The Thirst for New Materials in Clean Energy
In 2025, tungsten prices surged dramatically. According to Fastmarkets, this spike is driven by two key factors. First, supply tightened as export controls on tungsten were strengthened globally. Second, demand skyrocketed in strategic sectors such as photovoltaics, defense, aerospace, and energy storage. Tungsten powder alone saw a 143% increase since the year’s start, reaching approximately $108/kg, highlighting its exceptional market heat. Amid geopolitical tensions and supply chain disruptions, tungsten prices remain at multi-year highs.
Additionally, fluorite has emerged as another critical mineral in the spotlight. It is essential for producing electrolytes in batteries, solar panels, wind turbines, semiconductor etchants, and next-gen refrigerants with low global warming potential. Though not yet officially on China’s export control list, tightening regulations on strategic minerals and dwindling reserves suggest fluorite could be the “next candidate” for Beijing’s prioritization, aimed at bolstering domestic industries and safeguarding resources. If this occurs, the global fluorite supply-demand dynamics are expected to shift dramatically.
Vietnam’s Mining Sector Potential
As the world accelerates electric vehicle development and renewable energy storage projects, demand for critical minerals is projected to double over the next decade, prompting nations to explore and diversify supply sources.
In Vietnam, Masan High-Tech Materials (UPCoM: MSR), a Masan Group subsidiary, operates the Nui Phao polymetallic mine with a total capacity of 3.5 million tons of ore annually. The Nui Phao project simultaneously extracts and processes four key products: tungsten, fluorite, bismuth, and copper. These materials undergo further treatment through a closed-loop technology chain, yielding advanced products like ammonium paratungstate, tungsten oxide powder, refined fluorspar, and bismuth oxide.
These materials play a pivotal role in cutting-edge industries, from electric vehicles and semiconductors to aerospace, oil and gas, and medical devices, elevating Vietnam’s position in the global high-tech materials supply chain. Internationally, the energy transition, electric vehicle expansion, chip manufacturing growth, and green technology advancements are intensifying pressure on strategic mineral supplies. With its integrated mining and processing capabilities for diverse strategic minerals, Masan High-Tech Materials is poised to become a key supplier of critical raw materials domestically and globally, amid surging global demand.
Vietnam’s Mining Sector Ascends on the Global Stage
Vietnam is making significant strides in refining its Mining Law and incentive policies, focusing on strategic minerals and high-tech materials. Recently, Deputy Prime Minister Tran Hong Ha signed Decision 2581/QD-TTg, adjusting the 2021–2030 master plan for mineral exploration, exploitation, and processing, with a vision to 2050 (issued under Decision 866/QD-TTg dated July 18, 2023). Adjusted areas include the Nui Phao tungsten mine in Thai Nguyen province. These efforts promise substantial economic benefits while enhancing Vietnam’s strategic standing in the global industrial landscape.
As the world races to secure safe, transparent, and diverse strategic material supplies, producers like Masan High-Tech Materials are becoming vital links in the global supply chain. This presents a golden opportunity for Vietnam to leverage its natural resources, drive technological innovation, and lead in building green and sustainable value chains.
– 13:57 28/11/2025
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