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Vietnam to devise long-term strategy for mineral exploitation
The Vietnamese government will have a strategy to exploit its mineral resources to boost the national economy, said Minister of Natural Resources and Environment Pham Khoi Nguyen on May 22.
Vietnam has seven minerals with reserves estimated to be among the largest in the world, including limestone, carbonate calcium, bauxite, coal, titanium, and rare earth metals. Most of this wealth lies deep beneath the earth, so careful planning will be needed to extract it.
The minister stressed that the modern trend is to combine mining with processing, which would be 10 times more effective than just exporting crude oil. The world mining industry has developed strongly for 100 years, exhausting global resources, while Vietnam still has a great deal of untapped potential. However, the country must avoid indiscriminate exploitation of its mineral resources and build on its strength.
Regarding the bauxite project in the Central Highlands, he said its report on environmental impact has been submitted. Once it is approved, he said, a supervision group will be set up with representatives from the Ministry of Natural Resources and Environment, the Vietnam Goal and Minerals Group, and related provinces.
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