(Seoul=News1) Reporter Park Jupyeong = LS Eco Energy (229640) announced on the 23rd that on the 22nd, it discussed ways to stably secure rare earth resources with Nguyen Hoang Long, Vice Minister of Industry and Trade of Vietnam, in Hanoi.
This meeting was arranged to concretize the cooperation discussed during the ministerial meeting of the Vietnamese Ministry of Industry and Trade’s visit to Korea last February.
In this meeting, Koo Bon-kyu, CEO of LS Cable & System, and Lee Sang-ho, CEO of LS Eco Energy, requested institutional support from the government for issues such as △licensing and environmental regulation reform related to radioactive materials, and △establishing a cooperation base with local mining companies.
Recently, due to prolonged US-China tensions and China’s restrictions on exporting rare earth oxides, Vietnam is gaining attention as a new supplier. However, it is pointed out that there are limitations in industrialization due to the lack of refining and metalizing technology.
LS Eco Energy is seeking to secure rare earth refining and metallizing technology in collaboration with the Korea Institute of Geoscience and Mineral Resources, Seoul National University, and others, and to establish a stepwise value chain linked with Vietnamese resources. Additionally, they plan to enhance business execution and achieve tangible investment results through connections with promising local mining companies.
Lee Sang-ho, CEO of LS Eco Energy, said, “Based on over 30 years of accumulated business experience in Vietnam, we will be the optimal partner for Vietnam to emerge as a global hub for the rare earth industry.”
Nguyen Hoang Long, Vice Minister of Industry and Trade, stated, “The cooperation model combining Korean technology and Vietnamese resources will contribute to national industrial advancement,” and added, “We will actively review government-level support measures.”