India's Adani Group plans nearly $5 billion investment in Vietnam

India’s Adani Group has proposed an investment of nearly $5 billion to build Lien Chieu port in central Da Nang city and a thermal power project in south-central Binh Thuan province.

Of which, the group plans to invest $2 billion in Lien Chieu Port in Da Nang to help perfect the logistics ecosystem in the city and the central region of Vietnam.

It is designed as a type-1 deep-water port which will serve as a connecting point for the international East-West economic corridor and a gateway of Vietnam's entire central region.

Once put into use, it will have a general wharf with a capacity of 100,000 tons, and a container port with a capacity of 200,000 tons. The Vietnamese Government plans to invest about VND3 trillion ($118.91 million) in building a shared infrastructure system for the port while calling for synchronous investment in this project.

Meanwhile, Adani Group plans $2.8 billion investment in the Vinh Tan 3 thermal power project in Binh Thuan.

At a meeting with Mr. Gautam Adani, Chairman and Founder of Adani Group, as part of his State visit to India between July 30 - August 1, Prime Minister Pham Minh Chinh assigned Minister of Planning and Investment Nguyen Chi Dung and relevant agencies and localities to directly work with Adani Group to deal with existing problems and carry out necessary procedures.

Minister Dung then held a meeting with the firm to discuss problems facing the firm in the implementation of projects in Vietnam, and asked relevant parties to immediately carry out several activities to implement the Lien Chieu port project and others soon.

For the Lien Chieu Port project, Vietnam will choose an investor for its general infrastructure system. Foreign firms can cooperate with local businesses to exploit the port in line with the law, Mr. Dung said, pledging to coordinate with relevant agencies of Vietnam to support and remove obstacles facing businesses.