Magnet Manufacturing Will Determine Vietnam’s Rare-Earth Value

Illustrative bridge from one foreign processing plant to a Vietnamese industrial cluster, in design units. Conceptual and not to scale: bar heights are proportions, not financial values.

Values are design units, not money. The largest step is magnet investment. Foreign ownership and Chinese price pressure take value back out. Grey is the opening position, blue is value added, the darkest blue is the principal inflection, steel is leakage and risk, navy is the potential position.
Chart: VNANZ CapitalSource: VNANZ analysis of the Lynas and LS Eco Energy framework agreement, 26 March 2026, and RUSI, China and Rare Earth Supply Chains, June 2026Get the data