POSCO is a multinational company with a diverse range of businesses, including steel production, energy, automotive components and equipment, industrial infrastructure, batteries, and more. In Vietnam, POSCO began its investment journey in 1991, and to date, the total investment stands at USD 2 billion. Currently, POSCO operates four steel-related companies and maintains two trading offices in the country.
During a recent visit and working session, the Chairman of Posco International highly appreciated Vietnam’s potential in the energy sector and the country’s swift progress in completing planning and policies to facilitate investment in this field, including the amended Power Development Plan 8. Given the group’s capabilities and investment potential, the Chairman expressed Posco’s strong desire to invest in Vietnam’s LNG-fired power projects and bring them into operation as soon as possible.
Additionally, Mr. Lee Kye-In, Chairman of Posco International, shared the group’s plans to expand its investment in Vietnam’s core industries, particularly in the field of electric vehicle motors. This expansion will include the production and export of permanent magnets, catering to global automotive manufacturers.
Mr. Lee also affirmed Posco International’s confidence in their mastery of separation and refining technologies for rare earth elements. He stated that the group is well-equipped to collaborate with Vietnamese enterprises in the exploration, classification, and refining of rare earth elements to produce input materials for permanent magnet production.
During the state visit to South Korea by the Secretary of the Internal Affairs Commission, To Lam, and his spouse, the Minister of Industry and Trade, Nguyen Hong Dien, met and worked with Mr. Lee Kye-In, Chairman and CEO of Posco International. Source: Cong Thuong Newspaper
The Minister of Industry and Trade, Nguyen Hong Dien, highly appreciated the efficiency of Posco’s operations in Vietnam and acknowledged the significant contribution of the group’s investment projects to the development of Vietnam’s steel industry, including exports. The Minister welcomed Posco’s intention to expand its investment in the Vietnamese market in the fields of gas power and rare earth processing, among others. He affirmed that Vietnam has a demand for investment in areas where Posco has strengths.
Minister Nguyen Hong Dien shared that Vietnam aims for economic growth of 8.3-8.5% by 2025, setting the stage for double-digit growth in the following years. This ambitious goal translates to a substantial increase in energy demand, tripling the current capacity. In the coming period, Vietnam will focus on vigorously developing renewable energy sources and exploring new, clean energy sources such as natural gas, liquefied gas, and nuclear power. The country will also prioritize the development of electricity storage and transmission technologies.
The leadership of Posco International appreciated the insights shared by the Minister and affirmed that Posco International would enhance its capacity, conduct thorough surveys, and seek investment opportunities in the energy sector in the coming time.
Concluding the working session, Minister of Industry and Trade Nguyen Hong Dien affirmed that the Vietnamese government and the Ministry of Industry and Trade always create the most favorable conditions for foreign investors, including Korean enterprises, when investing in production and business in Vietnam. The success of foreign-invested enterprises is considered a common success for Vietnam.
According to the report “Mineral Commodity Summaries 2025” by the United States Geological Survey (USGS) of the US Department of the Interior, Vietnam’s rare earth reserves are estimated at 3.5 million tons, ranking sixth in the world (after China, Brazil, India, Australia, and Russia, and above the US). Vietnam has several rare earth mines in the northwest and along the country’s eastern coastline. The rare earth deposits in Vietnam are of two types: heavy and light, which depend on technology for element conversion to attain their full value.
