The Asian branch of waste management and recycling company, ALBA Group has partnered with VietCycle to develop a plastic recycling facility in Vietnam with an initial investment of US$50 million.
The plant will have the capacity to process food-grade polyethylene terephthalate (PET) and high-density polyethylene (HDPE) plastic. It will use advanced technology to produce up to 48,000 tons of PET/HDPE resin a year.
The first phase completion of the plant is expected in 2024/2025, and this will allow VietCycle to expand its network of informal waste collectors across the country.
According to ALBA Group Asia Chairman, Dr Axel Schweitzer, the project will be part of a much-needed solution to Vietnam’s growing plastic waste problem. Vietnam is one of the world’s largest ocean polluters, disposing up to 3 million tons of plastic to landfill each year, according to the World Bank. The country also releases an estimated 0.28 to 0.73 million tons of plastic waste into the ocean every year.
Vietnam is now considering imposing sanctions on plastic bags sold at retail stores across the country by 2030.
