KBC to double down on mega golf course project in northern Vietnam

By Chau Anh
Sun, June 29, 2025 | 1:30 pm GMT+7

KinhBac City Development Holding Corporation (KBC), a leading industrial real estate developer in Vietnam, will forgo dividend payouts this year to retain capital for ongoing projects, including a 990.43-hectare property development in the northern province of Hung Yen.

The decision was announced at the company’s AGM meeting on Saturday.

The above-said project, named Trump International Hung Yen - a golf, eco-tourism and urban complex, is being developed by a joint venture between Vietnam's Hung Yen Investment and Development Group - a subsidiary of KBC, and IDG Capital Vietnam, which represents The Trump Organization.

It covers six communes of Khoa Chau district, Hung Yen province, near the Red River, and has investment capital of VND39,787 billion ($1.53 billion).

As the first Trump-branded project in Vietnam, the project is expected to become an iconic travel destination in the Southeast Asian country.

At the AGM of KinhBac City Development Holding Corporation (KBC), a major industrial real estate developer in Vietnam, on June 28, 2025. Photo courtesy of Mekong ASEAN magazine.

At the AGM of KinhBac City Development Holding Corporation (KBC), a major industrial real estate developer in Vietnam, on June 28, 2025. Photo courtesy of Mekong ASEAN magazine.

At the AGM, the most pressing concern among shareholders was the potential impact of U.S tariff policies on the company. CEO Nguyen Thu Huong said U.S tariff issues have affected the company’s plans. However, she emphasized that the impact spans the entire industrial real estate sector, not just KBC.

This year, KBC set a revenue target of VND10 trillion ($383.22 million) and after-tax profit of VND3.2 trillion ($122.63 million), 3.6 times and 7.6 times higher than last year’s results, respectively.

Huong said the company remains committed to the targets and sees no need for revision, though she acknowledged that external shocks, including tariff risks, could still arise.

KBC is currently negotiating with partners to find suitable solutions for existing contracts, she said.

The CEO expressed confidence that Vietnam will secure a favorable outcome in trade talks with the U.S. As for potential adjustments to the company’s business plan, she said any changes would be discussed with shareholders at a later time.

Huong noted that it is too early to assess the impact of tariffs, as Vietnam is still in negotiations with the U.S.

“Some of our partners are affected, but that hasn’t made them pessimistic or pulled them out of investments. Just yesterday, I signed a new contract,” the CEO said.

She added that KBC expects to onboard new clients in the coming period, though the company is still awaiting the U.S final decision on tariffs.

On Wednesday, KBC completed a private placement of 174.1 million shares to nine professional investors, raising over VND4.1 trillion ($157.19 million).

However, the company only sold 66% of the initially planned volume and canceled nearly 76 million unsold shares after some funds, including Dragon Capital and Prudential Vietnam, opted not to participate as planned.

Despite this, the CEO said the deal exceeded the company’s expectations. “Given the market volatility since April, raising over VND4 trillion was a strong result,” the executive said.

In Q1/2025, KBC reported consolidated net revenue of VND3.12 trillion ($119.56 million), 20 times higher than the same period last year. Gross profit surged from VND74 billion to VND1.21 trillion ($46.37 million).

After taxes and expenses, the company posted after-tax profit of VND849 billion ($32.53 million), a sharp turnaround from a loss of VND76.7 billion in Q1/2024.

On the Ho Chi Minh Stock Exchange, KBC shares closed Friday at VND26,450 ($1.01) apiece.

U.S. President Donald Trump on April 2 said that he would levy massive 46% tariffs on imports from Vietnam as part of a new wave of global impositions, effective from April 9. Trump on April 9 dropped his reciprocal tariffs for countries reaching out to the U.S. to negotiate to 10% for 90 days.

After the U.S. announced the delay and agreed to start negotiations with Vietnam, Prime Minister Chinh formed a government negotiation team, led by Minister of Industry and Trade Nguyen Hong Dien. Since early May, the Vietnamese technical delegation has been working with relevant U.S. agencies on bilateral trade pact negotiations.

Comments (0)
  • Read More
Vietnam’s bond market heats up as major corporates return

Vietnam’s bond market heats up as major corporates return

Vietnam’s corporate bond market is regaining momentum as large conglomerates join banks and brokerages in successful issuances.

Finance - Sat, October 25, 2025 | 9:33 am GMT+7

Decentralization and the potential for multi-center urban development in HCMC’s satellite areas

Decentralization and the potential for multi-center urban development in HCMC’s satellite areas

If managed well, urban decentralization and multi-center development can ease housing pressures in central HCMC and usher in a more balanced growth phase for the southern region's residential market, write Avison Young Vietnam analysts.

Real Estate - Sat, October 25, 2025 | 8:00 am GMT+7

Chinese firm proposes its 3rd waste-to-power plant in Vietnam

Chinese firm proposes its 3rd waste-to-power plant in Vietnam

China’s EverBright Environment has proposed investing about VND1.6 trillion ($60.82 million) in a waste-to-energy plant in the central province of Quang Tri.

Energy - Fri, October 24, 2025 | 8:45 pm GMT+7

Mega golf-commercial-urban complex proposed for southern Vietnam city Can Tho

Mega golf-commercial-urban complex proposed for southern Vietnam city Can Tho

Vietnam Royal Investment Group JSC has proposed developing a 766-hectare golf-service-commercial-urban complex in the Mekong Delta city of Can Tho.

Real Estate - Fri, October 24, 2025 | 4:31 pm GMT+7

Sumitomo makes first hydropower investment in Vietnam

Sumitomo makes first hydropower investment in Vietnam

Sumitomo Corporation has made its first hydropower investment in Vietnam by acquiring a 49% stake in Mekong Electric Power Engineering and Development JSC which owns the 48 MW Dak Di 1 & 2 run-of-river hydropower project in Danang city.

Energy - Fri, October 24, 2025 | 3:42 pm GMT+7

Investors urge Vietnam to fix legal hurdles to LNG power projects

Investors urge Vietnam to fix legal hurdles to LNG power projects

A group of investors in Vietnam’s gas-fired power sector has urged the country's parliament to address regulatory gaps that have stalled multi-billion-dollar LNG and domestic gas-fueled power projects, warning that delays could derail the country’s energy transition targets.

Energy - Fri, October 24, 2025 | 2:12 pm GMT+7

Central Vietnam province Gia Lai okays 3 large-scale wind power projects

Central Vietnam province Gia Lai okays 3 large-scale wind power projects

Gia Lai province has granted in-principle approvals to three large-scale wind power projects with total registered capital mounting to VND19.35 trillion ($734.9 million).

Energy - Fri, October 24, 2025 | 12:01 pm GMT+7

HCMC pushes for early investment in Thu Thiem-Long Thanh railway project

HCMC pushes for early investment in Thu Thiem-Long Thanh railway project

The Ho Chi Minh City People’s Committee has emphasized the need for early investment and operation of a railway connecting Thu Thiem in the metropolis with Long Thanh International Airport in neighboring Dong Nai province.

Infrastructure - Fri, October 24, 2025 | 10:49 am GMT+7

Vietnam to let foreign investors place orders directly via global brokers

Vietnam to let foreign investors place orders directly via global brokers

Vietnam plans to allow foreign investors to place orders directly through global brokerage firms, a move aimed at easing access to its stock market after a long-awaited upgrade to "secondary emerging" market status, a top regulator said.

Finance - Fri, October 24, 2025 | 8:28 am GMT+7

Vietnam business lobby urges easing of football betting limits

Vietnam business lobby urges easing of football betting limits

Vietnam’s leading business lobby VCCI has called on the government to sharply ease limits on international football betting and relax foreign ownership rules to make the industry more appealing to investors.

Finance - Thu, October 23, 2025 | 9:30 pm GMT+7

Powering growth from within

Powering growth from within

The development of a strong domestic private sector is essential for building a resilient, independent, and self-reliant economy that is less dependent on state-owned enterprises or foreign investment, writes Tim Evans, CEO of HSBC Vietnam.

Economy - Thu, October 23, 2025 | 9:09 pm GMT+7

Vietnam's stock market regulator appoints 2 new vice chairpersons

Vietnam's stock market regulator appoints 2 new vice chairpersons

The State Securities Commission of Vietnam (SSC) has appointed Nguyen Hoang Duong and Le Thi Viet Nga as its new vice chairpersons.

Finance - Thu, October 23, 2025 | 4:14 pm GMT+7

Vinhomes chairman appointed CEO of VinSpeed

Vinhomes chairman appointed CEO of VinSpeed

Pham Thieu Hoa, chairman of Vinhomes, has been appointed CEO of VinSpeed, a newly established company specializing in railway construction.

Companies - Thu, October 23, 2025 | 3:40 pm GMT+7

De Heus, Hung Nhon to invest $380 mln in high-tech agriculture hub in southern Vietnam

De Heus, Hung Nhon to invest $380 mln in high-tech agriculture hub in southern Vietnam

Dutch agribusiness group Royal De Heus and Vietnam’s Hung Nhon Group plan to invest VND10 trillion ($380 million) to develop a high-tech agricultural ecosystem in Tay Ninh province between 2025 and 2030.

Industries - Thu, October 23, 2025 | 2:35 pm GMT+7

Consumer finance major F88’s credit rating upgraded on improved funding capability, liquidity

Consumer finance major F88’s credit rating upgraded on improved funding capability, liquidity

Vietnamese credit ratings agency FiinRatings has upgraded F88's credit rating from “BBB-” to “BBB”, with a “stable” outlook, citing the company's enhanced capital-raising ability and improved liquidity position.

Companies - Thu, October 23, 2025 | 2:00 pm GMT+7

Vietnam's benchmark VN-Index could surpass 2,000 points in 2026: exec

Vietnam's benchmark VN-Index could surpass 2,000 points in 2026: exec

VN-Index could top 2,000 points next year, said Huynh Minh Tuan, founder of FIDT - a Ho Chi Minh City-based investment consulting firm.

Finance - Thu, October 23, 2025 | 10:55 am GMT+7