US Geological Survey cuts Vietnam’s rare earth reserve from 22 mln to 3.5 mln tons

The U.S. Geological Survey (USGS), under the U.S. Department of the Interior, has slashed down Vietnam’s rare earth reserve to 3.5 million tons in the March 2025 edition of its Mineral Commodity Summaries 2025 report.

The figure is one-sixth of 22 million tons said in its the 2024 edition of the report. The reserves for Russia, South Africa, the United States, and Vietnam were revised based on company and government reports, the USGS noted.

Reserves data are dynamic. They may be reduced as ore is mined and/or the feasibility of extraction diminishes. They may continue to increase as additional deposits (known or recently discovered) are developed, or currently exploited deposits are more thoroughly explored and/or new technology or economic variables improve their economic feasibility, the USGS clarified.

With the latest figure, Vietnam’s rare earth reserve remains one of the biggest in the world, only smaller than Brazil with 21 million tons, Australia with 5.7 million tons, China with 44 million tons, India with 6.9 million tons, and Russia with 3.8 million tons.

Many countries are cooperating with Vietnam in exploiting rare earth.

In February, South Korean cable firm LS Eco Energy said it aimed to secure a stable rare earth supply from Vietnam, after its partners in a deal signed in January 2024 were arrested in November 2024.

SRE Vietnam, under Japan’s Tokai Trade, is seeking permission to triple the rare earth processing capacity of its factory in Vietnam’s northern province of Ha Nam.

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.

ASM said the agreement would facilitate cooperation in identifying, assessing and securing rare earth mining opportunities in Vietnam as feed stock for VTRE’s refinery as also ensure long-term offtake of rare earth oxides.

In December 2022, VTRE signed a contract to annually export 1,000-2,000 tons of rare earth to South Korea. Under the deal, the Vietnamese firm will supply rare earth oxides worth $50 million in five years from 2023 to Korean Strategic Materials Metals (KSMM), a subsidiary of Australian Strategic Materials Limited (ASM).

In July 2024, South Korea’s Trident Global Holdings and the United States’ Zoetic Global said they would establish a joint venture to co-develop premium rare earth mines in Vietnam, ensuring access to the critical elements for many companies.