Latest news with #HungYen
LeMonde
5 days ago
- Business
- LeMonde
The Trump family's lucrative deals in Vietnam
Letter from Hanoi Announced in October 2024, even before Donald Trump was re-elected US president, construction on the Trump Organization's Vietnamese golf project got underway at breakneck speed. On May 21, it was none other than Vietnamese Prime Minister Pham Minh Chinh who laid the foundation stone, 40 kilometers south of Hanoi. Inside a prefabricated hall set amidst vegetable fields, Eric Trump, the billionaire's younger son, his wife Lara and the project's Vietnamese partners paraded in front of local farmers. A red carpet stretched beneath an archway proudly proclaiming: "The groundbreaking ceremony of Trump International, Hung Yen." In addition to three golf courses, 54 holes, with a highly selective membership that is reportedly "eco-friendly," the site is set to include a hotel, luxury villas and a residential area for 30,000 people spread over nearly 10 square kilometers in a rural area along the Red River. In March, Vietnamese authorities promised to "facilitate the rapid advancement of the Trump project." According to the New York Times, they went even further, noting that just three months passed between the submission of the initial planning documents and the May 21 ceremony. Such projects usually take two to three years. The newspaper quoted experts who said that "Vietnam has ignored its own laws, legal experts said, granting concessions more generous than what even the most connected locals receive." At least six mandatory steps were reportedly skipped, including full land acquisition, public consultation and environmental impact studies.
NHK
23-05-2025
- Business
- NHK
Vietnam breaks ground for Trump luxury golf resort
A family firm of US President Donald Trump has started developing a luxury golf resort in Vietnam. Hanoi may be hoping for special treatment from Washington amid the threat of high tariffs from the Trump administration. Trump's son Eric, who is Executive Vice President of the Trump Organization, together with Vietnamese Prime Minister Pham Minh Chinh, attended a groundbreaking ceremony in Hung Yen province near the capital Hanoi on Wednesday. Their plans are for an upscale golf resort, worth about 1.5 billion dollars. Chinh said, "This project will contribute to promoting Vietnam-US relations to go deeper and become more substantial and effective." He welcomed the venture and urged local authorities to give it maximum support. The US's trade deficit with Vietnam is its third largest after those with China and Mexico. Vietnam had been bracing for a 46 percent tariff before it was put on hold. A US civic group has slammed the resort development, saying it illustrates how Trump's administration takes advantage of foreign governments to gain special treatment for his business.
Forbes
22-05-2025
- Business
- Forbes
Trump Organization Enters Vietnam With $1.5 Billion Golf Resort Project Near Hanoi
A general view of the sign and exterior of Trump Tower entrance (Photo) The Trump Organization—founded by billionaire and U.S. President Donald Trump—has partnered with a unit of Vietnam-listed Kinh Bac City Development Holding Corp. to build a $1.5 billion golf course, resort and residential estate in Hung Yen province, south of Hanoi. 'Hung Yen has the potential to become the premier destination for golf and luxury living in Asia,' Dang Thanh Tam, chairman of Kinh Bac City said in a statement released by the Trump Organization on Wednesday. Set across a 990-hectare property along the Red River, the project will feature two Trump-branded golf courses designed by two-time U.S. Open champion Bryson DeChambeau, a five-star hotel, luxury villas and supporting amenities, according to the statement. 'Vietnam represents one of the most dynamic and promising markets in the world today,' Eric Trump, executive vice president of The Trump Organization and son of Donald Trump, said in the statement. 'We are incredibly proud to bring the Trump name to a country with such vision, vitality and growth.' Eric Trump, a son of Donald Trump, was present during the groundbreaking ceremony held in Hung Yen yesterday. He and other Trump Organization executives are expected to be in Ho Chi Minh City today to discuss another potential project in Thu Thiem commercial hub, according to Vietnamese media reports. The Trump Organization has licensed its name to dozens of Trump-branded properties, including golf courses, hotels, office towers and resorts, worldwide. The company is also developing two golf courses and hotels in Indonesia through a partnership with billionaire Hary Tanoesoedibjo's MNC Group. Trump has an estimated net worth of $5.3 billion according to Forbes' real-time data, with much of his fortune coming from real estate.
Bloomberg
21-05-2025
- Business
- Bloomberg
Eric Trump Attends Groundbreaking Event for $1.5 Billion Vietnam Resort
Eric Trump attended a groundbreaking ceremony for the Trump Organization 's new $1.5 billion luxury resort complex in northern Vietnam even as the nation's leaders negotiate with the US administration to avoid a cripplingly high tariff. The project in Hung Yen province, which will feature five-star hotels, golf courses and residential estates, spans more than 990 hectares (2,446.3 acres) along the Red River, and is expected to be completed by 2029 at the latest. The complex is a joint development between the Trump Organization, local partners IDG Capital Vietnam, and a unit of Vietnamese developer Kinh Bac City Development Holding Corp., as well as other investors.
Malay Mail
21-05-2025
- Business
- Malay Mail
Trump Organisation to break ground on golf club in Vietnam amid trade talks
HANOI, May 21 — The Trump Organisation and its local partner will hold a groundbreaking ceremony today for a luxury golf resort close to Vietnam's capital Hanoi, according to invitations to the event seen by Reuters. Vietnam's government approved the plan last week and the ceremony will be attended by US President Donald Trump's son Eric Trump, organisers said. The event comes as the South-east Asian country negotiates with Washington to avoid punitive tariffs. Its developers have said the US$1.5 billion (RM6.41 billion) project will include when completed in 2027 three 18-hole golf courses and a residential complex, and could be followed by additional multi-billion-dollar investments. Local authorities of the Hung Yen province, where the golf club will be built, have also invited Vietnam's leaders to the event, including the head of the ruling Communist Party To Lam, who was born in the province, according to the invitation. It is unclear whether he will join the event. Vietnam's state news agency said Prime Minister Pham Minh Chinh will participate in a groundbreaking event today in Hung Yen, without specifying for which project. Apart from the ceremony, Eric Trump is also set to meet Ho Chi Minh City officials tomorrow to explore plans for a possible skyscraper in Vietnam's southern business hub, according to an internal schedule seen by Reuters. 'Vietnam has tremendous potential for luxurious hospitality and entertainment,' Eric Trump, who is a senior vice president of the Trump Organisation, said in October when the president's family business announced a partnership with Vietnamese real estate firm Kinhbac City. 'We are incredibly excited to enter this dynamic market.' The strategic collaboration, whose terms are not public, 'will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam,' the consortium said in a statement in October. It is unclear how the two partners share costs and revenues, and what conditions have been set for use of the Trump franchise. Trade pledges Vietnam has made multiple pledges to the White House to avoid 46% 'reciprocal' tariffs that would kick off in July after a global pause if no bilateral deal is reached. They include lower tariffs and non-tariff barriers, an intensified fight against trade frauds and counterfeiting, and favourable conditions to Starlink, owned by Trump's close ally Elon Musk, to roll out satellite internet services in the country. Organisers said the project in Hung Yen, a few kilometres south of Hanoi along the Red River, rapidly obtained approvals from local authorities, noting that it was the result of earlier work by Kinhbac City on the plan which preceded the announcement of the partnership with the Trump Organisation. Trump handed over the leadership of the organisation to his children after he won his first term as US president. The Trump Organisation has luxury golf projects, existing or under development, in countries from Indonesia to the Middle East. — Reuters
