Japan’s Sojitz Corporation plans to buy 5 percent of Masan High-Tech Materials (MSR), Vietnam’s tungsten producer, from Masan Horizon, a subsidiary of the Masan Group conglomerate. Masan said on Monday that the two companies have signed a memorandum of understanding, and that the stake will be sold at a price not lower than the price set by Elmet’s September transaction, $125 million for a 5 percent stake.
The memorandum also provides for long term commercial agreements under which Sojitz would distribute MSR’s tungsten and fluorite products in Japan, targeting customers in semiconductors, artificial intelligence infrastructure, aerospace, energy, automotive, cemented carbide and chemicals. The parties aim to sign definitive agreements before the end of 2026, subject to the required procedures, and Masan retains control.
MSR owns the Nui Phao mine and tungsten processing complex in Thai Nguyen province in northern Vietnam, one of the largest tungsten sources outside China, accounting for nearly all of Vietnam’s current tungsten output of about 3,400 tonnes a year. The Sojitz agreement is the second step in an expansion of MSR’s shareholder base approved by Masan Group’s board on September 24, 2026.
The first step set the price. In September, US based Elmet Group agreed to pay $124.75 million for a 4.99 percent stake, valuing MSR at about $2.5 billion, in a transaction completed on October 1. Elmet’s entry followed a $450 million investment commitment from the US government in mid September aimed at resilient critical materials supply chains, and included multi year supply and conversion agreements plus a board seat. Sojitz matching that valuation floor, rather than renegotiating it, signals how quickly strategic buyers are moving to secure non Chinese tungsten.