The Trump Organization breaks ground on $1.5 bln property project in Vietnam

The Trump Organization on Wednesday broke ground on its $1.5 billion golf, eco-tourism and urban complex in northern Vietnam, with the witness of Prime Minister Pham Minh Chinh.

The complex, named Trump International Hung Yen, is the first Trump-branded project in Vietnam and is expected to become an iconic travel destination in the Southeast Asian country.

The mega project covers nearly 990.43 hectares in six communes of Khoa Chau district, Hung Yen province, near the Red River, and has investment capital of VND39,787 billion ($1.53 billion).

It will be developed by a joint venture between Vietnam's Hung Yen Investment and Development Group and IDG Capital Vietnam, which represents The Trump Organization. Construction is scheduled to be completed by Q2/2029.

The complex will feature four subdivisions: a high-end eco-residential area with a golf course (for 3,500 residents), another eco-residential area with a nature-focused golf course (1,800 residents), a service-trade-urban area (29,700 residents), and a specialized green park area.

A key highlight is a 240-ha golf facility comprising two courses of 36 and 18 holes, respectively. The project also includes 7.3 hectares for social housing and 99 hectares for a thematic park.

Speaking at the event, Prime Minister Pham Minh Chinh emphasized that this project is of great significance in promoting the Vietnam-U.S. relationship to become deeper, more substantial, and efficient. "It also reflects the confidence of foreign investors, including U.S. investors, in Vietnam."

Chinh asked relevent authorities to actively support the project so as it could be completed within two years to welcome the APEC 2027 event in Vietnam.

Eric Trump, executive vice president of The Trump Organization, commented that Vietnam is now one of the most dynamic and potential markets in the world.

He said he is proud to bring the Trump legacy to a country with vision, vitality and strong growth, emphasizing that this project is not only a symbolic work, but also a commitment to excellence, a tribute to culture and a lasting mark for the future of Vietnam, the government's news portal reported.

Eric Trump, the third son of President Donald Trump, also noted that the investors are committed to completing the project within more than two years. He said it will be among the world's best and most classy golf courses.

The working schedule of the Ho Chi Minh City People's Committee shows that a delegation from The Trump Organization was set to work with city leaders this week on plans to build a skyscraper in the Thu Thiem New Urban Area.

On March 18, in a meeting with Charles James Boyd-Bowma, CEO of IDG Capital Vietnam, Prime Minister 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.

Alongside major developers like Ecopark, Vinhomes, Masterise, and CapitaLand, The Trump Organization’s entry is anticipated to generate a new wave of high-profile investment in Hung Yen province, a neighbor of Hanoi.

Hung Yen attracted nearly $4 billion in registered FDI in 2024, its highest level to date.

Hung Yen Investment and Development Group, the Vietnamese parner in the joint venture, is a subsidiary of Kinh Bac City Development Holding Corporation (HoSE: KBC), a major industrial park developer in Vietnam.

Kinh Bac and its subsidiaries and affiliates are managing 5,000 hectares of industrial land and 900 hectares of urban land.