Sojitz signs MoU to buy 5% of Masan High-Tech Materials, estimated at about US$125 million

On 9 November 2026 in Tokyo, at the Vietnam–Japan Public-Private Forum and witnessed by General Secretary and State President To Lam, Masan Group signed a memorandum of understanding with Japan's Sojitz Corporation. Under it, Sojitz will buy 5% of Masan High-Tech Materials JSC (MSR) from Masan Horizon Co., Ltd., a wholly owned Masan subsidiary. The deal is estimated at about US$125 million.

From equity stake to long-term trade

The parties aim to sign a definitive agreement before the end of 2026, after due diligence and approvals. Alongside the investment, Sojitz plans to sign a long-term commercial agreement to distribute MSR's tungsten and fluorspar products in Japan, developing markets in semiconductors, AI infrastructure, aerospace, energy, automotive, hard alloys and chemicals. The transfer price is expected to be no lower than what US investor Elmet paid earlier.

Following the Elmet deal

Elmet (US) previously bought 4.99% of MSR, together with a long-term supply agreement of about 1,250 tonnes of WO3 equivalent per year and estimated gross revenue of US$1.5 billion over the initial term. On 1 October, Elmet completed the purchase for about US$125 million, or more than 3,200 billion VND, through a negotiated trade on UPCoM covering over 55.14 million shares. Strategic investors from the US and Japan joining in turn highlights the appeal of Vietnam's strategic minerals supply chain.

Earnings and tungsten position

In the first nine months of the year, MSR posted net revenue of 25,687 billion VND and profit after tax before minority interests of 4,350 billion VND, about 170% of the top end of its full-year plan.

According to US Geological Survey data cited by the source, world tungsten reserves are about 3.8 million tonnes; China holds 1.9 million tonnes, Russia 400,000 tonnes and Vietnam 100,000 tonnes, ranking third globally. Reserves are concentrated in Thai Nguyen, especially the Nui Phao mine, which accounts for 90% of Vietnam's tungsten reserves. With demand for materials in semiconductors and AI infrastructure rising, this position gives Vietnamese firms a chance to move deeper into global value chains.

Key takeaways

• Sojitz signed an MoU to buy 5% of MSR from Masan Horizon for an estimated US$125 million, targeting a definitive deal before end-2026.
• Sojitz plans to distribute MSR's tungsten and fluorspar in Japan to high-tech industries.
• MSR earned 4,350 billion VND after tax in nine months, about 170% of the top end of its annual plan.