Vietnam welcomes a new chapter in economic growth as Prime Minister Pham Minh Chinh and Eric Trump break ground on a massive $1.5 billion luxury resort project near Hanoi, strengthening U.S.-Vietnam trade relations while navigating the complex landscape of international tariffs.
Key Takeaways
- The Trump Organization and Vietnamese partners launched a $1.5 billion luxury resort project spanning 2,446 acres with three 18-hole golf courses, high-end hotels, and residential complexes
- Eric Trump’s Vietnam visit coincides with ongoing U.S.-Vietnam trade negotiations, as Vietnam works to address President Trump’s tariff concerns
- Vietnam has committed to combating counterfeiting, reducing trade fraud, and increasing purchases of American goods to improve trade relations
- The project is expected to be completed by 2027, with local authorities fast-tracking approvals while addressing resident concerns about fair compensation
- The Trump Organization is also exploring additional investment opportunities in Vietnam, including a potential skyscraper project in Ho Chi Minh City
Trump Organization’s Major Investment in Vietnam
In a significant development for Vietnam’s luxury tourism sector, Eric Trump and Vietnam’s Prime Minister Pham Minh Chinh recently held a groundbreaking ceremony for a $1.5 billion resort project near Hanoi. The ambitious development, a partnership between the Trump Organization and Kinh Bac City, will feature three championship-level 18-hole golf courses, five-star hotels, and upscale residential estates across approximately 2,446 acres of prime real estate. This marks the Trump Organization’s first major venture into Vietnam’s growing luxury hospitality market.
“We are incredibly excited to enter this dynamic market,” said Eric Trump, Executive Vice President of the Trump Organization.
The timing of this investment is particularly noteworthy, as it coincides with ongoing trade discussions between the United States and Vietnam. The Vietnamese government has demonstrated strong support for the project, with Prime Minister Pham Minh Chinh personally attending the groundbreaking ceremony. Vietnamese officials have assured the Trump Organization of expedited approval processes and committed to addressing potential concerns regarding land acquisition and compensation for residents affected by the development.
Trade Relations and Tariff Negotiations
The resort development comes at a crucial time in U.S.-Vietnam trade relations. President Trump recently announced tariffs on various countries, initially proposing a 46% rate on Vietnamese imports before reducing it to 10% for 90 days. This adjustment provides Vietnam with an opportunity to address trade concerns through ongoing negotiations. Vietnamese state media have reported that U.S. officials consider the current trade surplus with Vietnam “unsustainable,” highlighting the need for rebalancing.
“Motivated us to expedite this project,” said Prime Minister Pham Minh Chinh.
In response to these pressures, Vietnam has made several commitments to improve trade relations, including stronger measures against counterfeiting and trade fraud, increased purchases of American goods, and creating more favorable conditions for U.S. businesses operating within Vietnam. The country is also working to provide favorable conditions for Starlink’s satellite internet services as part of its broader strategy to strengthen economic ties with the United States and demonstrate its commitment to addressing American concerns.
Project Details and Local Impact
The Trump-branded resort is expected to be completed by the end of 2027, creating significant opportunities for both local employment and international tourism. Beyond the three planned golf courses, the development will include luxury residential estates designed to attract wealthy international buyers and investors. The Vietnamese government has enthusiastically embraced the project, viewing it as a catalyst for economic growth and international prestige that aligns with the country’s development goals.
“The envy of all of Asia and the entire world,” said Eric Trump, Executive Vice President of the Trump Organization.
While local authorities have prioritized quick approval for the project, concerns have been raised about ensuring fair compensation for residents whose land will be acquired for the development. Government officials have pledged transparent and equitable relocation and compensation procedures, though the effectiveness of these measures remains to be seen. The Trump Organization is not stopping with this single project, as Eric Trump and company representatives are also exploring a potential skyscraper development in Ho Chi Minh City, further expanding their footprint in Vietnam’s growing luxury market.
Expanding American Business Presence
This major investment represents more than just a single resort development; it signals growing American business confidence in Vietnam’s economic potential. In October 2024, the Trump Organization also partnered with Hung Yen Hospitality to develop additional luxury amenities in Vietnam, demonstrating a broader strategy of investment in the country. These moves align with Vietnam’s efforts to attract high-quality foreign investment while navigating the complexities of international trade relationships, particularly with the United States.
The project joins similar Trump-branded luxury golf developments in Indonesia, the Middle East, and other international locations, expanding the company’s global portfolio of premium hospitality properties. For Vietnam, securing this prestigious American investment represents a significant achievement in its ongoing efforts to balance trade relations with the United States while continuing to develop its growing economy and tourism sector. The successful implementation of this project may pave the way for additional American investments and a more balanced trade relationship between the two nations.
