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May 24, 2023 / 21:28

India Adani eyes US$3 billion seaport project in Vietnam

Adani’s investment in Vietnam is expected to initiate Indian capital flows into the Southeast Asian country amid growing ties between the two nations.

Karan Adani, CEO of India’s Adani Ports and SEZ Limited (APSEZ), has shared that the group expected to build a green seaport ecosystem and renewable energy costing roughly US$3 billion in Vietnam.

 Vietnam’s Prime Minister Pham Minh Chinh (R) and Karan Adani, CEO of India’s Adani Ports and SEZ Limited (APSEZ) in Hanoi on May 24. Photo: VGP

The executive expressed the plan at a meeting with Vietnam’s Prime Minister Pham Minh Chinh in Hanoi today [May 24], fueling the hope for more Indian investments in Vietnam amid hundreds of projects.

The investment portfolio will include a seaport, wind power, and solar power plants, said the CEO of India's leading economic group, which comprises seven publicly traded companies working in more than 50 countries worldwide.

Karan Adani said Adani has been interested in Vietnam, has taken time and effort to conduct studies on the country, and decided to invest in seaport, logistics, energy, and digitalization.

Sharing the news on these fields, PM Chinh said Vietnam is potential in freight, seaport ecosystems, wind, and solar energy, and the Government of Vietnam welcomes Adani’s investment in Lien Chieu Seaport, Danang, and renewable power projects across the country.

He stressed the importance of power security, noting that Vietnam is making efforts to ensure power development, transmission, distribution, and consumption, focusing on reasonable power prices to ensure the benefits of different stakeholders, namely the State, businesses, and people.

In addition, he highlighted the role of digital transformation and the digital economy for Vietnam, welcoming Adani to invest in the field.

At the meeting, PM Chinh pledged that the Government of Vietnam would facilitate the investment of Adani and offer incentives to encourage other Indian investors.

The PM expressed his delight at the investment opportunities, saying that the Comprehensive Strategic Partnership between Vietnam and India has served as the foundation for the investment and operations of Indian firms in Vietnam. Vietnam remains potential in infrastructure for investors, especially those from India.

Vietnam is making changes in three pillars, including regulatory framework, manpower, and infrastructure. Therefore, foreign investment would be significant in helping Vietnam fulfill its goal of being a high-income country by 2045.

In this regard, Vietnam welcomes investors, including Indians, to pour money into infrastructure for transport, energy, digital, and facilities for climate response.

On this occasion, PM Chinh shared that he met his Indian counterpart Narendra Modi at the G7 Hiroshima Summit on May 19-21, where they discussed measures to boost investment and trade to tap the potential of the Comprehensive Strategic Partnership.

Adani Group currently invests in two renewable energy projects in Vietnam: Adani Phuoc Minh Wind Power Plant and the Adani Phuoc Minh Solar Power Plant.

India had 349 projects with a total registered capital of just over US$1 billion in Vietnam as of January 2023. These initiatives covered a wide range of industries, such as energy, mineral exploration, agro-processing, manufacturing of sugar, tea, and coffee, agrochemicals, information technology, and auto parts.