Vietnam’s tungsten industry will expand from US$15 million in 2025 to US$80.35 million by 2034, posting a 20.5 percent CAGR, according to a report from Research and Markets→view source.
Vietnam remains the world’s second-largest tungsten producer with 140,000 tonnes of proven reserves and 3,400 tonnes of estimated 2024 output, the report says.
Key details:
- Global tungsten demand (2023): 126,000 tonnes
- Vietnam reserves: 140,000 tonnes
- Vietnam output (2024): 3,400 tonnes, approx. 8 percent of US imports
- Market forecast: US$15 million (2025) → US$80.35 million (2034), CAGR 20.5 percent
- Main applications: Cemented carbide (>50 percent of global use), aerospace, EVs, automation, defence
- Policy target: Circular green mining industry by 2045
See also: Vietnam’s Mining Industry 2025: Key Trends, Resources, and Data