Key facts
- US lithium recycler R3 Lithium is interested in entering Vietnam's battery recycling market.
- The company aims to build an ecosystem for recycling and reusing batteries and critical minerals in Vietnam.
- Vietnam is prioritizing the development of its material industry, including battery and energy storage materials, by 2030.
- Deputy Prime Minister Nguyễn Văn Thắng met with R3 Lithium's CEO Linh Austin on September 21.
R3 Lithium, a US company focused on producing lithium carbonate from recycled battery materials, is looking to expand into Vietnam's burgeoning electric vehicle (EV) battery sector. The company aims to establish a supply chain for recycling and reusing batteries and critical minerals, aligning with Vietnam's strategic goals to develop its material industry. Deputy Prime Minister Nguyễn Văn Thắng met with R3 Lithium's Chairman and CEO Linh Austin on September 21 in Hanoi, highlighting Vietnam's commitment to deepening cooperation with US businesses in battery, new materials, and green technology. Thắng emphasized Vietnam's shift towards a new growth model driven by science, technology, and innovation, with a priority on deeper processing and environmental protection. He noted that Vietnam's market of over 100 million people and increasing demand for electrification offers significant opportunities for battery and new material projects. Vietnam aims to attract investment, enhance research and development, facilitate technology transfer, and train a high-quality workforce to develop products with global value. The Vietnamese government's Politburo Conclusion No. 83-KL/TW, dated August 8, outlines a strategy to promote the material industry, with a focus on battery and energy storage materials, semiconductor materials, rare earths, and specialized materials for high-tech applications by 2030. The Institute for Industry and Trade Strategy and Policy Research has also identified the lithium/cobalt-EV battery chain as a strategic material value chain for development.