Vietnam's PM and Eric Trump break ground on $1.5B luxury golf resort amid US tariff talks
5/21/2025
Vietnam's prime minister and U.S. President Donald Trump's son Eric held a groundbreaking ceremony on Wednesday for a $1.5 billion luxury residential development with three 18-hole golf courses outside Hanoi.
The U.S. president's Trump Organization family business and its local partners received approval for the project last week from the Communist authorities in Vietnam, which is separately negotiating over tariffs with Washington.
Prime Minister Pham Minh Chinh said Eric Trump’s visit "motivated us to expedite this project", and urged local authorities to provide maximum support and facilitate the completion of the 2,446-acre resort within the planned timeframe by the end of 2027. Eric Trump is also set to meet Ho Chi Minh City officials on Thursday to explore plans for a skyscraper in Vietnam's southern business hub, according to an internal schedule seen by Reuters. Projects to be developed in Vietnam will be "the envy of all of Asia and of the entire world," said Eric Trump, who is a senior vice president of the Trump Organization. He praised its Vietnamese partner, real estate firm Kinhbac City, and promised to visit the country "very often."
The collaboration, whose terms are not public, "will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam," the consortium said in a statement in October.
Vietnam was meant to be hit with some of the highest U.S. tariff rates of any country at 46% when President Trump announced his "Liberation Day" plan for global tariffs on April 2. Trump has since postponed the tariffs for 90 days.
Vietnamese trade negotiators are in Washington to discuss compromises. Offers made include lowering tariffs and non-tariff barriers, intensifying the fight against trade frauds and counterfeiting, and providing favorable conditions to Starlink, owned by Trump's close ally Elon Musk, to roll out satellite internet services in Vietnam.
Organizers said the golf project in Hung Yen, a few kilometers south of Hanoi along the Red River, swiftly obtained approvals from local authorities.
Local people interviewed by Reuters outside the venue showed support for the project, but some expressed concern over financial compensation. "Hopefully, we will get a reasonable compensation when they take the land for the project," said Ha Nho Son, a 61-year-old farmer.
Chinh repeatedly said local people would be fairly compensated.
The Trump Organization has luxury golf projects, completed or under development, in countries from Indonesia to the Middle East.
Member” Bank Screen at SouthState Bank says: Due to system maintenance as we welcome Independent Financial customers services may be temporarily unavailable Saturday and Sunday...!!!!
MZ: Memorial Weekend is a crazy time to make it unavailable.
Member: Not slow according to Bruce it’s going down today since it didn’t yesterday. He also stated this is for real it’s this weekend.
Member: A friend that got me into this has their Iraq contact that they heard 3.48 for a sat night to sun morning kick off
Shafaq News/ Hopes for a breakthrough in the ongoing nuclear talks between Iran and the United States appear to be fading, as momentum from earlier rounds has cooled and the latest session ended with only modest progress. While some diplomats speak of cautious optimism, Iranian officials and analysts are expressing growing frustration, pointing to what they see as Washington’s increasingly rigid demands.
The fifth round of indirect negotiations, hosted by Oman at its embassy in Rome, wrapped up on Friday. Iranian Foreign Minister Abbas Araghchi described the meeting as “the most professional,” highlighting a “clearer understanding from the American side of the Iranian position.” Oman’s Foreign Minister, Badr al-Busaidi, acknowledged progress, though he stopped short of calling it decisive. A date for the next round has yet to be announced.
These Muscat-based talks—conducted through intermediaries—have emerged as one of the last surviving diplomatic backchannels between Tehran and Washington. Their importance has only grown since the collapse of the 2015 Joint Comprehensive Plan of Action (JCPOA), the landmark agreement that once placed strict limits on Iran’s nuclear activity. That deal, signed under President Barack Obama, imposed a cap of 3.67% on uranium enrichment and limited Iran’s stockpile to 300 kilograms. But following the US withdrawal under President Donald Trump in 2018, Iran has ramped up its enrichment levels to 60%—dangerously close to weapons-grade.
Fading Hope
Inside Iran, there is a growing sense that the talks are drifting off course. Saeed Sharoudi, a Tehran-based expert on Iranian affairs, noted a clear shift in the mood of Iran’s negotiating team.
“The enthusiasm we saw in the early rounds has worn off,” Sharoudi explained to Shafaq News, adding that the team feels Washington’s stance contradicts earlier claims of readiness for a fair deal that would lift sanctions.
That shift, according to Sharoudi, is rooted in Washington’s continued imposition of new sanctions during the negotiations. “The United States, it seems, wants a one-sided agreement,” he remarked, where Iran halts its nuclear activity while sanctions remain untouched.
More than 1,500 US sanctions have been reimposed on Iran since 2018, targeting banking, shipping, and the energy sector. The pressure caused Iran’s economy to contract sharply, shrinking by over 6% immediately after the US exit from the JCPOA. Although there was some recovery in 2023 due to deepening trade ties with China and Russia, Iran’s access to global financial markets remains limited, fueling domestic discontent.
Sharoudi added that Washington’s position appears aimed at dismantling Iran’s nuclear ambitions altogether. “The demand to reduce uranium enrichment to zero is something Tehran cannot agree to,” he explained. For Iran, such a step would incapacitate its nuclear infrastructure. “Without enriched uranium, the facilities would effectively shut down,” he said, warning that the consequences would be far-reaching.
There is growing skepticism within the Iranian political class that the US genuinely wants a solution. “Iran is beginning to understand that the US is not genuinely seeking a solution to the nuclear file,” Sharoudi observed. Instead, he believes Washington’s promises to lift sanctions and welcome Western companies mask deeper intentions to undermine the entire program.
Race Against Time
Across the Atlantic, time is shaping up to be a critical factor, especially for the White House. Haitham al-Hiti, Professor of Political Science at the University of Exeter in the UK, believes the clock is ticking more loudly in Washington than in Tehran. “The timing will settle everything,” he remarked to Shafaq News, noting that the US administration is working on a faster timeline than Iran’s.
For President Donald Trump, speed is of the essence. “Trump does not want two years of his administration to pass without resolving these issues,” al-Hiti said, pointing to the pressure of looming elections. “Failure to reach a deal could weaken Trump in Congress and limit his ability to make major decisions,” he added. “He’s unlikely to let a full year go by without taking decisive steps.”
With Republicans currently holding the House and Democrats maintaining a narrow edge in the Senate, the midterm elections in November 2026 could dramatically shift power dynamics. Trump, who returned to office in January 2025, has made a new Iran deal one of his foreign policy priorities—but divisions within his administration over how far to go remain unresolved.
That sense of urgency, al-Hiti noted, is something Tehran is trying to exploit. “The Iranians are playing on this matter,” he said. “They give promises, delay responses, and try to stretch the talks over two years, hoping the Democrats will return to Congress and the Senate, weakening Trump’s hand.”
Two rounds left?
Aqil Abbas, an expert in US political affairs, pointed to a narrowing window for action. “Trump spoke of a negotiation ceiling of about two months,” Abbas mentioned in comments to Shafaq News. “I believe there may be only two sessions remaining before a decision must be made.”
Abbas contrasted this approach with past strategies. “Trump and the Europeans want to avoid the drawn-out process of previous talks, which lasted nearly a year and a half without results,” he explained. Europe appears aligned with Trump’s push for a faster resolution. A recent EU statement urged an “urgent restoration of full JCPOA compliance” while recognizing that “adaptations may be required in light of new realities.”
The US president, Abbas noted, is seeking to secure a result quickly, leaving time to measure its effectiveness. “An agreement is expected. What remains is the form in which it will be presented.”
Concessions on the table
While both sides remain tight-lipped about specifics, Abbas predicted that any deal will likely depend on Iranian compromises, especially on uranium enrichment. “The agreement will likely involve major Iranian concessions on enrichment,” he assessed. In exchange, the US may offer broad economic relief—possibly a full lifting of sanctions.
He emphasized the stakes: both sides, he believes, are trying to avoid conflict. “The most important thing is that both sides steer clear of military options or war. And that is a positive outcome.”
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Mod: GOOD MORNING ALL! LET THE PARTY BEGIN! HAPPY BIRTHDAY MARK! MANY BLESSINGS ON YOUR SPECIAL DAY!
MZ: Thank you all for the Birthday wishes!!!
Member: Also- Happy Memorial weekend everyone!
Member: So many rumors that we're so close
Member” Bank Screen at SouthState Bank says: Due to system maintenance as we welcome Independent Financial customers services may be temporarily unavailable Saturday and Sunday...!!!!
MZ: Memorial Weekend is a crazy time to make it unavailable.
Member: Not slow according to Bruce it’s going down today since it didn’t yesterday. He also stated this is for real it’s this weekend.
Member: A friend that got me into this has their Iraq contact that they heard 3.48 for a sat night to sun morning kick off
Member: Bank story: Called credit union 5/23 2 ask when credit cards wld be relinked on app (every1 rec’d new tap cc’s in May). I said “this new QFS sys” is gonna b gr8!” She agreed & said it’s coming soon!
MZ: “US State Department SPOX (spokesperson?) hails Kurdistan regions $100 billion energy deals with American firms” This is coming at a key time.
MZ: We also have “US Department of State Secretary Rubio and Barzani at Friday 1:30 pm est and 8:30 pm Erbil” they met in the US and they had two different meetings I was told. It was hailed as a “breakthrough” for oil to start flowing from that region and for them to settle all disputes between Baghdad and the Kurdish region.
Member: MarkZ, please enlighten us regarding what must still happen before we RV.
MZ: I was told over a decade ago that when those two came together- we would see a change in value of the dinar. That is why I watch this.
MZ: “Maximizing non-oil revenues reaches 60%: Expert identifies Iraq’s needs “ They are 60% done towards their goal. This is part of the stability of the Iraqi economy. I did not know they were this far along in progress.
MZ: “As Chinas economy weakens, Tens of thousands of workers protest against unpaid wages” These protests started before Trump was president. There are serious weaknesses in the Chinese economy that they have been covering up.
MZ: I have zero updates from bonds, groups and even redemption center folks. This is the biggest “quiet” I have ever seen in my life. Very Eery
Member: Happy Birthday Mark. Thank you for being here for us. Keep up the hard /good work
Member: A Wonderful Happy Birthday MarkZ And StacieZ
Member: Have a blessed and happy Memorial Day Weekend to everyone.
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THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Shafaq News/ Iraq is exploring investments in high-capacity overseas refineries to secure steady crude sales and maximize revenues, with a particular focus on fast-growing Asian markets, according to Nizar Al-Shatri, Director General of the State Oil Marketing Organization (SOMO).
In an interview with Asharq, Al-Shatri said 75% of Iraq’s oil exports are directed to Asia, citing the region’s accelerating demand and expanding refining capacities, especially when compared to European and North American markets.
China, India, South Korea, Indonesia, and Malaysia remain Iraq’s top crude buyers.
Al-Shatri explained that investing in foreign refineries would allow Iraq to secure fixed refining quotas, shielding exports from market volatility.
“We aim to work with reputable clients who operate high-capacity refineries in various markets to absorb price fluctuations without affecting export volumes,” he said.
SOMO is currently pursuing long-term partnerships with major refiners across Asia, Europe, the Americas, and several African markets. These deals typically allow Iraq to sell crude at official prices, while benefiting from price differentials during market surges—taking 65% of the profit, with partners retaining 35%. In case of losses, the foreign partner bears the cost.
Al-Shatri reaffirmed Iraq’s commitment to OPEC+ quotas, stating that the country respects its production ceiling—currently set near 4M barrels per day (bpd), though Iraq’s full production capacity is closer to 5.5M bpd.
“This discipline has helped stabilize the global oil market,” he said.
Iraq has, however, expressed past concerns over OPEC+ restrictions, as it seeks to rebuild its economy and expand trade following decades of conflict and sanctions.
Al-Shatri also clarified that condensates and associated gas are included in production figures for some fields to enhance crude quality, but stressed these should be reported separately as they are not technically crude oil.
In 2024, Iraq exported approximately 1.2B barrels of oil, generating nearly $95B—accounting for over 90% of the country’s total budget revenues.
SOMO also utilizes the spot market to generate additional profits. Al-Shatri noted that in one recent year, this strategy brought in $80 million in bonus revenue.
According to the International Monetary Fund, Iraq needs oil prices around $92 per barrel to balance its 2025 budget. Meanwhile, global oil benchmarks such as Brent crude are trading significantly lower, hovering near $65 per barrel—intensifying pressure on public finances.
Founded in 1998, SOMO oversees Iraq’s oil sales and has managed domestic fuel imports since 2003 to fill gaps in gasoline, diesel, kerosene, and liquefied gas supplies.