Masan: Ambition to turn Vietnam into a technology center for tungsten recycling

November 14, 2022

Masan’s ambition to turn Vietnam into a technology hub for tungsten recycling

Masan Group is looking forward to the Vietnamese government’s support in verifying and approving the import of tungsten scrap to ensure a stable supply of raw materials for the tungsten scrap recycling project – a key project that Masan has put tremendous efforts in research and implementation to achieve Vietnam into a tungsten recycling technology center, said Masan Group CEO Mr. Danny Le at the Vietnam – Germany Business Roundtable in the presence of Vietnam’s Prime Minister HE Mr. Pham Minh Chinh and Germany’s Chancellor Olaf Scholz on the evening of November 13.

An excellent strategic partnership
“As one of the leading private sector groups in Vietnam, Masan actively seeks and develops relationships with key partners worldwide in the areas in which we operate,” said CEO Danny Le.
Speaking to the leaders of the two countries, CEO Danny Le noted that Masan first established relationships with German companies in 2013 when the group was looking for tungsten refining technology to fulfill the commitment to the Vietnamese government to add value to Vietnam’s industrial minerals.
Masan chose to partner with HC Starck GmbH (HCS) because the company, with over 100 years of experience, is a leader in tungsten refining and recycling technology in Germany, as well as one of the few companies worldwide with a comprehensive and environmentally friendly tungsten recycling -Platform.

In 2020, Masan acquired 100% interest in HC Starck’s global tungsten business. This EUR 80 million transaction allows Masan to officially take over HC Starck’s tungsten production facilities in Germany, Canada and China with a total capacity of approximately 13,300 tons of high quality tungsten products, making Vietnam the world’s largest tungsten producer outside of China.

The acquisition of HC Starck’s tungsten business has helped Masan expand our market and customer base to more than 50 countries, validate Vietnam’s increased competitiveness in the international tungsten market, and uncover opportunities to train technical know-how in Vietnam’s high-tech materials industry and to develop.

Vietnam will have the first tungsten recycling plant?

Germany is currently Vietnam’s most important trading partner in Europe and an important gateway for Vietnamese exports to other European markets. From 2017 to present, bilateral trade has averaged US$9-10 billion every year, with a total volume of US$11.22 billion in 2021. Vietnamese companies have 36 valid investment projects in Germany as of October 2022 with an adjusted total investment capital of more than $283.3 million.

Chancellor Olaf Scholz said German corporations and companies are increasingly interested in Vietnam, particularly in the renewable energy and manufacturing sectors. He suggested that the companies of the two countries join hands to work together and grow together to strengthen these areas.

Mr. Danny Le, CEO of Masan Group, emphasized, “In light of the global trend of accelerating a circular economy to achieve sustainable development goals, and based on the success of the tungsten refining project using high technology, Masan has been researching and planning together with HC Starck to build the first tungsten -Recycling plant in Vietnam. The project aims to make Vietnam the region’s leading technology hub for the recycling of tungsten and precious metals, thereby reducing dependence on primary mining raw materials.”

At the business conference, Mr Danny Le also shared the latest news on HC Starck’s £45m investment in Nyobolt – a UK based fast charge lithium ion battery technology company. Nyobolt’s technology uses high-tech HC Starck tungsten materials in the battery anode coating to produce batteries of the highest quality. Tungsten-based lithium-ion batteries have a super-fast charging speed with a 90 percent charge in less than 5 minutes. With up to 10 times higher power density, the battery has a longer service life and saves battery usage costs. Because they are less thermally stressed than traditional graphite-based batteries, there is less risk of fire and explosion, increasing safety for end users.

“By 2027, Masan will not only be the world leader in high-tech materials, but also an innovation leader in global consumer technology products, with high-efficiency rechargeable Li-ion batteries being the first to market,” stated Mr. Danny Le.

Mr. Danny Le went on to propose that the German government consider an energy cost support program for energy-intensive companies such as HC Starck and adopt a more flexible policy approach that allows better access to strategic sources of raw materials necessary for tungsten recycling technology of HCS in Germany are decisive.

Masan Group is also seeking the Vietnamese government’s support in verifying and approving the import of tungsten scraps to ensure a stable supply of raw materials for the tungsten scraps recycling project – a key project which the group has made every effort in researching and realizing to make Vietnam the leading technology center of the region for the recycling of tungsten and precious metals, thereby reducing dependence on primary raw materials from mining.


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