Prime Minister meeting with the leadership of India's largest conglomerate

Adani, India's largest conglomerate, specializes in infrastructure and energy. The group owns 14 major private seaports in India, accounting for 25% of the country's total port capacity; and operates seven airports. Adani is also the largest energy conglomerate in India.

Adani's revenue reached approximately 33 billion USD in 2023, with a profit margin of nearly 2.9 billion USD. The group boasts a workforce of 29,000 global employees. By the end of 2023, Gautam Adani was the 15th richest billionaire in the world, with a net worth of 82.5 billion USD, making him the second richest person in India and Asia.

According to Gautam Adani, the group is proposing to invest in the Lien Chieu Port project in Da Nang city, with a total estimated capital of over 2 billion USD. The project aims to create a comprehensive logistics ecosystem in Da Nang. Adani also aims to invest in energy projects in Binh Thuan province, namely the Vinh Tan 3 thermal power plant, with a total estimated investment capital of 2.8 billion USD.

Additionally, Adani plans to enhance cooperation with Vietnamese partners in the fields of aviation and logistics, with notable projects include the construction of Long Thanh Airport phase 2 and Chu Lai Airport. The group expressed hope to receive support from the Government of Vietnam with regards to investment activities in the country.

After receiving responses from leaders of ministries, sectors, and local governments to Adani's proposals, the Prime Minister commended the operational model, scale, vision, and role of Adani in contributing to the economic development of India and other countries. He also acknowledged the group’s performance in Vietnam in recent years; and welcomed its intentions to expand cooperation and investment in Vietnam with a total capital of approximately 10 billion USD.

Regarding the Lien Chieu Port project, the Prime Minister suggested selecting a single investor for the project's overall infrastructure, with operational activities involving partnerships with Vietnamese businesses. He requested the Da Nang City People's Committee, the Ministry of Transport, the Ministry of Planning and Investment, and other relevant agencies to contact the Adani Group immediately after the meeting in order to address related issues, agree on a mode of operation, and implement procedures in compliance with regulations.

The Prime Minister also welcomed the group's proposals to participate in the construction of Long Thanh Airport phase 2 and Chu Lai Airport, suggesting discussions with relevant Vietnamese agencies to carry out the required legal procedures. He emphasized the strategic location, convenience, and significant potential of Chu Lai Airport.

Regarding cooperation in the energy sector, with the Vinh Tan 3 thermal power plant project as a notable highlight, the Prime Minister requested Adani Group to complete the required documentation process and provide detailed information to the Ministry of Industry and Trade and relevant agencies prior to implementing the project in compliance with regulations.

The Prime Minister also requested Adani Group to enhance technology transfer efforts, collaborate with Vietnamese businesses in capacity building, and facilitate their participation in Adani’s supply chain and development ecosystem.

Prime Minister Pham Minh Chinh affirmed that the Government of Vietnam will support and enable foreign investors to conduct effective, successful, and sustainable business activities in Vietnam, with a focus on strategic infrastructure. The Prime Minister emphasized the spirit of "only discussing implementation," "fulfilling commitments," and "tangible and practical achievements." He also highlighted the principles of "clear responsibility, clear tasks, clear timelines, clear accountability, clear outcomes," focusing on key priorities and thorough completion of tasks. He also underscored the need for "shared benefits and risks," advocating for mutual collaboration, shared success, and joint development.

The bilateral trade revenue between Vietnam and India has grown from 200 million USD in 2000 to 14.4 billion USD in 2023. Notably, the revenue from Vietnam's exports to India reached 8.5 billion USD, with revenue from imports reaching 5.9 billion USD. India is one of Vietnam's eight largest trading partners. Similarly, Vietnam ranks fourth among India's largest trading partners in ASEAN.