Vietnam approves $1.5 billion Trump Org development amid trade negotiations

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.

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.