The Trump Organization will develop a $1.5 billion golf course and hotel project in Vietnam By Reuters

HANOI (Reuters) – Vietnam property developer Kinhbac City (KBC) said on Tuesday its subsidiary had partnered with the Trump Organization to develop a $1.5 billion golf course and hotel project in Hung province Vietnamese Yen.

A memorandum of understanding between the two companies was signed in late September during Vietnamese President To Lam’s visit to the United States, KBC said in a statement.

The project consists of two 54-hole golf course systems, along with a network of hotels and resorts and a modern residential complex, the statement added.

A Reuters analysis in August found that the golf course and resort business was the biggest driver of cash flow for the Trump Organization, the family business of US Republican presidential candidate Donald Trump, which is home to the hundreds of companies he ultimately owns them.

In mid-September, representatives of the Trump Organization visited the province and met with Hung Yen authorities to discuss investment opportunities, according to the provincial administration.

“We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry,” Eric Trump, executive vice president of the Trump Organization and second son of former President Donald Trump, said in the statement.

He did not foresee a deadline for the project.

Vietnam, with a population of 100 million, currently has about 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.

The US-based Trump Organization did not immediately respond to an emailed request from Reuters for comment.