Vietnam Rare Earth JSC (VTRE)

A private Vietnamese rare earth processor in Ha Nam province with a separation plant reported at 5,000 t/yr REO; Reuters reported production stopped in late 2023, and its chairman was sentenced in May 2025 to 16 years for smuggling and accounting violations.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

Reuters reported in June 2024 that VTRE stopped production in late 2023 (as cited by Soha, October 6, 2026); no restart has been reported.
On May 21, 2025 the Hanoi People's Court sentenced VTRE's chairman to 16 years for smuggling and accounting violations and ordered repayment of VND 233 billion in illicit gains.
Per the court case, about 473 t of oxide made in 2019-2023 from illegally mined Yen Phu ore was exported to buyers in Japan, Austria and China under false customs declarations.
The 5,000 t/yr REO capacity figure is a 2023 company statement; no independent or later figure has been published.
No financial statements after FY2022 have been reported.

At a glance

Founded: 2007 — Founded 2007; charter capital VND 50 billion since 2015. Chairman Luu Anh Tuan; Reuters (2023) reported he and his wife own most of the shares.
Headquarters: Lao Cau village, Tien Tan commune, Phu Ly, Ha Nam province, Vietnam
Ownership: Private joint stock company, not listed. Reuters (September 2023) reported the chairman and his wife own most of the shares.
Stage: Early stage. Commercial separation ran until late 2023, then stopped (Reuters, June 2024). No restart or new investment decision has been reported since the chairman's May 2025 conviction.
Listing: Private. Privately held Vietnamese joint stock company; not listed. Reuters (2023) reported the chairman and his wife owned most of the shares.
Revenue: VND 198 billion (net profit VND 8.6 billion)
Reported, FY2022.
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Rare earth oxide processing capacity, Ha Nam plant (company statement)	5,000 t/yr REO (stated by chairman, September 2023); plan to triple for Dong Pao ore	Historical	Sep 2023
Imported refined rare earth feed (up to 99%), Australia and Russia (company statement)	about 1,000 t/yr	Historical	Oct 2023
Total rare earth oxide (>95% TREO) produced from Thai Duong ore, 2019-2023 (court case)	about 482 t cumulative from more than 3,500 t ore at 18-20% TREO	Historical	May 2025

Narrative

Vietnam Rare Earth JSC (VTRE) was founded in 2007 and is based in Ha Nam province, where Vietnamese press describe it as operating a rare earth separation plant. Its charter capital has been VND 50 billion since 2015. VTRE has no mine of its own; in 2023 its chairman said it imported about 1,000 metric tons a year of refined rare earth material (up to 99%) from Australia and Russia. It reported revenue of VND 203 billion and net profit of VND 52.2 billion in 2021, and revenue of VND 198 billion and net profit of VND 8.6 billion in 2022. In December 2022 VTRE agreed to export 1,000 to 2,000 metric tons a year of rare earth oxides to Korean Strategic Materials Metals, a subsidiary of Australian Strategic Materials (ASM), over five years. On April 30, 2023 it signed a binding agreement to supply ASM's Korean Metals Plant with 100 metric tons of rare earth oxides in 2023, priced against published NdPr oxide prices. In July 2023 it signed a non-binding MoU with Blackstone Minerals and ASM covering the Dong Pao deposit and a mine-to-metals plan. Reuters reported in September 2023 that the plant could process 5,000 metric tons of REO a year and that VTRE planned to triple capacity for Dong Pao ore. In October 2023 the chairman and other executives were arrested in a case tied to Thai Duong Group's Yen Phu mine in Yen Bai province. Reuters reported in June 2024 that VTRE had stopped production in late 2023. On May 21, 2025 the Hanoi People's Court sentenced the chairman to 16 years for smuggling and accounting violations; 23 of 27 defendants in the case received prison terms. Per the court case as reported, VTRE bought more than 3,500 metric tons of ore grading 18 to 20% TREO from Thai Duong in 2019 to 2023, produced about 482 metric tons of total rare earth oxide above 95% TREO, and exported about 473 metric tons to four buyers in Japan, Austria and China worth nearly VND 380 billion under false customs declarations. The court ordered the chairman to repay VND 233 billion of illicit gains. In October 2026 Vietnamese press described VTRE's current operating status as unknown.

Where public sources disagree

Feed source: the chairman said in 2023 that VTRE imported 100% of its feed (about 1,000 t/yr refined material from Australia and Russia; CafeF, October 16, 2023), while the May 2025 court case found it bought more than 3,500 t of ore from Thai Duong's Yen Phu mine in 2019-2023 (Tuoi Tre, May 21, 2025).

Sources

Tuoi Tre verdict May-25 — Tuoi Tre (2025-05-21)
Soha Oct-26 (status) — Soha (2026-10-06)
CafeF Oct-23 profile — CafeF (2023-10-16)
Reuters Sep-23 (via Deccan Herald) — Reuters (2023-09-24)
Thanh Nien verdict May-25 — Thanh Nien (2025-05-21)
AFP May-25 (EWN) — AFP (2025-05-21)
Reuters Oct-23 arrests (mining.com) — Reuters (2023-10-26)
VietTimes Oct-23 — VietTimes (2023-10-22)
ASM offtake May-23 — Australian Manufacturing (2023-05-01)
The Investor Dec-22 KSMM — The Investor (2022-12-16)
NS Energy MoU Jul-23 — NS Energy (2023-07-27)
Doanh Nghiep Hoi Nhap May-26 — Doanh Nghiep Hoi Nhap (2026-05-18)
USGS MCS 2026 — USGS (2026-01)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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