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https://www.nasdaq.com/articles/exclusive-rare-earths-magnet-firms-turn-to-vietnam-in-china-hedge
SGI, which supplies magnets to Vietnamese EV maker VinFast VFS.O and Korea's Hyundai Motor 005380.KS, told Reuters it is investing $80 million in its new Vietnam factory with production starting in 2024.
The plant would nearly double the company's current output of 3,000 tons a year from factories in South Korea and China.
SGI described the investment as part of "countermeasures" against possible Chinese trade restrictions.
"China's policy on control of rare earths-related raw materials and technology is being strengthened, resulting in supply uncertainty," SGI said.
It said it sources most of its rare earths from China but is seeking alternative sources in Vietnam and Australia and plans to develop a processing facility in Vietnam.
