Trump firm ‘to develop $1.5bn golf resort in Vietnam’

HANOI – The Vietnamese real estate developer Kinhbac City (KBC) said on Tuesday that its subsidiary would partner with The Trump Organization to develop a $1.5-billion golf and hotel project in northern Vietnam.
A memorandum of understanding between the two companies was signed in late September during the visit by Vietnamese President To Lam to the United States, KBC said in a statement.
The project in Hung Yen province consists two 54-hole golf course systems, together with a network of hotels and resorts and a modern residential complex, the statement added.
“We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry,” Eric Trump, executive vice-president of The Trump Organization and the second son of former US president Donald Trump, was quoted as saying in the statement.
It did not provide a timeframe for construction of the project.
Representatives from the Trump Organization visited Hung Yen and met local authorities to discuss investment opportunities on Sept 16, Reuters reporter earlier, citing provincial officials.
Hung Yen, 50km southeast of Hanoi, is the hometown of President To Lam and is also an industrial centre in northern Vietnam.
“Hung Yen province always supports investors, creating favourable administrative procedures for foreign investors to cooperate and develop in the province,” the provincial committee said in an earlier statement.
A Reuters analysis last month found that the golf course and resort business was the biggest driver of cash flow for the Trump Organization, which houses the hundreds of companies ultimately owned by Donald Trump, who is running to win the presidency again on Nov 5.
Vietnam, with a population of 100 million, currently has around 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.