GFSI is the first company in the world to develop fibreglass recycling technologies. Under the cooperation agreement, GFSI will transfer its expertise and manufacturing technologies to the Minh Hung Group.
Lam Dao Hung, Chairman of Minh Hung Group’s Board of Management said that after delivering the technological capabilities for manufacture, both sides will work together on building an EPC plywood factory to use recycled composite materials with a total investment capital of US$50 million. The facility will be located in the southern Tien Giang province and is expected to be operational by 2019.
The factory is also expected to provide modern technologies and solutions to deal with the large quantity of composite waste and fibreglass, which has become a thorny problem for the country, while producing new economically efficient and eco-friendly products from recycle waste.
At present, the country has 35 solid waste treatment plants with a total design capacity of 7,500 tons per day. Each year, 28.5 million tons of solid waste are generated, including 8,700 tons of daily-life solid waste in HCM City every day. Almost all of the waste is buried at great cost, both damaging the environment and depriving the recycling industry of a valuable source of materials.