Masan Tungsten Chemicals and Intermediates (APT, WO3)

Masan High-Tech Materials (UPCoM: MSR) is a Hanoi-based subsidiary of Masan Group and one of the few fully integrated tungsten mining and refining platforms in the world. Through Nui Phao Mining Company and Masan Tungsten Company in Thai Nguyen, it turns tungsten concentrate, including feed from international partner mines, into chemical intermediates for global industrial supply chains.

Its tungsten product line includes ammonium paratungstate (APT), ammonium metatungstate (AMT), yellow and blue tungsten oxide, tungstic acid and sodium tungstate, each supported by product data sheets. These intermediates are used to make tungsten metal and tungsten carbide powders, hydrocracking and DeNOx catalysts, pigments, surface coatings and organometallic compounds. The company also sells fluorspar, bismuth and copper, and offers tungsten conversion services. Customers are tungsten alloy, hard metal, catalyst and chemical manufacturers.

• Ammonium paratungstate (APT): high-purity crystalline intermediate for tungsten oxides, tungstic acid and AMT.
• Yellow tungsten oxide: calcined powder for tungsten metal and carbide powder, pigments and catalysis.
• Blue tungsten oxide: key precursor from oxide to tungsten metal and carbide powder.
• Ammonium metatungstate (AMT): highly water-soluble powder for catalyst production.
• Tungstic acid: fine powder for catalysis, fine chemistry and surface coating technology.
• Conversion services: processing of tungsten concentrate from partner mines into chemical intermediates.

Vietnamese hard-metal tool and mould makers can source tungsten oxide for carbide powder production locally. Catalyst and chemical producers can use AMT and tungstic acid for DeNOx and hydrocracking catalysts used in power plants and refineries. Electronics and coating firms can use tungsten chemicals as precursors for functional coatings.

Buyers gain a vertically integrated tungsten source from mine to chemical intermediate outside the dominant supply country, which supports supply chain diversification. Tungsten oxide capacity is being expanded to more than 8,000 tonnes of WO3 per year. Multi-year offtake agreements, such as the 8-year deal with Elmet, give customers long-term supply visibility. A full range of APT, AMT, oxides and tungstic acid covers most downstream processes.

Tungsten is classified as a critical mineral in the US and EU, and supply concentration has pushed manufacturers of cutting tools, defence alloys, electronics and catalysts to secure alternative sources. Rising tungsten prices in 2026 and Vietnam's push for deeper downstream mineral processing favour integrated producers that can supply oxides and chemicals rather than raw concentrate.

Subsidiary of Masan Group (HOSE: MSN), listed on UPCoM as MSR, headquartered in Hanoi with operations in Thai Nguyen through Nui Phao Mining Company and Masan Tungsten Company. In September 2026 The Elmet Group agreed to buy a 4.99% stake at an implied USD 2.5 billion valuation alongside an 8-year supply partnership. Reported about USD 423 million revenue in H1 2026. Named among the top 10 best workplaces in Vietnam in 2026.