Exclusive: Rare earths magnet firms turn to Vietnam in China hedge

Summary Companies Korean firm plans factory that alone could meet half U.S. demand Chinese Apple supplier to open magnet plant this year -sources Vietnam’s rare earths deposits second only to China’s China dominates world’s magnet supply HANOI/SEOUL, Aug 22 (Reuters) – Korean and Chinese magnet firms, including an Apple supplier, are set to open factories in Vietnam, according to documents and people familiar with the plans, amid a push to diversify supply chains away from China and defend against Sino-U.S. tension. South Korea’s Star Group Industrial (SGI) and China’s Baotou INST Magnetic would join companies in sectors as varied as…