HCMC authorities to work with The Trump Organization on tower project
A delegation from The Trump Organization is set to work with Ho Chi Minh City's leaders on plans to build a skyscraper in the Thu Thiem New Urban Area.
An illustration of Thu Thiem New Urban Area in Thu Duc city of Ho Chi Minh City, southern Vietnam. Illustration courtesy of the city's administration.
According to the working schedule of the municipal People's Committee, Vice Chairman of the committee Vo Van Hoan will have a working session with The Trump Organization today afternoon, Monday.
In the evening of Thursday, May 22, Chairman Nguyen Van Duoc and Vice Chairman Vo Van Hoan will receive the group's leaders.
Previously, an official dispatch from the HCMC Department of Foreign Affairs stated that Vietnam's Kinh Bac City Development Holding Corporation (KBC) and Saigon Invest Group (SGI) have participated in promoting the Trump Vietnam project in HCMC and had a meeting with the city's leaders in March.
The delegation this time includes two groups. Group 1, led by Charles James Boyd-Bowman, will enter HCMC from May 19.
Boyd-Bowman is CEO of IDG Capital Vietnam which represents The Trump Organization in the country and director of The Trump Organization's $1.5 billion golf, eco-tourism and urban complex in Hung Yen province.
Group 2, led by Eric Trump, executive vice president of The Trump Organization and the third son of President Donald Trump, will enter the city from May 22.
The delegation will go to the Thu Thiem New Urban Area to survey the proposed location of the Trump Tower and is expected to have a working session with HCMC leaders about this project.
Recently, a $1.5 billion golf, eco-tourism and urban complex in the northern province of Hung Yen, proposed by a joint venture between Vietnam's Hung Yen Investment and Development Group and IDG Capital, which represents The Trump Organization, received in-principle approval from the Vietnamese Government.
Under a decision signed by Deputy Prime Minister Tran Hong Ha, the mega project will cover 990.43 hectares in six communes of Khoa Chau district, Hung Yen - a neighbor of Hanoi.
Its total investment capital is estimated at VND39,787 billion ($1.53 billion), including VND4,078 billion for compensation and resettlement. The project, near the Red River, will operate for 50 years, with construction scheduled to begin in Q2/2025 and be completed by Q2/2029.
In a meeting with Boyd-Bowma on March 18, Prime Minister Pham Minh Chinh called on The Trump Organization to position Vietnam as a business base and expand its investment footprint to other localities in the country as well as potential areas in which the organization excels and Vietnam prioritizes.
He asked the firm to strengthen partnerships with Vietnamese enterprises, helping them engage in its global supply chain and ecosystem.
Boyd-Bowman revealed that his company is actively exploring more investment opportunities in Vietnam.
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