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AsiaOne
6 hours ago
- Business
- AsiaOne
Fistful of dollars and rice for Vietnam farmers displaced for $1.9b Trump golf club, Asia News
HUNG YEN — Vietnamese farmer Nguyen Thi Huong has slept poorly since authorities told her to vacate her farm for a Trump family-backed golf resort, offering just US$3,200 (S$4,106) and rice provisions in return. The golf resort, for which construction is scheduled to begin next month, is offering thousands of villagers such compensation packages to leave the land that has provided their livelihood for years or decades, according to six people with direct knowledge and documents seen by Reuters. The project is the first partnership for the family business of US President Donald Trump in Vietnam, which fast-tracked approvals as it negotiated a crucial trade deal with Washington. Developers are now cutting compensation forecasts from an initial estimate exceeding US$500 million, said one person familiar with the plans who declined to elaborate on reasons for the reduction. The 990-hectare site designated for the golf course currently supports fruit farms growing bananas, longan, and other crops. While some see opportunity, many farmers are elderly and fear they will struggle to find alternative livelihoods in Vietnam's vibrant economy with its largely young demographic. "The whole village is worried about this project because it will take our land and leave us jobless," said 50-year-old Huong, who was told to leave her 200-square-metre (2152.78 square-feet) plot in Hung Yen province near capital Hanoi for less than the average pay for one year in Vietnam. Vietnamese real estate company Kinhbac City and its partners will develop the luxury golf club after paying the Trump Organisation US$5 million for brand licensing rights, according to regulatory filings and a source familiar with the deal. Trump's family business will run the club once completed, but is not involved in the investment and in compensation to farmers. Trump has said his assets in the businesses are held in a trust managed by his children, but disclosures in June showed income from those sources ultimately accrues to the president. Vietnam's agriculture ministry, Hung Yen authorities, the Trump Organisation and Kinhbac City did not reply to questions on compensation rates. Authorities will determine final compensation rates based on land size and location, with formal approval expected next month. Five farmers facing dispossessions said authorities flagged reimbursements worth between US$12 and US$30 per square metre of farmland. They also offered additional payments for uprooted plants and provisions of rice for some months, roughly in line with one document seen by Reuters. The person familiar with the compensation plan said the range was accurate, declining to be named because the information was not public. A local official declined to talk about the compensation but said rates for farmland in the area have usually not exceeded $14 per square metre. They are often higher in other provinces. In Communist-run Vietnam, farmland is managed by the state. Farmers are assigned small plots for long-term use but have little say when authorities decide to take the land back. Protests are common but usually fruitless. Compensation is paid by the state but developers foot the bill. Four of the farmers contacted by Reuters were not happy with the proposed rates because their small plots would produce low payments. Thousands of villagers will be affected, according to a second document from local authorities seen by Reuters, which stated final payment decisions were expected next month. Huong leases a larger plot from other villagers, but can claim land compensation only for the small one assigned to her and for the plants she grows. "What can someone like me do after that?" Rice for land Vietnam's Prime Minister Pham Minh Chinh said farmers would be reimbursed fairly when he spoke in May at the groundbreaking ceremony for the golf project to an audience that included Trump's son Eric, a senior vice president of the Trump Organisation. "We have no right to negotiate. That's a shame," said Do Dinh Huong, another farmer who was told his plot would be compensated at roughly US$12 per square metre. He said he would have accepted what he believed was a low rate if the land were to be used to build roads or other public infrastructure. "But this is a business project. I don't know how that would contribute to people's life." Authorities have also offered rice as compensation, with provisions varying from two to twelve months, according to one of the documents seen by Reuters. Nguyen Thi Chuc, a 54-year-old farmer who grows bananas in what will become the Trump golf club, was told by authorities she might receive roughly US$30 per square metre for her 200-square-metre plot. "I'm getting old and can't do anything else other than working on the farm," she said. Conversely, lawyers and investors in the province said the golf club would create better jobs and enrich villagers. Le Van Tu, a 65-year-old local who will be compensated for his small plot and owns an eatery in a village that the golf club will abut, said he will upgrade his diner into a restaurant to cater to wealthier clients. Land prices in the village have risen fivefold since the project was announced in October, he said. He was also happy a nearby pig farm will be gone: "It won't be stinky anymore." [[nid:718251]]
New Straits Times
8 hours ago
- Business
- New Straits Times
Fistful of dollars and rice for Vietnam farmers displaced for RM6 billion Trump golf club
HUNG YEN, (Vietnam) : Vietnamese farmer Nguyen Thi Huong has slept poorly since authorities told her to vacate her farm for a Trump family-backed golf resort, offering just $3,200 (RM14,000) and rice provisions in return. The golf resort, for which construction is scheduled to begin next month, is offering thousands of villagers such compensation packages to leave the land that has provided their livelihood for years or decades, according to six people with direct knowledge and documents seen by Reuters. The project is the first partnership for the family business of US President Donald Trump in Vietnam, which fast-tracked approvals as it negotiated a crucial trade deal with Washington. Developers are now cutting compensation forecasts from an initial estimate exceeding $500 million (RM2.1 billion), said one person familiar with the plans who declined to elaborate on reasons for the reduction. The 990-hectare site designated for the golf course currently supports fruit farms growing bananas, longan, and other crops. While some see opportunity, many farmers are elderly and fear they will struggle to find alternative livelihoods in Vietnam's vibrant economy with its largely young demographic. "The whole village is worried about this project because it will take our land and leave us jobless," said 50-year-old Huong, who was told to leave her 200-square-metre (2152.78 square-feet) plot in Hung Yen province near capital Hanoi for less than the average pay for one year in Vietnam. Vietnamese real estate company Kinhbac City and its partners will develop the luxury golf club after paying the Trump Organisation $5 million (RM21 million) for brand licensing rights, according to regulatory filings and a source familiar with the deal. Trump's family business will run the club once completed, but is not involved in the investment and in compensation to farmers. Trump has said his assets in the businesses are held in a trust managed by his children, but disclosures in June showed income from those sources ultimately accrues to the president. Vietnam's agriculture ministry, Hung Yen authorities, the Trump Organisation and Kinhbac City did not reply to questions on compensation rates. Authorities will determine final compensation rates based on land size and location, with formal approval expected next month. Five farmers facing dispossessions said authorities flagged reimbursements worth between $12 and $30 per square metre of farmland. They also offered additional payments for uprooted plants and provisions of rice for some months, roughly in line with one document seen by Reuters. The person familiar with the compensation plan said the range was accurate, declining to be named because the information was not public. A local official declined to talk about the compensation but said rates for farmland in the area have usually not exceeded $14 per square metre. They are often higher in other provinces. In Communist-run Vietnam, farmland is managed by the state. Farmers are assigned small plots for long-term use but have little say when authorities decide to take the land back. Protests are common but usually fruitless. Compensation is paid by the state but developers foot the bill. Four of the farmers contacted by Reuters were not happy with the proposed rates because their small plots would produce low payments. Thousands of villagers will be affected, according to a second document from local authorities seen by Reuters, which stated final payment decisions were expected next month. Huong leases a larger plot from other villagers, but can claim land compensation only for the small one assigned to her and for the plants she grows. "What can someone like me do after that?" RICE FOR LAND Vietnam's Prime Minister Pham Minh Chinh said farmers would be reimbursed fairly when he spoke in May at the groundbreaking ceremony for the golf project to an audience that included Trump's son Eric, a senior vice president of the Trump Organisation. "We have no right to negotiate. That's a shame," said Do Dinh Huong, another farmer who was told his plot would be compensated at roughly $12 per square metre. He said he would have accepted what he believed was a low rate if the land were to be used to build roads or other public infrastructure. "But this is a business project. I don't know how that would contribute to people's life." Authorities have also offered rice as compensation, with provisions varying from two to twelve months, according to one of the documents seen by Reuters. Nguyen Thi Chuc, a 54-year-old farmer who grows bananas in what will become the Trump golf club, was told by authorities she might receive roughly $30 per square metre for her 200-square-metre plot. "I'm getting old and can't do anything else other than working on the farm," she said. Conversely, lawyers and investors in the province said the golf club would create better jobs and enrich villagers. Le Van Tu, a 65-year-old local who will be compensated for his small plot and owns an eatery in a village that the golf club will abut, said he will upgrade his diner into a restaurant to cater to wealthier clients. Land prices in the village have risen fivefold since the project was announced in October, he said.
New Straits Times
8 hours ago
- Business
- New Straits Times
Fistful of dollars and rice for Vietnam farmers displaced for $1.5 billion Trump golf club
HUNG YEN, (Vietnam) : Vietnamese farmer Nguyen Thi Huong has slept poorly since authorities told her to vacate her farm for a Trump family-backed golf resort, offering just $3,200 and rice provisions in return. The golf resort, for which construction is scheduled to begin next month, is offering thousands of villagers such compensation packages to leave the land that has provided their livelihood for years or decades, according to six people with direct knowledge and documents seen by Reuters. The project is the first partnership for the family business of US President Donald Trump in Vietnam, which fast-tracked approvals as it negotiated a crucial trade deal with Washington. Developers are now cutting compensation forecasts from an initial estimate exceeding $500 million (RM2.1 billion), said one person familiar with the plans who declined to elaborate on reasons for the reduction. The 990-hectare site designated for the golf course currently supports fruit farms growing bananas, longan, and other crops. While some see opportunity, many farmers are elderly and fear they will struggle to find alternative livelihoods in Vietnam's vibrant economy with its largely young demographic. "The whole village is worried about this project because it will take our land and leave us jobless," said 50-year-old Huong, who was told to leave her 200-square-metre (2152.78 square-feet) plot in Hung Yen province near capital Hanoi for less than the average pay for one year in Vietnam. Vietnamese real estate company Kinhbac City and its partners will develop the luxury golf club after paying the Trump Organisation $5 million for brand licensing rights, according to regulatory filings and a source familiar with the deal. Trump's family business will run the club once completed, but is not involved in the investment and in compensation to farmers. Trump has said his assets in the businesses are held in a trust managed by his children, but disclosures in June showed income from those sources ultimately accrues to the president. Vietnam's agriculture ministry, Hung Yen authorities, the Trump Organisation and Kinhbac City did not reply to questions on compensation rates. Authorities will determine final compensation rates based on land size and location, with formal approval expected next month. Five farmers facing dispossessions said authorities flagged reimbursements worth between $12 and $30 per square metre of farmland. They also offered additional payments for uprooted plants and provisions of rice for some months, roughly in line with one document seen by Reuters. The person familiar with the compensation plan said the range was accurate, declining to be named because the information was not public. A local official declined to talk about the compensation but said rates for farmland in the area have usually not exceeded $14 per square metre. They are often higher in other provinces. In Communist-run Vietnam, farmland is managed by the state. Farmers are assigned small plots for long-term use but have little say when authorities decide to take the land back. Protests are common but usually fruitless. Compensation is paid by the state but developers foot the bill. Four of the farmers contacted by Reuters were not happy with the proposed rates because their small plots would produce low payments. Thousands of villagers will be affected, according to a second document from local authorities seen by Reuters, which stated final payment decisions were expected next month. Huong leases a larger plot from other villagers, but can claim land compensation only for the small one assigned to her and for the plants she grows. "What can someone like me do after that?" RICE FOR LAND Vietnam's Prime Minister Pham Minh Chinh said farmers would be reimbursed fairly when he spoke in May at the groundbreaking ceremony for the golf project to an audience that included Trump's son Eric, a senior vice president of the Trump Organisation. "We have no right to negotiate. That's a shame," said Do Dinh Huong, another farmer who was told his plot would be compensated at roughly $12 per square metre. He said he would have accepted what he believed was a low rate if the land were to be used to build roads or other public infrastructure. "But this is a business project. I don't know how that would contribute to people's life." Authorities have also offered rice as compensation, with provisions varying from two to twelve months, according to one of the documents seen by Reuters. Nguyen Thi Chuc, a 54-year-old farmer who grows bananas in what will become the Trump golf club, was told by authorities she might receive roughly $30 per square metre for her 200-square-metre plot. "I'm getting old and can't do anything else other than working on the farm," she said. Conversely, lawyers and investors in the province said the golf club would create better jobs and enrich villagers. Le Van Tu, a 65-year-old local who will be compensated for his small plot and owns an eatery in a village that the golf club will abut, said he will upgrade his diner into a restaurant to cater to wealthier clients. Land prices in the village have risen fivefold since the project was announced in October, he said.
The Star
9 hours ago
- Business
- The Star
Exclusive-Fistful of dollars and rice for Vietnam farmers displaced for $1.5 billion Trump golf club
HUNG YEN, August 11 (Reuters) -Vietnamese farmer Nguyen Thi Huong has slept poorly since authorities told her to vacate her farm for a Trump family-backed golf resort, offering just $3,200 and rice provisions in return. The golf resort, for which construction is scheduled to begin next month, is offering thousands of villagers such compensation packages to leave the land that has provided their livelihood for years or decades, according to six people with direct knowledge and documents seen by Reuters. The project is the first partnership for the family business of U.S. President Donald Trump in Vietnam, which fast-tracked approvals as it negotiated a crucial trade deal with Washington. Developers are now cutting compensation forecasts from an initial estimate exceeding $500 million, said one person familiar with the plans who declined to elaborate on reasons for the reduction. The 990-hectare site designated for the golf course currently supports fruit farms growing bananas, longan, and other crops. While some see opportunity, many farmers are elderly and fear they will struggle to find alternative livelihoods in Vietnam's vibrant economy with its largely young demographic. "The whole village is worried about this project because it will take our land and leave us jobless," said 50-year-old Huong, who was told to leave her 200-square-metre (2152.78 square-feet) plot in Hung Yen province near capital Hanoi for less than the average pay for one year in Vietnam. Vietnamese real estate company Kinhbac City and its partners will develop the luxury golf club after paying the Trump Organization $5 million for brand licensing rights, according to regulatory filings and a source familiar with the deal. Trump's family business will run the club once completed, but is not involved in the investment and in compensationto farmers. Trump has said his assets in the businesses are held in a trust managed by his children, but disclosures in June showed income from those sources ultimately accrues to the president. Vietnam's agriculture ministry, Hung Yen authorities, the Trump Organization and Kinhbac City did not reply to questions on compensation rates. Authorities will determine final compensation rates based on land size and location, with formal approval expected next month. Five farmers facing dispossessions said authorities flagged reimbursements worth between $12 and $30 per square metre of farmland. They also offered additional payments for uprooted plants and provisions of rice for some months, roughly in line with one document seen by Reuters. The person familiar with the compensation plan said the range was accurate, declining to be named because the information was not public. A local official declined to talk about the compensation but said rates for farmland in the area have usually not exceeded $14 per square metre. They are often higher in other provinces. In Communist-run Vietnam, farmland is managed by the state. Farmers are assigned small plots for long-term use but have little say when authorities decide to take the land back. Protests are common but usually fruitless. Compensation is paid by the state but developers foot the bill. Four of the farmers contacted by Reuters were not happy with the proposed rates because their small plots would produce low payments. Thousands of villagers will be affected, according to a second document from local authorities seen by Reuters, which stated final payment decisions were expected next month. Huong leases a larger plot from other villagers, but can claim land compensation only for the small one assigned to her and for the plants she grows. "What can someone like me do after that?" RICE FOR LAND Vietnam's Prime Minister Pham Minh Chinh said farmers would be reimbursed fairly when he spoke in May at the groundbreaking ceremony for the golf project to an audience that included Trump's son Eric, a senior vice president of the Trump Organization. "We have no right to negotiate. That's a shame," said Do Dinh Huong, another farmer who was told his plot would be compensated at roughly $12 per square metre. He said he would have accepted what he believed was a low rate if the land were to be used to build roads or other public infrastructure. "But this is a business project. I don't know how that would contribute to people's life." Authorities have also offered rice as compensation, with provisions varying from two to twelve months, according to one of the documents seen by Reuters. Nguyen Thi Chuc, a 54-year-old farmer who grows bananas in what will become the Trump golf club, was told by authorities she might receive roughly $30 per square metre for her 200-square-metre plot. "I'm getting old and can't do anything else other than working on the farm," she said. Conversely, lawyers and investors in the province said the golf club would create better jobs and enrich villagers. Le Van Tu, a 65-year-old local who will be compensated for his small plot and owns an eatery in a village that the golf club will abut, said he will upgrade his diner into a restaurant to cater to wealthier clients. Land prices in the village have risen fivefold since the project was announced in October, he said. He was also happy a nearby pig farm will be gone: "It won't be stinky anymore." (Reporting by Francesco Guarascio and Khanh Vu; Editing by Saad Sayeed)
Reuters
29-07-2025
- Business
- Reuters
For first time in decades, Cuba's private sector outweighs state
HAVANA, July 29 (Reuters) - Cuba's private sector is accounting for more retail sales by value on the Communist-run island than the state for the first time since the years following Fidel Castro's 1959 revolution, new government data shows. Preliminary figures from the National Statistics Office published last week indicate the "non-state" sector was responsible for 55% of retail sales of goods and services in 2024, up from 44% in 2023. The figures exclude public utilities. The Cuban government has gradually expanded the role of private enterprise since the 1991 collapse of its former benefactor, the Soviet Union, reversing a 1968 policy that had nationalized all private businesses. In tandem, the state-run economy has shrunk, contracting by 11% over the last five years and marked by frequent blackouts, goods shortages, and high inflation. The state still operates thousands of retail outlets offering a limited variety of goods, including food, hygiene products and clothing. But at bustling informal markets such as the 100th Street Bridge Fair in Havana, hundreds of vendors sell items often unavailable in the state stores. "There are many things that you cannot find in the state sector," said Diamela Garcia, a clothing vendor at the fair. "Many people come to look for these things here." María Karla Hernández, a 27-year-old physiotherapist in green scrubs, was shopping for work supplies. "Here you find everything, although the prices are high," she said. Cuban economist Omar Everleny cautioned that those high prices boosted the value of the private sector, and that the retail data was not a reflection of overall volume. "Prices are often subsidized in the state sector and much higher in the private sector," he said. "(But) the state has little cash to import goods ... so people have to turn to the private sector, which is more flexible." While Fidel Castro, who ruled Cuba from 1959 to 2008, called the private sector a "concession to the enemy," his younger brother and successor Raul Castro took a softer view, saying it was "strategic" and would be an integral part of the economy going forward. Current president and head of the Communist Party Miguel Diaz-Canel has maintained Raul's position, while insisting that state companies must become more efficient and remain dominant in wholesale trade. Most local analysts, including Everleny, believe there is ongoing debate within the country's leadership between those who advocate further liberalization of private business and those who oppose it. Economy Minister Joaquin Alonso told the National Assembly this month that while the country's overall imports have declined, imports by private businesses topped $1 billion, a 34% increase compared to the same period last year. Alonso said fewer state enterprises were operating in the red "mainly due to an increase in prices and not to an improvement in efficiency," according to reports in state media. He acknowledged that "non-state economic actors are advancing," adding, "we do not want to confront this sector, but rather to properly guide it." According to official figures, approximately 1.6 million people in a labor force of 4 million work in the private sector.
