Norwegian state-owned investment fund Norfund has committed USD 4 million to a plastic recycling company in Vietnam, funding an expansion of operations at a facility near Ho Chi Minh City.
The investment goes to Circular Plastics Company, which processes used PET plastic into recycled materials for packaging. The plant has capacity to produce 31,000 metric tons of recycled PET flakes and 14,000 metric tons of food-grade recycled PET pellets annually.
Norway’s Minister of International Development, Åsmund Aukrust, highlighted the dual impact of the investment on both employment and environmental outcomes. He said that scaling industrial food-grade PET recycling in Vietnam contributes to job creation and helps reduce plastic pollution. Vegard Benterud, Investment Director at Norfund, noted that the company has a strong track record of delivering recycling facilities on time and within budget, and expressed confidence in supporting its continued growth in Vietnam.
Norfund is fully owned by the Norwegian government and focuses on investing in businesses across developing markets. Its committed portfolio totals USD 3.8 billion, spanning Sub-Saharan Africa, South and Southeast Asia, and Latin America.
The investment reflects a broader push by development finance institutions to back sustainable infrastructure in emerging economies, with Vietnam increasingly attracting interest as a market for green industrial solutions.
(Source: Scandasia)
