HANOI- Vietnam aims to raise its rare earths production to 2.02 million tons a year by 2030, according to a government plan reviewed by Reuters, as it seeks to tap one of the world’s largest reserves of key industrial metals.
The Southeast Asian country has the world’s second-largest reserves of rare earths – an estimated 22 million tons – second only to China, according to the United States Geological Survey (USGS).
Its rare earths production jumped to 4,300 tons last year from 400 tons in 2021, the USGS said.
Higher output will be helped by extraction from nine mines in the northern provinces of Lai Chau, Lao Cai and Yen Bai, according to the plan signed by Deputy Prime Minister Tran Hong Ha on July 18.
Vietnam will develop three to four new mines after 2030, aiming to raise its raw rare earths output to 2.11 million tons by 2050, the document showed.
“The objective of the plan is for the country to develop a synchronized and sustainable industry of rare earths mining and processing,” it said.
Under the plan, Vietnam will consider exporting part of the refined output. Only mining companies with modern and environmental-friendly technologies will be licensed for mining and processing, it said, without elaborating.
Rare earths are a group of elements that have applications in electronics manufacturing and batteries, making them important for the global transition towards cleaner sources of energy and in defense.
Apart from mining, the country said it will also seek to invest in rare earth refining facilities, with a target of annually producing 20,000-60,000 tons of rare-earth oxides (REO) by 2030.
The plan aims to raise the annual REO output to 40,000-80,000 tons by 2050.
Vietnam’s economic growth slowed to 3.32 percent in the first quarter, against a 5.92 percent year-on-year expansion in the fourth quarter of 2022, government data showed on Wednesday, as exports of smartphones and electronics fell sharply.
The Southeast Asian country, a regional manufacturing hub, reported an 11.9 percent fall in overall exports in the January-March period from a year earlier due to weakening global demand. – Reuters
