On the morning of September 5, Deputy Prime Minister Tran Hong Ha chaired a meeting to report and provide opinions on the draft project to investigate and comprehensively assess Vietnam’s strategic mineral potential and explore some prospective areas (the Project).
Mr. Tran Binh Trong, Director-General of the Vietnam Geological Survey (under the Ministry of Natural Resources and Environment), said that strategic minerals, including rare earth elements, play a pivotal role in emerging industries. They are used in permanent magnet materials, optical materials, and superconductors for producing batteries and critical electronic components such as smartphones, energy-efficient home appliances, electric vehicles, aerospace equipment, and especially defense industry products.
Vietnam is a country with significant potential and large reserves of strategic minerals globally.
In addition to the areas already surveyed, assessed, and explored, and the results of several projects implemented by the Ministry of Natural Resources and Environment, many areas have shown geological prerequisites and signs related to strategic mineral reserves.
At the meeting, leaders of ministries and sectors agreed that to become an essential link in the global supply chain of strategic minerals, especially rare earth elements, Vietnam needs a project to investigate and comprehensively assess the potential of strategic mineral resources. This will establish a complete database to build strategies and a management and utilization framework for strategic minerals that aligns with international market trends and demands.
Speaking at the meeting, Deputy Prime Minister Tran Hong Ha emphasized that investigating and comprehensively assessing Vietnam’s strategic mineral potential should be placed in a holistic and strategic relationship with the country’s mining industry.
The Deputy Prime Minister also requested the implementation of several pilot projects in exploration, investigation, mining, processing, and utilization, focusing on technology and strategic partner selection and developing an appropriate legal framework for strategic mineral resources.
Moreover, as strategic minerals are exceptionally precious resources, special management mechanisms and policies are required.
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