S Korea LS Eco Energy seeks stable rare earth supply from Vietnam
South Korean cable firm LS Eco Energy seeks to secure a stable rare earth supply from Vietnam, after its partners in a deal signed in January 2024 were arrested in November 2024.
A delegation of LS Eco Energy led by CEO Lee Sang-ho made the proposal at a Tuesday meeting with Vietnamese Minister of Industry and Trade Nguyen Hong Dien. The Vietnamese delegation also featured officials from state giants Vietnam Electricity and Petrovietnam.
LS Eco Energy CEO Lee Sang-ho (left, second) and Vietnamese Minister of Industry and Trade Nguyen Hong Dien (center) at a meeting in Seoul on February 25, 2025. Photo courtesy of LS Eco Energy.
CEO Lee Sang-ho highlighted Vietnam holds the world’s second-largest rare earth reserve, but mining is subject to strict regulations. Meanwhile, China, as the world’s biggest rare earth reserve, also restricts export of the minerals.
Securing rare earth supply can help LS Eco Energy with permanent magnet production, the executive added.
Besides, LS Eco Energy, a major supplier of cables and power lines in Vietnam, and the Vietnamese side discussed cooperation in building energy infrastructure, including offshore wind power and nuclear power.
In January 2024, LS Eco Energy and Vietnamese mineral firm Hung Thinh signed an offtake agreement. Accordingly, the Vietnamese firm was set to supply 500 tons of rare earth oxides every year from 2025 to LS Eco Energy. LS Eco Energy will use neodymium and disprocium supplied by the Vietnamese firm for its permanent magnet production.
In November 2024, Vietnam’s Ministry of Public Security launched legal proceedings against nine Hung Thinh executives and staff for violations in exploiting titanium ore exceeding the given permit.
In November 2024, the Ministry of Public Security launched legal proceedings against nine Hung Thinh executives and staff, including chairman Phan Thanh Muon (first, left). Photo courtesy of the ministry.
Phan Thanh Muon, chairman of the board of directors of Hung Thinh, was subject to two charges: violating regulations on resource exploitation and violating regulations on accounting causing serious consequences per Clause 2, Article 227 and Clause 3, Article 221 of the Penal Code.
- Related News
- Read More
A new chapter for Vietnam's private lender National Citizen Bank
The recent financial results of National Citizen Bank (NCB) show that the Vietnamese private lender has overcome hardships and is entering a period of recovery.
Banking - Tue, February 25, 2025 | 3:57 pm GMT+7
Vietnam, S Korea to boost nuclear energy collaboration
Vietnam and South Korea should boost their nuclear energy cooperation, by resuming the bilateral director general-level nuclear industry dialogue channel as one of the ways.
Energy - Tue, February 25, 2025 | 3:31 pm GMT+7
Central Vietnam province seeks to add long-delayed Blue Whale power project to Power Development Plan
Quang Ngai province has urged the Ministry of Industry and Trade and the Prime Minister to add the long-delayed Ca Voi Xanh (Blue Whale) gas-to-power project to the Power Development Plan VIII (PDP VIII).
Energy - Tue, February 25, 2025 | 3:03 pm GMT+7
Canadian group eyes $110 mln waste treatment project in central Vietnam
Canada’s Naanovo Group has proposed a solid waste treatment complex utilizing incineration technology to produce electricity and bio-fertilizer in the central province of Quang Nam, with an investment of $110 million for the first phase.
Investing - Tue, February 25, 2025 | 12:16 pm GMT+7
Samsung SDI allocates $2 mln to pay global minimum tax in Vietnam in 2024
Samsung SDI, the battery arm of Samsung, “recognized” a global minimum tax (GMT) expense of KRW2,838 million ($2 million) in Vietnam in 2024.
Companies - Tue, February 25, 2025 | 11:39 am GMT+7
Heavyweight Hoa Phat benefits most from Vietnam's anti-dumping duty on China’s steel
Hoa Phat, Vietnam's biggest steel manufacturer, is the biggest beneficiary of the country's decision to impose an anti-dumping tax on hot-rolled coils (HRC) imported from China.
Finance - Tue, February 25, 2025 | 8:17 am GMT+7
Road linking Gia Binh airport with Hanoi must be completed in 2 years: Vietnam PM
A road linking Gia Binh Airport in the northern province of Bac Ninh to downtown Hanoi must be completed within a maximum of two years, said Prime Minister Pham Minh Chinh.
Infrastructure - Mon, February 24, 2025 | 11:45 pm GMT+7
Vietnam PM requests probe into banks with increased deposit interest rates
Prime Minister Pham Minh Chinh has requested the State Bank of Vietnam, the country's central bank, to immediately inspect banks that have lifted their deposit interest rates, a driver of increased lending rates.
Banking - Mon, February 24, 2025 | 11:37 pm GMT+7
Thailand unveils AI-, IoT-based smart agriculture platform
Thailand has launched a new smart farming platform named “HandySense B-Farm” which harnesses the power of smart sensors, artificial intelligence (AI) and Internet of Things (IoT) to help farmers control and manage their farms efficiently.
Southeast Asia - Mon, February 24, 2025 | 10:33 pm GMT+7
Indonesia strives to escape middle-income trap
Indonesian Minister of National Development Planning (PPN) Rachmat Pambudi has said Indonesia needs to transform its economy to escape the middle-income trap and achieve the Golden Indonesia Vision by 2045.
Southeast Asia - Mon, February 24, 2025 | 10:32 pm GMT+7
Indonesia seeks waste management technology
Indonesian Environment Minister Hanif Faisol Nurofiq informed that his ministry has held discussions with various parties to explore the potential for funding cooperation for the procurement of waste management technology.
Southeast Asia - Mon, February 24, 2025 | 10:31 pm GMT+7
Explosions shake southern Thailand ahead of former PM Thaksin’s visit
Bomb blasts hit Thailand’s southern provinces just before former Prime Minister Thaksin Shinawatra’s visit on Sunday.
Southeast Asia - Mon, February 24, 2025 | 10:13 pm GMT+7
Vietnam's commercial banks upbeat to book high profits for 2025
As the annual shareholders' meeting season is approaching, Vietnamese banks are unveiling optimistic profit targets for 2025 on the expectation of strong economic growth and credit recovery.
Southeast Asia - Mon, February 24, 2025 | 10:03 pm GMT+7
Criteria for evaluation of FDI efficiency in Vietnam issued
A set of 42 criteria for the evaluation of foreign direct investment (FDI) efficiency in Vietnam has been released following the issuance of prime ministerial Decision 315/QD-TTg.
Southeast Asia - Mon, February 24, 2025 | 9:48 pm GMT+7
Vietnamese goods gains competitive edge in Dutch market
Vietnam's exports will continue to enjoy a strong competitive advantage in the Dutch market due to tariff reductions under the EU-Vietnam Free Trade Agreement (EVFTA), according to the Vietnam Trade Office in the Netherlands.
Southeast Asia - Mon, February 24, 2025 | 9:38 pm GMT+7
Thailand to boost medical economy
Smart investment in the medical and wellness industry will generate a substantial proportion of the national income this year, said Thai Public Health Minister Somsak Thepsutin.
Southeast Asia - Mon, February 24, 2025 | 9:35 pm GMT+7
