India's Adani Group gets nod to develop a port in Danang

July 15, 2024 | 18:46

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Indian multinational Adani Group plans to build a port in the central city of Danang in a bid to develop infrastructure abroad to capitalise on opportunities from increasing trade.

India's Adani Group gets nod to develop a port in Danang

Adani Ports and Special Economic Zone Ltd. has obtained in-principle approval from the Vietnamese government for a greenfield development in Danang, Kara Adani, the managing director of the company, told Bloomberg.

The project will feature container terminals and multipurpose berths to handle different types of cargo. The project is at an early stage of planning while the total investment capital hasn't been finalised, he added.

Karan Adani, the eldest son of Gautam Adani said, “We are targeting countries that are high on manufacturing or high on population, which will lead to high consumption. We are focusing on export volumes in these countries.”

As the largest port operator in India, Adani Ports holds about 5 per cent of its total volume from international operations and wants to increase the ratio to 10 per cent by 2030. The company is exploring opportunities in the Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, the Maldives, Vietnam, and Cambodia, as these are regions where trade is coming to India.

Adani made its official entrance into Vietnam on December 22 last year, by opening a representative office in Hanoi, beginning its investment journey worth $10 billion over the next five years.

Adani will start the investment path in Vietnam with the $2 billion Lien Chieu Seaport in Danang, in cooperation with Vietnam Maritime Corporation. An industrial park complex is expected to develop with the port.

VIMC, Adani cooperate on seaport development

Vietnam Maritime Corporation (VIMC) and India’s Adani Ports and SEZ Ltd. (APSEZ) on May 24 signed an MoU to cooperate in seaports and logistics development.

Energy and transport in sights for Adani

Vietnam is continuing to increase its attractiveness to top names in the likes of renewable energy and transport, with new billion-dollar plans being crafted.

India's Adani Group proposes $2 billion seaport in Vietnam

The Indian-based conglomerate Adani Group has proposed developing a $2 billion seaport in Vietnam, while also investing in wind and solar power plants.

By Thanh Van

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