Trump Tower in New York City, an iconic landmark and symbol of luxury and opulence.
KBC Seeks Shareholder Input
Kinh Bac City Development Holding Corporation (HoSE: KBC) recently announced its plans to hold an annual general meeting of shareholders later this month. One of the key agenda items is to seek approval for a significant transaction with a related party, Hung Yen Investment and Development Joint Stock Company.
Hung Yen Investment and Development JSC is a subsidiary of KBC, in which KBC directly owns 85% of the charter capital. This company is also the investor in the super project, Trump Complex Urban Area, eco-tourism, and golf course in Khoai Chau district, Hung Yen province, with a brand name associated with the Trump Organization, valued at $1.5 billion.
To facilitate the successful execution of this project, KBC will seek shareholder approval for the following:
– Capital contribution, investment decisions, joint ventures, collaborations, business partnerships, or asset sales to support Hung Yen Investment and Development JSC in implementing the project.
– Arranging financing for the project through various means such as borrowing, issuing and offering securities, investment cooperation, and other compliant methods.
– Fulfilling commitments, providing guarantees, financial support, capital reallocation, and engaging in borrowing and lending agreements to ensure the safety of the Corporation’s transactions arising between KBC, Hung Yen Investment and Development JSC, and the project.
– Utilizing the Khoai Chau project, assets, and property rights arising from the project, as well as assets owned/used by Hung Yen Investment and Development JSC, KBC, or third parties, as collateral for debt obligations related to project loans and other obligations concerning the project, KBC, Hung Yen Investment, its subsidiaries, associated companies, or other related parties of KBC and Hung Yen Investment.
According to statistics from the Hung Yen provincial government, in the first five months of the year, the province attracted 47 domestic projects and 32 FDI projects with a total investment of approximately $4.48 billion. This figure is more than double the $2.1 billion in investment attracted throughout 2024.
One notable project is the Trump International Hung Yen, a complex of urban areas, eco-tourism, and a golf course with an investment of over VND 39,000 billion, equivalent to more than $1.5 billion.
Provincial statistics also revealed that from January to May, Hung Yen attracted more than $530 million in FDI. This amount is lower than the $1.5 billion investment in the Trump-branded golf complex project alone.
Therefore, the registered capital of the Trump-branded golf complex significantly contributes to domestic investment attraction.
The strategic location of the Trump International Hung Yen project, adjacent to the Red River and in close proximity to Hanoi.
Involvement of the Trump Organization
The Trump Organization is involved in this project through IDGÂ Capital, with Mr. Charles James Boyd Bowman serving as both the Project Director for the Trump Organization in Vietnam and the CEO of IDGÂ Capital Vietnam.
IDGÂ Capital is a prominent investment fund with a portfolio of approximately $20 billion. Some notable companies in their investment portfolio include Tencent, Shein, Baidu, and Xiaomi.
Trump Organization’s Investment Strategies for Golf Projects Globally
The Trump Organization typically employs two approaches when undertaking golf projects globally: direct investment and management or solely focusing on management/franchising.
While they directly manage their golf courses in the US, many international projects follow a franchising model.
For instance, the golf course project in the UAE is developed by DAMAC Properties, while Trump Organization licenses the use of the Trump brand. According to a financial report released in May 2016, DAMAC paid Mr. Trump between $2 million and $10 million even before the golf courses were constructed.
In 2017, Mr. Trump earned $141,433 in management fees from these agreements.
The procedures for the Khoai Chau golf course project were expedited during May. The Hung Yen People’s Committee sent their proposals at the beginning of May. On May 15th, the Prime Minister issued a decision approving the investment policy for the project, assigning the Hung Yen People’s Committee to select the investor.
An artist’s rendering of the Trump International Hung Yen project, showcasing the luxurious and expansive golf course.
On May 17th, the Hung Yen People’s Committee recognized Hung Yen Investment and Development Joint Stock Company as the project investor. The commercial name of the project is Trump International Hung Yen.
On May 19th, the People’s Committee of Khoai Chau district approved the detailed construction planning at a scale of 1/500 for the project.
The following day, on May 20th, the Hung Yen People’s Committee issued Decision No. 1135/QD-UBND on leasing land for the project. Hung Yen Investment and Development JSC was leased 17,463.8 sq. m of land (first phase). The leased land in the first phase is a small part of the project’s total scale of 990.43 hectares. The land lease term is until May 15, 2075.
An artistic rendering of the Trump International Hung Yen project, showcasing the luxurious and modern design of the complex.
On May 21st, the project was officially inaugurated. The expected duration of the project is four years, from Q2/2025 to Q2/2029. It encompasses an area of nearly 1,000 hectares and includes a VIP 54-hole golf course, a resort, premium villas, a modern urban area, and international-standard amenities.
Mr. Eric Trump, Vice President of the Trump Organization and son of Mr. Donald Trump, emphasized the investors’ commitment to completing the project in over two years, aiming to make it the best and most prestigious golf course in the world, sparking envy even in the international arena.
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