Adani Ports Mulls $10 Billion Long-Term Investments In Vietnam
Vietnam is ready to create more favourable conditions for large Indian firms to do business, says PM Pham Minh Chinh.
Adani Ports and Special Economic Zone Ltd. is mulling long-term investments worth around $10 billion in Vietnam, including $3 billion in ports and green energy in Vietnam, the country's government said on Wednesday.
Karan Adani, chief executive officer of Adani Ports, shared the plans for the future investment in a meeting with Vietnamese Prime Minister Pham Minh Chinh, according to a statement.
Adani said the company spent time researching and assessing opportunities for long-term investment in the Southeast Asian country. Along with the seaport and logistics sectors, the ports operator is also looking at investing in the energy sector and digital technology of the nation.
"In particular, Adani Ports wishes to build a seaport ecosystem and invest in wind power and solar power projects in Vietnam, with a total outlay of around $3 billion," Adani said.
Chinh welcomed Adani Group's plan to invest in Vietnam, including the Lien Chieu Wharf area in Da Nang, as well as the renewable energy segment.
While the comprehensive strategic partnership between India and Vietnam is developing positively, economic relations—especially investment, trade and tourism—are still inadequate, he said.
"There is a need for a breakthrough, especially in the field of infrastructure development," the Prime Minister said. "Vietnam is ready to create more favourable conditions for large Indian companies and corporations, including Adani Group, to invest and do business in Vietnam."
Chinh said the Vietnamese government was ready to create favourable conditions for Adani Group to continue researching other investment projects in Vietnam.
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