Bắc Ninh
Global fashion giant H&M subsidiary eyes $1B recycling factory in Vietnam
A subsidiary of Swedish fashion company H&M plans to invest US$1 billion to build a recycling complex in Vietnam to make the country the world’s first high-tech circular textiles hub.
Susanna Campbell, chairwoman of the subsidiary, Syre Group, announced the plan during a meeting with Prime Minister Pham Minh Chinh on Wednesday.
 |
|
Prime Minister Pham Minh Chinh (R) meets with Syre Group chairwoman Susanna Campbell on April 23, 2025. |
"Our goal is to build major recycling complexes in strategic regions worldwide, including Vietnam."
Syre Group, a joint venture between H&M and technology investment firm Vargas, recycles textile waste by leveraging technology and renewable energy.
The Binh Dinh factory, slated to begin operations by the end of 2028, will have an annual capacity of 250,000 tons.
Chinh praised its focus on green and clean production, noting that utilizing textile waste would contribute to environmental prorection.
He said the initiative aligns with Vietnam’s objectives of diversifying markets, products and supply chains to navigate the ongoing global economic shifts.
"Binh Dinh offers an excellent investment environment, being a hub for clean energy ... with synchronized infrastructure – highways, international airports, and deep-water ports – and favorable climate conditions."
He directed the province and relevant ministries to work closely with Syre on the project and the Ministries of Finance, Industry and Trade, Agriculture, and Environment with guiding the investor and addressing challenges.
He said Syre should prioritize domestically available green materials such as lotus and jute fibers, and using discarded fabric scraps and old clothing generated in Vietnam.
Campbell expressed confidence in Vietnam’s potential, saying: "We believe Vietnam will be a global leader in developing a circular economy."
Syre chose Vietnam as a strategic investment destination for its strong green energy and textile industry development, she said.
The company would maximize the use of local materials and strengthen supply chains, she promised.
Swedish ambassador to Vietnam, Johan Ndisi, also present at the meeting, said Swedish businesses are eager to pursue long-term cooperation, investment and business in Vietnam.
He proposed deepening collaboration with Vietnam on green transformation and establishing a comprehensive strategic partnership in science, technology, innovation, and digital transformation.
A Vietnamese delegation, led by Deputy Prime Minister Nguyen Chi Dung, on April 7 attended the 14th Annual Investment Meeting Congress (AIM Congress) in Abu Dhabi, the UAE, which is a premier investment networking event attracting over 20,000 participants from more than 100 countries.
Total registered foreign direct investment (FDI) into Vietnam hit nearly 10.98 billion USD in the first quarter of 2025, up 34.7% compared to the same period last year, reported the Foreign Investment Agency (FIA) under the Ministry of Finance.
Amid complicated developments of the global and regional situation, especially increasing risks of trade wars, Deputy Prime Minister Nguyen Chi Dung reaffirmed Vietnam’s commitment to maintaining political and socio-economic stability, building an independent and self-reliant economy while proactively pursuing extensive, substantive, and effective global integration.
Intel now has 600 local partners after 19 years of operation in Vietnam and is seeking more companies to join its supply chain.
The new VSIP projects will be developed as green industrial parks incorporating advanced technologies and environmentally friendly solutions.
Ý kiến bạn đọc (0)