# Star Group Industrial plans rare earth magnet plant in Vietnam

South Korea's Star Group Industrial plans to open a factory in Vietnam to produce 5,000 tons of neodymium magnets per year by 2025, targeting output for 2 million electric vehicles.

- Type: New facility
- Announced: 2023-08-22
- Where: Vietnam, Vietnam
- Starts operating: 2025
- Status: announced
- Capacity: 5,000 tons of neodymium magnets per year
- Products: neodymium magnets
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md), [Electrical Equipment](https://endata.com/sectors/electrical-equipment.md)

## Companies

- [Star Group Industrial](https://endata.com/companies/72172.md)

## Sources

- [asiafinancial.com](https://www.asiafinancial.com/rare-earth-magnet-firms-plan-vietnam-plants-as-china-hedge), 2023-08-22: "SGI's Vietnam project, for instance, targets 2025 output of 5,000 tons of high-end neodymium (NdFeB) magnets per year, enough for 2 million electric vehicles (EVs)."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.