The Ho Chi Minh City Stock Exchange (HOSE) has announced that Hung Vuong University, Ho Chi Minh City has become a subsidiary of Kinh Bac City Development Holding Corporation (stock code: KBC) with an additional contribution of VND 110 billion by Kinh Bac, equivalent to a 51.79% stake. With this ownership percentage, the university has officially become a subsidiary of Kinh Bac.
Hung Vuong University, established in 1995, is one of the first private universities in Vietnam. The university is known for its long-standing association with Mr. Dang Thanh Tam, the current Chairman of Kinh Bac, the company that has now become the university’s parent organization. In 2004, Mr. Tam was invited by Ho Chi Minh City to become the patron of the university during a challenging period for the institution.
With Mr. Tam’s financial support, Hung Vuong University has overcome difficulties on multiple occasions. Currently, the university has four educational facilities in Ho Chi Minh City, including its main campus at 736 Nguyen Trai, District 5, a second campus at 28-30 Ngo Quyen, District 5, a third location at 37 Kinh Duong Vuong, District 6, and a practice and research base at Quang Trung Software Park, District 12.
KBC stock rebounds after a plunge in April. Source: Fireant
Regarding Kinh Bac, the company has recently received positive news as the government has approved in principle its investment in a complex urban-resort-ecotourism-golf course project in Khoai Chau district, Hung Yen province. The project covers an area of nearly 1,000 hectares with a total investment capital of up to VND 39,787 billion (equivalent to USD 1.53 billion). The project is developed by Hung Yen Investment and Development Group Joint Stock Company, a member of Kinh Bac, in cooperation with IDG Capital, the representative of Trump Organization in Vietnam.
In terms of business performance, in the first quarter of 2025, Kinh Bac recorded consolidated net revenue of nearly VND 3,117 billion, 20 times higher than the same period in 2024. After tax and expenses, the company’s after-tax profit was VND 849 billion, a significant improvement compared to the loss of VND 76.7 billion in the first quarter of 2024.
As of the end of the first quarter of 2025, Kinh Bac has completed over 31% of its revenue plan and nearly 27% of its profit plan for the year. As of March 31, 2025, the company’s cash and cash equivalents slightly increased compared to the end of 2024, reaching nearly VND 6,581 billion, of which the proportion of cash equivalents (short-term deposits in Vietnamese dong at banks with interest rates from 1.6%/year to 4.5%/year and terms from 1 to 3 months) accounted for the largest proportion, up to 93%.
In the stock market, KBC shares experienced a sharp sell-off in the first quarter due to investor concerns about the impact of new tax policies from the US. However, the stock has gradually recovered. On May 19, KBC shares rose 3.4% to VND 26,750 per share, up 17% from the beginning of May but still down nearly 13% compared to the beginning of April 2025.
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