# Vietnam Hung Yen Golf Deal On **May 21, 2025**, [[Eric Trump]] and Vietnamese Prime Minister Pham Minh Chinh broke ground on a **$1.5 billion** Trump-branded golf resort in Hung Yen province, along the Red River just south of Hanoi. The developer is a subsidiary of the Vietnam-listed **Kinh Bac City Development Holding Corp**; the [[Trump Organization]] licenses its name. The ceremony took place while Vietnamese negotiators were in Washington trying to talk down the **46% tariff** the administration had announced against Vietnam on April 2 ([[Liberation Day Tariffs]]) and then paused for 90 days. ## Why It's in the KB Vietnam is the sharpest case of the second-term licensing model colliding with live trade policy. The counterparty is not the Vietnamese state, but the project needed — and received — unusually swift provincial approval, the head of government personally attended the groundbreaking, and the same government was simultaneously negotiating tariff relief and reportedly offering concessions including support for Starlink. The Trump Organization collects a licensing fee whose size is not disclosed; the president sets the tariff. [[CREW]] counts this among at least 24 Trump-branded foreign projects underway in the second term. ## The Structure | Element | Detail | |---|---| | Developer | Subsidiary of Kinh Bac City Development Holding Corp (Vietnam-listed) | | Brand licensor | [[Trump Organization]] — no Trump equity reported | | Site | Hung Yen province, Red River, south of Hanoi; ~990 hectares (~2,446 acres) | | Components | Trump-branded golf courses (Forbes: two, designed by Bryson DeChambeau; Fox Business: three 18-hole courses — reports differ), five-star hotel, luxury villas | | Target completion | End of 2027 (per Fox Business) | | Follow-on | Eric Trump and executives discussed a second potential project in Ho Chi Minh City the following day | ## Timeline | Date | Development | |---|---| | Apr 2, 2025 | 46% "reciprocal" tariff announced against Vietnam; paused 90 days on Apr 9 | | May 2025 | Vietnamese delegation negotiating in Washington | | May 21, 2025 | Groundbreaking in Hung Yen; PM Chinh and Eric Trump attend | | Oct 2025 | Forbes profiles the Kinh Bac chairman under the headline that Trump "saved" his fortune | ## Quotes Eric Trump said projects developed in Vietnam would be "the envy of all of Asia and of the entire world." Local residents raised concerns about compensation for acquired land; Chinh pledged fair compensation. ## Connections Paired with the [[Qatar Simaisma Golf Deal]] announced three weeks earlier — the Gulf and Southeast Asian ends of the same licensing model described on the [[Trump Organization]] page. Both route into the [[Trump Family Corruption Ecosystem]]'s foreign-emoluments section. ## See Also - [[Trump Organization]] - [[Eric Trump]] - [[Liberation Day Tariffs]] - [[Tariffs]] - [[Emoluments Clauses]] - [[Qatar Simaisma Golf Deal]] - [[Trump Family Corruption Ecosystem]]