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Free Malaysia Today
13 hours ago
- Business
- Free Malaysia Today
Work on US$1bil Trump Tower in Vietnam could start next year
Eric Trump, senior vice president of the Trump Organization, visited Vietnam last week to survey the site for the tower. (Reuters pic) 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 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 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. 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 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 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.
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
CTV News
16-05-2025
- Business
- CTV News
Vietnam approves Trump Organization's $1.5 billion golf, real estate project
A reflection of supporters of Donald Trump is seen at the entrance of Trump Tower, Sunday, July 14, 2024, in New York. (AP Photo/Yuki Iwamura) HANOI, Vietnam — Vietnam has approved a $1.5 billion proposal by the Trump Organization and its Vietnamese partner to build golf courses, hotels and real estate projects in the Southeast Asian country, state-run media reported Friday. The project spanning 990 hectares (2,446 acres) in northern Vietnam's Khoai Chau district will include a golf course the size 336 American football fields, residential areas, commercial spaces and parks. The decision approving the investment was signed by Deputy Prime Minister Tran Hong Ha, the VN Express newspaper reported. Vietnam is heading into negotiations with the U.S. in a bid to avoid the 46% tariffs on its exports announced by President Donald Trump's administration. Vietnam also has been facing heat from Washington for not doing enough to prevent the diversion of Chinese goods through its borders. The investment project was announced by Vietnamese real estate developer Kinhbac City, which partnered with Trump's family business in October. Work on the project will start this year and continue till 2029. The Trump Organization did not immediately respond to a request for comment Friday. Aniruddha Ghosal, The Associated Press
