Vietnam’s mining sector seeks opportunities as US plans taxes on China
Masan High-Tech Materials, a leading industrial mineral manufacturer in Vietnam, is poised to capitalize on the U.S.-China trade dispute regarding minerals.
Thanks to its strengths in tungsten production and an extensive international strategic partner network, the company is well-positioned to benefit from shifting global dynamics.

Masan High-Tech Materials factory in Thai Nguyen province, northern Vietnam. Photo courtesy of Masan.
China has recently restricted the export of critical minerals, prompting the U.S. to consider tariffs on minerals imported from China. This has shifted global focus toward finding secure and sustainable suppliers outside of China.
In this context, Masan High-Tech Materials (MSR), listed on Vietnam's Unlisted Public Companies Market (UPCoM) as MSR, stands out due to its strong commitment to green manufacturing and sustainable development.
As the global mining industry seeks resources outside of China, MSR, a subsidiary of the Vietnamese conglomerate Masan Group, is ready to fill the gap. The company’s strengths lie in its robust production capabilities, its adherence to environmental, social, and governance (ESG) principles, and its focus on sustainable mining and manufacturing practices, along with green transformation initiatives.
Improvement in tungsten and copper sales
In Q3/2024, MSR reported a year-on-year revenue growth of VND74 billion ($2.91 million), driven by a steady increase in tungsten and copper sales. This reflects the growing market demand for critical minerals.
During the first nine months of 2024, tungsten revenue grew by 2%, bolstered by higher selling prices in Q2 and Q3, signaling increased demand from third-party customers.
Copper revenue reached VND670 billion ($26.37 million) in the same period, mainly due to increased sales to domestic customers. As of September 30, the market value of copper at MSR stood at nearly $92 million, positioning the company well for continued growth in the final quarter of the fiscal year.
New cooperation with international partners
In May 2024, MSR finalized an agreement with Mitsubishi Materials Corporation of Japan. Under this agreement, Mitsubishi Materials is set to acquire 100% of MSR’s H.C. Starck for $134.5 million.
The deal, expected to be finalized in Q4/2024, marks a significant milestone in MSR’s strategy to strengthen its mining capabilities and expand its global reach.
In July 2024, MSR signed an MoU with Fluorine Korea and Traxys North America LLC to supply acid-grade fluorspar powder to Fluorine Korea's AHF plant. The agreement ensures a stable supply of up to 70,000 tons of acid-grade fluorspar annually for the AHF plant, which is expected to become operational by 2026.
Traxys North America LLC, the exclusive distributor, will manage international distribution, supporting MSR’s commitment to a sustainable and reliable supply chain.
Masan High-Tech Materials adapts to a volatile market
In response to market fluctuations and challenging economic conditions, MSR launched its “Fit for Future” program at the beginning of 2024. This initiative aims to optimize costs and improve the efficiency of production and business operations.
As part of the program, MSR conducted a review and signed agreements with several new mining and drilling contractors, aiming to reduce costs by 10% compared to previous contracts.
These new contractors began providing services in August 2024. It is expected that production volume in Q4/2024 will significantly increase, meeting the rising demand for materials and strengthening the company’s position in the global critical minerals market.
Sustainable solutions to meet market demands
The growing global demand for materials to support green industries, coupled with China’s tightening control over the export of critical minerals and the recent tariff plans by the United States, underscores the urgent need for secure and sustainable supply chains for critical minerals. Masan’s mining division is well-positioned to meet this demand.
MSR distinguishes itself in the global materials market with its sustainable development strategy, grounded in a circular economy model. The company focuses on recycling, green product development, and green growth.
With a firm commitment to sustainability, innovation, ESG implementation, and green transformation, MSR is well-placed for a breakthrough in business and aims for greater success in the years ahead.
China currently accounts for around two-thirds of the global production of many critical materials, such as aluminum, lithium, cobalt, and rare earth elements, maintaining its dominant position in the global supply chain for strategic minerals. Since 2023, China has tightened its control over the export of critical minerals, leading to growing concerns worldwide about the country’s influence over the global supply chain.
To reduce dependence on mineral imports from China, the United States is expected to impose a 25% tariff on several critical minerals, including indium, tantalum, chromium, cobalt, and tungsten. This proposal from the U.S. Trade Representative (USTR) reflects concerns over China’s control of the global supply chain and the associated risks to national security, as well as the U.S.'s clean energy goals.
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