Trump and Vietnamese Mogul Partner on $1.5B Golf Resort

TRUMP SAVED THIS VIETNAMESE REAL ESTATE MOGUL’S FORTUNE—NOW THEY ARE OPENING A GOLF RESORT TOGETHER

A $1.5 BILLION LUXURY DEVELOPMENT SEALS A STRATEGIC PARTNERSHIP

In May 2025, Eric Trump, executive vice president of the Trump Organization, traveled to Vietnam to unveil Trump International Hung Yen , a $1.5 billion luxury real estate project developed in partnership with Vietnamese entrepreneur Dang Thanh Tam. The sprawling development will feature a five star hotel, luxury villas, and two golf courses designed by two time U.S. Open champion Bryson DeChambeau across nearly 2,500 acres.

The groundbreaking ceremony, held in a white tent 37 miles south of Hanoi, lacked the opulence of Trump’s recent Middle Eastern ventures. Yet for Dang, the event marked a major triumph. Standing between Eric Trump and Vietnamese Prime Minister Pham Minh Chinh, the 61 year old businessman celebrated as golden confetti filled the air.

“This project is more than a development,” Eric Trump declared. “It’s a commitment to excellence, a celebration of culture, and a lasting investment in Vietnam’s future.” Dang echoed the sentiment, calling it an “extremely exciting” vision.

The deal, finalized in New York in September 2024—just two months before Trump’s presidential victory—has already proven lucrative. Dang’s firm paid the Trump Organization $5 million in licensing fees, according to Trump’s latest financial disclosure. But the relationship runs deeper: Dang’s fortune was partly rescued by Trump’s first term trade policies.

FROM NEAR COLLAPSE TO A $400 MILLION FORTUNE

Dang’s business trajectory mirrors Trump’s—ambitious, debt fueled expansion followed by near disaster before a dramatic rebound. After founding industrial park developer Kinh Bac City in 2002, Dang rode Vietnam’s economic opening, attracting major manufacturers like Foxconn. He took the company public in 2007, then borrowed aggressively to expand into banking and mining—only to face collapse when interest rates surged in 2011.

By 2013, Kinh Bac’s debt had swelled to $360 million, forcing Dang to sell assets and restructure. Then came Trump’s 2017 trade war with China. As manufacturers fled Beijing’s tariffs, Vietnam became a prime alternative, and Kinh Bac thrived. Between 2017 and 2021, Vietnamese exports to the U.S. surged 119%, while Kinh Bac’s revenues and net income grew by 161% and 54%, respectively.

Today, Kinh Bac owns nearly 20,000 acres of industrial and residential land, hosting blue chip tenants like Canon, LG, and Foxconn. Over 90% of its clients are foreign firms exporting to the U.S., making Dang’s empire heavily reliant on American trade. His 34% stake in Kinh Bac and 29% in telecom infrastructure firm Saigontel now underpin his estimated $400 million fortune.

TRADE WARS AND TARIFFS: A DOUBLE EDGED SWORD

Trump’s return to the White House initially threatened Dang’s success. In April 2025, the administration imposed a 46% tariff on Vietnamese imports, sending Kinh Bac’s stock plunging 27% in a week. The timing of the Trump International Hung Yen groundbreaking—just weeks later—provided a critical PR boost, reinforcing Dang’s ties to the Trump family.

By June, Kinh Bac’s stock rebounded, and the firm reported a $47 million net profit in the first half of 2025, driven by new industrial park approvals. In July, Trump negotiated a revised trade deal, reducing tariffs to 20% while targeting “transshipped” goods (those routed through Vietnam from other countries) at 40%.

Dang remains optimistic. “The tariffs introduced short term uncertainty but accelerated global supply chain shifts,” he told Forbes . “Vietnam has two key advantages: a young, trainable workforce and some of the world’s largest rare earth reserves. Kinh Bac is positioning itself as the ecosystem builder for this next chapter.”

FROM WAR TORN CHILDHOOD TO BUSINESS EMPIRE

Born in 1964 in Haiphong, North Vietnam, Dang’s early life was shaped by war. His family relocated to Ho Chi Minh City (then Saigon) in 1976, a year after the conflict ended. After studying marine engineering, law, and business in Vietnam, the U.K., and Australia, he returned in 1988 to work as a marine officer, traveling across Asia.

In 1996, he and his sister, Dang Thi Hoang Yen, launched a 450 acre industrial park near Ho Chi Minh City. By 2002, he founded Kinh Bac City, securing Canon as an early tenant by offering competitive land rates and government backed infrastructure. His breakthrough came in 2006, when he met Foxconn founder Terry Gou at an APEC summit, leading to a long term partnership.

Dang took Kinh Bac public in 2007 at a $1 billion valuation, briefly making him Vietnam’s richest man. But his aggressive borrowing—summarized by his mantra, “I have 1, borrow 3, and do 4” —nearly unraveled him in 2011. After selling bank stakes and restructuring debt, he refocused on industrial real estate, capitalizing on the U.S. China trade war’s fallout.

VIETNAM’S MANUFACTURING BOOM AND DANG’S COMPETITIVE EDGE

Kinh Bac’s proximity to China’s manufacturing hubs has made it a key beneficiary of the “China Plus One” strategy, as firms like Foxconn, Goertek, and Luxshare (all Apple suppliers) expand operations in Vietnam. Foxconn alone has invested billions in Kinh Bac’s parks to produce iPads and MacBooks—products historically made in China.

“Vietnam already makes a majority of Apple’s MacBooks, iPads, and watches sold in the U.S.,” Apple CEO Tim Cook confirmed in July. Analysts note that Kinh Bac’s northern location—close to southern China—allows seamless supply chain integration.

A LUXURY GAMBLE: CAN DANG AND TRUMP SUCCEED IN HOSPITALITY?

While Kinh Bac’s industrial business thrives, the Trump International Hung Yen resort presents new challenges. Financing the $1.5 billion project will require complex partnerships and non recourse debt. Yet Dang is undeterred, viewing the Trump brand as a gateway to luxury development.

“Trump International Hung Yen is just the beginning,” he says. “We intend to develop more luxury projects—and we remain open to partnering with Trump.”

His relationship with the Trump family, much like his decades long ties to Foxconn’s leadership, offers a competitive edge few rivals can match. As Trump’s firm continues global expansion, Dang hints at future collaborations, betting that their partnership will outlast tariffs and trade wars alike.