India conglomerate pledges to invest 10 billion USD in Vietnam
A joint venture between India’s Adani Group and Vietnam’s Anh Phat Investment Construction & Trading JSC has been approved by authorities of Da Nang to start studying the development of a major seaport in the central city.
Lien Chieu Port will be capable of handling 3.5 – 5 million tonnes of cargo annually in the first phase. It can accommodate vessels of up to 100,000 tonnes and container ships of up to 8,000 TEU.
The new port will be of the world class and offer a new engine for the development of Da Nang and Vietnam at large. Insiders said the project can provide 5,000 jobs and contribute up to 80 million USD to the city's coffer, equivalent to around 2.1 percent of Da Nang’s Gross Regional Domestic Product (GRDP), by 2030.
The approval was officially granted by the municipal People’s Committee to the joint venture in the presence of Prime Minister Pham Minh Chinh at the Da Nang Investment Forum 2022 on June 25.
Also during the event, Adani Group, a multinational conglomerate owned by Indian billionaire Gautam Adani, pledged to invest 10 billion USD in several key sectors in Vietnam.
The sum is part of the 100 billion USD worth of the group’s idle investment that it wishes to invest overseas by 2026.
Gauta Adani, Chairman of Adani Group, has viewed Vietnam as an important partner in the group’s expansion overseas in the future. The Indian corporation has been looking for other projects abroad in infrastructure, port, logistics and green energy to invest in.
Founded in 1988, the multi-sectoral conglomerate now expands to over 50 countries worldwide. By the end of April 2022, its market capitalisation has exceeded 206 billion USD.
Its member company Adani Ports and SEZs operates 13 international ports and five logistics centres, capable of handling about 560 million tonnes of cargo per year./.
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