US President Donald J. Trump’s 2025 Personal Financial Disclosure Report revealed a notable $5 million income from a brand licensing agreement in Vietnam.
According to the report released by the US Office of Government Ethics, President Trump is set to receive $5 million in brand licensing fees from Hung Yen Hotel Services JSC, via their subsidiary DT Marks Vietnam LLC.
Note on the report regarding the $5 million revenue from brand licensing.
Hung Yen Hotel Services JSC is a member of Kinh Bac City Development Holding Corporation (HoSE: KBC), operating in infrastructure development, primarily focusing on key transportation and urban projects.
The subsidiary of KBC was established on September 24, 2024, with a charter capital of VND 50 billion. In October, the Trump Organization and KBC announced a collaboration to build a complex of hotels, golf courses, and residential areas in Hung Yen with an investment scale of approximately $1.5 billion.
The timing of these events, in September and October, was prior to Mr. Trump’s victory in the November 2024 US presidential election.
Ownership of DT Marks Vietnam LLC comprises 79% held by DTTM Operation LLC, a company that manages brands associated with Trump; 20% by the Trump family; and 1% by a member company of DT Marks Vietnam LLC.
Mr. Trump’s Personal Financial Disclosure Report indicates a brand licensing fee of $5 million. However, DT Marks Vietnam LLC recorded a receivable of $4 million for this transaction, reflecting the amount not yet received into the account.
The actual value of the brand licensing agreement is not publicly disclosed, only noted as “value not readily ascertainable,” suggesting that the acquisition of this brand may still involve other value factors.
According to Hung Yen province’s statistics, in the first five months of the year, the province attracted 47 domestic projects and 32 FDI projects with newly registered and additional capital, totaling $4.48 billion. This figure is more than double the $2.1 billion in capital attracted in the whole of 2024.
Among these projects is the Khoai Chau urban, eco-tourism, and golf complex, commercially known as Trump International Hung Yen, with an investment of over VND 39,000 billion, equivalent to over $1.5 billion.
The province’s statistics also show that from January to May, Hung Yen attracted over $530 million in FDI. This figure is lower than the $1.5 billion of the Trump-branded golf complex project alone. Thus, the registered capital of this golf complex contributes to domestic investment attraction.
Later this June, KBC will hold its Annual General Meeting of Shareholders for the fiscal year 2025, including a discussion on transactions with related parties, namely Hung Yen Investment and Development Group Joint Stock Company. This company is a KBC-owned subsidiary with an 85% stake and is also the investor in the “super project” golf complex.
To implement this project, KBC will seek shareholder approval for the following:
– Contribute capital, make investment decisions, engage in joint ventures, joint ventures, investment cooperation, business cooperation, or asset sales to support Hung Yen Company in implementing the Project;
– Arrange capital for the Project through loan forms, issuance and offering of securities, investment cooperation, and other forms in compliance with relevant legal regulations;
– Make commitments, guarantees, financial support, capital transfers, loans, and other contracts or transactions to ensure the safety of the Corporation’s obligations arising between KBC, Hung Yen Company, and the Project;
– Use the Khoai Chau project, assets, and property rights arising from the project, assets owned/used by Hung Yen Company, KBC, or third parties to secure debt obligations for loan obligations and other obligations related to the project, KBC, Hung Yen Company, subsidiaries, affiliates, or other related parties of KBC and Hung Yen Company.
Digital Asset Regulation: What’s the Challenge for Fraud Prevention?
The legalization of digital assets presents a unique opportunity for the growth of the digital economy, but it also poses a challenge in terms of identifying and addressing financial fraud.
The Journey of “One Step Further, A Million Miles” with SNP Run As One 2025
Following the tremendous success of the previous two seasons, the Saigon New Port Corporation (SNP) is thrilled to announce the return of the SNP Run As One for its third edition with the theme, “One Step Connects, Thousands Advance.” The event will take place on June 8 at the Sala Urban Area in Thu Duc City, Ho Chi Minh City, bringing together nearly 2,000 athletes and participants.
“Dissolving the National Financial Supervisory Commission: A Strategic Reform for Enhanced Financial Oversight”
“Deputy Prime Minister Ho Duc Phoc has recently signed Decision No. 16/2025/QD-TTg, issued by the Prime Minister on June 16, 2025. This decision entails the dissolution of the National Financial Supervisory Commission, bringing about a strategic shift in the nation’s financial regulatory framework.”
A Deposit-Refund System for Beverage Containers: A Novel Approach to Plastic Waste Management in Vietnam
The Deposit-Return System (DRS) is an innovative model that empowers consumers to take an active role in sustainability. It encourages consumers to return their single-use beverage containers after use, receiving a refund of their initial deposit. This system is designed for convenience, with return points easily accessible at retail stores, hotels, restaurants, cafes, and dedicated collection centers.
“Ho Chi Minh City Attracts Over $2.86 Billion USD in Industrial and Export Processing Zone Investments”
Investing in Ho Chi Minh City’s industrial and export processing zones has reached an impressive figure of over $2.86 billion. This includes a substantial foreign investment component of more than $935.3 million, with domestic investment contributing a significant $45,437 billion, equivalent to over $1.9 billion.
