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Reuters
30-05-2025
- Business
- Reuters
Exclusive: Work on $1 bln Trump Tower in Vietnam could start next year, source says
HANOI, May 30 (Reuters) - Investment in a planned Trump Tower in Vietnam is estimated at around $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, U.S. 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 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 ( opens new tab, would focus on developing it with an estimated investment of $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. 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 $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.
Yahoo
30-05-2025
- Business
- Yahoo
Exclusive-Work on $1 billion Trump Tower in Vietnam could start next year, source says
By Francesco Guarascio HANOI (Reuters) -Investment in a planned Trump Tower in Vietnam is estimated at around $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, U.S. 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 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 $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. 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. 'ENVY OF ALL OF ASIA' 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 $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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Vietnam approves $1.5 billion Trump Org development amid trade negotiations
[Source] The Vietnamese government has approved a $1.5 billion proposal by the Trump Organization and its local partner to build golf courses, hotels and real estate projects in the northern province of Hung Yen, state media reported on Friday. What they're building: The development, which will span 990 hectares (2,446 acres) in Khoai Chau district bordering the Red River, will feature four distinct areas, including a golf facility with 36-hole and 18-hole courses. It will also include eco-residential areas for a total of 5,300 residents, a commercial space for 29,700 people and a specialized green park, with 7.3 hectares (18.04 acres) allocated for social housing and 99 hectares (245 acres) for a thematic park. Eric Trump, executive vice president of the Trump Organization and President Donald Trump's second son, previously described Vietnam as a 'dynamic' market with 'potential in the luxury hotel and entertainment industry.' Approval: The project, approved by Deputy Prime Minister Tran Hong Ha, follows a memorandum of understanding signed between Hung Yen's provincial government and the Trump Organization last September, with real estate developer Kinhbac City announced as the Vietnamese partner the following month. Total capital is estimated at 39.8 trillion Vietnamese Dong ($1.53 billion), including 4.1 trillion Vietnamese dong ($158.2 million) allocated for compensation and resettlement. The project is set to operate for 50 years. Meanwhile: The approval comes amid trade negotiations between Vietnam and the U.S. as the Southeast Asian country seeks to avoid an import tariff of 46%. Hanoi is also under Washington's scrutiny for purportedly not doing enough to prevent the diversion of Chinese goods through its borders. Trending on NextShark: Work on the project is expected to begin this quarter and continue until 2029, with the first two of four golf courses projected to be operational by mid-2027 in time for the APEC Summit. This story is part of The Rebel Yellow Newsletter — a bold weekly newsletter from the creators of NextShark, reclaiming our stories and celebrating Asian American voices. Trending on NextShark: Subscribe free to join the movement. If you love what we're building, consider becoming a paid member — your support helps us grow our team, investigate impactful stories, and uplift our community. Subscribe here now! Trending on NextShark: Download the NextShark App: Want to keep up to date on Asian American News? Download the NextShark App today! Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
21-05-2025
- Business
- Time of India
Donald Trump's family firm is building luxury residential golf courses worth $1.5 billion. Why is this called 'envy of Asia and World'?
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump 's son Eric and Vietnam's Prime Minister Minh Chinh held a groundbreaking ceremony on Wednesday for a $1.5 billion luxury residential development with three 18-hole golf courses outside U.S. president's Trump Organization family business and its local partners received approval for the project last week from the Communist authorities in Vietnam, which is separately negotiating over tariffs with to be developed in Vietnam will be "the envy of all of Asia and of the entire world", said Eric Trump, who is a senior vice president of the Trump Organization. He praised its Vietnamese partner, real estate firm Kinhbac City, and promised to visit the country "very often".Prime Minister Pham Minh Chinh said Eric Trump's visit "motivated us to expedite this project", and urged local authorities to provide maximum support and facilitate the completion of the 990-hectare (2,446 acre) resort within the planned timeframe by the end of was meant to be hit with some of the highest U.S. tariff rates of any country at 46 per cent when President Trump announced his "Liberation Day" plan for global tariffs on April 2. Trump has since postponed the tariffs for 90 trade negotiators are in Washington to discuss compromises. Offers made include lowering tariffs and non-tariff barriers, intensifying the fight against trade frauds and counterfeiting, and providing favourable conditions to Starlink, owned by Trump's close ally Elon Musk, to roll out satellite internet services in said the golf project in Hung Yen, a few kilometres south of Hanoi along the Red River, swiftly obtained approvals from local authorities.A1. US President Donald Trump's son is Eric Trump.A2. Vietnam was meant to be hit with some of the highest U.S. tariff rates of any country at 46 per cent when President Trump announced his "Liberation Day" plan for global tariffs on April 2. Trump has since postponed the tariffs for 90 days.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
Trump Organisation breaks ground on $1.5 billion golf club in Vietnam
Vietnam's prime minister and US President Donald Trump's son Eric held a groundbreaking ceremony on Wednesday for a $1.5 billion luxury residential development with three 18-hole golf courses outside Hanoi. The US president's Trump Organisation family business and its local partners received approval for the project last week from the Communist authorities in Vietnam, which is separately negotiating over tariffs with Washington. Prime Minister Pham Minh Chinh said Eric Trump's visit "motivated us to expedite this project", and urged local authorities to provide maximum support and facilitate the completion of the 990-hectare resort within the planned timeframe by the end of 2027. Eric Trump is also set to meet Ho Chi Minh City officials on Thursday to explore plans for a skyscraper in Vietnam's southern business hub, according to an internal schedule seen by Reuters. Projects to be developed in Vietnam will be "the envy of all of Asia and of the entire world", said Eric Trump, who is a senior vice-president of the Trump Organisation. He praised its Vietnamese partner, real estate firm Kinhbac City, and promised to visit the country "very often". The 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. Vietnam was meant to be hit with some of the highest US tariff rates of any country at 46 per cent when President Trump announced his 'Liberation Day' plan for global tariffs on April 2. Trump has since postponed the tariffs for 90 days. Vietnamese trade negotiators are in Washington to discuss compromises. Offers made include lowering tariffs and non-tariff barriers, intensifying the fight against trade frauds and counterfeiting, and providing favourable conditions to Starlink, owned by Trump's close ally Elon Musk, to roll out satellite internet services in Vietnam. Organisers said the golf project in Hung Yen, a few kilometres south of Hanoi along the Red River, swiftly obtained approvals from local authorities. Local people interviewed by Reuters outside the venue showed support for the project but some expressed concern over financial compensation. "Hopefully, we will get a reasonable compensation when they take the land for the project," said Ha Nho Son, a 61-year-old farmer. Chinh repeatedly said local people would be fairly compensated. The Trump Organisation has luxury golf projects, completed or under development, in countries from Indonesia to the Middle East.
