Vietnam's Prime Minister and Eric Trump, son of US President Donald Trump, held a groundbreaking ceremony yesterday for a luxury residential complex worth $1,5 billion (1,32 billion euros), with three 18-hole golf courses, near Hanoi, the capital of Vietnam, NBC reports.
The US president's family firm, the Trump Organization, and its local partners received approval for the project only last week from the communist authorities in Vietnam, which are simultaneously negotiating tariffs with Washington.
Prime Minister Pham Minh Chinh said that Eric Trump's visit "motivated" them to accelerate this project, and called on local authorities to provide maximum support and facilitate the completion of the one-hectare resort.
Plans for a possible skyscraper
According to NBC, Eric Trump is also scheduled to meet with Ho Chi Minh City officials today to discuss plans for a possible skyscraper in Vietnam's southern business hub, according to an internal schedule seen by Reuters.
The projects to be developed in Vietnam will be "the envy of all of Asia and the world," said Eric Trump, who is senior vice president of the Trump Organization. He praised the Vietnamese partner, real estate firm Kinhbac City, and promised to visit the country "very often," Indeks reports.
The collaboration, the terms of which were not publicly disclosed, "will focus on the development of five-star hotels, championship-level golf courses, luxury residential communities and unparalleled amenities in Vietnam," the consortium said in an October statement.
46 percent tariffs on Vietnam
Vietnam was set to be hit with some of the highest U.S. tariff rates, as high as 46 percent, when President Trump announced his "Liberation Day" plan for global tariffs on April 2. Trump has since delayed the imposition of the tariffs for 90 days, NBC recalls.
Vietnamese trade negotiators are in Washington to discuss compromises. Offers so far include lowering tariffs and non-tariff barriers, strengthening the fight against trade fraud and counterfeiting, and providing favorable conditions for Starlink, a company owned by close Trump ally Elon Musk, to deploy satellite internet in Vietnam.
Organizers say the project in Hung Yen, a few kilometers south of Hanoi along the Red River, quickly received approval from local authorities.
The Trump Organization has luxury golf projects, completed or under construction, in countries from Indonesia to the Middle East.
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