According to LS Eco Energy, a subsidiary of LS Cable & System, a leading South Korean company in the energy and power transmission industry, their executives recently met with Vietnam’s Ministry of Industry and Trade to enhance cooperation in the rare earth sector.
During last week’s meeting, LS Cable & System CEO Koo Bon-kyu and LS Eco Energy CEO Lee Sang Ho discussed with Deputy Minister Nguyen Hoang Long strategies to ensure a stable supply of rare earth elements and develop a value chain in Vietnam.
LS proposed that the Vietnamese government consider providing institutional support, such as improving regulations related to licensing and environmental protection for materials, and facilitating collaboration with domestic mining enterprises.
LS Eco Energy is currently collaborating with leading research institutions, including Seoul National University, to transfer technology and establish a local value chain in Vietnam. The company is also seeking linkages with high-potential mines to implement investments and achieve practical efficiency.
Deputy Minister Nguyen Hoang Long appreciated LS’s cooperation proposal, stating that the collaboration between Korean technology and Vietnamese resources could enhance the value of the industry. The Ministry of Industry and Trade will actively consider necessary policies to support this initiative.
In Vietnam, LS has a direct partner, Hung Thinh Mineral Investment Group Joint Stock Company (Hung Thinh), in a venture announced in January 2024. According to LS Eco Energy, the company will purchase rare earth oxides from Hung Thinh to supply neodymium and dysprosium to Korean and foreign permanent magnet companies. The quantity could reach 500 tons per year.
However, in November 2024, Vietnam’s Ministry of Public Security issued a decision to prosecute a case of “Violation of regulations on accounting, causing serious consequences; Violation of regulations on research, exploration, and exploitation of resources” involving Hung Thinh Company.
Nine suspects were prosecuted, including Phan Thanh Muon, Chairman of Hung Thinh’s Board of Directors, for “Violation of regulations on resource exploitation” and “Violation of regulations on accounting, causing serious consequences.”
According to the Ministry of Public Security, the accused individuals had committed violations in titanium ore exploitation, exceeding the permitted reserves and capacity granted by the Ministry of Natural Resources and Environment. They were also involved in the sale of unprocessed titanium ore, resulting in significant losses of mineral resources and state budget revenue.
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