HANOI: The Trump Organization is said to start construction of its US$1.5 billion complex of hotels, golf courses and homes in northern Vietnam on Wednesday (May 21) with a groundbreaking ceremony that will include Eric Trump (pic) among the guests, according to a person familiar with the matter.
The project in Hung Yen province received final approval from the local government on May 17, according to the person who asked not to be identified as the information is confidential. The US president’s son is also set to attend the event, the person said.
Eric Trump and a delegation from the Trump Organization are then expected to travel to Ho Chi Minh City for talks with local officials on a proposal to build a tower in the Thu Thiem area of the country’s commercial capital, Vietnam media reported Monday.
Vietnam and the US have been engaged in intense trade diplomacy over the Trump administration’s threatened 46% tariff on goods from the nation, which was later wound back to 10% for 90 days to allow time for talks.
The South-East Asian nation has repeatedly vowed to purchase more American goods, while offering to remove all tariffs on US imports. It also promised to take steps to target origin of goods fraud, to address one of the Trump team’s key concerns over the issue of Chinese goods being shipped via Vietnam to sidestep tariffs.
Vietnam’s Foreign Affairs Ministry and the Trump Organization didn’t immediately respond to emailed requests for comment.
Agreements between the Trump Organization and the People’s Committee of Hung Yen province, a unit of Vietnamese developer Kinh Bac City Development Holding Corp, IDG Group and a fund were signed last year for the development of the resort, which will include five-star hotels, golf courses and luxurious residential estates. - Bloomberg
