Rare Earth Potential Attracts Foreign Investment
Deputy Prime Minister Tran Hong Ha has signed a decision outlining a master plan for the exploration, extraction, processing, and utilization of minerals in Vietnam over the next decade and beyond. The plan includes the annual exploitation of approximately 2.1 million tonnes of raw rare earth ores.
By 2030, there will be advancements in mining technologies, expansion of rare earth processing, and the establishment of a rare earth processing factory in Yen Bai’s Van Yen district. Vietnam possesses significant rare earth reserves, accounting for 18% of the world’s total, just behind China. The country aims to attract investment in semiconductor manufacturing, as rare earth elements play a crucial role in this industry.
Foreign investors are actively exploring rare earth opportunities in Vietnam, while the government encourages the processing of rare earths into strategic materials for high-tech industries. The recent collaboration between South Korea and Vietnam to establish a supply chain center for rare earths further highlights Vietnam’s potential as a destination for semiconductor manufacturing.
Several multinational companies, including Infineon Technologies, Synopsys, and Samsung, are expanding their operations in Vietnam to capitalize on the growing demand for semiconductors. With the global chip market projected to reach $1.4 trillion by 2029, Vietnam’s position as a major exporter of electronic goods positions it well for future growth in the industry.