Adani mulls $2 billion Danang coastal port project, Vietnam says

Indian billionaire Gautam Adani is mulling an investment of more than $2 billion in a port in Vietnam’s coastal city of Danang, according to a posting on the Southeast Asian country’s government’s website.

The Lien Chieu port development is one of numerous infrastructure projects being looked at, it said, citing the chairman of Adani Group in a meeting with Vietnamese Prime Minister Pham Minh Chinh in New Delhi.

Karan Adani, managing director of Adani Ports and Special Economic Zone Ltd., said in an interview with Bloomberg News earlier in July that the company had secured an “in-principle approval from the Vietnamese government” for a Danang port development.

Vietnam’s government reported last year that the group would commit about $10 billion in the country’s logistics, ports, energy and technology sectors.

Adani is looking to invest in the construction of Long Thanh and Chu Lai airports as well as $2.8 billion in a thermal power project in Vietnam’s south central coastal province of Binh Thuan, according to the posting.