Investments in critical minerals and beyond ready - EU and Vietnam expected to approve agreement
The European Union and Vietnam want to increase trade and investment in critical minerals, semiconductors and infrastructure, according to a draft joint statement seen by Reuters, which is expected to be approved on Thursday, as the two sides improve diplomatic relations.
The eight-page document, which could still change, says the EU will also examine the possible transfer of defense technology to Hanoi, as both sides seek closer cooperation on "trusted" telecommunications networks - at a time when Chinese companies have won contracts in developing Vietnam's 5G network.
The declaration is scheduled to be signed when European Council President Antonio Costa meets with Vietnamese leaders in Hanoi on Thursday, days after the ruling Communist Party reappointed To Lam as the country's top leader.
The two countries will upgrade diplomatic relations to Vietnam's highest level, similar to the United States, China and Russia. An EU-Vietnam free trade agreement entered into force in 2020.
Vietnam has significant, but largely untapped, deposits of rare earth metals and gallium. Hanoi has shown interest in developing rare earth metal processing capacity, the global supply and processing of which is dominated by China. But progress has been limited, in part because Vietnam lacks the technology to fully exploit its resources.
The EU and Vietnam want to promote "trade and investment in goods, services and technologies that support sustainable mining and processing" for critical minerals, while aiming for closer cooperation in the sector, the document says.
Vietnam is also a major supplier of tungsten, a hard metal used in defense and electronics, and Western diplomats have warned of the risk of Chinese interest in a large mine in Vietnam.
The draft statement identifies semiconductors as another priority area for deeper cooperation, including supply chains. Expanding cooperation in "reliable communications infrastructure" is also a priority, the document says, citing 5G and satellite connectivity.
According to the document, EU countries are also interested in investing in Vietnamese infrastructure, including railways, as Vietnam wants to build a national high-speed network, its largest project ever.
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