Kinh Bac City Development Holding Corporation (KBC) is making a bold financial play to support a high-profile Trump-branded complex in Hung Yen.
The firm is seeking shareholder approval to unlock funding using a wide range of collateral, including land, factories, subsidiary shares—and even a luxury Lexus, Dan Viet has reported→view source.
Key details:
- Project details: Trump International Hung Yen is a planned urban, eco-tourism, and golf complex valued at US$1.5 billion, developed by KBC’s 85 percent-owned subsidiary in cooperation with The Trump Organization.
- Shareholder proposal: Kinh Bac wants the green light to mobilise capital through debt, securities issuance, joint ventures, or asset sales to finance the project.
- Aggressive leverage: Collateral pledged includes corporate assets and rights related to the project, and extends to a Lexus LX600, according to Dan Viet.
- Financial performance: KBC posted a Q1/2025 net profit of over VND 849.1 billion or US$32.66 million on revenue of VND 3.12 trillion or US$119.9 million, but risks from rising debt continue to mount.
- Debt load: As of Q1/2025, KBC’s total liabilities reached VND 32.7 trillion or US$1.26 billion. Financial debt rose 74 percent since the start of the year to over VND 17.59 trillion or US$676.5 million.
- Bank concentration: VPBank holds 72 percent of KBC’s outstanding financial debt—around VND 12.37 trillion or US$475.8 million—on terms extending to 2033 with an interest rate of 10.8 percent.
While the Trump project adds prestige to Kinh Bac’s portfolio, its mounting debt and heavy reliance on collateral reflect a high-risk financial posture. This fits with broader concerns about how the project might be financed.
See also: Could A Trump Tower Really Break Ground in Vietnam Next Year?