron or steel | 2,082,097 | 3,314,519 | 59.2 |
| Computers, electrical products, part thereof | 2,411,340 | 830,289 | -65.6 |
| Other machinery, equipment. tools and spare parts | 15,055,018 | 11,938,993 | -20.7 |
| Electric wires and cables | 602,359 | 558,753 | -7.2 |
Denmark imports from Vietnam
| Products | 03T/2024 | 03T/2025 | Tăng/giảm (%) |
|---|---|---|---|
| All products (USD) | 102,630,109 | 105,185,157 | 2.5 |
| Fish and crustaceans, molluscs and other aquatic invertebrates | 10,545,503 | 9,116,487 | -13.6 |
| Coffee | 1,272,135 | 3,417,911 | 168.7 |
| Plastic products | 5,834,991 | 6,508,587 | 11.5 |
| Bags, purses, suitcases, hats, umbrellas | 4,187,703 | 2,417,643 | -42.3 |
| Products of rattan, bamboo, sedge and carpet | 1,886,751 | 1,826,064 | -3.2 |
| Wood and articles of wood | 8,609,482 | 8,207,511 | -4.7 |
| Textiles and garments | 8,843,118 | 16,810,875 | 90.1 |
| Footwears, parts of such articles | 5,439,168 | 6,117,710 | 12.5 |
| Ceramic products | 2,218,035 | 2,355,985 | 6.2 |
| Articles of iron or steel | 9,024,559 | 7,195,433 | -20.3 |
| Other machinery, equipment, tools and spare parts | 4,828,207 | 7,124,328 | 47.6 |
| Electric wires and cables | 9,899,550 | 7,941,565 | -19.8 |
| Transport vehicles and spare parts | 1,379,587 | 2,139,037 | 55.0 |
| Furniture products from materials other than wood | 9,277,826 | 6,881,180 | -25.8 |
| Toys, sports equipment and parts | 451,470 | 1,099,887 | 143.6 |
Norway exports to Vietnam
| Products | 03T/2024 | 03T/2025 | Tăng/giảm (%) |
|---|---|---|---|
| All products (USD) | 108,797,737 | 156,659,860 | 44.0 |
| Fish and crustaceans, molluscs and other aquatic invertebrates | 73,114,788 | 84,524,638 | 15.6 |
| Chemical products | 1,077,972 | 1,466,939 | 36.1 |
| Fertilizers | 4,543,034 | 13,352,249 | 193.9 |
| Articles of iron or steel | 1,869,554 | 1,678,973 | -10.2 |
| Other machinery, equipment. tools and spare parts | 14,148,196 | 42,738,499 | 202.1 |
Norway imports from Vietnam
| Products | 03T/2024 | 03T/2025 | Tăng/giảm (%) |
|---|---|---|---|
| All products (USD) | 25,759,459 | 35,575,275 | 38.1 |
| Fish and crustaceans, molluscs and other aquatic invertebrates | 2,385,892 | 2,368,754 | -0.7 |
| Fruits and vegetables | 851,841 | 725,350 | -14.8 |
| Cashew nuts | 1,585,807 | 2,138,995 | 34.9 |
| Plastic products | 978,112 | 717,109 | -26.7 |
| Bags, purses, suitcases, hats, umbrellas | 755,697 | 2,472,038 | 227.1 |
| Wood and articles of wood | 679,196 | 864,513 | 27.3 |
| Textiles and garments | 1,906,092 | 1,889,097 | -0.9 |
| Footwears, parts of such articles | 3,805,972 | 4,642,128 | 22.0 |
| Articles of iron or steel | 596,106 | 561,117 | -5.9 |
| Cameras, camcorders and components | 547,366 | 2,341,190 | 327.7 |
| Other machinery, equipment, tools and spare parts | 2,554,190 | 3,092,721 | 21.1 |
| Transport vehicles and spare parts | 601,438 | 3,251,659 | 440.6 |
| Furniture products from materials other than wood | 1,298,558 | 863,490 | -33.5 |
OTHER NEWS
Realizing the common aspiration and vision of Vietnam–Denmark
Denmark has pursued a green transition and sustainable development-oriented growth model for more than 50 years, accumulating a wealth of diverse experiences and valuable lessons in this field.
Today, this Nordic country is one of the world’s leading nations in green transition, pioneering breakthrough technologies and mindsets that enable economic growth while conserving resources, improving efficiency, and minimizing environmental impact.
Between 1990 and 2021, Denmark’s GDP grew by 62%, while CO₂ emissions decreased by 43%, water consumption declined by 39%, and total energy consumption fell by 11%. Denmark accounts for only 0.1% of global greenhouse gas emissions.
Concrete and Substantive Milestones in Cooperation
Vietnam and Denmark have long shared a tradition of cooperation in green growth and sustainable development, achieving many notable results. In 2011, the two countries established a Strategic Partnership in climate change, energy, environment, and green growth.
In 2013, they upgraded to a Comprehensive Partnership, with green transition and sustainable development remaining prominent themes across all areas of cooperation, including trade, investment, energy, healthcare, agriculture and food, and education.
The Vietnam–Denmark Energy Partnership Program (DEPP), launched in 2013, has delivered significant practical results. The two sides have developed and published Energy Outlook Reports, providing assessments and policy recommendations that support the sustainable development of the energy sector, promoting the use of clean and renewable energy and enhancing energy efficiency.
Following that, the Vietnam–Denmark Strategic Sector Cooperation in Food and Agriculture, initiated in 2017, aims to support Vietnam’s green transition toward a more sustainable food system. Collaborative projects have had a clear impact on food safety in Vietnam, especially in areas like food processing, feed control, and traceability within the pork value chain.
In November 2023, Vietnam and Denmark established a Green Strategic Partnership, covering 10 comprehensive areas of cooperation, and adopted a Joint Action Plan for 2024–2025.
Additionally, in the economic cooperation sector, Vietnam focuses on attracting green investment and expanding partnerships in renewable energy, maritime transport, and logistics to enable businesses from both countries to seize opportunities from green supply chains and advanced technologies. Vietnam has attracted several high-quality, green investment projects from Denmark.
One notable example is the Lego Group’s carbon-neutral factory project in Binh Duong (Vietnam), with a total investment of USD 1.3 billion, creating about 4,000 jobs and officially inaugurated on April 9, 2025.
Most Danish projects in Vietnam focus on green production, emphasize social responsibility, and have wide-reaching influence, serving as models for high-quality investment projects and demonstrating Vietnam’s determination to attract green projects to achieve its Net Zero emissions target by 2050.
These substantive, specific projects and partnerships are clear evidence of the shared aspiration and vision between Vietnam and Denmark, while also reflecting the commitment and determination of the leaders and people of both countries to advance green growth and sustainable development, laying an important foundation to elevate bilateral relations to new heights.
An Active and Responsible Member
As one of the founding members and official partners of the P4G (Partnering for Green Growth and the Global Goals 2030) Summit, Vietnam has actively and responsibly participated in and closely coordinated with other members to promote the Forum’s agenda, vision, and mission.
This year, Vietnam will closely collaborate with Denmark and other P4G members to organize the fourth P4G Summit in Hanoi.
With the theme “Sustainable Green Transition: Putting People at the Center,” the P4G Summit has proposed a rich agenda with concrete and substantive content. The Summit stands as evidence of Vietnam’s commitment to contributing practical solutions to accelerate green transition and sustainable development.
In a world facing fast, unpredictable changes and as the deadline for achieving the Sustainable Development Goals (SDGs) by 2030 approaches, Vietnam’s efforts and determination have been acknowledged and supported by international partners. Denmark, as the initiator and largest financial contributor to P4G, has strongly supported Vietnam’s hosting of the Summit and has actively cooperated throughout the preparation and organization process.
P4G is a leading global forum for promoting public-private partnerships, connecting governments, businesses, and socio-political organizations to advance green growth.
Thus, by hosting the Summit, Vietnam has the opportunity to mobilize the participation of domestic and international businesses as well as P4G partners in the green transition, climate change response, and sustainable development.
Cooperation within the P4G framework further deepens the existing partnership between Vietnam and Denmark.
Through P4G, Vietnam can advocate for Denmark’s support in public-private partnerships and for financial and technical assistance to help small and micro-enterprises implement environmental protection and climate change adaptation initiatives.
These are highly practical areas for Vietnam, and to date, 12 projects have been or are being implemented in the country under this cooperation mechanism.
Looking ahead, green transition and sustainable development will continue to be global trends and the grand aspiration of humanity, aiming for improved happiness and quality of life. Green growth and sustainable development are strategic issues requiring joint efforts and participation from central and local governments, the public, businesses, socio-political organizations, and particularly the youth.
If given the right conditions and opportunities, young people will become an important force contributing to Vietnam’s and the world’s green growth and sustainable development journey.
Luong Thanh Nghi, Ambassador of Vietnam to Denmark
“Gateway to Viet Nam” webinar – A bridge for Latvian businesses to participate in Viet Nam International Sourcing 2025
On April 23, 2025, the Latvian Chamber of Commerce and Industry (LCCI), in collaboration with the Embassy and Trade Office of Vietnam in Sweden concurrently accredited to Latvia, organized the online seminar “Gateway to Vietnam.” The event attracted strong interest from many Latvian businesses seeking opportunities to cooperate and expand into the Asian market, including Vietnam – a dynamic and highly promising market.
The seminar served as an opportunity to provide an updated overview of trade and investment relations between Latvia and Vietnam, while also highlighting Vietnam’s favorable business environment, investment attraction policies, and competitive advantages within the global supply chain. It also marked the launch of preparations for a business delegation from Latvia to visit and work in Vietnam, scheduled from September 2 to 11, 2025, organized by LCCI in coordination with the Vietnam Trade Office in Sweden.
Speakers at the seminar included representatives from the Embassy of Vietnam in Sweden, the Department of Foreign Market Development under the Ministry of Industry and Trade of Vietnam, LCCI representatives in Vietnam, and several Latvian experts and entrepreneurs living and working in Vietnam. Their practical insights and diverse perspectives provided Latvian businesses with a clearer picture of the potential for cooperation with Vietnam in the near future.
This seminar was part of a series of promotional activities for the Viet Nam International Sourcing 2025, a key trade promotion event directed by the Ministry of Industry and Trade and organized by the Department of Foreign Market Development. The event aims to support businesses in deepening their participation in global production and supply chains, as well as connecting directly with international distributors, importers, and retailers.
This year’s Viet Nam International Sourcing will take place from September 4 to 6, 2025, in Ho Chi Minh City, featuring an exhibition space of over 10,000 square meters and gathering hundreds of manufacturing and exporting enterprises, along with international buyers participating in a series of specialized seminars and business-matching sessions.
In addition to the Latvian business delegation currently being prepared, more than 10 Swedish companies have already confirmed their participation alongside the Vietnam Trade Office in Sweden, including notable businesses such as H&M, Port of Gothenburg, GFI Stockholm, East Asia Food, among others.
Vietnamese exports to Northern Europe face challenges but gain new opportunities
The retaliatory tariffs imposed by the United States on imported goods are creating both opportunities and challenges for Vietnamese exports to Northern European markets.
Favorable exchange rates enhance Vietnamese products’ price competitiveness
Speaking with Industry and Trade Newspaper on the morning of April 4, Ms. Nguyen Thi Hoang Thuy — Director General and Head of the Vietnam Trade Office in Sweden, concurrently covering Northern Europe — stated that on April 2, 2025, U.S. President Donald Trump announced a large-scale package of retaliatory tariffs on imports from over 100 countries, with the European Union (EU) facing a 20% tariff.
Ms. Thuy highlighted a notable positive development: the exchange rate has shifted favorably for Vietnamese goods. Specifically, the U.S. dollar has depreciated while the Swedish krona has strengthened, with the current exchange rate at 9.85 SEK/USD — the highest since June 2022. This means that Vietnamese goods priced in U.S. dollars have become cheaper for Swedish consumers, enhancing their price competitiveness.
However, the extent to which this advantage materializes depends on Vietnamese businesses’ ability to maintain stable prices without raising USD-denominated selling prices. Certain sectors such as textiles and garments, footwear, seafood, wooden products, and handicrafts must remain cautious. These industries have thin profit margins and are highly sensitive to fluctuations in material costs, logistics expenses, and consumer demand. In the context of rising inflation across Europe and Northern Europe, consumers are tightening their spending, potentially leading to reduced orders or price pressure on non-essential or low-value-added goods.
Therefore, despite the favorable exchange rate, Vietnamese businesses must proactively control costs, maintain stable prices, and simultaneously enhance product quality and standards to sustain and expand their market share in high-end markets like Northern Europe.
Heightened competition from Asian countries redirecting exports to Europe
Alongside the aforementioned opportunities, Ms. Thuy noted that as access to the U.S. market becomes more challenging, China, Cambodia, Bangladesh, and many other Asian countries are redirecting their exports to the EU and Northern Europe — markets that maintain open trade policies and high consumer demand.
For instance, China could expand its presence in electronics, home appliances, and mechanical sectors in Europe. Bangladesh and Cambodia — major competitors in the textile sector — may ramp up exports of low-cost goods to the EU. Competition will not only come from lower prices but also from faster delivery times, flexible order fulfillment capabilities, and compliance with the EU’s stringent standards.
“In the midst of rising trade barriers and protectionism, the EU-Vietnam Free Trade Agreement (EVFTA) serves as a strategic shield, helping Vietnamese goods maintain their foothold in Europe,” Ms. Thuy emphasized. She further pointed out that sectors benefiting directly include textiles and garments, footwear, seafood and processed agricultural products, wooden goods, handicrafts, and electrical and electronic equipment.
Especially in Northern Europe — where consumers prioritize sustainable, eco-friendly, and transparent products — Vietnamese companies can enhance their competitive edge by investing in certifications such as eco-labels, traceability systems, and carbon footprint verification.
Ms. Thuy further assessed that the new U.S. tariff policy, though a major challenge, also presents an opportunity for Vietnam to diversify its markets and reduce reliance on the U.S. and short-term orders. It is also a chance to transition from competing on price to competing on quality, sustainability, and traceability. She urged businesses to invest in meeting European standards like eco-labeling, carbon footprint certification, and CSR credentials to build consumer trust in Northern Europe. Moreover, optimizing EVFTA benefits and positioning Vietnamese goods as a “reliable alternative” in global supply chains is crucial.
“The U.S. retaliatory tariffs are triggering systemic disruptions in global trade, potentially leading to widespread recession and disruption,” Ms. Thuy pointed out. “While major countries are still debating their responses, Vietnamese businesses need to adapt early and proactively.”
Thanks to political stability and the EVFTA cooperation framework, the EU and Northern Europe are emerging as strategic gateways for Vietnamese exports. The key is not merely to “weather the storm,” but to seize the opportunity to reposition Vietnamese products on the global trade map — not only as affordable but also as high-quality, sustainable, and reliable.