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Mr. Dang Thanh Tam, Chairman of KBC, urged shareholders to stay with the company’s “train” and remain patient as the firm awaits the “harvest” phase following a long period of land accumulation and technology development. He said KBC’s stock remains highly sensitive to global events and wars, and advised investors to stay calm to avoid losses.
At KBC’s 2026 annual general meeting, Chairman Dang Thanh Tam said 2025 results did not meet expectations despite significant company efforts. He identified the main bottleneck as the Trang Cat urban area, a project expected to generate substantial revenue but still not sold, alongside rising debt levels.
The chairman attributed the shortfall primarily to the Trang Cat project, where a large revenue contribution was anticipated but sales have not yet materialized, while bank borrowings increased. In 2025 alone, KBC paid nearly 10,000 billion VND in land-use fees, bringing the total housing area to over 2 million square meters.
“The project has been invested in for 20 years (since 2006) with a large scale and billions of dollars spent; if the company were weak, it could not ‘keep afloat’ such amounts over so long a period,” Mr. Tam said.
While the Trang Cat project has not yet entered commercial operation as planned, the chairman said long-term land-bank accumulation has helped increase value. He added that KBC is reshaping the project toward an AI City concept, combining with an AI industrial park.
Chairman Tam described 2025 as a highly volatile year as global instability spread to major regions. For 2026, he said the Middle East conflict has pushed up input costs, leading to frequent contract adjustments. He also cited a shortage of fill sand and mounting capital pressure.
Against this backdrop, KBC said it remains focused on completing infrastructure and accelerating transport connectivity to bring products to market.
In the industrial park segment, KBC continues active expansion across Bac Ninh, Hai Phong, Hung Yen, and Thai Nguyen, with potential moves into new areas. The company’s direction is to develop green, high-tech industrial parks to attract large investors and improve the environment and workers’ living conditions.
“KBC ranks first nationwide in attracting FDI, high-tech, and the share of high-tech exports,” Tam said. He noted that to attract large players, KBC must accept more attractive pricing than peers, which could slightly reduce shareholder profits.
A key strategic highlight is KBC’s push into AI Data Centers and energy. The chairman said an AI Data Center will function like a “factory producing intelligence,” helping the company optimize costs and improve data security.
He also noted that AI Data Centers require electricity many times more than older facilities. To meet this demand, KBC has participated in large-scale power projects and promoted renewable energy, including wind and rooftop solar, to support stable supply.
Chairman Tam forecast that EVN will separate transmission and distribution in the future, enabling KBC to generate and sell clean electricity directly to customers in industrial zones, thereby increasing the value of its offerings.
Addressing shareholders, Tam said KBC’s share price is highly sensitive to international developments and urged investors to stay calm. He also expressed condolences to shareholders who sold and faced margin calls during recent declines.
The chairman advised shareholders to continue accompanying the company and, if the market fluctuates, to “hold on to both sides” and stay with the KBC train to wait for the harvest after a long period of land and technology accumulation.
He added that KBC leadership hopes to pay cash dividends this year and believes the 3,000 billion VND profit target for 2026 will be achieved or surpassed, to avoid missing the cadence seen in prior years.
Finally, Tam said KBC remains optimistic about the economy as monetary policy becomes more balanced to support growth. He also believes the Middle East situation will stabilize soon, which he said is a global requirement and should help stabilize oil prices.
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