Vietnam discovers significant mineral deposits including rare earths

Vietnam has announced the results of the Northwest Project, a large-scale geological investigation spanning nearly eight years. Completed in 2024, the project involved drilling 498 deep holes totaling over 46,000 meters, with a 90% success rate in encountering ore bodies.

The survey identified 110 mineral deposits across 25 different types, including tin-tungsten, gold, copper, antimony, and notably, rare earth elements. These rare earths are critical for global manufacturing, including the production of magnets, alloys, and electronics such as mobile phones and computer hard drives.

The discovery has drawn significant international interest. The United States has expressed interest in cooperation on four occasions, including a 2023 memorandum of understanding signed during President Joe Biden’s visit to Vietnam. Additionally, the U.S. has offered technical assistance for mining auctions. China has also sought cooperation on two occasions to support the exploitation of these resources.