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US Chip Firms Looking to Invest $8bn in Vietnam, Official Says

The investments were contingent on Vietnam developing its regulatory regime for renewable energy, the State Department official said

US President Joe Biden (left) gestures as the national anthem of the United States is played during his welcome ceremony, next to the general secretary of the Communist Party of Vietnam, Nguyen Phu Trong, at the Presidential Palace in Hanoi, Vietnam
US President Joe Biden, left, gestures as the US national anthem is played during his welcome ceremony in Hanoi, next to the general secretary of Vietnam's Communist Party Nguyen Phu Trong, at the Presidential Palace in Hanoi, in September 2023. Photo: Vietnam News.


A US official visiting Vietnam said on Friday that American semiconductor firms were looking to invest $8 billion in the country.

Those investments were, however, contingent on Vietnam’s commitment to renewable energy, he added.

“Right now, as we speak, there are 15 semiconductor companies who have told us they are prepared to invest as much as $8 billion in Vietnam in this industry,” Jose Fernandez, undersecretary for economic growth, energy and the environment at the State Department, he told a press briefing in Hanoi.


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He added, however, that the companies stressed they faced constraints on investing in Vietnam. In particular, they needed the country to develop its regulatory regime for renewable energy.

“They made commitments to shareholders and customers they will use only renewable energy,” he said.

The companies are waiting for permits and development of the regulatory system in Vietnam before they can go ahead with their investment plans, he added.

Earlier, The Vietnam Economic Times had reported that the 15 companies were specifically looking to invest in thew country’s clean energy.

The report also said that Fernandez told Vietnamese Prime Minister Pham Minh Chinh that the US believed it “necessary to tap Vietnam’s huge potential in semiconductors.”

Fernandez also reiterated US President Joe Biden’s pledge last year to work with Vietnam on developing its chip industry and critical minerals sector.



  • Reuters, with additional inputs from Vishakha Saxena


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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]


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