Norfund has invested USD 4 million in a plastic recycling company in Vietnam to expand production at a plant near Ho Chi Minh City.
The funding will support Circular Plastics Company (CPC), which processes used PET plastic into recycled materials for packaging. According to Norfund, the facility has capacity to produce 31,000 metric tons of recycled PET flakes and 14,000 metric tons of food-grade recycled PET pellets per year, according to a press release from the company itself.
Minister highlights jobs and environmental impact
Åsmund Aukrust, Norway’s Minister of International Development, said the investment supports employment and efforts to address plastic waste.
“By scaling industrial PET food grade recycling in Vietnam, Norfund’s investment is contributing to job creation and reduction of plastic pollution,” says Åsmund Aukrust.
Vegard Benterud, Investment Director at Norfund, said the company has delivered recycling facilities on time and within budget and that Norfund looks forward to supporting its expansion in Vietnam.
Norfund is owned by the Norwegian government and invests in businesses in developing countries. Its committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South and Southeast Asia, and Latin America.
