Vietnam's Kinh Bac firm controls new Trump-branded real estate company

HYG Investment and Development Group, in which KBC holds a 95-percent stake, provided 99 percent of the capital for the newly-formed Trump International Vietnam Joint Stock Company. 

The remaining one percent is split equally between two Vietnamese female shareholders, with no foreign investors involved.

Registered on July 9 in northern Hung Yen Province, Trump International Vietnam is capitalized at VND5.168 trillion (US$198 million) and will operate in the property sector.

As a result, KBC gains effective indirect control of the company, owning 95.32 percent of its shares via its subsidiary.

The registration coincides with KBC's May groundbreaking of a $1.5 billion Trump-branded development project in Hung Yen in May, encompassing residential, ecological tourism, and golf resort elements. 

The project is executed in partnership with the Trump Organization, linked to the family of U.S. President Donald Trump.

Charles Boyd Bowman, representative of Trump International Hung Yen, told the KBC annual general meeting that the project is proceeding on schedule to the Trump Organization's standards, and that the U.S. firm will manage the development upon completion.

Vietnamese media recently reported that the Trump Organization earned $5 million from a brand licensing deal related to Kinh Bac's Trump International project.