Vingroup-Linked Sao Mai Wins VND 25,397B Hung Yen Urban Project

Overview

A consortium led by Công ty TNHH Thương mại và Phát triển Kinh doanh Sao Mai has been selected to develop the Van Giang - Hoan Long mixed-use urban area in Hung Yen province, with total investment capital of VND 25,397 billion (roughly USD 1.02 billion). Sao Mai’s near-sole shareholder, CTCP Đầu tư Xây dựng Thái Sơn, is a Vingroup (VIC, HOSE) entity, making the award a land-banking event for the group’s northern urban platform.

Key Facts

• Total project investment: VND 25,397 billion, approximately USD 1.02 billion.
• Site area: about 171.8 hectares across Nghĩa Trụ, Văn Giang and Hoàn Long communes, Hung Yen province.
• Land allocation: 63.85 ha residential, 14.65 ha services and commercial services, 3.53 ha tourism services.
• Investor selection result approved 23 September 2026 via open international tender.
• Consortium: Sao Mai (lead) and Công ty TNHH Đầu tư và Phát triển tài năng Bóng đá Việt Nam.
• Sao Mai charter capital: VND 5 billion at February 2024 founding, raised to VND 3,300 billion by August 2026.
• Thai Son holds 99.997% of Sao Mai; Phan Thu Hương holds the remaining 0.003%.

What Happened

According to the approved investor selection decision dated 23 September 2026, the consortium of Sao Mai and Bóng đá Việt Nam won the right to implement the Van Giang - Hoan Long mixed-use urban area through an open international tender. The project carries total investment capital of VND 25,397 billion and a research area of roughly 171.8 hectares, spanning Nghĩa Trụ, Văn Giang and Hoàn Long communes in Hung Yen province. Planned products include townhouses, apartments, villas, commercial and service buildings, and schools.

Sao Mai was established in February 2024 with charter capital of VND 5 billion, owned by CTCP Đầu tư Xây dựng Thái Sơn, and is headquartered at TechnoPark building in the Gia Lam urban area (Vinhomes Ocean Park). By August 2026, its charter capital had risen to VND 3,300 billion, with Thai Son holding 99.997%. Thai Son, founded in 2007 and based at Vinhomes Riverside in Hà Nội, is described as a Vingroup enterprise, a link also reflected in Vingroup’s audited first-half 2026 consolidated financial statements.

Market Context

VIC closed at VND 231,900 on 28 September 2026 on HOSE. The award extends Vingroup’s northern urban footprint beyond its established Vinhomes Riverside and Ocean Park clusters into Hung Yen, a province absorbing spillover demand from Hà Nội’s eastern districts. Vietnamese real estate developers have increasingly pursued large-scale satellite urban projects as land availability in central Hà Nội tightens, and international tender formats are being used more frequently for major provincial master plans.

Strategic Significance

For long-term investors, the transaction matters less as a near-term earnings event than as a signal of how Vingroup structures land acquisition. Sao Mai’s capital trajectory, from VND 5 billion to VND 3,300 billion in roughly two years, suggests a purpose-built vehicle capitalised ahead of a specific award rather than an operating developer with an independent track record. If the project proceeds, it adds 171.8 hectares to the group’s northern pipeline at a provincial land cost base, with residential, commercial and tourism components that could feed future Vinhomes-branded inventory. The key risk is execution and funding: the decision does not disclose a construction timetable, sales launch schedule, or financing plan.

What to Watch

• Vingroup’s next quarterly or annual report for disclosure of Sao Mai or Thai Son project commitments.
• Hung Yen provincial approvals on land handover, compensation and site clearance for the 171.8 ha area.
• Any Vinhomes branding, sales launch, or master-plan filing tied to the Van Giang - Hoan Long site.
• Further charter capital changes at Sao Mai or Thai Son that indicate project funding structure.
• VIC share price and foreign-ownership filings around the project’s formal contract signing.