A mining site in Vietnam. (Photo: iStock)
The rare earth elements used in making electric vehicles and wind turbines are vital to renewable energy technology. Vietnam boasts abundant rare earth resources but suffers from a lack of advanced processing technology, leading to a continued decline in extraction volumes. Local officials have revealed that the Prime Minister has asked to check overall reserves and seek investments and technology transfers to boost production and meet the demands of the technology sector.
During a parliamentary inquiry on June 4, Minister of Natural Resources and Environment, Dang Quoc Khanh, emphasized that the current research and processing of rare earths heavily rely on technology transfers for deep processing of resources. He expressed hope that through additional investments or the establishment of joint ventures, Vietnam could acquire the necessary technology.
Rare earth elements, a group of 17 metals with unique electronic and magnetic properties, are critical global strategic resources used in various high-tech devices such as smartphones, electric vehicles, batteries, wind turbines, aircraft, and defense products.
