Adani Group to develop port in Vietnam

Adani Ports and Special Economic Zone Ltd. has obtained in-principal approval from the Vietnamese government for a greenfield development in Danang, Karan Adani, the Managing Director of the company, told Bloomberg.

The project will feature container terminals and multipurpose berths to handle different types of cargo. The project is at an early stage of planning while the total investment capital hasn't been finalised, he added.

 “We are targeting countries that are high on manufacturing or high on population, which will lead to high consumption. We are focusing on export volumes in these countries,” said Karan Adani

As the largest port operator in India, Adani Ports holds about 5% its total volume from international operations and wants to increase the ratio to 10% by 2030. The company is exploring opportunities in the Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, the Maldives, Vietnam, and Cambodia, as these are regions where trade is coming to India.

Adani entered the Vietnamese market last December opening a representative office in Hanoi and plans $10 billion worth of investments over five years