The world thirsty for rare earths, the enterprise owning Vietnam’s largest mine reports billions in losses

According to the Q3 2025 financial report, Lai Chau Rare Earth Joint Stock Company (LAVRECO), a member of the Mineral Corporation (Vimico), reported a loss of 3.2 billion VND in this quarter and 7.7 billion VND in the first nine months of the year. The primary reasons are related to investments and delays in paying mining rights taxes. LAVRECO currently owes over 137 billion VND in tax and has been subject to tax enforcement actions.
LAVRECO owns the Dong Pao rare earth mine, the largest in Vietnam, with significant reserves, but it cannot be exploited due to technology and market difficulties. The company is seeking project adjustments and partnerships to address these issues.
Despite LAVRECO’s challenges, Vimico achieved a net profit after tax of nearly 594 billion VND, a 148% increase from the previous year, thanks to rising gold and silver prices.