Untapped reserves second only to China’s and a nascent processing sector increase its potential.
Magnet makers are drawn to Vietnam’s low labour costs and market access provided by various free-trade agreements.
Neighbouring Vietnam, however, has untapped rare earth deposits second only to China’s, as well as a fledgling processing industry, giving the country the potential to be a much bigger competitor, industry insiders said. Moreover, US officials have signalled growing interest in Vietnam’s rare earths potential amid discussion to upgrade bilateral ties this year, and South Korea signed a deal with Vietnam in June to boost its supply chain of critical minerals.
However, “anyone who is trying to build from scratch a mine-to-magnet supply chain is going to face a lot of challenges”, said David Merriman of Project Blue.SGI, which supplies magnets to Vietnamese EV maker VinFast and Korea’s Hyundai Motor, told Reuters it is investing US$80 million in its new Vietnam factory with production starting in 2024.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MYEG to deploy China customs clearance system in collaboration with the Philippines Bureau of CustomsPhilippines becomes second country after Malaysia to adopt Ztrade MYEG will provide installation, training, and customisation requirements MY E.G. Services Bhd (MYEG) has secured regulatory approval to deploy its Web3, Artificial Intelligence, and blockchain-based customs clearance and processing services for trade flows between the Philippines and China. MYEG, together with its Philippines-incorporated companies, signed agreements for collaboration with the Philippines Bureau of Customs (BOC) and Cargo Data Exchange Center Inc.
Read more »
China national loves Sabah’s Sinalau Bakas and steamed tapiocaINTERNATIONAL tourists have started coming to the country after a hiatus due to Pandemic.
Read more »
China to coordinate support to resolve local govt debt risksThis comes amid concerns the property crisis will spill over into the financial system.
Read more »
'Can't sleep at night': China's youth worry about tough job marketFreshly graduated psychology major Zhang has failed to find a job in her chosen field of market research despite sending out thousands of CVs to Chinese employers.
Read more »
Asian Games Museum in China to put sape, other Malaysian crafts on displayKUCHING: Sape or sampe, the traditional lute of the Orang Ulu community of Sarawak, has been chosen to be featured at the Asian Games Museum in Hangzhou, China, among other cultural crafts from Malaysia.
Read more »
Germany wants tighter foreign investment controls amid China ‘de-risking’BERLIN, Aug 20 — German Economy Minister Robert Habeck wants to tighten the process for reviewing foreign investments with a new law that would aim to enhance economic...
Read more »