Vietnam’s rare earth reserve is estimated at nearly 30 million tons, according to Minister Natural Resources and Environment Dang Quoc Khanh.

This is a potential of Vietnam when the country and many others in the world are focusing investment in high technology industries that require rare earth, he said at the National Assembly’s 7th session’s question-and-answer activity in Hanoi on June 4.

The Government has assigned the Ministry of Natural Resources and Environment to make plans for mining and processing rare earths to serve domestic industries, especially in the field of semiconductors and chip manufacturing.

Under Prime Ministerial Decision No. 866/QD-TTg, dated July 18, 2023, a master plan on the exploration, exploitation, processing and use of minerals for 2021-2030 with a vision towards 2050 was approved, which targets harmony, efficiency and sustainability in the rare earth industry.

Rare earths are being used to produce wind turbines and magnets, and serve renewable energy and green transportation sectors. The global demand for rare earths is expected to double by 2030 and quadruple by 2050.

Vietnam is home to the world's second-largest reserves of rare earths, according to the U.S. Geological Survey.