The Trump Organization gets okay for $1.5 bln property project in northern Vietnam

A $1.5 billion golf, eco-tourism and urban complex proposed by a joint venture between Hung Yen Investment and Development Group and IDG Capital, which represents The Trump Organization, has 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 province - 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.

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.

The approval follows an MoU signed in September 2024 between the Hung Yen People's Committee and the U.S side which includes the Trump Organization.

In March 2025, Charles James Boyd Bowman, CEO of IDG Capital Vietnam, officially proposed the project to Prime Minister Pham Minh Chinh and expressed hope of completing it by 2027, in time for the APEC Summit.

Following the government's in-principle approval, the joint venture will need to submit documents to get an investment registration ceritificate from Hung Yen's administration.

The project is expected to capitalize on the potential of the Red River tourism corridor, enhancing connectivity between Hung Yen province, Hanoi, and other northern localities.

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, which 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 subsidies and affiliates are managing 5,000 hectares of industrial land and 900 hectares of urban land.