The award recognised the company’s cutting-edge technology and remarkable achievements in producing advanced sustainable materials that serve key industries globally.

Sustainability through innovation

As the largest manufacturer of Tungsten powders and Tungsten carbide products (mid-stream Tungsten products), Masan High-Tech Materials operates state-of-the-art production facilities in Vietnam, Germany, Canada, and China, servicing the world with two research and development centres in Germany and Vietnam.

Committed to embracing innovation and customer solutions, it has developed innovative processes, breakthrough solutions, and eco-friendly products to fulfil unmet needs in the global market, earning 95 new patents worldwide and 50 patents that are still in the application stage.

In February, Masan High-Tech Materials launched new advanced tungsten powders under its trademark starck2charge, used specifically in manufacturing safe and fast-charging Li-ion batteries. This type of battery is expected to help solve new problems and establish a comprehensive clean energy ecosystem, playing an especially important role in global electromobility.

At the end of March, Masan High-Tech Materials, through its Germany-headquartered subsidiary H.C. Starck Tungsten Powders (H.C. Starck), continued to launch the trademark starck2print, special tungsten powders, and complementary innovation services for 3D printing with high chemical purity and stability that are of great significance in the medical and pharmaceutical industries.

starck2charge and starck2printare the continuation of Masan High-Tech Materials’ advanced product portfolio expansion to meet the needs of advanced tech companies and global industries.

Through research and simulation experiments, the company has developed and refined a recycling process that recovers lithium, nickel, copper, cobalt and manganese from waste battery products. It also develops unique refining formulas to achieve higher tungsten recovery efficiency.

These remarkable technological achievements will help reduce dependence on raw materials extracted from mining activities. They will also enable the company to adopt a circular business model through urban mining, from production waste collection and scrap recycling to raw material reclamation. End-of-life assets can then be repurposed and used as raw material resources for creating new goods.

Outstanding business results

In 2022, despite the challenging domestic and global economic situation, the company achieved a record revenue of $657.6 million – an $84 million improvement, or 15 per cent increase, over FY2021. Tungsten trioxide revenue increased by 13 per cent, with midstream products (tungsten carbides and powders) produced by H.C. Starck accounting for 70 per cent of that growth.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 5 per cent to $135.7 million compared to 2021 – the second-highest EBITDA ever achieved. Additionally, the company contributed a significant $50.5 million to the state budget in 2022, an increase of $2.1 million over 2021.

Masan High-Tech Materials has successfully expanded its global market presence, with 45 per cent of its products sold in Europe, 22 per cent in North America, 18 per cent in China (manufactured in China and for the Chinese market), and 15 per cent in the rest of the world.

The company has built a strong customer network, serving over 300 customers across 30 countries. Tungsten, fluorspar, and bismuth have been classified as essential materials by major industrial economies like the US, Europe, and Japan, emphasising the need for a long-term supply strategy.

For its remarkable efforts and achievements, Masan High-Tech Materials has been honoured in the Top 10 Most Innovative Enterprises Vietnam 2023. This prestigious award programme, organised by VIR and Vietnam Business Research, highlights the company's unwavering commitment to innovation and its effectiveness in the field of industrial manufacturing.