Trump International Officially Enters the Vietnamese Market with a Project in Hung Yen

According to the Ho Chi Minh City Law Newspaper (Pháp Luật TP.HCM), the Trump International project in Hung Yen is one of the largest foreign-invested luxury real estate projects in Vietnam to date, with a total investment capital of approximately USD 1.5 billion. The project is developed by a consortium comprising Hung Yen Hotel Services Joint Stock Company (a subsidiary of Kinh Bac City Development Holding Corporation – KBC), IDG Capital, and the Trump Organization. The Trump Organization participates by providing brand licensing and operational management, without making a direct capital contribution.

See also: Detailed Legal Guide on Hospital Investment and Construction in Vietnam (2025)

Legal Framework under the Law on Investment 2020

The project is being implemented under the legal framework of the Law on Investment No. 61/2020/QH14, effective from January 1, 2021, along with its guiding documents, including Decree No. 31/2021/ND-CP. Under this framework, foreign-invested real estate projects must satisfy the following conditions:

• Compliance with the provincial master plan of Hung Yen and relevant planning documents (as per the Law on Planning 2017 and the Law on Urban Planning 2009);
• Adherence to market access conditions for foreign investors (Annex I – Decree No. 31/2021/ND-CP);
• Legal land use rights or land lease granted by the State for appropriate purposes (pursuant to the Law on Land 2024);
• Compliance with environmental protection regulations (pursuant to the Law on Environmental Protection 2020), particularly environmental impact assessment (EIA) under Article 30 of said Law.

Investment Licensing Procedures and Conditions

The Trump International Hung Yen project falls under the category of projects subject to investment policy approval by the Prime Minister under Article 31 of the Law on Investment 2020.

Required steps:

• Prepare and submit the investment project proposal dossier to the Department of Planning and Investment of Hung Yen Province;
• Appraise the investor’s financial capacity (verified through audited financial statements for the most recent two years or financial support commitments);
• Conduct an Environmental Impact Assessment (EIA), which is mandatory for large-scale projects;
• Obtain opinions from relevant ministries, such as the Ministry of Construction, the Ministry of Natural Resources and Environment, and the Ministry of Planning and Investment;
• Submit to the Prime Minister for investment policy approval;
• Obtain the Investment Registration Certificate (IRC) and proceed with enterprise registration.

Construction Permit Application Procedures

After obtaining the IRC and completing procedures related to land use rights, the foreign investor must apply for a construction permit in accordance with the Law on Construction No. 50/2014/QH13 and its guiding regulations.

Conditions for issuance of a construction permit include:

• A completed application dossier, including technical design or construction drawing design approved under Article 82 of the Law on Construction 2020;
• A copy of the approved master plan and architectural design scheme;
• A copy of one of the documents proving land use rights, pursuant to the land laws;
• Copies or identification numbers of professional practicing certificates issued to organizations and individuals involved in project design and design appraisal;
• Fire prevention and fighting design appraisal in accordance with Decree No. 136/2020/ND-CP. The dossier must include the official approval of fire safety designs for facilities subject to such approval;
• Traffic impact assessment, if the project affects existing traffic infrastructure or is located in areas subject to special infrastructure requirements. This may be required based on the instructions of the construction licensing authority or sectoral regulations on transportation.

Capital Requirements

According to Article 33 of the Law on Investment 2020, the application dossier for investment policy approval must include documentation evidencing the investor’s financial capacity. Specifically, the investor may submit one or more of the following:

• Audited financial statements of the investor for the most recent two years;
• Commitment letters of financial support from the parent company, financial institutions, or credit institutions;
• Bank statements or proof of other assets demonstrating financial capability commensurate with the equity contribution ratio.

The investor must also submit a clear capital mobilization plan specifying:

• Loan sources (if any) and disbursement timelines;
• Compliance with foreign exchange control regulations for offshore funding sources under the Ordinance on Foreign Exchange (2005, as amended in 2013) and relevant guidelines such as Circular No. 12/2016/TT-NHNN issued by the State Bank of Vietnam;
• Mechanism for profit repatriation and tax obligations (if the investment is made through a foreign parent company).

See also: Investment Incentives for Resort Projects in Vietnam (2025)

Construction Standards Applicable to the Project

As a foreign-invested high-end real estate project, Trump International Hung Yen must comply with both international construction standards and Vietnamese national technical regulations to ensure construction quality, operational safety, and long-term sustainability.

1. Compliance with Vietnamese construction laws and standards:

• Law on Construction 2014;
• Decree No. 15/2021/ND-CP on management of construction investment projects;
• National Technical Regulations on Construction (QCVN) and Vietnamese Standards (TCVN) promulgated by the Ministry of Construction.

Use of foreign standards is permitted only if such standards are not inconsistent with Vietnamese law and must be specified in the construction design documentation.

2. Application of international standards for specialized facilities:

For golf courses, hotels, and international-standard resorts, investors may apply design standards such as:

• USGA (United States Golf Association) standards for professional golf course design;
• LEED (Leadership in Energy and Environmental Design) or EDGE standards for green buildings;
• ISO 14001:2015 for environmental management systems in construction.

3. Compliance with safety and fire protection regulations:

• Adherence to regulations on structural safety, lightning protection, and earthquake resistance under QCVN 02:2022/BXD;
• Fire safety design approval as per Decree No. 136/2020/ND-CP and related guidance from the Ministry of Public Security.

4. Sustainable development and energy efficiency standards:

• Design, construction, and operation must comply with QCVN 09:2017/BXD on energy efficiency solutions for buildings;
• Encouragement of the use of green materials, recycled materials, and renewable energy solutions (e.g., solar power, circular wastewater treatment systems).

See also: Legal Regulations on Aviation Investment and Business in Vietnam

Conclusion

The Trump International project in Hung Yen marks a significant milestone in attracting foreign investment to Vietnam’s luxury real estate sector and underscores the rising appeal of Hung Yen Province as an emerging hub for industrial and urban development in northern Vietnam.

The groundbreaking ceremony held on May 21, 2025, with the attendance of Trump Organization representatives and Hung Yen provincial leaders, affirms the long-term commitment of foreign investors to the Vietnamese market. According to official media sources, the project has a total investment capital of USD 1.5 billion, covering an international-standard golf course, hotel, luxury villas, and a large-scale convention center. It is expected to be completed within two years, with land use rights granted until 2075.

Strict compliance with legal requirements on investment, construction, environmental protection, and sustainable development – as provided under the Law on Investment 2020, the Law on Land 2024, and the Law on Construction 2014 – is not only mandatory but also a key factor ensuring the project’s transparency, feasibility, and long-term effectiveness. This also lays the foundation for Hung Yen to become an attractive destination for global corporations in the resort and commercial real estate sectors.

Harley Miller Law Firm

Email: info@luatminhnguyen.com/miller@hmlf.vn
Website: luatminhnguyen.com or hmlf.vn
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