Log in
Vietnam

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.

Reactions:
Share:
Trending
Most Viewed
Vietnam to provide free digital tools to support business transformation

Vietnam to provide free digital tools to support business transformation

The Ministry of Finance will provide free digital tools to help small businesses modernize to boost productivity through digital transformation.

Traditional attire parades in Europe offer glimpse into Vietnamese tradition

Traditional attire parades in Europe offer glimpse into Vietnamese tradition

These events, driven by the Vietnamese diaspora, showcased the nation's diverse heritage, fostering pride and connection across generations.

Vietnam considers incentives to attract talent to public sector

Vietnam considers incentives to attract talent to public sector

Amid concerns over uneven workforce quality, transparent and practical incentives are needed to attract skilled workers to the public sector and retain them.

VietinBank seeks investors for long-delayed building project

VietinBank seeks investors for long-delayed building project

VietinBank is seeking investors to finish its long-delayed $400 million headquarters project in Hanoi, which began in 2010.

Vietnam enforces VAT automation for low-value imported goods

Vietnam enforces VAT automation for low-value imported goods

This move aims to modernize customs procedures, reduce manual handling, and ensure accurate VAT collection on low-value goods delivered via express services.

HCMC speeds up digital ID issuance for foreigners in national tech drive

HCMC speeds up digital ID issuance for foreigners in national tech drive

Authorities have so far processed over 2,200 applications, ensuring the secure and efficient issuance of digital IDs for foreigners in Ho Chi Minh City.

Gia Lai tightens rules to protect whales from tourist impact

Gia Lai tightens rules to protect whales from tourist impact

Gia Lai Province tightens whale‑watching rules as Bryde’s whales return, enforcing a 100 m distance, engine noise limits and a three‑boat cap to protect whales.

New step in Vietnam-US legacy of war settlement

New step in Vietnam-US legacy of war settlement

War legacy remediation lays the groundwork for Vietnam-US relations, showcasing reconciliation and reinforcing the Comprehensive Strategic Partnership.