Sojitz Eyes 5% Stake in Masan High-Tech
Japan's Sojitz has signed a memorandum of understanding to buy a 5% stake in Vietnam's tungsten producer Masan High-Tech Materials.
Updated on Nov. 9, 2026 in Investing
Sojitz Corp signed a memorandum of understanding to acquire a 5% stake in Masan High-Tech Materials, purchased from Masan Horizon, a wholly owned subsidiary of Masan Group. The price will be no lower than the price Elmet Group paid in its investment in MSR.
Why it matters
The deal follows Elmet Group's September agreement to buy a 4.99% stake, a sign of sustained foreign interest in Masan High-Tech's tungsten business. For international investors, it highlights rising demand for tungsten across semiconductor, aerospace and energy sectors.
The Elmet deal valued Masan High-Tech at about US$2.5 billion, implying roughly US$125 million for a 4.99% stake, and shares traded at 62,000 dong on Monday morning after rising 165% so far this year. Final pricing for Sojitz's stake has not been disclosed and depends on definitive agreements still under negotiation.
The players
Sojitz Corp
Sojitz is a Japanese trading house with a broad industrial and resources portfolio, and it is now positioning itself in Vietnamese tungsten supply.
Masan High-Tech Materials
Masan High-Tech Materials is a Vietnamese producer of tungsten products and a member of the Masan Group conglomerate.
Masan Group
Masan Group is a major Vietnamese conglomerate with interests in consumer goods, retail and mining.
Elmet Group
Elmet Group is an investor that agreed in September to buy a 4.99% stake in Masan High-Tech Materials.
The details
Sojitz will buy the stake from Masan Horizon, a wholly owned subsidiary of Masan Group, at a price no lower than Elmet's entry price. Sojitz plans to market MSR's tungsten products to Japanese customers in semiconductors, AI infrastructure, aerospace, energy and automotive manufacturing, and Masan will remain MSR's controlling shareholder.
Timeline
September 2026: Elmet Group agreed to buy a 4.99% stake in Masan High-Tech.
November 9, 2026: Sojitz signed the memorandum of understanding for its 5% stake.
End of 2026: Parties aim to sign definitive agreements.
Market Landscape
Sojitz's stake follows Elmet Group's September purchase of 4.99% of Masan High-Tech, marking a second foreign strategic investor in the same tungsten producer within months. The pattern points to rising international competition for non-Chinese tungsten supply chains serving semiconductor and defense-adjacent industries.
Investors holding Masan High-Tech shares may see the stock's valuation shaped by new strategic stakes priced at or above recent entry points. Retail investors tracking tungsten or Vietnamese equities should watch whether definitive agreements close on the timeline described.
The takeaway
Strategic stake purchases can signal institutional confidence, but investors should weigh the premium paid against the stock's sharp year-to-date gain before drawing conclusions about future returns.
What happens next
The parties aim to sign definitive agreements by the end of 2026, subject to due diligence and regulatory approvals.
Further reading
Explore more on Investing to understand how strategic stake purchases like this one are evaluated.
