Australia keen to collaborate with Vietnam on efficient rare earth exploitation, processing: envoy

Australian businesses are willing to help Vietnamese partners exploit, process and utilize rare earth efficiently, says Australian Ambassador to Vietnam Andrew Goledzinowski.

He told the Commission for the Management of State Capital at Enterprises (CMSC) last week that the latter can facilitate collaboration between companies of both nations towards applying new technologies to exploit and utilize Vietnam’s rare earth resources.

Goledzinowski emphasized Vietnam’s advantage of having the world’s second largest rare earth resources. Rare earth was a crucial material for the electronics, batteries, electric motors, and wind turbine industries.

Several Australian companies were already cooperating in rare earth related activities with EVN, Petrovietnam, and Vinacomin, all under the CMSC, he noted.

Ho Sy Hung, deputy head of the CMSC, welcome the Australian envoy’s proposal.

He called on the Australian government to help Vietnamese businesses apply modern, eco-friendly exploitation and processing technologies and share experiences in sustainable management and utilization of natural resources.

Since the exploitation and processing of rare earth was associated with high environmental risks, the CMSC was drafting updates to the legal framework, subject to the government’s approval, that would improve the situation, Hung said.

In related news, Deputy Prime Minister Tran Hong Ha had said in June that Vietnam would not export raw rare earth elements.

In July 2023, Vietnam Rare Earth JSC (VTRE) and two Australian firms - Australian Strategic Materials Ltd. (ASM) and Blackstone Minerals Ltd. - signed an MoU on rare earth mining and production.

In October 2023, Blackstone Minerals confirmed that it would continue preparing for a potential auction of concessions at the Dong Pao mine, Vietnam's largest rare earths reserve, despite the arrest of an executive with its Vietnamese partner.