Indian conglomerate Adani interested in seaport, airport, thermal power projects in Vietnam
Indian conglomerate Adani interested in seaport, airport, thermal power projects in Vietnam
Adani, India's leading infrastructure and energy group, expressed its keen interest in mega seaport, airport, and thermal power projects in Vietnam during a Wednesday meeting between its chairman Gautam Adani and Vietnamese Prime Minister Pham Minh Chinh, who is in India for a state visit through Thursday.
India’s largest infrastructure and energy group Adani seeks to invest in seaport, airport, and thermal power projects in Vietnam. Photo: Ngoc An / Tuoi Tre |
The Indian firm revealed its plans to invest in the Lien Chieu seaport project in central Da Nang City, the Vinh Tan 3 thermal power project in south-central Binh Thuan Province, as well as Chu Lai Airport in central Quang Nam and the second phase of Long Thanh airport in southern Dong Nai Province.
Adani said the group had proposed investing in the Lien Chieu seaport project and submitted dossiers, including a pre-feasibility report.
It sought to fully fund the project with a capital of over US$2 billion.
Adani also wanted to invest $2.8 billion in the Vinh Tan 3 thermal power project and cooperate with its Vietnamese partners to get involved in aviation and logistics projects in the Southeast Asian country.
Le Quang Nam, vice-chairman of the administration in Da Nang, said the Lien Chieu Port project had been approved and the city was attracting investors for it.
Some Vietnamese and foreign enterprises have expressed their interest in the project. However, foreign enterprises are allowed to contribute 49 percent of the needed capital for each logistics project, according to Minister of Planning and Investment Nguyen Chi Dung.
Dung suggested Adani study and choose appropriate investment models.
As for the Vinh Tan 3 thermal power project, Minister of Industry and Trade Nguyen Hong Dien asked Adani to provide sufficient documents for consideration.
Prime Minister Chinh expressed his gratitude to Adani for extending condolences to the Party, the state, and the people of Vietnam over the passing of Party General Secretary Nguyen Phu Trong.
Party General Secretary Trong passed away on July 19 in Hanoi at the age of 80.
Chinh welcomed the Indian firm’s proposals to invest in infrastructure projects in Vietnam, affirming that infrastructural development is a key strategy of Vietnam.
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| Vietnamese Prime Minister Pham Minh Chinh (R) and Adani chairman Gautam Adani during their meeting in India on July 31, 2024. Photo: Ngoc An / Tuoi Tre |
Vietnam aims to choose competent and experienced investors to conduct such projects.
PM Chinh affirmed that the Vietnamese government would create favorable conditions for Adani to choose investment models appropriate to Vietnam’s law and the investor’s demands.
Vietnam may weigh allowing foreign investors to fully fund infrastructure projects.
PM Chinh also recommended that Adani get involved in a free trade zone project in Da Nang.
As for airport projects, he advised the Indian firm to focus on the Chu Lai airport project as it is connected with three large national highways.
Some 1,200 hectares of land has been cleared for the project and the airport will become an international one in the near future.
Chu Lai Airport is located at an ideal site and a transit site for many international tourists and investors.
Concerning Adani's proposal to join the Vinh Tan 3 thermal power project, PM Chinh noted that after COP26, Vietnam and other countries committed to reducing emissions. As a result, Vietnam is now encouraging investment in clean energy.
He, therefore, urged Adani to invest in clean energy projects.
The Vietnamese government leader added that Vietnam would offer preferential policies to the Indian group, provided they transfer technology to and collaborate with Vietnamese enterprises.
He urged Adani to immediately work with Vietnamese ministries, agencies, and localities.
Expressing his gratitude to PM Chinh for removing obstacles, Adani said his group would immediately deploy projects meeting international standards, comply with Vietnam’s law, and create a pervasive effect on the Vietnamese economy.
PM Chinh and his entourage arrived in New Delhi late Tuesday evening (local time) for the state visit to India.
This is the first state visit by PM Chinh as the head of government and also the first business trip to India by a Vietnamese prime minister in 10 years.
Last year, two-way trade reached nearly $15 billion, a 2.5-fold increase over seven years, according to official figures.
