LS Cable & System’s Vietnam subsidiary plant. (Photo: LSCV)
South Korea’s LS Group announced on Dec. 17 that it will invest in Vietnam’s rare earth sector, committing KRW 25.8 billion (USD 17.6 million) to expand related facilities at its plant in Ho Chi Minh City.
The investment aims to establish a supply chain for rare earth permanent magnets, a core material for high-growth energy and technology applications such as robotics, wind turbines, and electric vehicles.
Building an end-to-end rare earth magnet supply chain
In a statement, LS Group’s energy subsidiary LS Eco Energy said its board has approved the Vietnam rare earth investment plan. To fund the project, the company plans to sell 297,303 treasury shares, raising KRW 10.7 billion (USD 7.3 million). The shares will be acquired by LS Eco Energy’s largest shareholder, LS Cable & System.
