The Asian branch of waste management and recycling company ALBA Group has partnered with VietCycle to develop a plastic recycling facility in Vietnam.
The plant will be able to process food-grade polyethylene terephthalate (PET) and high-density polyethylene (HDPE) plastic.
It will use advanced technology to produce up to 48,000t of PET/HDPE resin a year.
The first phase of the plant is scheduled to be operational in 2024-2025.
ALBA Group Asia and VietCycle expect the facility to have an estimated capital expenditure of up to $50m.
The partnership aims to allow VietCycle to expand its network by increasing the number of informal waste collectors across Vietnam.
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ALBA Group Asia chairman and shareholder Dr Axel Schweitzer said: “With this project and the collaboration with our partners from VietCycle, we make a huge step in this direction.
“It will be an ideal combination of ALBA Group Asia’s global waste management and plastic recycling expertise and VietCycle’s knowledge of the local plastic network.
“The project will be part of a much-needed solution to Vietnam’s growing plastic waste problem.
“Further, it will create a significant number of green jobs and will improve many people’s social situation.
“For me personally, this is as important as the impact on the environment and the economic success.”
Vietnam is one of the world’s largest ocean polluters, sending around three million tonnes of plastic to landfill each year, according to the World Bank.
The country also releases an estimated 0.28 to 0.73 million tonnes of plastic waste into the ocean every year.
In May last year, the Vietnamese Government was reportedly considering imposing sanctions on plastic bags sold at markets across the country by 2030.
The report came after the government co-launched the Vietnam National Plastic Action Partnership (NPAP), which aims to reduce the flow of plastic waste into the ocean.