Vietnam owns huge reserves of rare earths, which need to be utilized immediately to promote the development of the country's economy, said Assoc. Prof. Dr. Le Ba Thuan, former director of the Institute for Technology of Radioactive and Rare Elements.
Rare earths are minerals consisting of 17 elements with special magnetic and electrochemical properties. Rare earth elements are valuable, strategic minerals that play an important role in fields ranging from electronics, atomic engineering, machine manufacturing, chemical industry, to metallurgy and even livestock and crop farming.
According to the U.S. Geological Survey, rare earth reserves in Vietnam reach about 22 million tons, ranking second in the world behind China.
The Vietnamese Ministry of Natural Resources and Environment (MoNRE) said that rare earth elements in Vietnam are mainly distributed in the northwest region, which is home to alkaline and sub-alkaline magmatic rocks rich in rare earth elements. This is a favorable condition for the formation of rare earth mines.
Original rare earth mines are concentrated in Lai Chau, Lao Cai and Yen Bai provinces. Among them, Dong Pao mine in Ban Hon commune, Tam Duong district, Lai Chau province has the largest reserves in the country, which can be exploited on an industrial scale.
In Lai Chau province, there are four rare earth mines and sites, including Dong Pao; Bac Nam Xe, Nam Nam Xe and Then Thau in Nam Xe and Ban Lang communes, Phong Tho district.
Yen Bai has a rare earth mine in Yen Phu commune, Van Yen district but the reserves are smaller than Dong Pao. Besides, there is also an ion-adsorbed rare earth mine in Gia Phu commune, Bao Thang district, Lao Cai province, along with many others found in Yen Bai, Ha Giang, Cao Bang and Lang Son in the north; Nghe An in the central region; and Kon Tum and Lam Dong in the Central Highlands.
MoNRE said that despite its great potential, rare earth exploitation in Vietnam remains very limited. With current technology, Vietnam can only export raw rare earths, but not separate their elements or process them for refinement.
According to Thuan, the number of businesses operating in the rare earth field has increased sharply. However, rare earth exploitation and processing have not yet been developed. At present, only one enterprise is operating a rare earth refinery, while others are in the preparation process.
Thai Duong Rare Earth JSC, the owner of Yen Phu rare earth mine in Yen Bai province, is refining rare earths from Yen Phu mine with a capacity of 12,000 tons of concentrate per year and is preparing to invest in a rare earth concentrate hydrocrystalline plant in Yen Phu.
Vietnam Rare Earth JSC is operating a light rare earth refining plant and implementing a project to expand a facility refining heavy rare earths from Yen Phu mine with the support of the Ministry of Science and Technology in coordination with the Institute for Technology of Radioactive and Rare Elements.
Meanwhile, Lai Chau Rare Earth JSC (the owner of Dong Pao rare earth mine), Tay Bac Rare Earth JSC (the owner of Nam Xe rare earth mine) and a number of other businesses are all preparing to build factories.
"Businesses say they are facing difficulties with the processing technology but are yet to take any action to acquire that technology,” Thuan noted.
“Our institute has been researching technology and everything related to rare earths for many years, but few businesses have asked to cooperate with us even though they say that they are in dire need of technology,” he said.
According to Thuan, there is no specific calculation on the value of Vietnam's rare earth reserves. In the past, they have been valued at about $3 trillion.
However, the real value of rare earths must include the cost of mining and processing, which could lead to the development of high-tech industry and attract foreign high technology.
"Some people think that rare earths must be left for future generations, but I think they need to be tapped immediately to promote the country’s economic development," he stressed.
Thuan noted that rare earth mining is not simple because it requires advanced technology, ensuring environmental safety from radiation and chemicals. Certainly, individuals cannot guarantee environmental safety. Therefore, authorities need to take strict management measures.
"Vietnam's rare earths have a huge value but have not been effectively utilized. Therefore, specific policies are needed to control, monitor and exploit rare earths appropriately. In particular, attention should be paid to exploitation technology to keep the environment safe from radiation and ensure a sustainable and long-term exploitation process," he said.