According to a draft Law amending and supplementing certain provisions of the Law on Geology and Minerals, presented by Minister of Agriculture and Environment Tran Duc Thang to the National Assembly on November 4, the demand for rare earths is expected to increase significantly in the coming decade due to the rapid development of high-tech industries, renewable energy, and electric vehicles.
The Party and the State have issued numerous resolutions, directives, and decisions related to the management, strategy building, exploration, mining, processing, and utilization of strategic and important minerals.
Accordingly, rare earth is currently a special commodity, significantly impacting global defense, security, and diplomacy, necessitating strict management mechanisms for activities related to this type of mineral.
According to the Minister, supplementing specific regulations on the management, processing, and utilization of rare earth is one of the important solutions to enhance the effectiveness and efficiency of state management, creating momentum to promote the development of rare earth mining, processing, and utilization industry in a synchronized, efficient, and sustainable manner. This also brings practical benefits to the country in the context of the current global shortage of rare earth supply.
The draft Law amends and supplements one Chapter with four Articles on rare earth management, including provisions on the State's general policy on rare earths; the national strategy on rare earths; regulations on mineral reserves and protection of rare earth minerals; and regulations on exploration, mining, and processing of rare earth minerals. It supplements sanctions and strict management mechanisms for activities related to this type of mineral.
Specifically, the draft law states: "Rare earths are a special strategic resource. Activities of investigation, evaluation, exploration, mining, processing, and utilization of rare earths must comply with the national strategy on rare earths, planning, and plans on rare earths to ensure that rare earth resources are protected, mined, and used rationally, economically, and efficiently, in line with sustainable economic-social development requirements, ensuring national defense and security."
In addition, the State prioritizes investment and organizes geological surveys, evaluations, and exploration of rare earth resources.
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