Kinh Bac City Development Holding Corporation
Vietnamese industrial real estate developer listed on the Ho Chi Minh Stock Exchange, chaired by Dang Thanh Tam, whose subsidiary Hung Yen Hospitality is developing the Trump Organization's licensed golf and residential project in Hung Yen province.
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- Established
- 2002-03-27
- Location
- Que Vo Industrial Park, Bac Ninh province, Vietnam
- Country
- Vietnam
- Ticker
- KBC, Ho Chi Minh Stock Exchange (HOSE)
- Chairman
- Dang Thanh Tam
- Business
- Industrial park and social-housing development
- Land portfolio
- About 6,600 hectares of industrial land, roughly 5.09% of Vietnam's total industrial-land supply, as of a February 2025 report
- Subsidiary in the Trump-licensed project
- Hung Yen Hospitality Services JSC
Overview
Kinh Bac City Development Holding Corporation (ticker KBC) is a Vietnamese industrial real estate developer listed on the Ho Chi Minh Stock Exchange, incorporated on March 27, 2002 and headquartered at Que Vo Industrial Park in Bac Ninh province (Vietstock). It is chaired by Vietnamese industrialist Dang Thanh Tam. Its subsidiary Hung Yen Hospitality is the Vietnamese developer behind Trump International, Vietnam, the Trump Organization’s licensed $1.5 billion golf and residential project in Hung Yen province (Vietnam Investment Review).
Business and industrial parks
Kinh Bac operates industrial parks including Que Vo in Bac Ninh and Trang Due in Hai Phong. In January 2021, Vietnam’s industrial parks attracted $1.23 billion in foreign direct investment — about half of the country’s national FDI total that month — including a $750 million expansion by LG Electronics for TV screen production in Hai Phong and a $270 million project by Foxconn for tablet and laptop manufacturing in Bac Giang (VnExpress International). As of a February 2025 report, the company controlled about 6,600 hectares of industrial land, roughly 5.09% of Vietnam’s total industrial-land supply (The Investor).
The Real Deal reported that Kinh Bac’s revenue rose 161% between 2017 and 2021, as manufacturers shifted production to Vietnam to avoid tariffs during the U.S.-China trade war of Donald Trump’s first presidential term (The Real Deal).
Recent financial performance
VietnamNet reported that Kinh Bac’s Q3 2024 revenue rose 3.8-fold year over year to about VND950 billion, with post-tax profit of nearly VND202 billion, up sharply from VND18.5 billion a year earlier; nine-month 2024 revenue reached VND1.99 trillion with net profit of VND397 billion (VietnamNet). The Investor reported that Kinh Bac’s full-year 2024 results nonetheless fell well short of the company’s own targets — net profit of VND450 billion was only about 11.5% of target, and revenue of VND3.33 trillion was about 37% of target — after which the company set a 2025 target of VND3.2 trillion in consolidated net profit, a sevenfold increase, and VND10 trillion in consolidated revenue, about triple the 2024 figure (The Investor).
The Trump-licensed project and 2025 tariff volatility
Kinh Bac subsidiary Hung Yen Hospitality broke ground with the Trump Organization on the $1.5 billion Hung Yen project on May 21, 2025, with Chairman Dang Thanh Tam saying the partners “share the same vision of transforming Hung Yen into a leading golf and lifestyle destination in Asia” (Vietnam Investment Review). By October 2025, Kinh Bac had already paid the Trump Organization $5 million in licensing fees for the project. The Real Deal reported that new U.S. tariffs in Trump’s second term initially hurt the company — its shares fell 27% in one week when a 46% tariff was imposed on Vietnamese goods — before a June 2025 trade deal that lowered the tariff to 20% restored investor confidence (The Real Deal).
What this profile does not claim
This profile does not state whether Kinh Bac’s February 2025 profit and revenue targets for the year were subsequently met, as no source read addresses that outcome. It does not attribute the full $1.23 billion in January 2021 industrial-park FDI to Kinh Bac alone; VnExpress International reported that figure for Vietnam’s industrial parks broadly while naming Kinh Bac’s own parks among the beneficiaries. It does not reconcile a 2022 report of 6,387 hectares of land under Kinh Bac’s control with a February 2025 report of about 6,600 hectares (see openItems). Details of the Hung Yen golf and residential project’s investment approval, land area, ownership structure and completion timeline are documented in the separate profile of Trump International, Vietnam rather than repeated here.
Timeline
- 2002-03-27
- The company is incorporated.
- 2021-01
- Vietnam's industrial parks, including Kinh Bac's, attract $1.23 billion in foreign direct investment in a single month — about half of Vietnam's national FDI total that month — including a $750 million expansion by LG Electronics in Hai Phong and a $270 million project by Foxconn in Bac Giang.
- 2017-2021
- Kinh Bac's revenue rises 161% as manufacturers shift production to Vietnam during the U.S.-China trade war of Trump's first term.
- 2024-Q3
- Quarterly revenue rises 3.8x year over year to about VND950 billion, with post-tax profit of nearly VND202 billion, up from VND18.5 billion a year earlier; nine-month 2024 revenue reaches VND1.99 trillion with net profit of VND397 billion.
- 2024
- Full-year net profit comes in at VND450 billion, about 11.5% of the company's own target, on revenue of VND3.33 trillion, about 37% of target.
- 2025-02
- The company sets a 2025 target of VND3.2 trillion in consolidated net profit (a sevenfold increase from 2024) and VND10 trillion in consolidated revenue (about triple 2024's figure).
- 2025-05-21
- Its subsidiary Hung Yen Hospitality breaks ground, together with the Trump Organization, on a $1.5 billion golf and residential complex in Hung Yen province; Chairman Dang Thanh Tam attends.
- 2025 (April-June)
- Kinh Bac shares fall 27% in one week after a 46% U.S. tariff is imposed on Vietnamese goods, then recover after a June trade deal lowers the tariff to 20%.
What we could not verify
These claims came up in research and could not be confirmed. They are recorded here rather than published as fact or quietly dropped. If you hold a source that settles one, please tell us.
- No source read specifies whether Kinh Bac's 2025 profit and revenue targets, set in February 2025, were later met; only the target figures themselves are stated here.
- The VnExpress International report on the $1.23 billion in January 2021 FDI describes it as attracted to "Vietnam's industrial parks" broadly, naming Kinh Bac's own Que Vo and Trang Due parks as among the company's holdings, but does not itemize how much of that specific monthly total went to Kinh Bac's parks versus others; this profile does not attribute the full $1.23 billion figure to Kinh Bac alone.
- Sources differ on Kinh Bac's exact land holdings by date (6,387 hectares reported for year-end 2022 in one account; about 6,600 hectares, or 5.09% of national industrial land, reported in February 2025); both figures are presented as reported rather than reconciled.
Sources
6 sources (2 tier 1, 4 tier 2), each opened and read against the claim it supports. Every source is independent of the subject; no first-party material is cited. See the source policy.
Vietstock's and The Investor's Vietnamese financial reporting, VietnamNet's and VnExpress International's business reporting, the Vietnam Investment Review's reporting on the Trump-licensed project's groundbreaking, and The Real Deal's reporting connecting the company's tariff-driven fortunes to its Trump Organization partnership were all independently fetched and read in full. The company's Trump-licensed project itself is documented in detail in the separate profile of Trump International, Vietnam; this profile focuses on the company as a Vietnamese-listed industrial developer in its own right.
- Industrial property company Kinh Bac City eyes record profits Supports: The company's industrial parks in Bac Ninh and Hai Phong, the January 2021 FDI figures including the LG Electronics and Foxconn investments, and its Ho Chi Minh Stock Exchange listing.
- Construction begins on $1.5 billion Trump Organization golf complex in Hung Yen Supports: Hung Yen Hospitality's status as a Kinh Bac subsidiary, and Chairman Dang Thanh Tam's quoted remarks at the May 2025 groundbreaking.
- KBC: Kinh Bac City Development Holding Corporation - KINHBAC CITY GROUP Supports: The company's incorporation date, Ho Chi Minh Stock Exchange listing and ticker, and headquarters location in Que Vo Industrial Park, Bac Ninh.
- Vietnam's leading IP developer KBC eyes 7-fold profit hike in 2025 Supports: The 2025 profit and revenue targets, the 2024 results falling short of the prior year's targets, and the company's industrial-land holdings as of February 2025.
- Kinh Bac City's Q3 profits soar as Trump collaboration looms Supports: The Q3 2024 and nine-month 2024 financial results, and the company's early public description of the planned Hung Yen golf, hotel and residential complex with the Trump Organization.
- Trump Org's Vietnam Resort Highlights Ties with Billionaire Supports: The 2017-2021 revenue growth tied to the U.S.-China trade war, the $5 million in licensing fees already paid to the Trump Organization as of October 2025, and the 2025 tariff-driven swings in the company's share price.
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