Bắc Ninh
Trump Organization eyes multi-billion-dollar projects in Vietnam
The Trump Organization and its partner in Vietnam are working on multiple investments worth billions of dollars in golf courses, hotels and real estate projects in the Southeast Asian country, a spokesman for the consortium told Reuters.
"The Trump Organization with its partner plans multi-billion-dollar investments in Vietnam," the spokesman said, noting the first project will break ground in May, just months after the deal was sealed, and a second one could be announced this year.
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Eric Trump is seen in this file photo at a campaign rally at a golf resort in Doral, Florida, U.S., July 9, 2024. |
The groundbreaking for the first project, worth $1.5 billion and close to Vietnam's capital Hanoi, would take place just weeks after the Trump administration's highly anticipated decision scheduled on April 2 for "reciprocal tariffs" on unspecified countries with trade imbalances.
The spokesman said the project, which includes three 18-hole golf courses and a residential complex, is the largest in East Asia for the Trump Organization.
The first two courses are expected to be operational by mid-2027, he said. The group is also involved in two golf clubs in Indonesia, one of which is under construction.
The project was announced in October by the Trump Organization's Vietnamese partner, the real estate developer Kinhbac City, but its timing had not been previously reported.
The Trump Organization did not respond to a request for comment.
Representatives for the consortium met Vietnam's Prime Minister Pham Minh Chinh last week, according to a report on the government portal.
Golf cash
A Reuters analysis last year found the golf course and resort business, thanks to multiple facilities in the United States, was the biggest driver of cash flow for the Trump Organization.
Sites for another golf or hotel project close to Ho Chi Minh City, Vietnam's southern business hub, have been shortlisted with a deal expected to be announced by the end of this year, the spokesman added, noting it was too early to indicate the size of the possible investment.
He added the consortium was considering investments in three or four projects in Vietnam in total.
The spokesman declined to quantify the stake of the Trump Organization in the consortium, but said the group run by Trump's son Eric would operate the facilities.
Vietnam, with a population of 100 million, has around 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.
The new VSIP projects will be developed as green industrial parks incorporating advanced technologies and environmentally friendly solutions.
BAC GIANG - The enterprises in industrial parks and clusters in Bac Giang city (Bac Giang province) have created jobs for many laborers and contributed significantly to the state budget. The city is implementing many solutions to improve infrastructure, expand scale and increase investment attraction.
Representatives of US businesses affirmed their interest and readiness to invest and expand operations in Vietnam while meeting with Vice Chairman of the National Assembly Vu Hong Thanh in Hanoi on March 19.
The Trump Organisation's 1.5 billion USD project in the northern province of Hung Yen aims to deliver a hi-end urban, eco-tourism, sport, and premium golf complex, meeting its top standards. The proposed investor is a joint venture between Hung Yen Investment and Development Group JSC and IDG Capital, representing the Trump Organisation.
BAC GIANG - The real estate market in Bac Giang has recorded many positive signals since the beginning of the year. Products in potential areas such as industrial park edges, high-rise buildings and land plots among others have high liquidity, attracting many investors.
As of the end of January 2025, the Republic of Korea (RoK) remains the largest foreign investor among the 149 countries and territories investing in Vietnam. The total investment from the RoK has surpassed 92 billion USD.
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