Billionaire Gautam Adani is venturing into uncharted territory; as part of his grand worldwide development, he intends to construct a cutting-edge port in Vietnam.
According to Karan Adani, managing director of Adani Ports and Special Economic Zone Ltd., the Vietnamese government has given this project “in-principle approval” for a greenfield development in Da Nang.
According to a Bloomberg article, this project, which is still in its early stages, would include multifunctional ports and container terminals to handle a variety of goods. The investment specifics have not yet been completed.
After the Port of Dar es Salaam in Tanzania, the Port of Haifa in Israel, and the Port of Colombo in Sri Lanka, this will be the fourth international port owned by the Adani company. The first mother ship was welcomed into Adani’s new mega port in southern India only last Friday, indicating the company’s intention to rapidly grow and take a bigger share of the hitherto Chinese-dominated international marine traffic.
“Our goal is to make India a major maritime hub,” stated Gautam Adani’s older son Karan. “Countries with strong manufacturing output or sizable populations that fuel high consumption are the focus of our attention. Our goal is to increase these regions’ export quantities.”
Currently accounting for around 5% of its total volume, Adani Ports is the largest port operator in India. By 2030, it hopes to have doubled this percentage to 10%. The Middle East, Southeast Asia, East Africa, Bangladesh, Sri Lanka, Maldives, Vietnam, and Cambodia—regions crucial to India’s trade—are among the areas the corporation is focusing on.
Additionally, Adani is investing an additional $2.4 billion on the Vizhinjam port in southern India in an attempt to accelerate the port’s expansion and attract some of the largest ships in the world. “We plan to invest $2.4 billion in the Vizhinjam international transshipment terminal by 2028,” Karan said during a prior press conference.
The goal is to exceed the original design of 3 million TEUs by quintupling the port’s capacity to 5 million TEUs. Adani has accelerated its growth plan from 2045 to 2028 in order to better compete in the China-led international marine commerce industry.
Vizhinjam, which is ideally situated close to the southernmost point of India, is close to important international sea routes and has some of the deepest shipping canals in the world, which makes it suitable for big ships. Adani’s goal of modernizing India’s marine infrastructure and expanding its international trading footprint is emphasized by this calculated positioning and large expenditure.
