India’s largest energy group eyes investment in Vietnam

Adani, a leading Indian corporation, is keen to invest in Vietnamese thermal power plants and participate in both renewable energy and thermal energy projects in the country.

Minister of Industry and Trade Nguyen Hong Dien (r) and CEO of Adani Group Karan Adani. Source: VGP

CEO of Adani Karan Adani shared this view during a meeting with Minister of Industry and Trade Nguyen Hong Dien on December 22.

At the meeting, Minister Dien welcomed Adani Group executives during their visit to Vietnam and discussed investment opportunities amid the complex and unpredictable global economic situation.

Recognizing the need for joint efforts to bolster economic, trade, and industrial relations amidst challenges, Dien highlighted the longstanding and amicable relationship between Vietnam and India, underscoring the significance of the Vietnam-India Comprehensive Strategic Partnership.

In response, Karin Adani expressed the group’s interest and eagerness to invest in Vietnam, particularly in strategic areas such as shipping, seaport ecosystem development, and renewable energy, including wind and solar power.

Specifically, he expected Adani to invest in Vietnam's thermal power plants and participate in the development of both the renewable energy industry and essential thermal energy projects.

Dien appreciated Adani's intentions and encouraged further exploration of investment opportunities and business cooperation during their stay in Vietnam.

In response to Adani Group's aspirations, the Minister stressed the vital importance of energy to Vietnam,  not only economically but also in terms of security.

He recommended that for long-term and sustainable investment, Adani should meticulously study mechanisms and policies, and collaborate with reputable partners, thus contributing to deeper and more practical economic, trade, and investment cooperation between the two countries.

Dien assured that Vietnam remains committed to providing favorable conditions for foreign companies and investors, including the Adani Group, to conduct research, investment, and business by Vietnamese regulations and laws.

Adani Group is  India's leading infrastructure and energy corporation. It owns  India's 14 largest private seaports, representing  25% of the country's seaport capacity, and manages seven airports. Most notably, it holds the position of India's largest energy corporation.

By 2023, the Group is projected to achieve revenues of approximately $33 billion and profits of around $2.9 billion, employing 29,000 employees worldwide. Gautam Adani, the chairman, is the 15th wealthiest billionaire in the world with a fortune of $82.5 billion. He holds the distinction of being the second richest individual in both India and Asia.