VietCycle and ALBA Group Asia have entered into a partnership to construct a plastic recycling facility in Vietnam. The facility can process high-density polyethylene (HDPE) and food-grade polyethylene terephthalate (PET) plastic. It will have a projected annual capacity of 48,000 tons of PET/HDPE resin. The plant’s first phase is expected to be operational in 2024 or 2025, with an initial capital investment of up to USD 50 million.
VietCycle aims to expand its network by increasing the number of informal waste collectors across Vietnam. The partnership seeks to provide a solution to Vietnam’s growing plastic waste problem, create a considerable number of green jobs, and improve socioeconomic conditions for many people.
Vietnam is one of the world’s largest contributors to plastic debris in the ocean, releasing between 0.28 to 0.73 million tons of plastic debris annually. In May 2022, the Vietnamese government announced plans to implement a ban on plastic bags sold in markets nationwide by 2030 as part of the Vietnam National Plastic Action Partnership (NPAP) initiative, which aims to reduce the amount of plastic waste in the ocean.
The recycling facility aims to process waste plastic collected through VietCycle’s network of informal waste collectors, increasing the volume of recycled plastic in Vietnam and reducing the amount of plastic waste. The facility’s construction also aligns with the Vietnamese government’s push towards a circular economy, which aims to reduce waste and promote sustainable development.
According to ALBA Group Asia and VietCycle, the recycling facility is expected to have a positive impact on Vietnam’s environment, economy, and social conditions, including the creation of green jobs and reduced plastic waste pollution. The partnership also hopes to encourage other companies to invest in sustainable waste management in the Southeast Asian country.
(Source: Packaging Gateway)