India's Adani Group weighs $3B investment in Vietnam

By Reuters May 24, 2023 | 08:08 pm PT

The logo of the Adani Group is seen on the wall of its realty office building on the outskirts of Ahmedabad, India, January 27, 2023. Photo by Reuters

India's Adani Group is exploring the possibility to invest up to $3 billion in seaport and renewable energy projects in Vietnam, the Vietnamese government said in a statement on Wednesday.

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 favorable 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 Da Nang, 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 $10 billion over the longer term.