Business

RoK company expands rare earth metal production in Vietnam

LS Eco Energy, a company specialising in renewable energy and rare earth elements under the Republic of Korea (RoK)'s LS Cable & System, has approved a plan to expand its rare earth metal business in Vietnam, in a bid to seek long-term growth in the strategic materials sector.

LS Eco Energy factory (Photo: Iscns.co.kr)
LS Eco Energy factory (Photo: Iscns.co.kr)

Seoul (VNA) – LS Eco Energy, a company specialising in renewable energy and rare earth elements under the Republic of Korea (RoK)'s LS Cable & System, announced on December 17 that it has approved a plan to expand its rare earth metal business in Vietnam, in a bid to seek long-term growth in the strategic materials sector.

The new investment is valued at approximately 28.5 billion KRW (19.2 million USD), part of which will be funded through the sale of treasury shares. LS Eco Energy plans to raise around 10.7 billion KRW by selling 297,303 treasury shares to its largest shareholder, LS Cable & System. The company aims to create an integrated value chain, including raw materials, rare earth oxides, and refined metals.

According to the plan, rare earth oxides supplied by global mining companies will be processed into metals at LS Eco Energy’s facilities in Vietnam, with downstream applications such as permanent magnets being produced through LS Cable & System's overseas operations.

LS Eco Energy intends to establish a rare earth metal refinery at LS Cable & System's branch in Ho Chi Minh City (LSCV), where it will refine rare earth oxides sourced from mining companies to produce rare earth metals. The company is currently in negotiations with several global mining firms to supply rare earths and establish a joint venture (JV). The final investment amount may be adjusted based on the JV's equity ratio and the progress of the business.

Rare earth metals are crucial for manufacturing permanent magnets used in the motors of robots, wind turbines, and electric vehicles.

According to LS Eco Energy CEO Lee Sang Ho, the decision to expand investment in Vietnam represents an opportunity to transition the rare earth project into the investment and construction phase. The company will officially expand its business from the current focus on cables to the core strategic materials sector./.

VNA
#LS Eco Energy #rare earth metals
Follow VietnamPlus

Related News

Vietnam’s medical device market has posted average annual growth of around 28%. (Photo: VNA)

RoK firms target Vietnam’s growing homecare device market

Vietnam’s personal care device market grew around 23.7% over two years, rising from about 5.31 million USD in 2022 to 6.57 million USD in 2024. The market is projected to expand to 12.27 million USD by 2028, reflecting an annual compound growth rate of 7.6%.

See more

A Vinh Long official introduces signature local products to Korean guests. (Photo: VNA)

Vinh Long courts Korean investment in key sectors

Vice Chairman of the provincial People’s Committee Nguyen Truc Son vowed to accompany investors and provide them with optimal conditions, while building a transparent and stable business environment to secure long-term engagement from foreign enterprises, particularly those from Daejeon.

Delegates at the launching ceremony (Photo: VNA)

Digital platform on overseas market development launched

With Vietnam’s network of 64 trade offices overseas, Deputy PM Son noted that connecting them through a modern digital platform could help establish a unified national trade information system that operates efficiently, transparently and with strong forecasting capacity.

The Government’s issuance of Decree No. 72/2026/ND-CP revising preferential import tariffs on several petrol products and raw materials is a timely move to diversify supply sources. (Photo: VNA)

Fuel import tariff cuts strengthen Vietnam’s energy resilience: experts

Economic expert Dinh Trong Thinh said revising fuel import tariffs helps diversify supply sources and reduce reliance on traditional markets, thereby strengthening Vietnam’s ability to cope with potential global supply shocks. Ensuring access to multiple energy sources is also vital for safeguarding national energy security, he added.

Leaders of Dak Lak province inspect IUU fishing prevention and control efforts at Phu Lac fishing port, Hoa Hiep ward. (Photo: daklak.gov.vn)

Dak Lak readies for EC mission on anti-IUU fishing efforts

Dak Lak province is completing preparations for an upcoming European Commission (EC) inspection on efforts to combat illegal, unreported and unregulated (IUU) fishing, with a view to having the fisheries “yellow card” removed.

Vietnamese Ambassador to Argentina Ngo Minh Nguyet speaks at the event. (Photo: VNA)

Vietnam, Argentina promote trade, investment cooperation

On relations with South America, Nguyet noted that in December 2025, Vietnam and the Southern Common Market (MERCOSUR) announced the launch of negotiations for a Preferential Trade Agreement (PTA). She expressed her hope that the agreement will be signed soon, thereby further boosting trade and investment between Vietnam and MERCOSUR member states, including Argentina.

Customers buy petrol at a Petrolimex petrol station in Tran Hung Dao ward, Hung Yen province. (Photo: VNA)

PM orders stronger measures to ensure stable petrol supply

The MoIT was instructed to direct key petrol producers and traders to proactively develop supply plans to guarantee adequate fuel provision for distribution systems, maintain regular sale operations, and sell products at listed prices. It must also closely monitor developments in global and domestic petrol markets and adopt appropriate management measures when necessary.

Farmers in Ca Mau province use combine harvesters to harvest rice. (Photo: VNA)

PM orders coordinated measures to stabilise rice production and markets

The Minister of Agriculture and Environment is tasked with instructing local authorities to closely monitor production developments, improve forecasting capacity, strengthen pest control measures, and proactively respond to adverse weather conditions to protect crops, maintain planned yields and output, and reduce production costs.

A worker refuels a vehicle at a petrol station in Hung Yen province. (Photo: VNA)

Fuel prices slashed as stabilisation fund used

According to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the price of RON95-III petrol – the most widely used grade – fell by 3,880 VND to 25,240 VND (0.95 USD) per litre.

Customers purchase petrol at Station No. 03 (Petrolimex Hung Yen) on Quang Trung Street, Tran Hung Dao ward, Hung Yen province. (Photo: VNA)

Hung Yen takes measures to curb speculation, stabilise fuel market

Petrolimex Hung Yen maintains regular reserves of about 5,500 cubic metres at directly managed outlets and roughly 2,000 cubic metres at franchised stations. The provincial Department of Industry and Trade has ordered closer monitoring of supply and demand and retail prices to detect shortages or unjustified price hikes.

The automobile assembly line of the Honda Phuc Yen factory in Phu Tho province (Photo: VNA)

Honda Vietnam sees decline in motorcycle, car sales

Sales of both motorcycles and automobiles by Honda Vietnam declined in February, dropping 19.6% and 41.8% year-on-year, respectively, according to the company’s latest business results released on March 11.

Team 2 of the Hanoi Market Surveillance Sub-department inspects operations of a Petrolimex petrol station on Tran Quang Khai street (Photo: VNA)

Hanoi maintains stable supply of petrol, LPG

The Hanoi Market Surveillance Sub-department said petrol and LPG trading activities across the city remain stable, with supply largely meeting demand despite volatility in global energy prices.

A Qatar Airways aircraft is seen at Noi Bai International Airport in Hanoi. (Photo: VNA)

Qatar Airways cancels 13 more flights amid Middle East conflicts

Statistics show that airspace across the Middle East has yet to return to normal operations, with multiple FIRs still imposing restrictions or partial closures. As a result, international flight operations through the region continue to face disruptions and route adjustments.