Trump Organization to develop $1.5 billion golf course and hotel project in Vietnam
Trump Organization to develop $1.5 billion golf course and hotel project in Vietnam
HANOI -- Vietnam's real estate developer Kinhbac City (KBC) said on Tuesday that its subsidiary has partnered with The Trump Organization to develop a US$1.5 billion golf course and hotel project in Vietnam's Hung Yen Province.
Eric Trump (L), Executive Vice President of The Trump Organization, and Dang Thanh Tam (R), Chairman of Kinhbac City (KBC), sign a memorandum of understanding in the presence of former U.S. President Donald Trump in Florida, September 25, 2024. Photo: KBC/Handout via the Communist Party of Vietnam Online Newspaper |
A memorandum of understanding between the two companies was signed in late September, KBC said in a statement.
The project consists two 54-hole golf course systems, together with a network of hotels and resorts and a modern residential complex, the statement added.
A Reuters analysis in August found the golf course and resort business was the biggest driver of cash flow for the Trump Organization, the family business of U.S. Republican presidential candidate Donald Trump, which houses the hundreds of companies he ultimately owns.
In mid-September, representatives from the Trump Organization visited the province and met Hung Yen authorities to discuss investment opportunities, according to the provincial administration.
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| Representatives from The Trump Organization and Kinhbac City (KBC) sign a memorandum of understanding in Florida, September 25, 2024. Photo: KBC/Handout via the Communist Party of Vietnam Online Newspaper |
"We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry," Eric Trump, Executive Vice President of The Trump Organization, also the second son of former President Donald Trump, said in the statement.
It did not provide a timeframe for construction of the project.
Vietnam, with a population of 100 million, currently has about 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.
The U.S.-based Trump Organization did not immediately respond to an emailed request from Reuters for comment.
