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.
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