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Eric Trump, son of the US president, is anticipated in Vietnam this week for discussions on a proposed new Trump Tower that come simply because the south-east Asian nation rushes to keep away from punitive US commerce tariffs.
The official Vietnam Information Company reported on Monday that the Trump Group was contemplating increasing its funding in Vietnam by constructing the tower within the southern monetary centre of Ho Chi Minh Metropolis.
Eric Trump was anticipated to carry discussions with metropolis officers on Thursday on potential areas and different particulars of the tower challenge, the company mentioned.
President Donald Trump’s sons handle the Trump Group, however some analysts and enterprise executives have mentioned the corporate’s rising curiosity in Vietnam could possibly be optimistic for the nation because it tries to strike a tariffs take care of Washington.
Eric Trump’s go to will come simply days after Vietnam authorised a $1.5bn Trump Group challenge consisting of a golf course, resorts and luxurious residences. The challenge, a three way partnership with Vietnamese firm KinhBac Metropolis Improvement Holding, is anticipated to kick off building this yr and be accomplished by 2029.
The US president hit Vietnam with a “reciprocal” tariff fee of 46 per cent in April, although he later granted the nation and different buying and selling companions a 90-day reprieve.
The 46 per cent fee could be an enormous blow to Vietnam, which has emerged as a producing powerhouse lately as manufacturing has shifted from China. It’s now a essential hyperlink in world provide chains and counts Apple, Samsung and Nike as key buyers.
Vietnam’s financial system, one of many quickest rising on the earth, is closely depending on exports, a 3rd of which go to the US alone.
Hanoi now faces robust negotiations with Washington to agree decrease tariffs after Trump’s pause on the implementation of most of them ends in July.
Trump administration officers have repeatedly criticised Vietnam for its large commerce surplus with the US — the third largest after China and Mexico. They’ve additionally accused Vietnam of appearing as a conduit for Chinese language firms seeking to keep away from tariffs by delivery to the US through a 3rd nation.
Vietnam commerce and trade minister Nguyen Hong Dien met US commerce consultant Jamieson Greer in South Korea final week.
Hanoi has promised to purchase extra American items, together with Boeing plane and agricultural merchandise, to take away non-tariff obstacles and to accentuate a crackdown on trans-shipment of exports to the US from different international locations.
KinhBac Metropolis didn’t reply to a request for remark. A spokesperson for the Trump Group didn’t instantly reply to a request for remark.
Extra reporting by Alex Rogers in Washington
