The Tay Bac Project has identified and assessed 110 mineral mines in Vietnam’s northwestern region, including 40 gold mines with a combined estimated reserve of nearly 30 metric tons.

Based on current global prices, this gold reserve could be worth several billion U.S. dollars if fully extracted.

The Ministry of Agriculture and Environment recently released findings from the “Comprehensive Mineral Survey and 1:50,000-Scale Geological Mapping Project for the Northwest Region to Support Sustainable Socioeconomic Development Planning,” commonly known as the Tay Bac Project.

As of 2:50 PM on March 31, spot gold prices in the Asian market had surged by $35, reaching $3,121 per ounce. At this rate, one metric ton of gold is worth approximately $100 million - equivalent to 2.58 trillion VND.

Therefore, the total estimated value of the 30-ton gold reserve in the Northwest is around $3 billion.

However, experts emphasize that these figures represent predicted reserves, and actual extraction yields may vary - sometimes significantly.

Vietnam is home to several major gold mining companies. Among them, the largest is Vimico - the Vietnam Minerals Corporation, a subsidiary of the state-owned Vinacomin (TKV).

In 2024, Vimico extracted approximately 1 ton of gold and recorded a profit of 1.275 trillion VND (around $50 million), making it the country’s top gold producer.

Another key player in Vietnam’s gold mining industry is Lao Cai Gold JSC (GLC), which operates the Minh Luong gold mine in Van Ban district, Lao Cai province.

GLC is licensed to extract, process, and refine gold ore, and all of its extracted concentrate is sold to Vimico for final production and distribution.

However, GLC has recorded zero revenue in recent years, as its mining license expired in April 2019, forcing the company to suspend operations.

Manh Ha