Vietnam Insider — The Trump Organization is making bold moves in Vietnam, with plans for a series of high-profile real estate developments that could reshape parts of the country’s economic landscape — and possibly influence U.S.–Vietnam trade relations.
At the heart of the plans is a proposed Trump Tower in Thu Thiem, a prime yet long-underdeveloped area along the Saigon River in Ho Chi Minh City. Once dotted with makeshift homes and wandering water buffalo, Thu Thiem is now earmarked for transformation into a central business district. The $1 billion, 60-story tower is still pending approval, but insiders suggest construction could begin as early as next year.
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The proposal follows a May site visit by Eric Trump, the executive vice president of the Trump Organization and son of former U.S. President Donald Trump. While no formal government endorsement has been announced, the Trump Organization’s growing presence in Vietnam signals ambitions well beyond a single skyscraper.
Expanding North: Golf, Resorts, and Politics
During his visit, Eric Trump also broke ground on a $1.5 billion golf, resort, and residential complex in Hung Yen province — notably the home region of Vietnamese Communist Party General Secretary To Lam. The project, named Trump International Hung Yen, is being developed in partnership with Vietnamese real estate giant Kinh Bac City Development Holding Corporation.
Eric Trump praised Kinh Bac as a “world-class partner,” declaring the upcoming projects would be “the envy of all of Asia.”
This growing real estate footprint coincides with sensitive geopolitical timing. As the U.S. threatens to impose a 46% tariff on Vietnamese goods — citing trade imbalances and alleged Chinese transshipment — the Trump family’s deepening investment ties in Vietnam have raised eyebrows. While the Hung Yen golf deal predates both the tariff proposal and Donald Trump’s 2024 re-election, it may now serve as a symbolic gesture of goodwill amid tense negotiations.
Trade Diplomacy Meets Real Estate Strategy
Vietnam exported $142.4 billion worth of goods to the U.S. in 2024, equivalent to nearly 30% of its GDP. The stakes in avoiding punitive tariffs are high — prompting some analysts to suggest that Vietnam’s enthusiastic cooperation with the Trump family could be part of a broader diplomatic strategy.
“There is a high possibility that Vietnam and the United States can achieve a trade deal in the coming weeks,” said Nguyen Hong Hai, a political science lecturer at VinUniversity. “This fast-tracked cooperation may be seen by President Trump as a strong signal of partnership.”
Gregory Poling, Director of the Southeast Asia Program at CSIS in Washington, was more cautious. “It would require a remarkable degree of dissonance to say the timing is purely coincidental,” he noted.
Local Optimism Meets Uneasy Realities
In Thu Thiem, the news of a potential Trump Tower has sparked cautious optimism among some residents and vendors.
“It will add value to the area and create jobs,” said Que Anh, a street food seller in Thu Thiem. “But I worry we won’t be able to stay once rich people and big buildings come in.”
The area has undergone rapid — and often painful — transformation since the 1990s. Over 10,000 residents have been displaced for redevelopment, leaving a patchwork of luxury condos and vacant lots. Local observers note that real estate speculation continues to outpace affordable housing supply.
Tan Huynh, Managing Partner of Ho Chi Minh City-based firm THKeymaker, said Vietnam’s heavy dependence on property and foreign capital creates systemic risks. “The message is clear: if you have the right connections, the rules don’t apply,” he warned.
Behind the Curtain: Trump’s Local Partner
Kinh Bac City, the Trump Organization’s Vietnamese partner, is led by Dang Thanh Tam, a prominent figure in business and political circles. His sister, Dang Thi Hoang Yen (aka Maya Dangelas), a U.S. citizen, has also been linked to American property deals and previously faced regulatory challenges in Vietnam.
In February, Hoang Yen’s Tan Tao Corporation was delisted from the Ho Chi Minh City Stock Exchange over disclosure violations. She later filed legal claims against the Vietnamese government, alleging forced asset liquidation after a debt default.
Despite such controversies, the Trump Organization appears confident in its local partner. “If they were not well-established in Vietnam’s economy, Trump would not have chosen them,” said Nguyen Hong Hai.
Symbolism or Substance?
While many in Vietnam’s business community are intrigued by the high-profile deals, some question the long-term economic value of such projects.
“These aren’t power plants or factories,” said Poling. “A Trump-branded high-rise or golf course doesn’t drive industrial growth.”
But for others, the symbolic impact may be just as significant.
“Trump’s name has power,” said one local vendor outside a luxury apartment complex in Thu Thiem. “It puts Vietnam on the map in a new way.”
Whether these developments result in a “Trump bump” for Vietnam’s economy — or simply underscore deeper issues of inequality and crony capitalism — remains to be seen. For now, the city watches and waits.
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Source: Vietnam Insider