Construction of $1B Trump Tower in Vietnam could start next year: report
A proposed Trump Tower in Vietnam will cost an estimated $1 billion and construction of the skyscraper that would be at least 60 floors could start as soon as next year, according to a report.
Plans for the building are preliminary and no final decisions have been made, Reuters reported Friday.
The tower is the second major project the Trump Organization, President Donald Trump's family business, is pursuing in the southeast Asian nation.
People attend a groundbreaking ceremony for the Trump Organization's golf course project in Vietnam.
REUTERS
Eric Trump, senior vice president of the Trump Organization, visited Vietnam last week to survey the site for the tower in the country's southern business hub of Ho Chi Minh City and to attend the groundbreaking for a $1.5 billion golf resort in northern Vietnam.
The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities.
Vietnamese officials stated in a letter that the golf course needed special support from the top ranks of government because it was 'receiving special attention from the Trump administration and President Donald Trump personally,' according to The New York Times.
The Trump Organization did not immediately respond to The Post's request for comment.
For the golf project, the Trump Organization will operate the club while its partner, Vietnamese real estate developer Kinhbac City, focuses on developing it, a source told Reuters.
A similar split is expected for the new Trump Tower, with the investment to come mostly from local partners, the source said.
Eric Trump, senior vice president of the Trump Organization, reportedly surveyed the potential site for the tower last week.
CAROLINE BREHMAN/EPA-EFE/Shutterstock
If permits are obtained for a building larger than 60 stories, the investment could end up being larger than $1 billion, the source told Reuters.
During the golf course's ceremony, Eric Trump bragged that the Vietnamese projects would be 'the envy of all of Asia and of the entire world.'
He promised to visit the country frequently as work on the projects takes place.
The major Trump family projects come as Vietnam faces a 10% tariff from President Trump, staring down a much harsher 46% levy that the White House put on pause last month.
The country is a popular manufacturing alternative to China, exporting significant amounts of clothing, footwear and electronics to the US.
The Trump Organization operates luxury towers and golf courses across the US, Europe and the Middle East.
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