3 days ago
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.
