A visiting senior U.S. official revealed that fifteen semiconductor companies are expressing interest in investing a substantial $8 billion in Vietnam. However, this potential investment is contingent on the country’s commitment to embracing renewable energy practices.

Jose Fernandez, the undersecretary for economic growth, energy, and the environment at the State Department, emphasized that these companies have obligations to their shareholders. Consequently, the investment commitment hinges on Vietnam’s progress in establishing a robust regulatory framework for renewable energy.

“At this moment, 15 semiconductor companies have informed us of their readiness to invest up to $8 billion in Vietnam within this industry,” he shared during a press briefing in Hanoi, responding to queries about U.S. companies’ interest in Vietnam.

However, he acknowledged that these companies face limitations when considering investments in Vietnam, specifically highlighting the necessity for the country to enhance its regulatory structure for renewable energy.

“They have made commitments to their shareholders and customers that they will exclusively utilize renewable energy,” he explained. Additionally, he noted that the companies are awaiting permits and the development of Vietnam’s regulatory system before proceeding with their investment plans.