Vietcycle Corporation & Alba Group to develop plastic recycling plant

The Vietcycle Corporation and the Alba Group signed a cooperation agreement on March 1 to develop a PET/HDPE plastic recycling plant in Vietnam’s north.

The recycling plant will have total investment of over $50 million and a capacity of 48,000 tons a year. Construction is expected to be completed by 2024.

“Our vision is a world without waste,” said Dr. Axel Schweitzer, Chairman of the ALBA Group Asia. “At the same time, with a holistic approach and through the use of digitalization, we want to help sustainably improve the living and working conditions of scrap collectors. This project and the partnership with VietCycle are big steps towards realizing this goal. This will be the ideal combination of the ALBA Asia Group’s global plastic recycling and waste management expertise and VietCycle’s knowledge of the local plastic network.”

“The project will contribute to urgent solutions to the growing plastic waste problem in Vietnam and will create a significant number of green jobs and improve social security for many informal collectors. For me, this is just as important as the positive environmental impacts and economic success.”

The cooperation between ALBA and VietCycle will allow the expansion of VietCycle’s collection network. The two will also make efforts to promote gender equality and social inclusion in the collection system and the plastic recycling industry in general.

“Cooperating with ALBA helps us realize our dream of revitalizing plastic waste based on advanced technology, creating sustainable and humane values,” said Mr. Hoang Duc Vuong, Chairman of the Board of Directors at the Vietcycle Corp.

The companies plan to apply advanced German technology to produce rPET plastic that meets international standards set by the EU and adopted by many multinational corporations.

According to figures from the Ministry of Natural Resources and Environment (MoNRE), about 1.8 million tons of plastic waste are discharged into the environment each year in Vietnam, of which 280,000 million to 730,000 million tons are discharged into the sea. Only 27 per cent of waste is recycled and utilized by facilities and businesses.

The cooperation between Alba Group Asia and VietCycle will therefore provide practical solutions to the increasing problem of plastic waste in Vietnam.

The ALBA Group is one of the leading recycling and environmental services companies and raw material providers in the world, operating in Germany, Europe, and Asia.

The VietCycle Corporation is a Vietnamese pioneer in building an advanced and modern recycling industry in the country, aiming to build a circular economy and ensure sustainable development, and helps friends on the five continents protect the green planet for future generations.