Masan High-Tech Materials Expands Vietnam’s Largest Non-China Tungsten Mine to Attract Foreign Capital

Masan High-Tech Materials (MSR), a subsidiary of Masan Group, announced an expansion of its Nui Phao mine and the adjacent Nui Chiem area in Thai Nguyen province. The project targets an additional 115 million tonnes of tungsten-polymetallic ore, enough to sustain mining and processing for 20–30 years at the company’s current permitted capacity of 3.5 million tonnes per year. The expansion will be financed largely through existing infrastructure, requiring no significant new capital.

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

Vietnam produced roughly 3,000 tonnes of tungsten in 2023, ranking it the world’s second-largest producer after China, which supplied 83 % of global output in 2024 (US Geological Survey). Rising defense budgets and recent Chinese export restrictions have heightened demand for non-China tungsten, a critical input for semiconductors, electric-vehicle batteries, aerospace, renewable-energy equipment, and armor-piercing munitions.

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• Danny Le – Chairman, Masan High-Tech Materials

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• Masan Group – Parent conglomerate exploring a <=5 % stake sale in MSR to foreign investors

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• Vietnamese government – Provides policy orientation for modern, sustainable mining and deep processing

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• Strategic investors – Potential partners from Japan, Australia, Europe, and the United States

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• Clients – Honeywell and Mitsubishi, among others

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• 115 million tonnes of ore: ~55.19 million t (Nui Phao Expansion) + ~60 million t (Nui Chiem)

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• 8,000 tonnes of tungsten oxide production capacity targeted (up from current levels)

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• Profit target for 2026: 1.7–2.5 trillion dong (? S$84–124 million)

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• Share performance: MSR shares up 60.57 % YTD (LSEG data)

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• Listing plan: Transfer from UpCoM to Ho Chi Minh City Stock Exchange in Q1 2027

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The expanded resource base strengthens Vietnam’s role as a reliable non-China source of processed tungsten, reducing supply-chain risk for high-tech and defense industries. By leveraging existing mines, MSR aims to attract strategic foreign capital, diversify its investor base, and fund further downstream processing. The move also aligns with Vietnam’s broader policy to increase domestic value-addition in mining.

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• Masan’s leadership emphasized that the expansion aligns with the government’s push for a modern, sustainable mining sector that couples extraction with deep processing and higher domestic value-addition.

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• The company indicated that the project will leverage existing infrastructure, avoiding large new capital outlays.

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• MSR announced plans to list on the Ho Chi Minh Stock Exchange and to sell up to 5 % of its mining unit to strategic foreign investors, aiming to secure broader funding for the expansion.

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• Profit expectations for the current year were set at 1.7–2.5 trillion dong, reflecting confidence in the expanded resource base and rising tungsten prices.

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• “opens the potential for another 20–30 years of mining and processing, but also strengthens MSR’s long-term strategic position at a time when scaled, deeply processed non-China tungsten supply is increasingly scarce,” — Danny Le, Chairman, Masan High-Tech Materials

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• “The expansion of the Nui Phao resources base is aligned with the Government’s orientation to develop Vietnam’s mining sector in a modern and sustainable direction, linking resource extraction with deep processing and higher domestic value-added,” — Masan High-Tech Materials statement

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• “MSR said that the expansion is expected to require no significant capital, as it will leverage existing mining and processing infrastructure and prior geological data.” — Masan High-Tech Materials statement

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• “MSR counts Honeywell and Mitsubishi as its clients and is betting on rising tungsten prices following export restrictions by dominant supplier China since February last year.” — Masan High-Tech Materials statement

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

• “The company plans to expand its tungsten oxide production capacity to more than 8,000 tonnes to meet rising demand.” — Masan High-Tech Materials statement

Vietnam’s Masan High-Tech Materials says mine expansion could supply 115 million tonnes of additional tungsten ore

Masan High-Tech Materials intends to list on the Ho Chi Minh City Stock Exchange in early 2027, a step that could unlock additional foreign investment. Concurrently, the company will negotiate the proposed <=5 % stake sale with interested Japanese, Australian, European, and American investors. Successful financing would enable the full development of the Nui Phao and Nui Chiem expansions, further cementing Vietnam’s position in the global critical-minerals market.

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