High-Level Meetings with Vietnam's Ministry of Science and Ministry of Industry
Alternative to 'China's Export Restrictions' Amid US-China Tensions
"30 Years of Experience, Nurturing a Supply Chain Hub"
LS Eco Energy has entered into high-level talks with the Vietnamese government to cooperate on the rare earth industry.
LS Eco Energy announced on the 23rd that it had discussed measures to secure a stable supply of rare earth resources with Nguyen Hoang Long, Vice Minister of Industry and Trade, in Hanoi, Vietnam on the 22nd. This discussion was arranged as a follow-up to further specify the cooperation topics discussed during the visit of the Vietnamese Minister of Industry and Trade to Korea in February this year.
On the 22nd, Nguyen Hoang Long, Vice Minister of Industry and Trade of Vietnam, and Koo Bonggyu, CEO of LS Cable, are taking a commemorative photo at a meeting held at the Ministry of Industry and Trade in Hanoi, Vietnam. LS Cable
Koo Bonggyu, CEO of LS Cable, and Lee Sangho, CEO of LS Eco Energy, requested institutional support at the government level for the following: improvement of licensing and environmental regulations related to radioactive materials, and the establishment of a foundation for cooperation with local mining companies.
Recently, as China has restricted the export of rare earth oxides amid US-China tensions, Vietnam is attracting attention as a new supplier. However, there are also concerns that the lack of refining and metallization technology limits industrialization.
LS Eco Energy is working with the Korea Institute of Geoscience and Mineral Resources and Seoul National University to secure rare earth refining and metallization technology, and is seeking to build a step-by-step value chain linked to Vietnamese resources. In addition, the company plans to enhance business execution capability by partnering with promising local mining companies and to achieve tangible investment results.
Lee Sangho, CEO of LS Eco Energy, stated, "Based on over 30 years of accumulated business experience in Vietnam, we will be the optimal partner for Vietnam to become a global hub for the rare earth industry."
Nguyen Hoang Long, Vice Minister of Industry and Trade, said, "The cooperation model that combines Korean technology with Vietnamese resources will contribute to the advancement of national industry," adding, "We will actively review government-level support measures."
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