Vietnam: ALBA Group's Asian branch has partnered with VietCycle to create an innovative plastic recycling facility in Vietnam. The facility will be equipped to process food-grade Polyethylene Terephthalate (PET) and High-Density Polyethylene (HDPE) plastic, offering a unique opportunity for the country to reduce the amount of plastic waste that is thrown away.
ALBA Group Asia and VietCycle have announced plans to build a new facility that will use advanced technology to produce up to 48,000t of PET/HDPE resin a year. The first phase of the plant is expected to be operational in 2024-2025 and will have an estimated capital expenditure of up to $50m.
VietCycle is working with ALBA Group Asia to expand its network and increase the number of informal waste collectors throughout Vietnam. Dr Axel Schweitzer, Chairman and Shareholder of ALBA Group Asia, expressed his enthusiasm for this project: "This collaboration creates a big opportunity for us to move in a positive direction."
鈥淚t will be an ideal combination of ALBA Group Asia鈥檚 global waste management and plastic recycling expertise and VietCycle鈥檚 knowledge of the local plastic network.
鈥淭he project will be part of a much-needed solution to Vietnam鈥檚 growing plastic waste problem.
鈥淔urther, it will create a significant number of green jobs and will improve many people鈥檚 social situation.
鈥淔or me personally, this is as important as the impact on the environment and the economic success.鈥�
Vietnam is one of the world's most significant contributors to ocean pollution, with an estimated 3 million tonnes of plastic waste sent to landfills annually, per the World Bank. Even more alarmingly, researchers have concluded that between 0.28 and 0.73 million tonnes of plastic enter the ocean from Vietnam every year. This is a harrowing reminder of the need for global action against this grave issue.
The Vietnamese Government is reportedly taking measures to curb plastic pollution, with a potential sanction on plastic bags sold at markets across the country set for completion by 2030. This is part of the Vietnam National Plastic Action Partnership (NPAP), an initiative jointly launched by the government to reduce the amount of plastic that ends up in oceans.
