India's Adani Group to join billion-dollar projects in Vietnam
The total value of Adani's committed investments in Vietnam is estimated at US$10 billion.
Indian transport and utility infrastructure developer Adani plans to pour billions of US dollars into Vietnamese projects, its chairman Gautam Adani said on July 31.
| Meeting between Prime Minister Pham Minh Chinh (right) and Adani Group Chairman Gautam Adani on July 31. Photo: VGP |
These projects include a $2-billion investment in the Lien Chieu port in Danang, he said at the meeting with Vietnamese Prime Minister Pham Minh Chinh in New Delhi. The company is interested in working on other aviation and logistics cooperation projects, including the construction of Chu Lai Airport and Long Thanh International Airport.
The total value of Adani's pledged investments is estimated at $10 billion.
The chairman of Adani hoped that the Vietnamese government would provide incentives and a welcoming environment for the company to expand its operations in Vietnam.
Prime Minister Pham Minh Chinh appreciated the input provided by the Chairman of the Indian company. He welcomed the Indian firm to expand its local operations with an investment of around $10 billion.
He suggested that Adani Group work with Vietnamese government agencies, ministries and local authorities on the Lien Chieu Port and Vinh Tan 3 Thermal Power Plant projects to remove bottlenecks and expedite project procedures.
He also welcomed the Indian company's participation in the aforementioned airport projects, adding that these airports are key to the country's development.
PM Chinh also invited the Adani Group to transfer technology and help Vietnamese partners join its global supply chain. He promised that the Vietnamese government would provide optimal conditions for all foreign investors.
The Adani Group owns 14 of India's largest private seaports, accounting for 25% of the domestic market share, and seven airports. In 2023, the group reported total revenues of $33 billion and profits of $2.9 billion, employing a total of 29,000 people worldwide.
Welcoming other Indian investors
On the same day, Prime Minister Pham Minh Chinh held talks with senior executives from other Indian companies, namely the National Industrial Corridor Development Corporation (NICDC), oil giant ONGC Videsh Ltd and HCLTech.
During the meeting with NICDC Chairman Rajesh Kumar Singh, the Prime Minister appreciated the working model of the Indian company, which has played an important role in India's success.
He suggested that the NICDC work with Vietnamese agencies to exchange ideas and practices in developing industrial corridors that will pave the way for the development of smart cities and industrial hubs, as well as boost the semiconductor industry.
He encouraged Arun Kumar Singh, chairman of ONGC Videsh, to enter into a partnership with the Vietnam Oil & Gas Group (PetroVietnam) to develop new projects in the energy sector, particularly in the exploration, exploitation and processing of new oil programs.
At the meeting with Shikhar Malhotra, Director of HCLTech, Prime Minister Chinh invited the Indian firm to support R&D activities in Vietnam. He hoped that HCLTech and Vietnamese partners, including Viettel Group, would work on technology transfer, develop high technology and infrastructure, and make the best use of emerging activities such as cloud computing, artificial intelligence (AI) and cyber security.
