OPPORTUNITIES AND CHALLENGES OF POSSESSION OF THE RARE EARTH RESERVES IN VIETNAM TODAY

Abstract Rare earth elements have become indispensable raw materials for advanced technologies in developed countries, appearing in most high-tech products. Since the 1960s, scientists in Vietnam have conducted research on the application of rare earth elements in various fields, including agriculture, permanent magnet manufacturing, and steel alloying. However, the exploitation and export of rare earth elements in Vietnam have not fully tapped into their potential and remain at a small scale. Moreover, Vietnam lacks the capability to deeply process rare earth elements and separate each individual element, primarily exporting these resources in the form of low-value ore. However, the exploitation of rare earth elements also leads to various issues such as environmental pollution and the decline of biodiversity. This research aims to analyze the opportunities and challenges and provide solutions for Vietnam in its current ownership of rare earth resources.