Exclusive-Rare earths magnet firms turn to Vietnam in China hedge
HANOI/SEOUL - Korean and Chinese magnet firms, including an Apple supplier, are set to open factories in Vietnam, according to documents and people familiar with the plans, amid a push to diversify supply chains away from China and defend against Sino-U.S. tension.
Neighbouring Vietnam, however, has untapped rare earth deposits second only to China's, as well as a fledgling processing industry, giving the country the potential to be a much bigger competitor, industry insiders said. Moreover, some Chinese factories can produce 10 times as many magnets as SGI's project, and China dominates the mining and processing of the ores.SGI's plant at full capacity would produce nearly 3% of the 2022 global output estimated by Project Blue, a critical materials consultancy. That equates to nearly half of U.S. imports of neodymium magnets last year, U.S. trade data showed.
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