Vietnam may compete with China in rare earth export
Vietnam’s rare earth resource is considerably large with proven reserves of 11 million tons and potentially may reach 22 million tons.
Vietnam con potentially become a major rare earth player in the world as the country possesses the third-largest reserves of the minerals while China has signaled to restrict the export of rare earth to the US as a retaliation measure in the ongoing trade war, according to VietNamNet.
Illustrative photo
|
Recent prospections have found rare earth ores in Vietnam, mainly in some Northern provinces of Lai Cha, Lao Cai and Yen Bai.
The largest rare earth deposit is located in Bac Nam Xe village, in Lai Chau, near the border with China. and other smaller ones are scattered along the coastal area from Quang Ninh to Vung Tau.
Total global reserves of rare earth are estimated at 99 million tons, of which China is the biggest owner with 27 million tons, accounting for 30.6%, followed by the US with 13 million tons, Australia with 5.2 million tons and India with 1.1 million tons.
In terms of mining output, China is accounting for 95% of the total global production, or 120,000 tons of rare earth exploited annually, according to 2015 data.
Rare earth is an important material in the manufacturing of electronic components, phones, national defense weapons, among others.
According to former head of Vietnam Institute of Geosciences and Mineral Resources Nguyen Xuan Khien, China is dominant in world rare earth mining and willing to use them to exert pressure on other countries including the US and Japan.
Some nine years ago, China had threatened to suspend exports of rare earth to Japan, as a result, some Japanese scientists traveled to Vietnam to explore and evaluate rare earth deposits. However, not any results have been published until now.
12:37, 2024/05/17
Vietnam news in brief - May 17
Follow The Hanoi Times for the latest news on Vietnam.
20:06, 2024/05/15
EVN to have limited role in direct power purchase agreement mechanism
Government management should be separated from the generation, transmission, and distribution of electricity.
14:22, 2024/05/14
Vietnam's gaming industry aims for $1 billion in revenue by 2028
The Vietnamese gaming industry has a lot of advantages to be able to compete with other countries.
18:01, 2024/05/13
Vietnam c.bank to continue auctioning gold
The authorities would continue to inspect, monitor, and deal with gold smuggling, speculation, or the exploitation of hoarding policies to drive up prices and cause market instability.
12:51, 2024/05/11
South Korea’s Hyosung plans to build data center in Vietnam
Vietnam is recognized as one of the world's top 10 emerging data center markets, with a potential market value of US$1 billion by 2028, driven by an average annual growth rate of nearly 11%.
22:07, 2024/05/10
Vietnam in need of US$12 billion for EV infrastructure: HSBC
By leveraging collaborative relationships and overcoming barriers to electric vehicle adoption, Vietnam has the potential to accelerate its green transportation race.