India's Adani Group weighs US$3 billion investment in Vietnam

INDIA’S Adani Group is exploring the possibility to invest up to US$3 billion in seaport and renewable energy projects in Vietnam, the Vietnamese government said in a statement on Wednesday (May 24).

The statement came after a meeting in Hanoi on the same day between Vietnamese Prime Minister Pham Minh Chinh and Karan Adani, chief executive officer of Adani Ports and Special Economic Zone, a unit of the cooking oil-to-coal mining conglomerate Adani Group.

“Vietnam is willing to create more favourable conditions for India’s large companies, including Adani, to invest and do business in the country,” Chinh told Karan at the meeting, according to the statement.

Chinh said Vietnam welcomed Adani’s investment, initially in Lien Chieu Port in the central city of Danang, according to the statement.

Karan told Chinh Adani would soon work with Vietnamese partners and stakeholders on specific investment projects in the country, according to the statement, which said the investment could reach US$10 billion over the longer term. REUTERS