PVChem Signs Cooperation Agreement with VNPOLY: Expanding the Recycled PET Chip Value Chain

The event took place during the signing ceremony of the Framework Sales Contract between VNPOLY and member units of the Vietnam National Textile and Garment Group (VINATEX), hosted by Petrovietnam.
 

Signing ceremony between PVChem and VNPOLY
 

The signing ceremony was attended by top leaders of the two leading economic groups in Vietnam. Representing Petrovietnam were Mr. Le Manh Hung – Secretary of the Party Committee, Chairman of the Members' Council; Mr. Le Ngoc Son – General Director, along with members of the Members' Council and the Group’s Executive Board. From VINATEX, Mr. Le Tien Truong – Secretary of the Party Committee, Chairman of the Board; Mr. Cao Huu Hieu – General Director, and representatives of member enterprises were present. Leaders of PVChem, VNPOLY, and partner companies also attended and witnessed this important event.
 

Overview of the signing ceremony
 

According to the Agreement, PVChem will supply recycled PET chip – a raw material for POY fiber production to VNPOLY. The two sides commit to comprehensive and long-term cooperation, collaborating in research and development, optimization of raw material sources, production techniques, and market consumption. This cooperation not only creates bilateral commercial value but also lays the foundation for a closed domestic supply chain, from recycled materials to finished fiber products, directly serving the textile and garment sector – one of Vietnam's key export industries.

Mr. Le Manh Hung – Chairman of Petrovietnam’s Members’ Council speaking at the ceremony

Speaking at the event, Mr. Le Manh Hung – Chairman of Petrovietnam’s Members’ Council – highly appreciated the proactive spirit and effective coordination among the units, especially PVChem’s role in connecting the “chemicals – fiber – textile” value chain. Chairman Le Manh Hung emphasized that with the domestic market’s demand for PSF fiber reaching nearly 500,000 tons per year, most of which is still imported, the joint effort of domestic enterprises to build internal supply sources is an urgent and strategic solution to enhance competitiveness, especially as major export markets like the U.S. are implementing import restrictions on products of unclear origin.

The cooperation between Petrovietnam and VINATEX units will contribute to enhancing the competitiveness of Vietnamese textile and garment products in the global market, ensuring sustainable development and meeting increasingly strict demands from international customers.

The agreement with VNPOLY is a next step in PVChem’s long-term strategy to develop recycled PET production in Vietnam. Previously, on June 26, 2025, PVChem signed a cooperation agreement with two strategic partners: Zhejiang BoReTech Environmental Engineering Co., Ltd. (Taiwan) and Nghi Son Environment Joint Stock Company (NSEC), on the provision of technology and offtake of recycled PET products from the PET bottle recycling project (rPET) in Nghi Son Economic Zone, Thanh Hoa province. This is one of the key projects in Petrovietnam’s long-term strategy to realize sustainable development goals, target net-zero emissions, and contribute actively to the national circular economy model.

The project uses advanced recycling technology from Austria combined with BoRetech's improvements, ensuring compliance with strict safety standards from major international certifications such as the FDA (U.S.) and EFSA (Europe), particularly addressing the growing needs of the food, beverage, export packaging, and sustainable textile sectors. PVChem is initiating the project at Nghi Son Economic Zone with a total designed capacity of 200,000 tons/year. Phase 1 is expected to be completed and commercially operational from Q4 2026.

PET bottle washing line


PET pelletizing line

The investment in the rPET production complex at Nghi Son not only contributes to solving post-consumer plastic waste and reducing environmental burdens but also serves as a driving force to promote the development of the domestic recycling industry toward modernization, standardization, and international integration.

PET pellet upgrading line (SSP)


Spinning line from recycled PET
 

The signing event between PVChem and VNPOLY, along with the expansion of strategic cooperation with BoReTech and NSEC, has laid the foundation for a closed-loop recycled PET production chain – from raw materials to fiber applications. This is an important step in realizing the domestic supply chain of “chemicals – fiber – textile,” and affirms PVChem’s pioneering role in promoting green production, circular economy, and contributing to building a sustainable and environmentally friendly domestic recycling value chain.