Latest news with #EricTrump
New York Post
13 hours ago
- Business
- New York Post
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.
Washington Post
21 hours ago
- Business
- Washington Post
Trump's new crypto business is a religion
You could hardly expect President Donald Trump to hear about something called an 'infinite money glitch' and not want to try it. Eric Trump announced at a crypto conference in Las Vegas this week that the family business is raising $2.5 billion from investors for its latest crypto project: a 'bitcoin treasury.' (Company executives had denied the plan just days earlier, when they called the Financial Times reporters who broke the story 'dumb writers listening to even dumber sources.')
The Sun
21 hours ago
- Business
- The Sun
Work on US$1b Trump Tower Vietnam may start next year
HANOI: Investment in a planned Trump Tower in Vietnam is estimated at around US$1 billion (RM4.2 billion) and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organisation, US President Donald Trump's family business, is reviewing in Vietnam. The Southeast Asian country is currently in trade talks with Washington to avoid crippling 46% tariffs. Eric Trump, senior vice-president of the Trump Organisation, 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 golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organisation would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of US$1.5 billion, the source said. The division of work had not been previously reported. A similar arrangement is likely to be agreed for the Trump Tower, with the investment expected to come mostly from local partners, the source said, declining to be named because the information is not public. The Trump Organisation did not reply to a request for comment. Kinhbac City, a leading industrial real estate developer in Vietnam, did not respond to a request for comment. When it announced its collaboration with the Trump Organisation in October, the company said the venture 'will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam.' During his visit last week, Eric Trump toured the site where the skyscraper would be built and met local officials, the source said. That was in line with the schedule of his engagements with the city's authorities, according to a Vietnamese document seen by Reuters. The tower would be built in Thu Thiem, an area under development in central Ho Chi Minh City where a new financial centre is planned to be built, the document from the city's authorities showed. At the groundbreaking for the golf resort, Eric Trump said the projects to be developed in Vietnam would be 'the envy of all of Asia and of the entire world', adding he would visit the country frequently to further the company's plans. Approvals for the tower project are still being sought and no final decision had been made about when construction will start, the source said, adding that the aim was to have the groundbreaking next year. The investment could be larger than US$1 billion if permits are obtained for a building with more than 60 floors, the person said. The Trump Organisation operates several towers in the US and across the world, but does not own all of them. The flagship Trump Tower in the Manhattan neighbourhood of New York City was built in the 1980s. Others have since been built in Chicago, Florida and abroad, including in Turkey and the Philippines. – Reuters
TimesLIVE
a day ago
- Business
- TimesLIVE
Work on $1bn Trump Tower in Vietnam could start next year: source
Investment in a planned Trump Tower in Vietnam is estimated at $1bn (R17.84bn) and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organisation, US President Donald Trump's family business, is reviewing in Vietnam. The Southeast Asian country is in trade talks with Washington to avoid crippling 46% tariffs. Eric Trump, senior vice-president of the Trump Organisation, 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 golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organisation would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of $1.5bn (R26.77bn), the source said. The division of work had not been previously reported.
Business Times
a day ago
- Business
- Business Times
Work on US$1b Trump Tower in Vietnam could start next year
[HANOI] Investment in a planned Trump Tower in Vietnam is estimated at around US$1 billion and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organization, US President Donald Trump's family business, is reviewing in Vietnam. The South-east Asian country is currently in trade talks with Washington to avoid crippling 46 per cent tariffs. 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 golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organization would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of US$1.5 billion, the source said. The division of work had not been previously reported. A similar arrangement is likely to be agreed for the Trump Tower, with the investment expected to come mostly from local partners, the source said, declining to be named because the information is not public. The Trump Organization did not reply to a request for comment. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Kinhbac City, a leading industrial real estate developer in Vietnam, did not respond to a request for comment. When it announced its collaboration with the Trump Organization in October, the company said the venture 'will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam.' During his visit last week, Eric Trump toured the site where the skyscraper would be built and met local officials, the source said. That was in line with the schedule of his engagements with the city's authorities, according to a Vietnamese document seen by Reuters. The tower would be built in Thu Thiem, an area under development in central Ho Chi Minh City where a new financial centre is planned to be built, the document from the city's authorities showed. At the groundbreaking for the golf resort, Eric Trump said the projects to be developed in Vietnam would be 'the envy of all of Asia and of the entire world', adding he would visit the country frequently to further the company's plans. Approvals for the tower project are still being sought and no final decision had been made about when construction will start, the source said, adding that the aim was to have the groundbreaking next year. The investment could be larger than US$1 billion if permits are obtained for a building with more than 60 floors, the person said. The Trump Organization operates several towers in the United States and across the world, but does not own all of them. The flagship Trump Tower in the Manhattan neighbourhood of New York City was built in the 1980s. Others have since been built in Chicago, Florida and abroad, including in Turkey and the Philippines. REUTERS
