At the Vietnam - Germany Business Roundtable held in the presence of Prime Minister Pham Minh Chinh and German Chancellor Olaf Scholz on the evening of November 13, Masan Group leaders said they look forward to the Vietnamese Government’s support in reviewing and approving the importation of tungsten scrap to ensure stable raw material supply for its Tungsten Scrap Recycling Project.

Addressing the heads of government of the two countries, CEO Danny Le remarked that Masan first established relationships with German businesses in 2013, when it was seeking tungsten refining technology to fulfill its commitments to the Vietnamese Government on going downstream to elevate the value of Vietnam’s industrial minerals.

“As one of the leading private sector groups in Vietnam, Masan actively seeks and develops relationships with major partners worldwide in fields where we do business,” he said.

Masan chose to partner with H.C. Starck GmbH (HCS), as it was a leading business in tungsten refining and recycling technology in Germany, with over 100 years of experience, as well as one of the few companies in the world with a comprehensive and environmentally-friendly tungsten recycling platform.

In 2020, Masan acquired a full 100 per cent stake in HCS’s global tungsten business. This €80 million ($83 million) transaction allows Masan to officially take over HCS’s tungsten manufacturing plants in Germany, Canada, and China, which have a total capacity of about 13,300 tons of high-value tungsten products, making Vietnam the world’s largest tungsten producer outside of China.

The acquisition helped Masan expand its market and client base to more than 50 countries and territories, affirming Vietnam’s increased competitiveness in the international tungsten market and uncovering possibilities to train and develop technical expertise in its high-tech materials industry.

Germany is currently Vietnam’s major trading partner in Europe as well as an important gateway for Vietnamese exports to other European markets.

Since 2017, bilateral trade has averaged $9-10 billion every year and reached $11.22 billion in 2021. Vietnamese enterprises had 36 valid investment projects in Germany as of October, with total additional investment of more than $283.3 million.

Chancellor Scholz said German corporations and businesses are increasingly interested in Vietnam, particularly in the fields of renewable energy and manufacturing. He suggested that the businesses from the two countries shake hands in order to cooperate and grow together to strengthen these fields.

At the business conference, Mr. Le also spoke about the recent news of HCS’s investment of GBP45 million ($53 million) in Nyobolt, a fast-charging lithium-ion battery technology company in the UK.

“By 2027, Masan will not only be the world’s leading supplier of high-tech materials but also an innovation leader in global consumer technology products, with high-efficiency rechargeable Li-ion batteries being first-to-market,” he said.

He went on to propose that the German Government consider an Energy Cost Support Scheme for energy intensive businesses like HCS and adopt a more flexible policy approach that enables greater access to strategic raw materials sources critical to HCS’s tungsten recycling technology in Germany.

Masan also sought Vietnamese Government support in reviewing and approving the importation of tungsten scrap to ensure stable raw material supply for its Tungsten Scrap Recycling Project.