Leading retail brand H&M, headquartered in Stockholm, Sweden, now partners with 103 local factories that employ over 86,800 workers in Vietnam, and has also established 13 stores in the country since 2017.

At a meeting with visiting Vietnamese Prime Minister Pham Minh Chinh in Stockholm on Friday June 13^th, H&M’s CFO Adam Karlsson noted that Vietnam has now been a key supplier to the brand for nearly two decades

Susanna Campbell, chair of Syre – a joint venture between H&M and tech investment firm Vargas – also outlined details of the recent registration certificate it has obtained to construct a $1 billion polyester fabric recycling plant in the central Vietnam province of Binh Dinh. The project, designed to have a capacity of up to 250,000 tons per year, is expected to become operational by the end of 2028.

As H&M and Syre look to scale up green investments in Vietnam, they asked its Prime Minister to direct continued policy support, particularly in facilitating the import of raw materials for Syre’s production. The executives also expressed their desire to help Vietnam’s textile industry transform towards a circular, sustainable model.

PM Chinh confirmed that developing a circular textile ecosystem is one of the goals Vietnam is aiming for and suggested Syre share its experience. He also suggested the corporations use Vietnamese materials in their production and strictly adhere to commitments regarding the use of high technology and environmentally friendly input materials to ensure sustainable development.

www.syre.com

www.hmgroup.com