Market news5 May 2023 11:20
Vietnam's rare earth mine production jumped to 4,300 tonnes last year from 400 tonnes in 2021, according to the United States Geological Survey (USGS), a government agency.
Its output is a tiny fraction of the amount top producers mined last year. China, the world's biggest producer, mined 210,000 tonnes in 2022, the United States 43,000 tonnes and Australia 18,000 tonnes.
But Vietnam's estimated reserves of 22 million tonnes are half of China's and larger than any other country, according to USGS. Its output growth last year, which turned it into the world's sixth biggest producer up from 10th in 2021, may signal a turning point in the exploitation of its resources.
It was also the only major Southeast Asian producer to boost output last year, with its larger regional competitors Myanmar and Thailand reporting lower production, USGS data showed.
The main beneficiary of the increased production in Vietnam appears to be China, the world's largest auto and EV market and also a major global manufacturing hub for electronic goods such as smartphones.