Donald Trump, the former American president is tapping into the Vietnamese real estate market with new US$1.5 billion golf course and resort project. The project is set to be put up in Hung Yen province. The Vietnamese President To Lam visited the United States late last year, when the project plan was conceived. Since then, Kinhbac City, a real estate developer has signed an MOU (Memorandum of Understanding) with The Trump Organization for the project. According to an analysis by Reuters, the golf course and resort business is the largest cash flow driver for the former president’s organization.
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Details on the Trump Resort in Hung Yen
The project includes two 54-hole golf course systems in addition to a network of hotels and resorts. Moreover, a modern residential complex will be put up on the property. Representatives from the Trump Organization have already visited the province and met the authorities in Hung Yen to begin the process of getting approvals for construction. With a population of 100 million, 0.1% of the population are golfers according to the Vietnam Golf Association. The country which is just a little larger than New Mexico state, has 70 golf courses. 50 kilometres southeast of Hanoi, the capital city, Hung Yen is To Lam’s hometown and is also an industrial centre.
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“We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry,” Eric Trump, the second son of former US president Donald Trump and executive vice-president of The Trump Organization. The construction timeline has not been disclosed, however.
Property Developer
KinhBac City Development (KBC) is a leader in developing industrial parks and urban areas in Viet Nam. For over two decades, the firm has developed 25 Industrial Park projects and housing projects throughout the country with FDI capital of $20 billion. It is also involved in water and electricity supply and related services, including sewage treatment, for industrial zones, along with the offering of engineering, architectural, interior design and maintenance services for real properties. Other activities include infrastructure construction and the operations of tours, hotels and restaurants.
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This is not the only oversees project The Trump Organization is keen on undertaking. Last year, prior to the Hamas attack, the organization was looking into constructing a hotel in the heart of Jerusalem, close to the Israeli Supreme Court and the prime minister’s office. It would be put up on the former site of the Ministry of Foreign Affairs.
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Additionally, the organization was reportedly looking into converting a skyscraper in Tel Aviv into yet another Trump-branded hotel. Located near the Israeli Defense Forces headquarters, the towers design includes a twist with glass and steel. Moreover, it would have the most hotel rooms in the country once construction is completed.
Project Overview
Location: Hung Yen, Vietnam
Cost: US$1.5 billion
Developer: Kinhbac City
Number of courses: Two 54-hole systems
