LS Eco Energy announced on May 23 that it has begun strengthening its cooperation with Vietnam in the rare earth industry.
The company revealed that on May 22, in Hanoi, it held high-level discussions with Nguyen Hoang Long, Deputy Minister of Industry and Trade, focusing on securing a stable supply of rare earth resources.
This meeting was a follow-up to the discussions held during the Vietnamese Minister of Industry and Trade's visit to Korea in February, aiming to concrete the bilateral cooperation plan.
Representatives from LS included CEO Go Bon-gyu of LS Cable & System and CEO Lee Sang-ho of LS Eco Energy. They requested government support for regulatory improvements regarding license procedures and environmental regulations related to radioactive materials, as well as institutional backing to establish cooperative systems with local mining companies.
Amid rising tensions between the U.S. and China, China’s restrictions on rare earth exports have increased attention on Vietnam as a strategic new supply source. However, industry experts note that Vietnam’s rare earth sector remains underdeveloped in refining and metallization technologies, posing challenges to industrialization.
In response, LS Eco Energy is collaborating with research institutes like Korea Institute of Geoscience and Mineral Resources and Seoul National University to develop rare earth refining and metallization technologies. The company is also working to establish a phased value chain based on Vietnamese resources, along with partnering with promising local mining companies to enhance the feasibility of projects and turn prospects into tangible investments.
CEO Lee Sang-ho emphasized, “Building on over 30 years of experience in Vietnam, we aim to take a leading role in positioning Vietnam as a key hub in the global rare earth supply chain.”
Deputy Minister Nguyen Hoang Long stated, “Combining Vietnam’s resources with Korea’s technology can lead to a win-win situation for both countries, and we will actively review institutional support measures to facilitate this cooperation.”
