India giant Adani Group pledges $10 bln investment in Vietnam

Adani Group, a multinational conglomerate of Indian billionaire Gautam Adani, has pledged to build a $10 billion investment portfolio in Vietnam.

At an investment forum in Danang city on Saturday, on behalf of billionaire Gautam Adani, Sandeep Mehta - chairman of Adani Ports and Special Economic Zone Limited (APSEZ) under Adani Group - announced the billionaire’s commitment to invest $10 billion in Vietnam.

The capital would come from the group’s “idle” $100 billion that it aims to invest overseas, according Pham Sanh Chau, Vietnam’s ambassador to India.

“This is a huge number compared to the $950 million that India has invested in Vietnam since 1988. It also reflects the tireless efforts of the Vietnamese Embassy in India,” Chau added.

APSEZ is the largest commercial ports operator in India, accounting for nearly one fourth of cargo traffic in the country. According to Forbes, as of June 26, 2022, billionaire Adani’s total assets are worth about $98.1 billion, ranking sixth in the global billionaires list.

Adani Group would also participate in social work in Vietnam, with finance sourced from its $7.5 billion charity fund.

In 2021, Adani Group invested in two renewable energy projects in Vietnam, a 27.3-megawatt wind power project and a 50 MW solar power project, both in Ninh Thuan province.

Billionaire Adani recently stated that in the near future, Adani Group would expand its interests in Vietnam, especially in the fields of seaports, airports, and thermal power plants in the form of new joint ventures or investment in existing projects.

If the investment pledge is materialized, India would become one of the ten biggest investors in Vietnam.

Adani Group, a multi-sector conglomerate in India with a market cap of over $170.18 billion as of June 26, 2022, possesses seven publicly traded companies. Headquartered in India’s Ahmedabad city, the heavyweight is involved in areas like energy and utilities, transportation and logistics, incubation, aiports, and others.

After more than 34 years of operation, it is present in more than 70 countries and territories, with annual revenue of over $15 billion.

Adani Group owns Mundra seaport in Gujarat state, one of the three largest ports in terms of cargo traffic in India, and holds a 74% stake in the airport at Mumbai Financial Centre, one of the two busiest air hubs in the country. It also owns many important infrastructure, energy and real estate projects across India.