Eric Trump, Executive Vice President of the Trump Organisation (on the left side), former US President Donald Trump (in the middle) and Đăng Thanh Tâm, Chairman of the Board of Directors at Kinh Bắc City (on the right side). — Photo courtesy of Kinh Bắc City

Former US President Donald Trump's conglomerate is set to invest around US$1.5 billion in a development project that will include hotels, golf resorts and residential communities in Hưng Yên Province.

On September 25, in Florida (USA), an official signing ceremony was held between the People's Committee of Hưng Yên Province and a consortium of investors selected by the Trump Organisation. This consortium includes Hưng Yên Investment and Development Corporation, along with two US Investment Funds: IDG and Horitus.

Together, they are embarking on a project to develop a luxurious complex featuring upscale hotels, a 54-hole golf course, resorts and villa accommodations.

The total investment is around $1.5 billion, with the goal of capturing both domestic and international markets for exclusive events and top-tier conferences.

Also on September 25, the Trump Organisation and Hưng Yên Hotel Services JSC, a subsidiary of Kinh Bắc City Development Holding Corporation, inked a partnership agreement.

This venture is dedicated to developing a premier five-star hotel complex, an internationally recognised golf course, luxurious residential areas and upscale amenities in Kinh Bắc City, the company said in a press release.

"We are thrilled to make our official entry into this vibrant market," said Eric Trump, Executive Vice President of the Trump Organisation.

"Việt Nam holds remarkable potential in the realm of luxury hospitality and high-end entertainment, and we are excited to partner with this exceptional family to redefine opulence in the region."

Đăng Thành Tâm, Chairman of the Board of Directors at Kinh Bắc City, said that Hưng Yên Hotel Services stands out as a leading infrastructure developer in Việt Nam, with a strong emphasis on key projects, particularly in transportation and urban advancement.

”The Trump family has consistently set the highest benchmarks for the hospitality sector, and we look forward to this promising collaboration." — VNS