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Eric Trump, the US president’s son, is anticipated this week in Vietnam about the proposed new Trump Tower debate in Vietnam, as Southeast Asian nations rush to avoid punitive US trade tariffs.
Vietnam’s official news agency reported on Monday that Trump’s organization is considering expanding its investment in Vietnam by building a tower at the Southern Financial Centre in Ho Chi Minh City.
Eric Trump was expected to discuss possible locations and other details of the tower project on Thursday with city officials, the agency said.
President Donald Trump’s sons control the Trump organization, but some analysts and executives say the company’s growing interest in Vietnam is positive for the country as it seeks to attack tariff deals with Washington.
Eric Trump’s visit comes days after Vietnam approved a $1.5 billion Trump organizational project consisting of golf courses, hotels and luxury homes. The project, a joint venture with Vietnamese company Kinhbac City Development Holding, will begin construction this year and is expected to be completed by 2029.
The US president struck Vietnam with a “mutual” tariff rate of 46% in April, but later granted a 90-day reprieve to the country and other trading partners.
A 46% rate would be a major blow to Vietnam. Vietnam has recently emerged as a manufacturing powerhouse as its production shifted from China. It is currently a key link in the global supply chain, counting Apple, Samsung and Nike as key investors.
Vietnam’s fastest growing economy in the world is heavily dependent on exports, with a third of it being sent to the US alone.
Hanoi is currently facing tough negotiations with Washington, agreeing to a reduction in tariffs after Trump suspends on the implementation of most that ended in July.
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Trump administration officials have repeatedly criticised Vietnam for its large trade surplus with the United States, the third largest after China and Mexico. They also accused Vietnam of acting as a conduit for Chinese companies trying to avoid tariffs by shipping it to the US via third countries.
Vietnam’s Minister of Trade and Industry Nguyen Hong Dien met US trade representative Jamieson Greer in South Korea last week.
Hanoi has pledged to buy more American goods, including Boeing aircraft and agricultural products, remove non-tariff barriers and strengthen the crackdown on export transport from other countries to the United States.
Kinhbac City did not respond to requests for comment. A spokesman for the Trump organization did not immediately respond to a request for comment.
Additional Reports by Alex Rogers of Washington
