The Rare Earth Paradox: The Whole World is Hunting for It, the Largest Rare Earth Mine Company in Vietnam Reports Heavy Losses and Faces Hundreds of Billions in Tax Enforcement

Lai Chau Rare Earth Company (Lavreco), managing the largest rare earth mine in Vietnam at Dong Pao, has reported a loss of 42 billion VND, while Cao Bang Iron and Steel Joint Stock Company incurred a loss of 160 billion VND. Lavreco is also facing tax enforcement for over 140 billion VND due to delayed tax payments. The project to exploit the rare earth mine is hindered by challenges in technology, capital, and market conditions, preventing it from moving forward. While the global market intensifies investment in rare earths, Vietnam faces significant obstacles in resource management and extraction, raising concerns about the effective use of its resources.