Trump organization to discuss the new Vietnam tower while commercial negotiations continue
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Eric Trump, the son of the American president, is expected in Vietnam this week for discussions on a new proposed Trump tower that comes just like the Southeast Asian Nation rushes to avoid punitive American trade rates.
The official news agency of Vietnam reported on Monday that the Trump organization plans to expand its investment in Vietnam by building the tower of the financial center of the south of Ho Chi Minh-Ville.
Eric Trump had to organize discussions with city officials Thursday on possible locations and other details of the Tower project, the agency said.
President Donald Trump’s sons manage the Trump organization, but some business analysts and managers have said that the growing business interest in Vietnam could be positive for the country when he tries to conclude a tariff agreement with Washington.
Eric Trump’s visit will only take place a few days after Vietnam has approved a $ 1.5 billion organization project made up of golf field, hotels and luxury residences. The project, a joint venture with the Vietnamese company Kinhbac City Development Holding, should launch the construction this year and be completed by 2029.
The American president struck Vietnam with a “reciprocal” rate rate of 46% in April, although he later granted the country and other commercial partners a 90 -day stay.
The rate of 46% would be a blow for Vietnam, which has become a manufacturing power in recent years when production has moved from China. This is now an essential link in world supply chains and has Apple, Samsung and Nike as key investors.
The economy of Vietnam, one of the fastest in the world, depends strongly on exports, a third of which go to the United States alone.
Hanoi is now faced with difficult negotiations with Washington to agree with lower prices after Trump’s break on the implementation of most of them ends in July.
Trump administration officials have repeatedly criticized Vietnam for its massive trade surplus with the United States – the third largest after China and Mexico. They also accused Vietnam of having acted as a conduit for Chinese companies that seek to avoid prices by shipping to the United States via a third country.
The Minister of Vietnam Trade and Industry, Nguyen Hong Dien, met the representative of the United States Jamieson Greer in South Korea last week.
Hanoi has promised to buy more American goods, including Boeing aircraft and agricultural products, to eliminate non-tariff obstacles and to intensify a repression from the export transaction to the United States of the United States.
The city of Kinhbac did not respond to a request for comments. A spokesperson for the Trump organization immediately responded to a comment request.
Additional report by Alex Rogers in Washington
