LS Eco Energy, Vietnam Boost Rare Earth Ties With Gov't Support Talks

In order to ensure a steady supply of rare earth resources, LS Eco Energy declared on May 23 that it conducted talks with Nguyen Hoang Long, Vietnam's deputy minister of industry and commerce, in Hanoi on May 22.

This consultation served as a follow-up to help put into practice the cooperation topics that were discussed during the February visit by the Vietnamese minister of trade and industry to Korea. Koo Bon-kyu, the CEO of LS Cable & System, and Lee Sang-ho, the CEO of LS Eco Energy, asked for institutional support at the government level during the meeting in order to refine permits and environmental regulations pertaining to radioactive materials and to lay the groundwork for collaboration with nearby mining companies.

By obtaining rare earth refining and metallization technology in collaboration with Seoul National University and the Korea Institute of Geoscience and Mineral Resources, LS Eco Energy is investigating the creation of a phased value chain connected to Vietnamese resources. Additionally, by establishing connections with prospective local mining companies, the company hopes to improve business execution and generate significant investment outcomes.

CEO Lee said, “Based on our 30 years of business experience in Vietnam, we will be the optimal partner for Vietnam to leap forward as a global hub for the rare earth industry.” Deputy Minister Nguyen Hoang Long emphasized, “The cooperation model combining Korean cutting-edge technology and Vietnamese resources will contribute to the advancement of national industry,” adding, “We will actively consider government-level support measures.”