KN Cam Ranh Company Limited of golf course tycoon Le Van Kiem has just announced information about its financial situation in 2023. Accordingly, this enterprise recorded a 16% decrease in profit compared to the previous year, down to 173 billion VND.

By the end of 2023, Mr. Le Van Kiem's ​​KN Cam Ranh recorded a 15% increase in equity to more than VND 7,819 billion. The debt/equity ratio remained unchanged at 3.06 times. This means that liabilities have increased.

By the end of 2023, KN Cam Ranh's debt will be more than VND 23,926 billion, equivalent to about USD 960 million.

The reason KN Cam Ranh has a financial report is because in 2021, the company issued two bonds with a total value of about 2,000 billion VND. After many buybacks, by the end of 2023, KN Cam Ranh's outstanding bonds were more than 1,400 billion VND.

KN Cam Ranh Company Limited is the investor of the KN Paradise project with a scale of nearly 800 hectares in Cam Ranh, with a total investment capital of nearly 2 billion USD. This is a business belonging to the KN Investment Group ecosystem of Mr. Le Van Kiem's ​​family.

Mr. Le Van Kiem (born in 1945) is a businessman from Hue, started his business in 1979 and became successful during the period of national renovation.

In the early days, Mr. Kiem used rubber seed oil to produce paint and fertilizer. Later, he switched to investing in garments, construction, industrial parks, and golf courses. In the past decade, his business has focused on finance and real estate.

Mr. Le Van Kiem's ​​KN Paradise area. Photo: KN Paradise

Mr. Kiem is a pioneer in the golf course business with Long Thanh Golf (1,200ha) and is also one of the first people to participate in the establishment of VPBank.

Besides, KN ​​Investment Group has a number of large projects such as Long Thanh - Vientiane economic zone (600ha), KN Van Ninh solar power, KN Cam Lam solar power, KN Paradise resort and entertainment complex (800ha), The Vista An Phu luxury apartment complex...

KN Paradise project is a large-scale resort and entertainment complex in Bai Dai, Cam Ranh, Khanh Hoa. The project has a 27-hole golf course, thousands of shophouses, villas and townhouses along with many hotels, spa resorts and tens of thousands of condotels.

Long Thanh Golf Investment and Trading JSC holds 90% of KN Cam Ranh shares, the rest is held by Mr. Le Van Kiem.

Meanwhile, Long Thanh Golf is the investor of the Long Thanh urban area, golf course, sports and eco-tourism project (Bien Hoa, Dong Nai) with a scale of more than 333 hectares and the Long Thanh eco-tourism urban area project (Long Thanh district) with a scale of 843 hectares. This is one of the largest golf courses in the country.

In addition, Long Thanh Golf also invested in a 5-star hotel project, luxury villas and a 560-hectare golf course in Vientiane (Laos).

Golf Long Thanh has not announced its business performance in 2023, but the results are not very positive. Profits in previous years were only a few tens of billions of VND, the highest was less than 200 billion VND/year. In 2020, this business even made a loss.

Golf Long Thanh's liabilities are also quite high, reaching more than VND 14,500 billion by mid-2023. The company's debt/equity ratio is over 2 times. Golf Long Thanh has borrowed thousands of billions of VND in bonds, with an interest rate of around 10%/year, some of which will mature this year.

Vietnam has 752 super-rich people, many 'tycoons' have not been revealed . Knight Frank's statistics show that Vietnam has 752 super-rich people and the number will increase rapidly, the growth rate is in the top 5 in Asia - Pacific.