According to the Global Network, Reuters reported on December 11 that the Vietnamese Congress voted on the same day to pass an amendment bill that restricts the export of refined rare earths and reiterated a ban on the export of rare earth ores, aiming to support the country's domestic rare earth industry that has been developing rich rare earth reserves for decades but has stagnant development.
According to the United States Geological Survey, Vietnam has the largest rare earth mineral deposits in the world. However, the government agency significantly lowered its estimate of Vietnam's rare earth reserves earlier this year, from the original 22 million tons to 3.5 million tons.
According to sources, Vietnam currently has almost no rare earth refining capacity, so the relevant restrictions will not have an actual impact in the short term. Vietnam has banned the export of rare earth ores since at least 2021. But regulatory hurdles have long blocked the development of its rare earth resources by local companies and foreign partners.
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