Masan High-Tech Materials
Masan High-Tech Materials, traded on UPCoM under the ticker MSR, operates the Nui Phao tungsten mining and processing complex in Thai Nguyen province, northern Vietnam. It converts concentrate into high-purity tungsten chemicals such as ammonium paratungstate and tungsten oxide, and also produces fluorspar and bismuth. It is a subsidiary of Masan Group. In 2025 it posted net revenue of VND7.44 trillion (about $286 million), up 19% year on year.
Key figures
- Relations mapped
- 8
- Sites
- 0
- Sources
- 39
- Products
- 3
Supply chain
Supply chain at a glance
Named companies are relations backed by a public source. Dashed boxes count the other relations Datafalk has mapped.
Footprint
Where Masan High-Tech Materials operates
No site is recorded yet.
- Headquarters in Vietnam (Ho Chi Minh City)
Sourced relations
Public supply chain relations
Relations publicly stated by one of the parties, each with its sources. Datafalk maps 8 relations in total.
Supplies
H.C. Starck
Masan High-Tech Materials completed the sale of H.C. Starck to the Mitsubishi Materials group in December 2024 and keeps a long-term offtake agreement with H.C. Starck for ammonium paratungstate and tungsten oxide. The definitive agreements of 30 May 2024 between the Masan High-Tech Materials group and the Mitsubishi Materials group include a long-term APT and tungsten oxide offtake agreement.
as of 2026-08-29
Subsidiary of
Masan Group
Masan High-Tech Materials (MSR) is described as a subsidiary of Masan Group. Masan High-Tech Materials JSC is a subsidiary of Masan Group and owns and operates the Nui Phao mine.
as of 2026-08-29
Parent of
Nui Phao Mining and Mineral Processing Company Limited
The March 2024 Nui Phao and GAET press release presents Nui Phao Mining as a member company of Masan High-Tech Materials, its parent company. Nui Phao Mining Company is 100% owned by Masan High-Tech Materials.
as of 2026-08-29
Profile
Company overview
History
The company was established in 2010.
simplize.vnActivity
Masan High-Tech Materials, traded on UPCoM under the ticker MSR, operates the Nui Phao tungsten mining and processing complex in Thai Nguyen province, northern Vietnam.
theinvestor.vnShareholding
On 1 October 2026, US-based Elmet Group completed its purchase of a 4.99% stake (55.14 million shares) in Masan High-Tech Materials from Masan Horizon, a subsidiary of Masan Group, whose stake stood at about 92.45% before the sale.
theinvestor.vnActivity
Masan High-Tech Materials supplies advanced tungsten materials, produces fluorspar and bismuth, and runs an integrated refining complex that converts concentrate into high-purity tungsten chemicals.
stocktitan.netKey figures
In 2025, Masan High-Tech Materials posted net revenue of VND7.44 trillion (about $286 million), up 19% year on year.
vir.com.vn
Output
Products and materials
- Ammonium paratungstate (APT)
- Sodium tungstate
- Tungsten oxides (blue and yellow)
Full profile
What Datafalk has on Masan High-Tech Materials
This page shows what is public. The full profile goes further:
- 3 supplier relations
- 3 customer relations
- 1 parent company relation
- 1 subsidiary relation
- 2 open questions identified by Datafalk analysts
- Confidence level and evidence behind every relation
- Complete list of 39 sources
Explore
Related companies
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Sources
This profile draws on 39 sources. Compiled from open sources and Datafalk research. Not exhaustive. Data as of 2026-08-29.