Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project

The Vietnamese Government has expressed its commitment to assisting the Adani Group in completing all necessary procedures for the construction of the Lien Chieu Port in Danang, with an estimated investment capital of US$2 billion.

Minister Nguyen Chi Dung (middle) during a meeting with Adani's representatives.

Minister of Planning and Investment Nguyen Chi Dung stressed this point to representatives of the Adani Group on August 1.

During an earlier meeting with Prime Minister Pham Minh Chinh, Adani Group Chairman Gautam Adani announced plans to invest over $2 billion in the Lien Chieu Port, aiming to enhance the logistics ecosystem for Danang and the central region of Vietnam.

The Indian conglomerate has also expressed interest in investing in energy projects in Binh Thuan, specifically the Vinh Tan 3 Thermal Power Plant project, with a projected total investment of $2.8 billion.

Adani intends to strengthen partnerships with Vietnamese entities in aviation and logistics, including the construction of Long Thanh Airport Phase 2 and Chu Lai Airport. "With our financial and technical capabilities, we will be deeply involved in various projects in Vietnam. This is my commitment," stated Gautam Adani.

After addressing concerns about Adani's projects in Vietnam, Minister Nguyen Chi Dung urged prompt action to get the Lien Chieu Port project and other ventures underway in compliance with Vietnamese law.

For the Lien Chieu Port project, Vietnam plans to select a comprehensive infrastructure investor, while foreign enterprises may partner with local entities for port operations.

Therefore, Adani and its local partner, Anh Phat Construction and Trade Investment Corporation, must quickly complete the required legal procedures, Dung said.

"If you have any issues or need support, please let us know and discuss them. We will work with the relevant Vietnamese authorities to address and support these matters," said the Minister.

Adani Group representatives reaffirmed their commitment to expedite the investment procedures and to work closely with the Ministry of Planning and Investment and other Vietnamese authorities to ensure the project is launched in accordance with regulations.

The Adani Group is India's largest airport operator and controls Mundra Port, India's largest port. The group also invests in power transmission and green energy. Gautam Adani, 61, was once the richest person in Asia and the third richest in the world, with a fortune exceeding $150 billion in September 2022. According to the latest Forbes ranking, he is currently the second richest person in Asia with a net worth of $87.6 billion, behind fellow Indian Mukesh Ambani.

Lien Chieu is planned to be a Class I deep-water port, strategically located as a key transshipment point on the international east-west economic corridor and a gateway to Vietnam’s central region. Upon completion, the port will have a general cargo terminal with a capacity of 100,000 tons and a container terminal with a capacity of 200,000 tons. By 2045, the port is expected to handle around 100 million tons of cargo annually. The Vietnamese government plans to invest approximately VND3 trillion ($119 million) in shared infrastructure and attract comprehensive investment to the port.