- | 2:15 pm
Adani Group to invest in two airports in Vietnam
Vietnamese PM pledged his country would create favorable ways for foreign investors to participate in essential infrastructure projects such as highways, airports, seaports, and metro
Adani Group is weighing investing in the construction of two airports in Vietnam, the Vietnamese government said.
The conglomerate has also planned to invest $2 billion to develop the Lien Chieu port project in the central coastal city of Da Nang, a government statement released after Prime Minister Pham Minh Chinh’s meeting with Gautam Adani said.
Prime Minister Pham met Adani on Wednesday to discuss the progress of large-scale infrastructure projects by the group in Vietnam.
“The host leader welcomed Adani for its cooperation with Sovico (Vietnamese investment group) to build Chu Lai airport in the short term and to study investment for the second phase of Long Thanh airport,” the government said.
Gautam Adani told the Vietnamese leader that the conglomerate planned to pour $2 billion to develop the Lien Chieu port project in the central coastal city of Da Nang, it said. The prime minister told the Adani Group chairman to work with the local authorities of Da Nang City to resolve procedure hindrances.
“Adani hopes to engage in energy projects in Binh Thuan province, specifically the Vinh Tan 3 thermal power plant with an initial investment of $2.8 billion and study investment in building the Chu Lai airport,” the statement added.
PM Pham arrived in New Delhi on Tuesday night on a three-day visit to India with an aim to further expand the strategic ties between both countries. Pham is accompanied by a high-level delegation including several ministers, deputy ministers and business leaders.
Pham met industry leaders including Adani at the Vietnam-India Business Forum on Tuesday and discussed Indian investments in the Southeast Asian country.
He encouraged Indian businesses to pour investment in such areas as high-tech, AI, infrastructure, renewable energy, hydrogen, biology, innovation as well as pharmaceuticals.
During the meeting with Adani, Pham pledged that Vietnam would create favorable ways for foreign investors to participate in essential infrastructure projects such as highways, airports, seaports, metro, logistic centers, and high-speed rail lines.
He suggested the Adani Group bring advanced, new, and clean technologies as well as modern management with high added value to Vietnam.
India and Vietnam have become key partners in recent years, with the bilateral trade increasing to $14.36 billion in 2023 from roughly $200 million in 2000.
For India, Vietnam is the 21st largest trading partner and the 22nd largest export destination globally. For Vietnam, India is the eighth largest trading partner.
India has 410 active projects with total registered capital of $1.03 billion, ranking 25th among 146 countries and territories investing in Vietnam. On the other hand, Vietnam invested over $14 million with 16 FDI projects in India, according to the data shared by the Vietnamese government.
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