On January 8, 2026, Sao Vang Rubber Joint Stock Company (stock code: SRC) announced that it had received a decision from the Hanoi People’s Committee allowing the conversion of over 62,389 square meters of land, combined with nearly 46 square meters of residential land (currently managed and used by the company), for the construction of a commercial and high-rise residential complex at 231 Nguyen Trai Street, Khuong Dinh Ward. This land was originally the headquarters of Sao Vang Rubber (part of the Cao – Xà – Lá area).
Following this decision, the Hanoi People’s Committee instructed Sao Vang Rubber to coordinate with the Department of Natural Resources and Environment, the Department of Construction, the Hanoi Tax Department, the State Treasury of Area I, and other relevant agencies to complete the necessary procedures. The company is also required to update the land registration records at the Land Registration Office.
The Commercial and High-Rise Residential Complex project at 231 Nguyen Trai is part of the 2025 land use plan for Thanh Xuan District (formerly) and is included in the list of 148 pilot projects for commercial housing development under the resolution approved by the Hanoi People’s Council in April 2025.
By September 2025, the project received in-principle investment approval from the Hanoi People’s Committee, along with the designation of investors, including Sao Vang Rubber Joint Stock Company, Hoanh Son Group Joint Stock Company, and Sao Vang – Hoanh Son Limited Liability Company.
According to published documents, the total investment is expected to exceed VND 18,500 billion, with the investors’ equity capital amounting to approximately VND 3,808 billion. The project is scheduled to be implemented from Q3/2025 to 2031, with an expected population of 5,900 residents.
Sao Vang Rubber is a long-established company, formerly under the Vietnam Chemical Group (Vinachem). Since 2009, the company’s profitability has been on a downward trend. In 2019, Vinachem divested 15% of its stake, introducing new shareholders, with Hoanh Son Group becoming a major shareholder of SRC.
At the extraordinary shareholders’ meeting on December 16, 2019, Mr. Pham Hoanh Son, Chairman of Hoanh Son Group, was elected to the Board of Directors of Sao Vang Rubber for the 2016–2021 term. On December 28, 2019, Mr. Son replaced Mr. Lam Thai Duong as Chairman of the Board of Directors of SRC and has held this position since then.
As of the first half of 2025, Hoanh Son Group holds 50.22% of SRC’s capital and acts as the parent company, while Vinachem retains a 36% stake.
In terms of business performance, in the first nine months of 2025, the company achieved VND 916 billion in revenue, a 16% increase year-on-year. However, its after-tax profit was only over VND 17 billion, an 86% decline. The primary reason for this drop was the absence of a one-time income of over VND 300 billion from the transfer of land lease rights and infrastructure in the Chau Son Industrial Zone (Ha Nam, now part of Ninh Binh Province) recorded in the same period in 2024.
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