Posco International to invest in nuclear energy, rare earths in Việt Nam

Posco International to invest in nuclear energy, rare earths in Việt Nam

The leading South Korean commercial group is currently investing $1.2 billion in Việt Nam.

Minister of Industry and Trade Nguyễn Hồng Diên meets with Posco International CEO Lee Kye-in in South Korea on Wednesday. — Photo nld.com.vn

Minister of Industry and Trade Nguyễn Hồng Diên on Wednesday heard that South Korean commercial group Posco International will further increase its investments in Việt Nam at a meeting with Posco CEO Lee Kye-in during his visit to South Korea.

Lee Kye-In said Posco will invest in developing infrastructure, technical support and materials for nuclear power plants and for the Quỳnh Lập liquefied natural gas (LNG) project in Nghệ An Province.

The group is also interested in the extraction and processing of rare earth minerals in Việt Nam.

Since Posco possesses technology for separating and refining substances in rare earth minerals, the company wishes to collaborate with Vietnamese businesses in this area to turn the minerals into raw materials for manufacturing or export, said Lee Kye-In.

The company is also willing to transfer knowledge and technology in designing, manufacturing and constructing small modular reactors (SMR) to Việt Nam, he said.

Posco International is currently investing US$1.2 billion in Việt Nam.

In response to Posco's proposal, Diên stressed that under the revised Mineral and Geology Law, Việt Nam will not allow the export of raw minerals and will require a higher level of processing, which aligns with Posco's aspirations.

“The company will need to collaborate with Vietnamese partners to share both the benefits and responsibilities related to the extraction and processing of rare earth minerals,” he said.

He expressed his confidence that the corporation’s investments into gas and nuclear power in Việt Nam will be successful.  

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