# Sojitz acquires 5% stake in Vietnam tungsten giant Masan *The deal values Nui Phao deposit operator at $2.5 billion, matching terms set by U.S. partner Elmet Group to secure non-Chinese supply.* **Published:** November 9, 2026 **By:** Kenji Sato **Section:** Semiconductors & AI Hardware — Japan **Format:** Breaking **Confidence:** medium **Source:** https://eastasiabrief.com/semiconductors/sojitz-acquires-5-stake-vietnam-tungsten-giant-masan-1284 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - Sojitz agrees to buy 5% stake in Masan High-Tech Materials at $2.5 billion valuation benchmark - Offtake covers tungsten and fluorspar for Japanese chip and AI hardware sectors - Definitive pacts expected before Dec. 31, 2026 ahead of planned 2027 HOSE listing ![A worker in a hard hat stands beside a conveyor belt carrying mineral ore at an industrial tungsten facility. (AI-generated image)](https://eastasiabrief.com/media/2026-11-09-b39b9c8e4501.webp) *A worker in a hard hat stands beside a conveyor belt carrying mineral ore at an industrial tungsten facility. (AI-generated image)* Japan's Sojitz Corporation signed an agreement on Nov. 9, 2026, to acquire a 5% stake in Masan High-Tech Materials, Vietnam's largest integrated producer of industrial tungsten. The target company operates the Nui Phao polymetallic deposit in Thai Nguyen province, controlling one of the largest verified tungsten reserves outside China. Under the agreement, Sojitz will purchase the equity from Masan Horizon, a subsidiary of Masan Group, at a valuation benchmark of at least $2.5 billion. The pricing matches the valuation set by U.S.-based Elmet Group, which completed a $124.75 million purchase for a 4.99% equity stake on Oct. 1. The transaction establishes long-term distribution agreements for Sojitz across Japan, supplying domestic manufacturers with Vietnamese tungsten and acid-grade fluorspar. Targeted end markets include advanced semiconductor manufacturing, artificial intelligence infrastructure, aerospace components, automotive tooling and precision chemicals, Masan said. In semiconductor fabrication, tungsten serves as a vital low-resistance contact and interconnect metal inside high-density 3D NAND flash memory and advanced logic microprocessors. Japanese gas purifiers use refined tungsten powders to synthesize tungsten hexafluoride, a precursor gas applied in chemical vapor deposition processes. Fluorspar from the Nui Phao site provides essential feedstock for anhydrous hydrofluoric acid, a primary chemical used to etch silicon wafers during wafer production. China currently refines more than 80% of global tungsten supply, prompting industrial buyers in Tokyo and Washington to finance alternative mineral processing hubs. Beijing has tightened export quota allocations and environmental reviews on strategic minor metals, raising raw material procurement costs for Japanese precision toolmakers. The agreement represents the second overseas strategic shareholder recruited under a capital restructuring approved by Masan Group's board of directors on Sept. 24. Masan Group plans to maintain its controlling ownership interest in Masan High-Tech Materials following the completion of both minority transactions, the company said. Elmet Group's earlier entry included an eight-year commercial contract requiring Masan High-Tech Materials to deliver 1,250 metric tons of tungsten trioxide equivalent annually. The U.S. partner expects that supply arrangement to generate $1.5 billion in cumulative commercial revenue over its initial operating term. Elmet holds backing from the U.S. government, including a $450 million equity commitment from the Pentagon and a supply contract with the Defense Logistics Agency. Sojitz aims to replicate that procurement channel in Japan, linking Nui Phao directly to domestic manufacturers of cemented carbide cutting tools and electronic chemicals. Japan imported approximately 80% of its tungsten scrap and intermediate chemical feedstock from Chinese processors last year, trade customs data indicate. The agreement deepens Japanese industrial integration with the Thai Nguyen complex following corporate transactions completed by Mitsubishi Materials Corporation. Mitsubishi Materials acquired German tungsten processor H.C. Starck Holding from Masan High-Tech Materials in May 2024 for an equity value of $134.5 million. That 2024 transaction established long-term offtake pacts under which Masan delivers ammonium paratungstate and yellow tungsten oxide directly to Mitsubishi facilities. Mitsubishi Materials originally acquired a 10% equity holding in Masan High-Tech Materials in October 2020 through a $90 million private share placement. Masan High-Tech Materials has directed more than $700 million in cumulative capital expenditures toward developing the Nui Phao open pit and chemical refinery. The site features automated ore-crushing systems, multi-stage flotation circuits and chemical hydrometallurgical processing lines capable of producing high-purity chemical powders on site. Proven reserves at Nui Phao exceed 55.4 million metric tons of polymetallic ore, supporting commercial recovery of tungsten, fluorspar, bismuth and copper concentrates. Processed minerals travel via heavy freight corridors to deepwater terminals at Quang Ninh Port and Hai Phong, connecting the operation to Pacific trade lanes. Masan High-Tech Materials recorded net revenue of VND 25,687 billion ($977 million) for the first nine months of 2026, jumping 409% year-on-year. Operating earnings before interest, taxes, depreciation and amortization reached VND 6,632 billion, representing a 353% improvement against the prior-year period. Net profit after tax reached VND 4,350 billion ($165 million), reversing a net loss of VND 211 billion recorded in the first nine months of 2025. Proceeds from the minority share transfers will help Masan Group lower its net debt to EBITDA ratio below its targeted corporate ceiling of 3.5 times. The restructuring also allows Masan to retain its equity stake in Nyobolt, a British company commercializing ultra-fast charging batteries using tungsten-niobium anodes. Nyobolt incorporates specialized tungsten compounds produced from Thai Nguyen chemical feedstock to reduce thermal buildup and accelerate charge speeds in electric vehicles. Sojitz and Masan aim to execute definitive binding agreements before Dec. 31, 2026, following the completion of formal due diligence and corporate clearances. Masan High-Tech Materials plans to file a listing application to transfer its shares to the Ho Chi Minh City Stock Exchange in 2027, the company said. The preliminary memorandum does not state the exact cash sum Sojitz will pay or the specific off-take volumes committed for the Japanese market. Sojitz has not disclosed which Japanese semiconductor materials firms will receive first shipments once distribution agreements take effect. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | Vietnam tungsten equity investment | Memory chipmakers gain diversified non-Chinese WF6 precursor channel | Dominance in refined tungsten faced with expanded non-Chinese refining capacity | Sojitz diversifies tungsten and fluorspar supplies for domestic chip and toolmakers | Critical mineral supply chain establishes allied processing hub outside Chinese control | ## In this story - **Companies:** Masan Group, Masan High-Tech Materials, Sojitz Corporation - **Tickers:** MSN.HM, MSR.UP, 2768.T - **Exposed:** Mitsubishi Materials, Elmet Group - **Impact:** Supply Chain, Capex, Pricing ## Primary sources 1. thanhnien.vn 2. vov.vn 3. theinvestor.vn 4. baomoi.com 5. technode.global --- Cite as: East Asia Brief, "Sojitz acquires 5% stake in Vietnam tungsten giant Masan," November 9, 2026. https://eastasiabrief.com/semiconductors/sojitz-acquires-5-stake-vietnam-tungsten-giant-masan-1284