Gautam Adani’s conglomerate seeks to develop infrastructure overseas by building a new port in Vietnam, capitalizing on increasing trade opportunities.
Adani Ports and Special Economic Zone Ltd. has secured an “in-principle approval” from the Vietnamese government for a greenfield development in Da Nang, according to Karan Adani, Managing Director of the company.
The project, which will include container terminals and multipurpose berths to handle various types of cargo, is in the early planning stages, and the total investment required has not yet been finalized, he stated.
This will be the fourth international port asset for the Adani group, following Haifa in Israel, Colombo in Sri Lanka, and the Port of Dar es Salaam in Tanzania.
Recently, Adani’s new mega port in southern India received its first mother ship. The company aims to accelerate the facility’s expansion to capture a larger share of international maritime trade, currently dominated by China.
“The idea is to make India a maritime hub,” Karan Adani, the elder son of Gautam Adani, explained. “We are targeting countries with high manufacturing capabilities or large populations, which will lead to high consumption. We are focusing on export volumes in these countries.”
Adani Ports, the largest port operator in India, currently derives about 5 percent of its total volume from international operations and aims to increase this to 10 percent by 2030, Karan Adani said.
The company is exploring opportunities in the Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, Maldives, Vietnam, and Cambodia, as these regions are pivotal for trade with India, he added.
