Ministry of Industry and Trade works with Binh Dinh Provincial People's Committee on high-tech fabric production project

On the afternoon of February 19, Minister Nguyen Hong Dien had a working session with Binh Dinh Provincial People's Committee on the high-tech fabric production complex project of Syre Group (Sweden).

Also attending the meeting were Deputy Minister Truong Thanh Hoai, leaders of relevant units under the Ministry. On the side of Binh Dinh Provincial People's Committee, there were Mr. Pham Anh Tuan, Chairman of Binh Dinh Provincial People's Committee, Mr. Johan Ndisi, Swedish Ambassador to Vietnam, leaders of Syre Group and some relevant units...

It is known that Syre Group was established in 2023 by Vargas Holding, a global investor and Swedish retail group H&M Group. Syre Group aims to transform the value chain from a linear system to a circular system by using textile waste to create high-quality circular polyester products.

Syre Group's investment project in Binh Dinh is specifically the High-tech Polyester Fabric Recycling Production Complex with a total investment of 700 million to 1 billion USD.

The project's goal is to establish Vietnam as the first global center for the circular textile industry, applying high technology according to US and EU standards, oriented towards development according to the Net Zero model. Thereby, making Vietnam a leading country in developing a circular textile economy.

Minister of Industry and Trade Nguyen Hong Dien chaired the meeting.

Syre Group's project is of great significance in making Vietnam a global circular textile industry center, creating many jobs and contributing to the green economy.

Previously, in Decision No. 1643/QD-TTg dated December 29, 2022 of the Prime Minister approving the Strategy for the development of the Textile, Garment and Footwear industry in Vietnam to 2030, with a vision to 2035, the orientation is to promote investment in the production of raw materials, accessories, and supporting industries for the Textile, Garment and Footwear industry; focus on the production of fabrics, synthetic fabrics, and leather, encourage the production of fabrics from domestically produced fibers to reduce imports, positively impact the linkages, form a complete value chain and supply in the Textile, Garment and Footwear industry, meet the requirements on the rules of origin of new-generation free trade agreements as well as promote the localization process, improve and quickly reduce the gap in level and productivity with countries with more developed economies. Build a number of specialized industrial parks, large specialized complexes for Textile, Garment, Leather and Footwear (including fiber chains, dyeing, fabric finishing; tanning); prioritize projects with large capacity from reputable investors, using advanced, modern technology, with synchronous, closed production processes and ensuring compliance with environmental regulations.

Orientation to attract investment in the Northern region (Nam Dinh, Hung Yen, Thai Binh provinces...); the Central region (Thanh Hoa, Nghe An, Thua Thien Hue, Quang Ngai, Binh Dinh...) and the South (Binh Phuoc, Tay Ninh, Long An...).

Orientation to develop supporting industry projects, production of raw materials and accessories in areas with high density of textile and footwear enterprises in some localities in the North (Hung Yen, Nam Dinh, Thai Binh, Quang Ninh,...), the Central region (Thanh Hoa, Nghe An, Thua Thien Hue, Quang Nam, Quang Ngai, Binh Dinh,...) and the South (Binh Phuoc, Tay Ninh, Ba Ria - Vung Tau, Tra Vinh, Long An,...), to reduce transportation costs, lower prices and improve product competitiveness.

Accordingly, the Syre Group's High-Tech Fabric Production Complex project in Binh Dinh is consistent with the fabric production orientation according to the Vietnam Textile and Garment Industry Development Strategy.

Some photos of the Ministry of Industry and Trade working with the People's Committee of Binh Dinh province on the High-tech Fabric Production Complex project:

Minister of Industry and Trade Nguyen Hong Dien working with the People's Committee of Binh Dinh province on the High-tech Fabric Production Complex project of Syre Group. Photo: Can Dung

Deputy Minister of Industry and Trade Truong Thanh Hoai. Photo: Can Dung

Mr. Pham Anh Tuan, Chairman of the People's Committee of Binh Dinh province. Photo: Can Dung

Mr. Johan Ndisi, Ambassador of Sweden to Vietnam. Photo: Can Dung

Ms. Stina Billinger, Senior Director of Sustainable Development & External Relations of the Group. Photo: Can Dung

Attending the working session between Minister Nguyen Hong Dien and the People's Committee of Binh Dinh province, on the side of the Ministry of Industry and Trade were Deputy Minister Truong Thanh Hoai and leaders of relevant units under the Ministry. Photo: Can Dung