India’s Adani Group proceeds with $10 bln investment in Vietnam infrastructure

Gautam Adani, chairman of Indian multinational conglomerate Adani Group, is visiting Vietnam to proceed with the group’s plans to invest up to $10 billion in infrastructure and renewable energy in the country over the next decade.

The group is looking at investments in seaports, green energy, power transmission, airports, inland waterways, and other areas of mutual interest, Adani told Vietnamese Prime Minister Pham Minh Chinh at their meeting in Hanoi on Friday.

Among the potential projects, the Lien Chieu port project in the central coastal city of Danang is drawing the group’s interest.

PM Chinh noted that Adani’s plans align with Vietnam’s development strategy as the country sees infrastructure, including traffic works such as highways, seaports, and airports, as one of the three breakthroughs it is striving to make.

He welcomed Adani’s opening of a Vietnam representative office and affirmed the government’s support for major Indian corporations, including Adani, to invest in such strategic areas as infrastructure and renewable energy.

The PM suggested the Indian conglomerate bring cutting-edge and clean technologies as well as modern management to Vietnam.

Chinh proposed Adani closely coordinate with Vietnamese ministries and localities to effectively implement the Lien Chieu port project, and study investment in Chu Lai airport in the central province of Quang Nam and specific renewable energy projects.

Adani is India's biggest player specializing in infrastructure and energy, owning 14 major seaports and seven airports in India. It is expected to rake in revenue of around $33 billion and a profit of $2.9 billion this year.

With a net worth of $82.5 billion, Gautam Adani is the second richest person in India as well as Asia, and the 15th richest person in the world.