The family business · 2024 campaign · № 41
Hung Yen's provincial government signed with a Trump Organization consortium for a $1.5 billion golf resort
- Date
- , Kinh Bac City press release, reported by Viet Nam News and The Investor
- Subject
- Vietnam
- Benefit
- Real estate and licensing
- Government
- Vietnam
- Beneficiary
- Trump Organization
- Topic
- Ethics & conflicts
- Era
- 2024 campaign
What happened
On September 25, 2024, during Vietnamese party chief and president To Lam's visit to the United States, the People's Committee of Hung Yen province signed a memorandum with a consortium selected by the Trump Organization, made up of Hung Yen Investment and Development Group (a Kinh Bac City unit) and the investment funds IDG and Horitus, for a roughly $1.5 billion complex of hotels, a 54-hole golf course and villas; the Trump Organization separately signed a partnership agreement with Kinh Bac City's Hung Yen Hotel Services subsidiary, according to a Kinh Bac City release reported by Viet Nam News. Photographs released by Kinh Bac City show Donald Trump, Eric Trump and chairman Dang Thanh Tam at the signing ceremony; Viet Nam News placed it in Florida and The Investor in New York. A Trump Organization delegation had met Hung Yen provincial leaders on September 16, 2024, when chairman Tran Quoc Van asked agencies to move the administrative procedures quickly. Eric Trump said the company was "thrilled to make our official entry into this vibrant market." Reuters later reported, from regulatory filings, that Kinh Bac City and its partners paid the Trump Organization $5 million for brand licensing rights. Freedom House rated Vietnam Not Free in its 2024 report.
Sources
- Trump organisation pours $1.5 billion in Hung Yen
- Vietnam IP builder KBC, The Trump Organization to build $1.5 bln golf-hotel complex
- The Trump Organization eyes golf course-hotel investment in northern Vietnam
- Displaced Vietnamese farmers to get fistful of dollars, rice at $1.5 billion Trump golf club
- Vietnam: Freedom in the World 2024 Country Report