According to a government plan, Vietnam plans to increase its rare earth production to 2020000 tons per year by 2030, according to the Zhitong Finance APP.
Deputy Prime Minister of Vietnam Chen Honghe signed the plan on July 18, saying that the mining of nine rare earth mines in the northern provinces of Laizhou, Laojie and Anpei will help to increase production.
The document shows that Vietnam will develop three to four new mines after 2030, with the goal of increasing its rare earth raw material production to 2.11 million tons by 2050.
The goal of this plan is to enable Vietnam to develop a synchronous and sustainable rare earth mining and processing industry, “the document states.
In addition, according to the plan, Vietnam will consider exporting some refined rare earths. It was pointed out that only mining companies with modern environmental protection technology can obtain mining and processing permits, but there was no detailed explanation.
In addition to mining, the country has stated that it will also seek investment in rare earth refining facilities, with a goal of producing 20-60000 tons of rare earth oxide (REO) annually by 2030. The plan aims to increase the annual production of REO to 40-80000 tons by 2050.
It is understood that rare earths are a group of elements widely used in the fields of electronic manufacturing and batteries, which are of great significance for the global transition to cleaner energy and in the field of national defense. According to data from the United States Geological Survey (USGS), this Southeast Asian country has the world’s second largest rare earth reserves, with an estimated 22 million tons, second only to China. USGS stated that Vietnam’s rare earth production has jumped from 400 tons in 2021 to 4300 tons last year.
Post time: Jul-27-2023