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.
South Korea's Star Group Industrial and China's Baotou INST Magnetic would join companies in sectors as varied as electronics and automobiles in shifting assembly lines against a backdrop of increasing trade restrictions, with clients even requesting the move, the people said.
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. Still, Vietnam produces just 1% of the world's magnets, showed Adamas Intelligence data cited in a U.S. Department of Energy report, compared with China's 92%.
Moreover, U.S. officials have signalled growing interest in Vietnam's rare earths potential amid discussion to upgrade bilateral ties this year, and South Korea signed a deal with Vietnam in June to boost its supply chain of critical minerals.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Exclusive-Rare earths magnet firms turn to Vietnam in China hedge By ReutersExclusive-Rare earths magnet firms turn to Vietnam in China hedge
Weiterlesen »
Amy Winehouse's Family Shares Rare Photos and Handwritten Notes in New Book (Exclusive)Amy Winehouse was a rare gem. And to commemorate what would have been her 40th birthday her family is sharing never-before-seen images of the late singer's poems, personal to-do lists and journal entries with her fans
Weiterlesen »
Rare ‘Pinwheel’ Stars Are a Beautiful Astronomical PuzzleThe doomed class of stars named Wolf-Rayets produce mysterious pinwheel shapes
Weiterlesen »
How Sheryl Lee Ralph’s Designer Mom Influenced Her Stylist Daughter Coco: ‘She Gets It’ (Exclusive)Sheryl Lee Ralph tells PEOPLE why her daughter Coco was destined to become a talented stylist. Read about it here.
Weiterlesen »
Collectors Taste Ram V & Filipe Andrade Rare Flavours Return to BoomThis week saw the release of a limited edition ashcan of the Ram V and Filipe Andrade’s Rare Flavours, just ahead of the first issue’s FOC.
Weiterlesen »