Indian conglomerate Kanoria eyes deep-water port, oil refinery investments in central Vietnam

Kanoria Foundation, one of the leading conglomerates in India, has shown interest in the Bai Goc deep-water port project located in Nam Phu Yen Economic Zone, Vietnam’s central province of Phu Yen.

During talks with Ta Anh Tuan, Chairman of the provincial People’s Committee, on Tuesday, a Kanoria representative said that the Indian corporation wants to explore investment opportunities in the province.

Apart from the port project, the firm is keen on oil refinery projects and the expansion of Tuy Hoa international airport in the province, the representative added.

Earlier, at the “India-Phu Yen Conference: Trade and Investment” held in New Delhi on November 24, 2023, Tuan implored Indian firms and investors to consider Phu Yen as a destination for investment across various sectors, including oil refinery and petrochemicals, information technology, railways, pharmaceuticals, energy, tourism, and services.

During a meeting last Saturday, Tuan affirmed the province’s primary focus is the Bai Goc deep-water port and Tuy Hoa airport upgrade as economic drivers.

Regarding the airport upgrade project, the local government has decided to increase its annual capacity to three million passengers by 2030 and five million by 2050, with a possibility of reaching 10 million thereafter.

The province aims to kick off the upgrade project by end-2024. In 2023, passenger traffic at Tuy Hoa airport hit 506,838 arrivals, up 37.7% year-over-year and surpassing its designed capacity of 500,000.

The 220-hectare Bai Goc deep-water port project is designed to span 220 hectares, comprising 134 ha of land and 86 ha of water, with a depth of approximately 20-25 meters. It has been designed to accommodate vessels with a tonnage of up to 50,000 DWT, and is expected to include a berth designated for ships of up to 250,000 DWT.