Trump-linked $1.5 bln golf resort in Vietnam unlikely to generate revenue before 2030: broker

Vietnamese developer Kinh Bac City Development Holding Corporation (HoSE: KBC) may not see commercial returns from its Trump-branded golf and resort complex project until around 2030, brokerage KB Securities Vietnam (KBSV) said in a recent report.

KBC spent VND425.4 billion ($16.14 million) on land clearance for the Trump International Hung Yen project, officially known as the Khoai Chau ecotourism, urban and golf complex, as of September 30, according to its third-quarter financial statements.

The $1.5 billion development, located in the northern province of Hung Yen, was announced earlier this year in partnership with The Trump Organization.

Based on the project’s current inventory value, KBSV estimates the complex could go operational and begin generating revenue between 2030 and 2050. The brokerage projected that the developer may need at least five years to complete legal procedures and core infrastructure before commercial launch.

Ahead of the mega project’s launch, KBC’s earnings are expected to continue to rely heavily on its existing industrial park portfolio. The company reported Q3 revenue of VND1.35 trillion ($51.1 million), up 42% year-on-year, and net profit of nearly VND312 billion ($11.84 million), up 55%. The increases were driven mainly by land handovers in key industrial zones.

For the first nine months of 2025, revenue surged 153% to VND5.04 trillion ($191.15 million), while net profit jumped 293% to VND1.56 trillion (59.29 million), achieving nearly half of KBC’s full-year profit target.

KBSV expects the Trang Cat urban project in the northern city of Hai Phong to become KBC’s main commercial real estate driver from 2026, with estimated bulk sales of 20 hectares worth about VND4.62 trillion ($175.25 million). Industrial land deliveries are projected to remain stable in 2025-2026 at 110 hectares and 80 hectares, respectively.

KBC’s leverage has increased sharply to finance the Hung Yen development and new industrial parks. Total interest-bearing debt rose to VND27.01 trillion ($1.02 billion) at the end of Q3, 2.6 times higher than at the beginning of the year. The debt-to-equity ratio doubled from 0.5 to 1.04 times.

KBSV warns that cash flow management and interest cost control will be critical for Kinh Bac over the next five years as it works on multiple capital-intensive projects, including the Trump-branded complex.

KBC shares ended down 2.44% to VND33,950 ($1.29) each on Monday.