Japan, Vietnam Agree for Rare Earth Development in Vietnam

Japanese Prime Minister Naoto Kan and Vietnamese Prime Minister Nguyen Tan Dung agreed for statement to enforce strategic partnership at the meeting on Sunday in Hanoi, Vietnam. The statement describes Vietnam selected Japan as partner of construction of the second atomic power plant in Ninh Thuan and rare earth project including exploration, development and refining plant. Mr. Kan succeeded to pave the way to diversify the rare earth source while Japan depends on China for more than 90% of the supply.

Vietnam expects Japanese technology will contribute to the industry especially in mineral resource, energy saving and information and communication. They agreed joint development of Vietnamese rare earth industry including human resource development in environmental friendly and sustainable manner.

Japanese Minister of Economy, Trade and Industry Akihiro Ohata said the government provides full scale support to develop deposit in Lai Chau, which is to be developed by Sojitz Corporation and Toyota Tsusho Corporation, and other rare earth resource in Vietnam. He said Japanese government supports Vietnamese economy development through the rare earth development while Japanese industry can diversify the rare earth sources.