VN inks rare earth agreement with Japan An understanding on mining and processing rare earth in northern Lai Chau Province's Tam Duong district was signed with Japan yesterday. Lai Chau-VIMICO Rare Earth Joint Stock Co and the Japanese Dong Pao Rare Earth Development Co have agreed to join hands through two phases of the project. The first phase is to research and set up a mine with a capacity of 10,000 tonnes a year. The second phase is to negotiate over the establishment of a Viet Nam-Japan joint venture with charter capital of at least 30 per cent of the project's total investment value. Lai Chau Rare Earth-VIMICO director Bui Van Huyen said the memorandum of understanding was the first step in co-operation between Viet Nam and Japan in exploiting and processing rare earth in Dong Pao, the largest rare earth mine in Viet Nam. They would also co-operate to develop the domestic rare earth industry, he said.