News Summary
A Trump-backed golf resort development in Hung Yen province, Vietnam, raises urgent concerns about inadequate compensation for local farmers. The offered rates range from $12 to $30 per square meter, falling short of fair market value. As thousands face losing vital agricultural lands, locals express distress over their futures. Despite endorsements for the project by Vietnam’s Prime Minister, residents criticize the compensation process and the expedited approvals, fearing environmental impacts and legal oversights. The situation highlights the tension between economic development and the rights of local landholders.
Hanoi, Vietnam – Urgent Concerns Over Compensation in Trump-Backed Golf Resort Development
A $1.5 billion golf resort backed by the Trump Organization is under scrutiny in Hung Yen province, Vietnam, due to the compensation offered to local farmers whose lands will be taken for the project. The resort, a joint venture between the Trump Organization and the Vietnamese real estate firm Kinh Bac City, has sparked fears among residents regarding their livelihoods as thousands of villagers face losing their agricultural lands, crucial for their sustenance.
The compensation rates set by local state authorities range from $12 to $30 per square meter of land, with additional offers of rice provisions and cash totaling an average of approximately $3,200. This figure roughly equates to less than the average annual income for many in Vietnam, making it difficult for affected farmers to envision a secure future post-compensation. Compensation calculations are determined based on the size and location of the land, leading to significant discrepancies in the amounts offered to different families.
Many farmers have voiced their distress over the situation, expressing profound concerns about finding stable employment after the loss of their farmland. The project marks the first development by the Trump Organization in Vietnam, coinciding with the country’s attempts to reach beneficial trade agreements with the United States to mitigate tariffs that could have soared as high as 46%. Fortunately, these tariffs have since been lowered to around 20%.
Vietnam’s Prime Minister Pham Minh Chinh has endorsed the golf resort’s development, claiming it will bolster the US-Vietnamese relationship while generating jobs and enhancing local livelihoods. The ambitious project is set to feature a lavish 54-hole VIP golf course, luxury resorts, high-end villas, and an urban complex.
However, the compensation offers have come under fire from locals who argue the proposed rates are inadequate compared to the true worth of their land. Reports indicate that historically, compensation for farmland in the region seldom exceeds $14 per square meter, further fueling dissatisfaction among landholders.
Additionally, there are rising alarms regarding the expedited approval process for the resort, suggesting that necessary environmental assessments and other legal requirements might have been overlooked. The project’s developers handle the compensation process, having compensated the Trump Organization with $5 million in licensing rights for using the Trump brand.
Amid these developments, the White House has rejected allegations of a conflict of interest arising from the project, emphasizing that the business operations of the Trump Organization are distinctly separate from trade negotiations conducted by the US. While Donald Trump’s assets are managed in a trust by his children, it is reported that the income generated from these ventures ultimately benefits him.
Land ownership in Vietnam is intricately tied to state management, with farmers typically using small plots for extended periods, although authorities retain the right to reclaim the land. This legal framework places farmers at a disadvantage when such large-scale projects arise.
Meanwhile, Eric Trump has maintained that the Trump family does not derive financial gain from political dealings, despite ongoing real estate and cryptocurrency ventures since his father’s presidency. The Trump Organization has also indicated interest in developments in various international locations, including Saudi Arabia and Qatar, while managing a $1 billion hotel project set to be built in Dubai.
Adding to the legal woes, the Trump Organization was ordered by a New York judge to pay $350 million in penalties for fraudulent practices related to the inflated valuation of its assets. As the situation in Vietnam unfolds, the balance between economic development and the rights of local farmers continues to come under scrutiny.
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Additional Resources
- The Guardian: Farmers Displaced for Trump Golf Course
- Wikipedia: Vietnam
- Reuters: Vietnam Farmers Displaced
- Google Search: Trump golf course Vietnam
- The Daily Beast: Farmers Fume Over Golf Club Deal
- Encyclopedia Britannica: Land Reform
- The New York Times: Trump Vietnam Golf Project
- Google Scholar: Vietnam land reform
- Indian Express: Vietnam Farmers Losing Land
- Google News: Trump golf resort Vietnam
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