Lee Kye-In, president and CEO of the corporation, made the statement at a meeting with Minister of Industry and Trade Nguyen Hong Dien in Seoul on Tuesday, within the framework of Party General Secretary To Lam's state visit to South Korea.

A permanent magnet is a material that retains its magnetic properties without requiring an external power source.

Vietnam's Minister of Industry and Trade Nguyen Hong Dien receives representatives of Posco International Corporation in Seoul on August 12, 2025. Photo courtesy of the ministry's news portal.

The executive noted that Posco is confident in mastering the technology of separating and refining substances in rare earths.

The group is able to cooperate deeply with Vietnamese enterprises in exploitation, classification, and refining of rare earths, creating products that are input materials for production of permanent magnets, the Ministry of Industry and Trade's news portal quoted Lee Kye-In as saying.

Lee Kye-In added that he highly appreciates the potential for energy sector development in Vietnam and the country's rapid completion of plans and policies to facilitate investors in this field, including the Adjusted Power Development Plan VIII.

He said Posco wishes to make strong investments to soon put its LNG-to-power projects in Vietnam into operation.

Minister Nguyen Hong Dien noted he appreciates the effectiveness of Posco's operations in Vietnam, acknowledging that the corporation's projects have contributed significantly to the country's steel industry, including export of this item.

The Minister welcomed Posco's wish to expand investments in the fields of gas-to-power and rare earth processing. "Vietnam has a need to attract investments in the areas where Posco has strengths."

According to Dien, as Vietnam aims to achieve an economic growth of 8.3-8.5% in 2025, creating momentum for double-digit growth in the following years, there is a huge demand for energy which is about three times higher than the country's current capacity.

"In the coming period, we will focus on strongly developing renewable energy, new energy, and clean energy, such as power from natural gas or LNG and nuclear power. We also pay attention to developing electricity storage and transmission technology," said the Minister.

Vietnam's Minister of Industry and Trade Nguyen Hong Dien (fifth from left) and representatives of Posco International Corporation in Seoul on August 12, 2025. Photo courtesy of the ministry's news portal.

Posco is a multinational corporation specializing in steel manufacturing, energy, automotive components and equipment, industrial infrastructure, batteries, among others.

The giant began investing in Vietnam in 1991, with total investment capital of $2 billion to date.

In its March 2025 edition of its Mineral Commodity Summaries 2025 report, the U.S. Geological Survey (USGS), under the U.S. Department of the Interior, slashed down Vietnam’s rare earth reserve to 3.5 million tons.

The figure is one-sixth of 22 million tons said in its the 2024 edition of the report. The reserves for Russia, South Africa, the United States, and Vietnam were revised based on company and government reports, the USGS noted.

With the latest figure, Vietnam’s rare earth reserve remains one of the biggest in the world, only smaller than Brazil with 21 million tons, Australia with 5.7 million tons, China with 44 million tons, India with 6.9 million tons, and Russia with 3.8 million tons.