It will be the Adani group’s fourth global port asset after the Port of Dar es Salaam in Tanzania, Haifa in Israel, and Colombo in Sri Lanka. The company plans to expand its facility quickly to grab a bigger share of the Chinese-dominated international maritime traffic.
Gautam Adani plans to invest $10 billion in Vietnam as the Indian entrepreneur explores new growth opportunities in Asia. It was after the United States (US) dampened his ports-to-power conglomerate’s global ambitions due to an ongoing bribery investigation.
According to an official statement, Adani expressed his desire to invest in industries such as infrastructure, energy, renewable energy, and emerging new technologies like artificial intelligence (AI) during a meeting with To Lam, the General Secretary of the Vietnamese Communist Party.
The meeting takes place weeks after Adani visited China, which was his first foreign trip after the US unveiled criminal and civil charges against him in November. As the Indian tycoon attempts to move past the scandals surrounding him, ranging from legal issues to corporate governance concerns, it signals a renewed push for global participation.
The United States investigation cost the company $2.6 billion in deals in Kenya, while the foreign partners refused to make any more investments. An equal partner in the Indian gas distributor Adani Total Gas Ltd., France’s TotalEnergies SE, stated that they would not invest any more money in the company until Adani and his associates had resolved the consequences of the US indictments.
Adani and his associates have been working for months to shore up their political influence in the US, to put an end to the bribery investigation that caught the billionaire last year.
The group, through Adani Ports and Special Economic Zone, already has some existing economic interest in Vietnam.
According to a July 2024 article on the Vietnamese government website, Adani Group was considering investing more than $2 billion in a port in the seaside city of Da Nang. The article also mentioned that they were considering many infrastructure projects, including the port expansion in Lien Chieu.
Karan Adani, the managing director of Adani Ports and the elder son of Gautam, stated in an interview that the company has secured the Vietnamese government’s in-principle clearance for a port expansion in Da Nang, Vietnam.
According to him, the project is still in the early stages, and they have not finalised the total investment needed. It will feature container terminals and multipurpose berths to handle different types of cargoes.
As the Indian company looks to expand its infrastructure abroad to enjoy the benefits and opportunities from increasing trade, Billionaire Gautam Adani plans to build a port in Vietnam.
It will be the company’s fourth global port asset after the Port of Dar es Salaam in Tanzania, Haifa in Israel, and Colombo in Sri Lanka. Adani’s new mega port in southern India saw the arrival of its first mother ship on Friday. The company plans to expand its facility quickly to grab a bigger share of the Chinese-dominated international maritime traffic.
According to Karan, the idea is to turn India into a maritime hub. They are focusing on countries with high populations or manufacturing sectors, which will result in high consumption levels. They are focusing on countries’ export volumes.
Adani Ports is the largest port operator in India. It gets about 5% of its overall volume through international activities. By 2030, Karan Adani wants to increase its percentage to 10%. He added that the company is exploring opportunities in Bangladesh, Sri Lanka, the Maldives, Vietnam, Cambodia, Southeast Asia, East Africa, and the Middle East, as these are areas where trade is flowing to India.