On the 21st (local time), the family business of U.S. President Donald Trump, the Trump Organization, began construction on a luxury resort complex in Vietnam worth 2 trillion won.
According to Reuters and Bloomberg News, an opening ceremony for the resort complex was held this afternoon in Hung Yen Province, northern Vietnam, with Eric Trump, the president's second son and senior vice president of the Trump Organization, and Pham Minh Chinh, the Prime Minister of Vietnam, in attendance.
The resort complex, to be developed on a site of over 9.9 square kilometers (approximately 2.99 million pyeong), will include three 18-hole golf courses, a five-star hotel, luxury residential areas, and various amenities. According to KBC, a Vietnamese real estate developer that is collaborating with the Trump Organization, the first phase of the project is set to be completed within two and a half years, with the entire complex targeted for completion by 2029.
Eric Trump said, 'This project and many other projects we are undertaking will inspire envy throughout Asia and the world.'
Prime Minister Chinh noted that this project will contribute to the development of Vietnam-U.S. relations and reaffirm foreign investors' trust in Vietnam.
On the 22nd, Eric Trump is scheduled to visit Ho Chi Minh City, the economic center of Vietnam, to discuss the project of building the 'Trump Tower' with city officials.
Meanwhile, Vietnam will become subject to a 46% high tariff announced by President Trump if it fails to complete tariff negotiations with the U.S. before the expiration of the reciprocal tariff exemption period in July. Vietnamese authorities are currently negotiating this with the Trump administration.