Supporting Viet Nam to address the growing plastic waste problem, ALBA Group Asia, a recycling solutions provider, has signed a cooperation agreement with the local plastic recycling company VietCycle to implement a plastic recycling plant which is expected to start the first phase of operation in 2024/25.
At the signing ceremony held in Hanoi on 1st March, Mr. Hoang Van Thuc, director general of the Vietnam Environment Administration under the Ministry of Natural Resources and Environment, and Mr. Simon Kreye, Deputy Head of the German Embassy in Hanoi, welcomed this partnership as a contribution to the efforts of Vietnam in the fight against environmental pollution. The country is struggling with a rising tide of plastic waste: annually, approximately 3.1 million metric tons of plastic waste are discharged on land and 0.28 to 0.73 million tonnes of plastic waste are released into the ocean.
The plant will leverage cutting-edge technology that is able to adapt to the international standards set by the EU with an estimated capital expenditure of up to 50 million dollars and a capacity of up to 48,000 tonnes/year.
Dr. Axel Schweitzer, Chairman and Shareholder of ALBA Group Asia is looking forward to this cooperation agreement. With a vision towards a world without waste, the combination of ALBA Group Asia’s expertise in waste management and plastic recycling and VietCycle’s knowledge of local plastic network will make a significant step towards the common objectives of environment and the circular economy.
Along with this, the implementation of the plastic recycling plant will create green jobs and make efforts to promote gender equality and social inclusion for the local community.