High-level meeting between the Vietnamese state asset supervisor and CREG in Hanoi.
Vietnam is regarded as a promising candidate for alternative sources of rare earths to diversify from industry leader China. The ample, mostly untapped resources are estimated to be the second largest worldwide, according to the U.S. Geological Survey (PDF). Now, the Southeast Asian country’s state asset supervisor, the Commission for the Management of State Capital at Enterprises (CMSC), met with Chinese rare earth giant China Rare Earth Group (CREG) this week.
Mining Activities in a Sustainable Manner
Following the meeting, CMSC chairman Nguyen Hoang Anh issued a statement highlighting that the two sides will explore ideas for cooperation to promote the development of mutually beneficial operations in the mining industry. He also added that CREG has the capacity to run the entire rare earth value chain from exploration to mining and refining, as well as exporting, in a sustainable matter, in line with the Vietnamese Prime Minister’s declaration of July 2023. The Prime Minister then announced Vietnam would ramp up its rare earth production significantly (we reported). However, he emphasized that only companies working sustainably and with modern technologies would receive mining permits.
Talks Follow a String of Events
The meeting follows a ministerial dialogue held in March 2023 between the CMSC and its Chinese counterpart, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), during which the two countries agreed to intensify cooperation in industry and energy-related fields, among others.
CREG formed amidst a decade-long consolidation in the Chinese rare earth industry in 2021 and accounts for the majority of activities in the sector in China’s south (we reported). SASAC also holds a 30 percent stake in the company.
A deep dive into the two-decade-long consolidation of China’s rare earth industry can be found here.
Photo: Oleksii Liskonih
