H&M subsidiary signs MoU with Vietnam to build textile recycling plant
Jonathan Yee
25-Apr-2025
SINGAPORE (ICIS)–A subsidiary of Sweden-based fashion retailer H&M, Syre, has announced a Memorandum of Understanding (MoU) with Binh Dinh province in Vietnam to build a circular textile recycling plant, the company said on Friday.
Syre, a joint venture between H&M and technology investment firm Vargas, announced plans to build a Gigascale recycling plant in Binh Dinh, which will produce up to 250,000 tonnes of high-quality polyethylene terephthalate (PET) chips from textile waste.
“Syre has an ambition to support Vietnam in its green transition and as a global leader in the circular textile industry,” said Dennis Nobelius, CEO of Syre.
“The partnership with the Binh Dinh Province will, with the right conditions in place, be a great opportunity to jointly lead the textile shift,” Nobelius added.
Investment details have not been finalized, Nobelius said.
“Binh Dinh offers an excellent investment environment, being a hub for clean energy … with synchronized infrastructure … and favorable climate conditions,” said Vietnam Prime Minister Pham Minh Chinh on 23 April.
Syre is a circular textile-to-textile recycling firm with one plant in North Carolina in the US under construction, to be operational in mid-2025.
The North Carolina plant will have a capacity of up to 10,000 tonnes/year of circular polyester.
In 2024, Syre raised $100 million in funds to construct its plants in North Carolina and other locations such as Vietnam.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Contact us
Partnering with ICIS unlocks a vision of a future you can trust and achieve. We leverage our unrivalled network of industry experts to deliver a comprehensive market view based on independent and reliable data, insight and analytics.
Contact us to learn how we can support you as you transact today and plan for tomorrow.
READ MORE
