Vietnam has an abundance of natural resources. It has, however, historically faced a number of challenges developing its mining industry. That said, Vietnam has among the world’s biggest caches of rare earth minerals and a number of countries have expressed an eagerness to help Vietnam get them out of the ground. With this in mind, this section monitors Vietnam resources news, including minerals, oil, and precious gems.

Vietnam Gold Trade Association offers input re: pending gold market reforms

the-shiv March 7, 2024

Doanh Nhan Vietnam is carrying comments from Huynh Trung Khanh, Vice President of the Vietnam Gold Trade Association. Specifically, Huynh uses the platform to: Of note, gold prices in Vietnam are generally around 20 percent higher than they are in the rest of the world. This is the result of

World Gold Council finds fall in demand for gold in Vietnam in 2023

the-shiv February 21, 2024

Gold demand in Vietnam fell by 6 percent year on year according to a World Gold Council report, the Vietnam Investment Review is reporting. Consumer gold demand went from 59.1 tonnes in 2022 to 55.5 tonnes in 2023. Note that Vietnam’s gold prices are generally much higher than in the

Vietnam’s God of Wealth day sees late night crowds in gold stores

the-shiv February 20, 2024

There were still 100 customers waiting to buy gold at a gold store in Hanoi at 9 pm last night as buyers sought to bring themselves good luck by purchasing gold on the God of Wealth day, VN Express is reporting. This was more or less a repeat of years

The Gold Price in Vietnam: Explained 2024

Mark Barnes February 18, 2024

The gold price in Vietnam is more often than not much higher than it is in the rest of the world. In fact, in 2023, at its peak, it was around 20 percent higher owing to a number of factors including the limited supply, huge demand, and a regulatory environment

US Geological Survey halves expected rare earths output from Vietnam

the-shiv February 2, 2024

The US Geological Survey’s Mineral Commodity Summaries 2024 report has revised down Vietnam’s expected output of rare earths for 2023 from 1,200 to just 600 tons. This is out of reserves estimated to be as big as 22 million tons–the second largest in the world after China. Of note, Vietnam

Vietnam C.bank to increase gold supply on back of record prices

the-shiv January 2, 2024

The State Bank of Vietnam intends to increase the gold supply after being directed by the Prime Minister to stabilise the gold price after it reached record highs last week, Tuoi Tre is reporting. Specifically, gold reached US$86.51 a gram in Vietnam about 20 percent higher than the world gold

Vietnam PM says state bank needs to better control gold price

the-shiv December 29, 2023

The Prime Minister of Vietnam has requested the state bank intervene in the gold market after gold in Vietnam hit US$3,296 per tael or US$86.51 per gram, Reuters is reporting. The current world gold price is about US$66.45 per gram. The directive offers little detail other than to suggest the

Vietnam’s coal mining culture lauded amid key energy-transition announcement

the-shiv December 4, 2023

Coal mining is ‘a great part’ of Quang Ninh province’s cultural identity, Vietnam News reported Sunday just days after the government revealed its Just Energy Transition Partnership roadmap at COP28. A couple of points of note: One, it’s not clear if this was a conscious decision or simply circumstantial, but

NA delegates push to deregulate Vietnam’s gold market as prices soar

the-shiv October 26, 2023

The State Bank of Vietnam’s (SBV) monopoly over the import and export of gold bars has come under scrutiny at the National Assembly as the gap between domestic and world gold prices has widened, VN Express is reporting. Domestic gold prices of late have typically been US$500 to US$600 higher

Aussie firm still keen on VN rare earth mine after arrest of local partner

the-shiv October 24, 2023

Australia’s Blackstone Minerals has said it intends to follow through on plans to participate in an auction of concessions on a rare earth mine in northern Vietnam, even though its local partner was arrested last week, The Investor is reporting. Last week, Blackstone and Vietnam Rare Earth JSC (VTRE), the

Vietnam rare earth mining firm find Australian development partner

the-shiv October 17, 2023

The owners of Vietnam’s only rare earth processing plant, Vietnam Rare Earth JSC (VTRE), has announced it is partnering with Australia’s Blackstone Minerals to arrange an auction for a mining licence for Vietnam’s Dong Pao mine, The Investor is reporting. The Dong Pao mine is a 132-hectare site in northern

Vietnam’s largest rare earth mine’s 2022 revenue less than US$10K

the-shiv October 16, 2023

Lai Chau-Vimico Rare Earth, which owns the largest rare earth mine in Vietnam reported revenue of just VND 240 million (US$9,800) in 2022, The Investor is reporting. The mine has reportedly been in operation since 2008 with varying degrees of success–2021 was a markedly better year with revenue of VND

Domestic gold price currently trading at US$606 over world gold price

the-shiv October 11, 2023

Gold bars in Vietnam are trading at VND 69.7 million (US$$2,853), VND 12.8 million (US$606) higher than the world gold price of VND 54.8 million (US$2,243) per tael, VN Express is reporting. Why it matters: To alleviate pressure on the dong, the State Bank of Vietnam has been issuing treasury

Chinese press dubbs US-Vietnam rare earth ambitions ‘unrealistic’

the-shiv September 27, 2023

The China Daily has run an op-ed in which it says the US and Vietnam lack the technology (which China has) to effectively mine and process Vietnam’s rare earth deposits reportedly the second biggest in the world. China withholding the necessary technology Vietnam needs to develop its rare earths industry

Price of gold rings in Vietnam highest this year

the-shiv September 20, 2023

Gold rings have hit their highest price this year at VND 58 million (US$2,385) a tael (37 grams) CafeF is reporting. Why it matters: Gold is a popular investment in Vietnam seen as a secure place to store wealth, particularly for older Vietnamese. In this respect the local gold price,