Vietnamese tycoon 'joins hands' with Trump Group to do billion-dollar project: Money comes in 'in droves', profits of thousands of billions after losses

Mr. Eric Trump, executive vice president of The Trump Organization and Mr. Dang Thanh Tam, chairman of KBC, signed a cooperation agreement witnessed by Mr. Trump on September 25, in Florida (USA) - Photo: KBC

Kinh Bac Urban Development Corporation (KBC) recently announced its consolidated financial report for the first quarter of 2025 with net revenue of more than VND 3,116 billion, an increase of more than 20 times over the same period last year.

KBC's revenue suddenly increased, profit was thousands of billions

The report notes showed that revenue increased sharply mainly from land and infrastructure leasing with VND2,483 billion, while the first quarter of last year did not record any VND.

In addition, KBC's real estate transfer revenue this period also increased dramatically from nearly 15 billion VND to more than 411 billion VND.

Not to mention, the company chaired by Mr. Dang Thanh Tam also earned nearly 68 billion VND from selling factories, an amount that did not appear in the same period last year.

Not only did core business activities flourish, but financial revenue (mainly interest from deposits, loans and business cooperation) also increased sharply from VND67 billion to more than VND136 billion.

Another bright spot is that the profit from the associated company brought KBC more than 45 billion VND. In the first quarter of 2024, KBC still lost 6.6 billion VND from the associated company.

In terms of expenses, to bring in large revenues, KBC's sales, interest, and business management expenses all increased. However, due to the "abundant" source of revenue, KBC still reported a pre-tax profit of VND1,124 billion - a sharp increase compared to the loss of VND36.4 billion in the first quarter of last year.

This year, Kinh Bac sets a revenue target of VND10,000 billion and after-tax profit of VND3,200 billion, respectively 3.6 and 7 times higher than the 2024 results.

The ambitious goal has now become feasible as the company has completed about 31% of its revenue and 27% of its annual profit target after a quarter of the journey.

Contributed nearly 6,000 billion VND to the project with Trump Group

Recently, KBC has continuously accelerated investment in projects and expanded development scale.

Notably, on April 25, Mr. Dang Thanh Tam signed the Board of Directors' Resolution on approving the participation in proposing the investment policy and approving the investor of the Khoai Chau Urban and Eco-tourism Complex project.

Accordingly, the investor's capital contribution is clearly stated in the resolution as 5,968 billion VND.

Regarding the above project, as reported by Tuoi Tre Online , Deputy Prime Minister Tran Hong Ha has just signed the Prime Minister's decision approving the investment policy of the urban complex project, eco-tourism, and golf course in Khoai Chau, Hung Yen.

The total investment capital of the project is VND 39,787 billion (equivalent to USD 1.533 billion), including compensation and resettlement support costs of VND 4,087 billion, and implementation costs of VND 35,700 billion. Implementation from Q2-2025 to Q2-2029, operating period of 50 years.

Previously, the Ministry of Finance and the People's Committee of Hung Yen province reported to the Prime Minister on the approval of the investment policy of the above complex proposed by Hung Yen Investment and Development Group Joint Stock Company (a subsidiary of Kinh Bac Urban Development Corporation - KBC, specializing in developing key projects in the fields of transportation and urban development).

This is also the project proposed for investment by The Trump Organization - President Donald Trump's family corporation, according to the Memorandum of Understanding between the People's Committee of Hung Yen province and this corporation in the US at the end of September 2024.

Trump Group will develop the hotel, golf course and residential project through a cooperation agreement with Hung Yen Hotel Services Company.

What is the potential of Vietnamese tycoons joining hands with Trump Group?

As of March 31, 2025, the size of assets on KBC's balance sheet reached VND 54,203 billion, an increase of more than 20% compared to the beginning of the year.

Of which, inventory increased sharply with VND 20,277 billion, accounting for 37% of total assets. Short-term receivables also increased, accounting for VND 16,349 billion.

On the other side of the balance sheet, liabilities also increased by 36% to VND32,709 billion, mainly due to long-term loans increasing from VND9,741 billion to VND17,146 billion. This indicator increased in the context of the company accelerating the implementation of many large projects.

BINH KHANH

Source: https://tuoitre.vn/dai-gia-viet-bat-tay-tap-doan-trump-lam-du-an-ti-usd-tien-ve-o-at-lai-ngan-ti-sau-lo-20250517183403809.htm