LS consults with Vietnam for rare earth development
LS Eco Energy, a Vietnam-based cable manufacturer under Korea's LS Cable & System, said Friday that its top executives met with the Vietnamese deputy industry minister to discuss ways to cooperate in developing the country's rare earth supply chain.
LS Cable & System CEO Koo Bon-kyu and LS Eco Energy CEO Lee Sang-ho had a meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long on Thursday to request regulatory support.
The talks focused particularly on approvals related to radioactive materials and environmental standards, as well as cooperation with local mining companies, according to the firm.
LS Eco Energy aims to build a rare earth value chain in Vietnam, from mining to metal production. The company plans to leverage Vietnam's rich reserves of materials, which are essential for technologies such as robotics and electric vehicle motors.
At the meeting, the deputy minister expressed openness to providing government-level support for the rare earth supply chain and showed optimism about the collaboration model's potential to enhance Vietnam's industrial capabilities, LS said.
While believed to hold about 18 percent of global rare earth reserves, second to China, the country allows only a few approved companies to produce the minerals under strict regulations.
LS Eco Energy partnered with local refiner Hung Thinh Minerals to secure rare earth materials from 2025, but local challenges, including delays in processing facility construction, have postponed the project.
'With three decades of business experience in Vietnam, we are confident we can be the ideal partner to help position the country as a global hub for the rare earth industry,' said CEO Lee.
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