Vietnam Mining Stocks Surge: KSV, HGM, BKC Hit Ceiling on Gold Rally

Overview

Shares of Vietnam’s mineral producers rallied sharply on October 7, with Khoáng sản TKV (KSV, HNX), Cơ khí và Khoáng sản Hà Giang (HGM) and Khoáng sản Bắc Kạn (BKC) all closing at the 10% daily ceiling. Masan High-Tech Materials (MSR) rose 7.62% on the heaviest volume in the group, as global gold held near USD 4,164 per ounce and sector earnings continued to accelerate.

Key Facts

• KSV closed limit-up at VND 121,000 per share on volume of more than 193,000 units, from VND 110,000 the prior session.
• HGM hit its ceiling at VND 116,600, versus a VND 106,000 close on October 6.
• BKC rose the full 10% to VND 16,500, with nearly 359,000 shares changing hands.
• MSR gained 7.62% to VND 65,000 on more than 3.35 million shares, the highest turnover in the group.
• KSV reported first-half profit of approximately VND 3,041 billion, up 214% year on year, and declared a 2026 interim cash dividend of VND 3,000 per share.
• MSR posted Q2 revenue of about VND 8,138 billion, up more than 400%, with after-tax profit near VND 1,666 billion.
• Gold on Kitco closed October 6 near USD 4,164 per ounce, while SJC gold bars in Vietnam quoted at VND 140.5-143.5 million per tael on the morning of October 7.

What Happened

The session saw money rotate broadly across the mining complex rather than into a single name. KSV, the country’s largest gold and silver miner and a producer of copper, zinc and magnetite concentrate, led the move, with HGM and BKC matching the ceiling. HGM is tied to antimony, used in alloys, flame retardants and batteries, and booked 2025 after-tax profit of roughly VND 476 billion, up 157% and a record. BKC operates in Bắc Kạn with lead, zinc and metal ore products.

MSR, controlled by billionaire Nguyễn Đăng Quang’s Masan group, owns the Núi Pháo complex producing tungsten, fluorite, bismuth and copper. Its Q2 revenue of about VND 8,138 billion was more than four times the year-earlier figure, with after-tax profit roughly 30 times higher. The article attributes the sector-wide bid to elevated global gold prices and improving industry profitability, and cites BSC research in its assessment.

Market Context

KSV trades on HNX and has been one of the strongest performers in the Basic Resources sector, closing at VND 110,000 on October 6 before the limit-up move to VND 121,000. HGM and BKC are smaller, less liquid names where a 10% ceiling can be reached on modest turnover, as BKC’s 359,000 shares illustrate. MSR’s 3.35 million shares set it apart as the institutional liquidity vehicle in the group. The rally fits a broader 2026 pattern in which Vietnamese materials and commodity-linked equities track global metal prices, with domestic gold bars above VND 140 million per tael reinforcing the precious-metals narrative.

Strategic Significance

For long-term holders, the distinction is between a price-driven trade and an earnings-driven re-rating. KSV’s 214% profit growth and its decision to prepay a 2026 cash dividend of VND 3,000 per share, after paying VND 4,050 per share plus a 2:1 stock dividend for 2025, indicate cash generation strong enough to fund distributions without straining the balance sheet. MSR’s tungsten exposure is the more strategic asset: Núi Pháo is a globally significant source of a metal classified as critical by Western industrial policy, giving the company pricing leverage independent of gold sentiment. HGM’s antimony position carries similar critical-minerals logic.

What to Watch

• Third-quarter earnings releases from KSV, HGM, BKC and MSR, which will show whether H1 margins held as metal prices moved.
• Global gold’s ability to hold above USD 4,000 per ounce, and whether SPDR Gold Trust continues adding tonnage after its 3.7-tonne purchase.
• The record date and payment schedule for KSV’s VND 3,000 per share 2026 interim dividend.
• Tungsten, antimony and zinc price prints, which drive MSR and HGM realisations more than gold does.
• Foreign-ownership room and liquidity filings for MSR, the group’s most institutionally traded name.