Adani Eyes Vietnamese Port to Boost Trade Opportunities

15 Jul 2024 , 12:47 PM

Gautam Adani intends to construct a port in Vietnam as the Indian company looks to expand its international infrastructure in order to take advantage of growing trade prospects.

According to Karan Adani, managing director of Adani Ports and Special Economic Zone Ltd., the Vietnamese government has given “in-principle approval” for a greenfield development in Da Nang.

The project is still in the planning stages and the entire amount of investment needed has not yet been decided, he said. It will feature multipurpose berths and container terminals to accommodate a variety of cargo kinds.

After the Port of Dar es Salaam in Tanzania, Haifa in Israel, and Colombo in Sri Lanka, this will be the Adani group’s fourth overseas port asset. The first mother ship arrived at Adani’s new mega port in southern India on Friday, and the business plans to speed up the facility’s construction in an effort to take a larger chunk of the currently Chinese-dominated global maritime traffic.

The oldest son of Gautam Adani, Karan, stated, “The idea is to make India a maritime hub.” “Countries with strong manufacturing or population densities—which will fuel high consumption—are the ones we are aiming for. We are concentrating on these nations’ export volumes.

The biggest port operator in India is Adani Ports. According to Karan Adani, the company hopes to grow the percentage of foreign activities to 10% of its overall volume by 2030, from the current 5%. Since these are areas where trade is coming to India, he added, the corporation is looking at chances in the Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, Maldives, Vietnam, and Cambodia.

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