Taiwanese newspaper Commercial Times recently reported that Masan Group, the owner of the Vietnamese Nui Phao tungsten mine, is considering a sale of the asset. Sources familiar with the matter revealed that two Chinese buyers have recently contacted Masan Group, intending to use proxy bidding to avoid directly exposing their Chinese capital status.
Tungsten is a key strategic raw material for high-tech industries such as national defense, aerospace, semiconductors, and electronics. Data from the United States Geological Survey (USGS) shows that China’s tungsten production accounted for 83 percent of the world’s total in 2024. The Vietnamese Nui Phao mine produces approximately 3,400 metric tons of tungsten annually, accounting for nearly all of Vietnam’s production, making Vietnam the world’s second-largest producer after China. Furthermore, the mine’s associated refinery has an annual production capacity of 6,500 metric tons, making it one of the largest tungsten processing facilities outside of China.
In April this year, China imposed export controls on tungsten and several rare earths in retaliation for the U.S.’s reciprocal tariff measures. U.S. diplomats and Western officials have recently visited the Nui Phao mine several times, not only showing support for Masan Group but also sending a signal of “preventing China from monopolizing the supply chain.”
Source: Commercial Times, August 28, 2025
https://www.ctee.com.tw/news/20250828700148-439901