Masan High-Tech Materials, a subsidiary of Masan Group, is pursuing an expansion of its Nui Phao tungsten mine in Vietnam's Thai Nguyen province. This move is part of a broader strategy to attract foreign strategic investors, including those from Japan, Australia, Europe, and the United States, who are motivated by the desire to secure tungsten supply outside of China. The Nui Phao mine is a critical asset, being one of the largest non-China sources of tungsten, a metal essential for applications ranging from chips and drilling equipment to defense technologies and powering artificial intelligence (AI).
The impetus for this expansion and search for capital is the dramatic increase in tungsten prices. Prices for ammonium paratungstate (APT), a key intermediate product, have surged significantly, rising from approximately $340 per metric ton unit (mtu) at the end of 2024 to over $3,100/mtu in the first quarter of 2026. This price rally is fueled by global supply constraints, declining ore grades in China, rising geopolitical tensions, and burgeoning demand from the semiconductor and AI industries, where tungsten is indispensable for manufacturing components like WF6 gas used in chip production.
Masan High-Tech Materials aims to capitalize on this market trend, projecting a substantial increase in its financial performance. The company anticipates its revenue for 2026 to range from VND16 trillion ($607.73 million) to VND20.3 trillion ($771.06 million), with net profit reaching between VND1.7 trillion ($64.57 million) and VND2.5 trillion ($94.96 million). This optimistic outlook is supported by a planned increase in tungsten output capacity from about 2,000 tons per year to between 5,000 and 6,000 tons over the next three years, with average annual tungsten concentrate output from Nui Phao between 2026 and 2036 projected at around 3,700 tonnes, roughly double the 2025 level. Masan is also preparing to transfer its shares from Vietnam's Unlisted Public Company Market to the Ho Chi Minh City Stock Exchange, possibly by early 2027, which will be accompanied by stake sales to various investors, though the company intends to maintain Vietnamese control over these strategic mineral assets.
