Latest news with #golfresort
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.
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
Reuters
21-05-2025
- Business
- Reuters
Trump Organization to break ground on golf club in Vietnam amid trade talks
HANOI, May 21 (Reuters) - The Trump Organization and its local partner will hold a groundbreaking ceremony on Wednesday 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 U.S. President Donald Trump's son Eric Trump, organisers said. The event comes as the Southeast Asian country negotiates with Washington to avoid punitive tariffs. Its developers have said the $1.5 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 on Wednesday in Hung Yen, without specifying for which project. Apart from the ceremony, Eric Trump is also set to meet Ho Chi Minh City officials on Thursday 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 Organization, said in October when the president's family business announced a partnership with Vietnamese real estate firm Kinhbac City ( opens new tab. "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. 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 Organization. Trump handed over the leadership of the organization to his children after he won his first term as U.S. president. The Trump Organization has luxury golf projects, existing or under development, in countries from Indonesia to the Middle East.
Forbes
06-05-2025
- Business
- Forbes
Thai Billionaire To File Appeal Against Court Ruling In Golf Resort Land Grabbing Case
The Mountain Creek Golf Resort and Residences in Thailand. Courtesy of Mountain Creek Thailand Coffee and steel magnate Prayudh Mahagitsiri said he will file an appeal against a Thai court ruling that found him and his golf resort development company illegally amassing land in northeastern Thailand. The billionaire issued the statement after the Criminal Court for Corruption and Misconduct Cases sentenced him to a 24-year jail sentence over the alleged land grabbing case. The court delivered a verdict last week to jail nine individuals, including government officials and Prayudh's daughter Ausana, who received a jail term of 12 years. "This is an unfortunate political court case," Prayudh said in a statement emailed to Forbes Asia . "The accusations are from the National Anti-Corruption Commission (NACC) and happened approximately 20 years ago and it was dug up to accuse the government officials of wrongdoing in surveying the land to issue the land title deeds." The case stemmed from the expansion of the Mountain Creek Golf & Resort & Residence project in Nakhon Ratchasima province, northeast of Bangkok. Following land surveys and consolidation of plots within the area, the government alleged that the 27-hole golf resort's land area increased by 30 hectares, beyond its original size of 369 hectares. The project , which includes a five-star hotel and a residential estate, was developed by a company linked to Prayudh's PM Group. Prayudh, who has consistently denied any wrongdoing, said the NACC accused him of supporting some government officials without any evidence. 'The circumstances provided the judge to declare a verdict of this 'supposed' wrongdoing and a sentence of 24 years in jail for me,' Prayudh said. 'This sentence is even more severe than killing someone.' A court granted Prayudh and Ausana bail at 1 million baht (US$30,175) each. They are not allowed to leave the country. With a real-time net worth of $2.6 billion, Prayudh, 79, is among Thailand's wealthiest. He derives his fortune mainly from interests in Quality Coffee Products, a long-standing joint venture with Swiss multinational food and drink processing conglomerate Nestle that was licensed to produce Nescafé in Thailand. Quality Coffee is in a legal dispute with Nestle after the Swiss food and beverage giant terminated its 34-year partnership with Prayudh's company in 2024, disrupting Nescafe's production and distribution in Thailand. Nestlé is preparing to resume Nescafé production in Thailand after receiving the affirmation from the Central Intellectual Property and International Trade Court that it has the exclusive right to use the Nescafé trademark in the country. Besides his interests in Quality Coffee and POSCO Thainox, a joint venture between the Korean steel maker and Prayudh's company, his family also has various restaurant franchises in Thailand including Pizza Hut, Taco Bell and Krispy Kreme.
