U.S. Undersecretary for Economic Growth and the Environment, Jose Fernandez, has told a press briefing in Hanoi that US firms could invest as much as US$8 billion, but that this hinges on clarity on renewable energy development in the country, Reuters is reporting. This was after meeting with Vietnam’s Prime Minister Pham Minh Chinh.
Fernandez noted that those US firms were looking to invest in clean energy infrastructure, however, local press coverage has been skewed toward the undersecretary’s comments on semiconductor manufacturing. These appear to have been vague with no further commitment beyond what was promised back in September by US President Joseph Biden–cooperating in upskilling workers and facilitating dialogue between US chip manufacturers and the burgeoning Southeast Asian nation.
Of note, semiconductors have been a buzz word in Vietnam since chip shortages plagued global electronics manufacturing during the COVID-19 pandemic. There have been extensive overtures made to foreign chip manufacturing firms to invest in Vietnam but these investments have mostly been confined to low-skilled assembly, testing, and manufacturing.