The award, presented at the VIE50/VIE10 and ESG100/ESG10 Awards organized by Finance & Investment Newspaper and Viet Research on June 26, highlights the company's innovation-driven growth strategy and its position as a global supplier of advanced materials.

A Masan's representative (C) receives the award as one of Vietnam's Top 10 Most Innovative and High-Performing Enterprises 2026 on June 26, 2026.

Innovation drives higher resource value

Innovation remains central to MSR's long-term development strategy. The company has been investing in research and development, advanced processing technologies, and operational optimization to maximize mineral recovery and increase the value of Vietnam's strategic mineral resources.

In 2025, Masan Tungsten Refinery achieved a tungsten recovery rate of more than 96% despite fluctuations in feedstock quality.

Process improvements, including the Fluorite Cleaner 5 Expansion Project and fine gravity tailings reprocessing, enhanced the recovery of tungsten, fluorite, and other valuable minerals while improving energy efficiency and equipment utilization.

MSR has also accelerated downstream processing to produce higher-value materials. During 2025, the company manufactured 99.99% ultra-high-purity ammonium paratungstate (APT) and delivered 72 tonnes to premium-market customers.

It also expanded production of advanced materials such as ammonium metatungstate (AMT) and ultra-fine tungsten oxides, creating additional long-term value.

According to the company, these achievements reflect continued investment in research, digitalization, artificial intelligence, and advanced manufacturing technologies, strengthening Vietnam's role in the global strategic materials supply chain.

Beyond technology investments, MSR has sought to embed innovation across its workforce through initiatives such as the MSR Innovation Festival and its digital Idea Management Platform.

In 2025, employees submitted 7,336 ideas through the platform, with 1,341 approved for implementation. The initiatives ranged from operational improvements to technology-driven solutions designed to improve efficiency and productivity.

Strong growth momentum

MSR reported revenue of VND7.44 trillion (US$282.8 million) in 2025, contributed more than VND1.03 trillion to the state budget, and invested over VND3.8 billion in community development programs.

The company maintained its growth momentum in 2026, generating nearly VND3 trillion in revenue and VND537 billion in net profit in the first quarter. It expects second-quarter net profit of approximately VND690 billion, bringing first-half earnings to around VND1.23 trillion.

MSR expects ore processing volumes to recover from the third quarter following approval of its revised mining license, allowing the extraction of an additional 28 million tonnes of ore.

Its subsidiary, Nui Phao Mining, has been selected to explore the Nui Phao Extension and Nui Chiem deposits, which are estimated to contain about 115 million tonnes of additional polymetallic tungsten resources. The reserves are expected to support mining and downstream processing activities for the next 20-30 years.

Over the past 16 years, MSR has developed one of the mining industry's few fully integrated tungsten value chains. The company plans to further expand downstream processing while developing a tungsten recycling facility to strengthen its circular economy model.

According to MSR, these investments align with growing global demand for responsible sourcing, supply chain transparency, and ESG performance, while supporting Vietnam's ambitions in strategic industries such as artificial intelligence, semiconductors, electric vehicles, and clean energy.

The company said recognition among Vietnam's Top 10 Most Innovative and High-Performing Enterprises reflects its continued commitment to innovation-led growth and long-term value creation as demand for strategic materials continues to rise globally.

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