According to the announcement in 2022 by the US Geological Survey,  reserves and resources of rare earth and bauxite in Vietnam have the second largest reserve in the world. Rare Specifically, rare earth reserves and resources in Vietnam reach about 22 million tons. In particular, China is the country with the largest rare earth reserves in the world with 44 million tons. Rare earth is a special mineral, rare earth element plays a very important role and is a strategic material for the development of spearhead and high-tech industries such as electricity, electronics, optics. , lasers, superconducting materials, luminescence. According to the Ministry of Natural Resources and Environment, rare earths in Vietnam are distributed mainly in the Northwest region. This area has rare earth mines such as Dong Pao, Nam Nam Xe, Bac Nam Xe, Yen Phu which have been explored and determined economic value. The Northwest region is rich in alkaline and sub-alkaline magmatic rocks rich in rare earth elements, which are favorable conditions for the formation of rare earth mines. According to a report by Zion Market Research (India), the world rare earth market is currently worth about $8.1 billion and will grow to $14.4 billion by 2025. Recently, Deputy Prime Minister Tran Hong Ha signed Decision No. 866 approving “planning for the exploration, exploitation, processing and use of minerals in the period of 2021 – 2030, with a vision to 2050”. It is expected to exploit about 2 million tons of raw rare earth ore per year. Currently, Vietnam has been targeted by many major powers and signed memorandums of cooperation in the development of rare earths. In December 2022, the Minister of Industry and Trade signed a cooperation agreement with his Korean counterpart on cooperation in exploration and development of core mineral chains, including rare earths in Vietnam, to provide Stable global supply chain. Recently, South Korean President Yoon Suk Yeol, his wife and a high-ranking delegation paid a state visit to Vietnam, from June 22 to 24. One of the important agreements between the two sides reached during this visit was a memorandum of understanding to establish a Vietnam-Korea supply chain center for rare earths and core minerals. Besides, Mr. Jeremy Harrison – Minister of Trade and Export Development, Saskatchewan provincial government (Canada) had a business trip to Vietnam in December 2022. He emphasized the opportunity for cooperation and investment in clean energy development between Saskatchewan and Vietnam. In particular, the cooperation in sustainable exploitation and storage of rare earth elements is of interest. bauxite Along with that, the US Geological Survey also announced that the world’s bauxite reserves according to the 2022 survey will reach about 32 billion tons. In which, the reserve of “bauxite” in Vietnam is about 5.8 billion tons. Guinea is the country with the largest bauxite reserves in the world. Bauxite is a great resource, the basis for the long-term development of the aluminum smelting industry, and an important resource contributing to the industrialization and modernization of the country. According to the Ministry of Industry and Trade, the great potential of bauxite ore with good quality in the Central Highlands is a great advantage of Vietnam in continuing to strongly develop the bauxite mining and processing industry to serve the needs of the world. country and export. According to Mordor Intelligence Report (India), the bauxite-aluminum market is valued at USD 112 billion by 2021 and is expected to achieve a compound annual growth rate (CAGR) of over 6% during the forecast period. 2022-2027. Currently, the quality of bauxite – aluminum mines in Vietnam is highly appreciated by many countries. Recently, Deputy Prime Minister Tran Hong Ha signed a decision approving the planning for exploration, exploitation, processing and use of minerals in the period of 2021 – 2030, with a vision to 2050. The maximum bauxite production is up to 118 million tons of raw materials/year. This is considered good news for many businesses that have continuously applied for investment in mining and deep processing of bauxite – aluminum ore.