May 25, 2023 | 16:20 GMT+7

Indian group commits to investment in Vietnam

Giang Hoang -

Adani Group is greatly interested in making long-term moves in Vietnam.

On May 24, at government headquarters, Prime Minister Pham Minh Chinh held a meeting with Mr. Karan Adani, CEO of Adani Ports and Special Economic Zones Limited, a subsidiary of the Adani Group, according to the Government News Portal.

During the meeting, Prime Minister Chinh welcomed Mr. Adani’s visit to Vietnam and affirmed that Vietnam values its traditional friendship and cooperation with India. He also expressed delight at the positive development of the Comprehensive Strategic Partnership between the two countries in various fields.

However, he also stated that the economic relationship between the two countries, particularly in investment, trade, and tourism, has not yet reached its full potential and there remains ample space for breakthroughs, especially in infrastructure development. Hence, Vietnam is ready to create even more favorable conditions for large Indian companies and conglomerates, including the Adani Group, to invest and do business in the country.

Mr. Adani said the Group is highly interested in and has spent time studying, researching, and evaluating opportunities in Vietnam and has made a decision to make long-term investments in the country, with total capital of approximately $10 billion, not only in the fields of seaports and logistics but also in energy and digital technology. Among these, Adani hopes to build an eco-friendly seaport ecosystem and invest in wind power and solar energy plants in Vietnam, with total capital of around $3 billion, in line with Vietnam’s development strategy.

According to the Prime Minister, Vietnam has great potential in maritime transportation, the development of its seaport ecosystem, and renewable energy, especially wind and solar power. It welcomes the Adani Group’s plans to invest in these areas, starting with investments in the Lien Chieu Port area in Da Nang and renewable energy projects in Vietnam.

Both affirmed they will immediately join hands and closely coordinate with each other to implement specific projects, contributing to the practical advancement of the Comprehensive Strategic Partnership between the two countries. They also aim to take the lead in encouraging more Indian investors to come to Vietnam.

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