A major Vietnam tungsten firm is seeking shareholder approval for a private placement of up to 5 percent of its shares to raise money for mine expansion and downstream processing. Masan High-Tech Materials announced the plan as the company seeks to expand operations at its Nui Phao mine and develop higher-value tungsten products. The announcement was reported on October 5 and adds to growing international interest in critical minerals.
Masan High-Tech owns the Nui Phao mine in Vietnam, one of the world’s largest tungsten mines outside China. The mine accounts for nearly all of Vietnam’s estimated annual tungsten production, making the company an important part of the country’s critical minerals sector. Tungsten is widely used in industrial and technology applications because of its strength and resistance to high temperatures.
The company said the proposed shares would be offered to strategic investors, domestic and foreign institutional investors and professional securities investors. The money raised would support mining and deep-processing operations at Nui Phao. It would also be used to develop higher-value tungsten and strategic mineral products and strengthen the company’s financial position.
The plan follows a deal announced in September involving Elmet Group, a US producer backed by the Pentagon. Elmet agreed to buy a 4.99 percent stake in Masan High-Tech in a transaction that valued the Vietnamese company at about $2.5 billion. The investment reflects growing interest in tungsten outside China as governments and businesses seek more secure supplies of critical minerals.
Tungsten is important because it has properties that make it difficult to replace in some industrial uses. It is used in electronics, engineering and defence-related products. Its ability to withstand high temperatures and extreme pressure makes it valuable in manufacturing. Several countries classify tungsten as a critical mineral because reliable supplies are important for industrial and national security needs.
China has historically played a major role in the global tungsten supply chain. Efforts to diversify supply therefore involve developing mines and processing capacity in other countries. Vietnam has an opportunity to benefit from this trend because it has significant tungsten resources and an established mining operation at Nui Phao.
Masan High-Tech wants to move beyond simply producing raw material. Expanding downstream processing could allow the company to produce more valuable products and capture a larger share of the supply chain. This approach can also create more opportunities for skilled jobs and technology development inside Vietnam.
The proposed investment comes during a period of strong interest in the company. Its shares have risen sharply during 2026, reflecting investor interest in tungsten and the company’s strategic position. The company is also expected to meet requirements for a listing on the Ho Chi Minh City stock exchange later this year, with the transition expected to be completed by the first or second quarter of 2027.
For Vietnam, the development fits into broader efforts to attract investment in strategic industries. The country has been seeking to strengthen manufacturing and develop higher-value sectors. Critical minerals can support that goal because they are connected to advanced manufacturing, electronics and clean-energy technologies.
The expansion also reflects changes in global supply chains. Companies and governments are increasingly concerned about relying too heavily on a small number of countries for important raw materials. Developing alternative sources can reduce those risks, although building new mining and processing capacity takes time and requires large amounts of capital.
Masan High-Tech will still face challenges. Mining expansion requires investment, infrastructure and environmental management. Processing operations also need skilled workers and reliable energy supplies. The company will have to show that its expansion plans can generate returns while meeting regulatory and environmental requirements.
The October 5 announcement therefore places Vietnam’s tungsten industry in the wider global debate over critical minerals. Masan High-Tech is seeking new capital to expand its mine and develop more advanced products, while international investors are showing greater interest in supplies outside China.
If approved, the private placement could give the company additional resources to expand its operations and strengthen its position in the global tungsten market. For Vietnam, it could also help increase the value generated from one of the country’s most important strategic mineral resources.
