Vietnam: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Vietnam

After three years of growth, the Vietnamese rare earth metal market decreased by -22.4% to $X in 2021. Over the period under review, consumption showed a pronounced decline. Over the period under review, the market attained the peak level at $X in 2020, and then shrank rapidly in the following year.

Rare Earth Metal Production in Vietnam

In value terms, rare earth metal production rose markedly to $X in 2021 estimated in export price. Overall, production enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 942%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Rare Earth Metal Exports

Exports from Vietnam

In 2021, after two years of decline, there was significant growth in shipments abroad of rare earth metals, when their volume increased by 24% to X tons. Overall, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 34%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, rare earth metal exports surged to $X in 2021. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for rare earth metal exports from Vietnam, accounting for a 94% share of total exports. Moreover, rare earth metal exports to Japan exceeded the volume sent to the second major destination, Thailand (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at +9.5%.

In value terms, Japan ($X) remains the key foreign market for rare earth metals exports from Vietnam, comprising 92% of total exports. The second position in the ranking was held by Thailand ($X), with a 7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +5.5%.

Export Prices by Country

The average rare earth metal export price stood at $X per ton in 2021, jumping by 45% against the previous year. Overall, the export price, however, continues to indicate a perceptible reduction. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Japan totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-3.7%).

Rare Earth Metal Imports

Imports into Vietnam

In 2021, purchases abroad of rare earth metals decreased by -4.8% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports, however, saw resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 263%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, rare earth metal imports rose notably to $X in 2021. Overall, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 207%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of rare earth metal to Vietnam, with a 61% share of total imports. Moreover, rare earth metal imports from Thailand exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. China (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand stood at +26.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+81.0% per year) and China (+8.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of rare earth metals to Vietnam, comprising 67% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Thailand stood at +50.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+23.9% per year) and Japan (+69.1% per year).

Import Prices by Country

The average rare earth metal import price stood at $X per ton in 2021, rising by 16% against the previous year. Over the period under review, the import price enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by 72%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+19.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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