HÀ NỘI — Syre, a subsidiary of global fashion giant H&M, has announced plans to invest between $700 million and $1 billion to build a cutting-edge fabric production complex in Bình Định province, Vietnam. The ambitious project aims to establish the region as a leading center for circular textile manufacturing.
Syre Group presented its proposal to the Ministry of Industry and Trade, detailing its intention to develop the facility within the Nhơn Hội A Industrial Park, located in the Nhơn Hội Economic Zone. The complex is projected to have an annual capacity of 250,000 tonnes of fabric.
Tim King, Senior Operations Director at Syre, emphasized the company's commitment to incorporating advanced technologies in its polyester fiber recycling project. He assured that the facility will adhere to both global environmental standards and Vietnam’s environmental regulations.
Beyond manufacturing, Syre has requested government support in several key areas. These include policies regarding waste textile recycling initiatives, streamlined import procedures for recycled materials, and efficient environmental impact assessment processes. The company also seeks assistance in connecting with relevant regulatory bodies to facilitate smooth project implementation.
A significant hurdle for Syre is the current lack of a structured system for collecting used clothing within Vietnam. While the company prefers to source raw materials locally, the absence of clear collection, sorting, and processing mechanisms for used textiles has created challenges in securing a consistent supply of recycled materials that meet the project's quality standards.
A Syre representative stated, "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."
Phạm Anh Tuấn, Chairman of the Bình Định People’s Committee, underscored the strategic importance of Syre’s project. He highlighted its potential to transform Vietnam into a global hub for circular textile production, create numerous jobs, and contribute significantly to the country’s green economy.
Trương Thanh Hoài, Deputy Minister of Industry and Trade, acknowledged the pioneering nature of the project and stressed the need for rigorous control measures regarding the used raw materials. While the Ministry of Industry and Trade is supportive of the initiative, it requires special approval from the Vietnamese government through a dedicated resolution.
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