By 2030, Vietnam seeks to raise raw rare earth mineral output to 2M t/yr.

According to a recent government plan, Vietnam looks to raise its rare earth production to 2.02 million tons a year by 2030.

With such lofty ambitions, Vietnam seeks to tap one of the world’s most significant reserves of crucial industrial minerals.

The Southeast Asian country, Vietnam, holds the world’s second-largest reserve of rare earth minerals — estimated at 22 million tons — while China finds itself in first position, according to data collected by the United States Geological Survey (USGS). The USGS also stated that Vietnam’s rare earth mineral production jumped to 4,300 tons in 2022 from the 450 tons produced in 2021.

According to the plan signed by the Vietnamese Deputy Prime Minister Tran Hong Ha on July 18, the higher output is to be aided by the excavation of nine mines in the nation’s Northern provinces of Lao Cai, Lai Chau, and Yen Bai. 

According to the document, Vietnam plans on opening up to four new mines after 2030 in a bid to raise its raw earth mineral output to 2.11 million tons by 2050.

The document procured by reporters said that the objective of the plan was for Vietnam to develop a synchronized and sustainable rare earth mining and processing industry.

According to the plan, Vietnam will consider exporting a portion of the refined output. Only mining firms with modern and environmentally friendly equipment will be licensed for mining and processing.

Rare earth elements are important for the world's transition to cleaner energy sources as well as defense technology.