(Bloomberg) -- The Trump Organization plans to build a $1.5 billion complex of hotels, golf courses and homes in northern Vietnam in a joint venture with a local industrial park developer, according to a statement from the Vietnamese company.
A memorandum of understanding between the Trump Organization and the People’s Committee of Hung Yen province — where the complex will be developed — a unit of Vietnamese developer Kinh Bac City Development Holding Corp., IDG Group and a fund was signed Sept. 25 during the visit to the US by Vietnam’s Communist General Secretary To Lam, according to a statement on the website of Kinh Bac City.
Another agreement was signed between the Trump Organization and Hung Yen Hospitality, a subsidiary of Kinh Bac City.
The venture will develop five-star hotels, golf courses and luxurious residential estates, according to a statement on the Trump Organization’s website.
“Vietnam has tremendous potential for luxurious hospitality and entertainment,” Executive Vice President Eric Trump said, according to the organization’s statement.
--With assistance from Linh Vu Nguyen.
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