Vietnam: 50 million USD to build the largest standard plastic recycling factory in the North
VietCycle cooperates with Alba Group Asia to build a PET and HDPE plastic recycling plant with a capacity of 48 thousand tons per year, with a total investment of more than 50 million USD.
On the afternoon of March 1st, 2023, in Hanoi, ALBA Asia Group and VietCycle announced the signing of a cooperation agreement to jointly develop the largest PET/HDPE plastic recycling plant with food packaging quality in Vietnam. The total investment capital for the plant is expected to reach 50 million USD and the capacity is up to 48,000 tons/year.
According to the World Bank, Vietnam is one of the major polluters in the world's oceans with about 3 million tons of plastic waste each year is discharged onto land in Vietnam, furthermore, an estimated 0.28 to 0.73 million tons of plastic waste is discharged into the ocean. Across Vietnam, local governments struggle to collect, transport, and dispose of their growing waste streams. This situation is expected to worsen with rapid urbanization along with economic and population growth.
ALBA Asia Group and VietCycle cooperate in building a recycling plant with an estimated total investment of up to 50 million USD and a capacity of up to 48,000 tons/year. This recycling plant will use advanced technology from Germany, recycling rPET plastic of international standards, which is also the largest plastic recycling factory and also the first factory to recycle plastic products that can be used for food in the North.
In addition to building a standard recycling plant, the cooperation between VietCycle and Alba also includes expanding VietCycle's network of waste and bottles from about 2,500 to more than 23,000 people, accessing at least 500 collection points scraps all over the country. The joint venture of the two businesses will support this force to practice more effectively the collection and classification of waste, and at the same time provide welfare benefits such as health insurance and social insurance.
Source: the Internet