Viet Nam's rare earth reserve estimated at over 20 million tons: Environment Minister

Viet Nam's rare earth reserve is estimated at 20.7 million tons, Minister Natural Resources and Environment Dang Quoc Khanh told legislators on June 4.

Based on the reserve assessment, the Government has assigned the Ministry of Natural Resources and Environment (MONRE) to make plans for mining and processing rare earths to serve domestic industries, especially in the field of semiconductors and chip manufacturing, noted Dang.

Rare earth potential remains untapped, he said, adding that the Government has tasked the MONRE to speed up technology transfer.

Viet Nam's rare earth mines are mainly concentrated in its northwestern provinces of Lao Cai, Yen Bai and Lai Chau, highlighted the minister, asking these localities to strengthen management and prevent illegal exploitation and trade.

The Prime Minister on July 18 issued a decision approving a master plan on the exploration, exploitation, processing and use of minerals for 2021-2030 with a vision towards 2050, which targets harmony, efficiency and sustainability in the rare earth industry.

Rare earths are being used to produce wind turbines and magnets, and serve renewable energy and green transportation sectors. The global demand for rare earths is expected to double by 2030 and quadruple by 2050.

Viet Nam is home to the world's second-largest reserves of rare earths, according to the U.S. Geological Survey.

Regarding mineral exploitation and use, as of December 2023, a total number of 4,000 mineral areas are being exploited nationwide by more than 3,300 organizations and individuals with nearly 50 different minerals.