Swedish multinational fashion retailer eyes US$1 billion investment in Binh Dinh textiles facility
VGP - Syre Group, a subsidiary of renowned Swedish multinational fashion retailer H&M, plans to build a high-tech fabric production complex in the central province of Binh Dinh.
Prime Minister Pham Minh Chinh (R) hosts a reception for Chairwoman of SYRE Group Susanna Campbell, Ha Noi, April 23, 2025 - Photo: VGP
Chairwoman of SYRE Group Susanna Campbell made the above statement during her meeting with Prime Minister Pham Minh Chinh in Ha Noi on Wednesday.
The project, with a capacity of 250,000 tons per year and a total investment of up to US$1 billion, is expected to begin operations by the end of 2028 and aims to make Viet Nam the first global center for circular textile manufacturing, applying high-tech standards from the U.S. and the EU, in line with Viet Nam's sustainable development orientation.
She congratulated Viet Nam on its development achievements and highly appreciated the strong green transition currently underway in the country, expressing her confidence that Viet Nam will become one of the leading countries globally in developing a circular economy.
SYRE targets to choose Viet Nam as a strategic investment location thanks to the nation's strong development in green energy and robust textile industry, told Campbell.
The group is committed to sourcing as much material as possible from Viet Nam, enhancing the supply chain, and increasing production within the country, she reiterated.
Pham, for his side, welcomed the group's plan to invest in a polyester fabric recycling complex towards green and clean production, making use of textile-related waste, contributing to environmental improvement in the spirit of the COP26 and COP28 conferences.
SYRE's project also aligns with Viet Nam's strategic orientation to diversify markets, products, and supply chains in order to adapt to global uncertainties and changing conditions, noted the Prime Minister./.
