Authorities of south central Binh Dinh province have officially granted an investment registration certificate to Sweden’s SYRE IMPACT AB for a large-scale polyester recycling and production complex in Nhon Hoi Industrial Park, according to a report from  the Vietnam News Agency.

The project, covering nearly 29 ha in the IP's Zone A, has total investment capital of approximately $1 billion.

Once operational by 2029, the complex is expected to produce between 100,000 and 250,000 tons of Polyethylene Terephthalate (PET) pellets a year.

The project aligns with Vietnam’s ambition to become a regional hub for polyester fibre recycling and supports the country’s commitment to achieving net-zero emissions by 2050, according to local authorities.

The investment licence is scheduled to be presented to the investor at the upcoming Vietnam–Sweden Business Forum in Sweden.