Vietnam is seeking to attract chipmakers and wants to boost its renewable energy sector but it has so far struggled to adopt rules that would allow the expansion of its solar and onshore wind industry and the development of offshore wind farms of which it has none now.

Prime Minister Pham Minh Chinh speaks with U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez on Jan. 25, 2024.

"They are prepared to invest as much as $8 billion," U.S. undersecretary for economic growth and the environment Jose Fernandez told a press briefing in Hanoi Friday, when asked if U.S. companies wanted to invest in Vietnam.

In a later remark he noted the investment would focus on clean energy infrastructure, according to what companies told him.

He declined to name the companies. Fernandez underlined that those firms had obligations to shareholders so the investment would be conditional on regulatory progress on renewable energy in Vietnam.

"They made commitments to shareholders and customers they will use only renewable energy," he said, adding companies were also waiting for permits before they can go ahead with their investment plans.

Vietnam is considering to adopt a regulatory regime that would allow factories to negotiate electricity prices directly with producers rather than buy it from the country's state-owned power network operator.

It is also working to pass rules for offshore wind, including a designation of marine space use, but regulatory delays have for long hampered progress.

A renewable boom in Vietnam in recent years driven by widespread installation of solar panels and onshore wind turbines has been partly undone by problems for connecting the projects to the grid, which also needs significant upgrades to handle renewable energy.

Fernandez's trip to Vietnam is part of U.S. plans to implement the agreements reached in September when the two countries officially upgraded their ties to "comprehensive strategic partnership", Vietnam's top tier of its diplomatic ranking.

In meetings with senior Vietnamese officials during the trip, including with Vietnamese Prime Minister Pham Minh Chinh, Fernandez discussed mostly chips, critical minerals and clean energy, he told reporters.

Bac Ninh aims to integrate into regional semiconductor ecosystem

With a business-friendly approach and an open-door policy, the northern province of Bac Ninh has emerged as a key destination for major players in the electronics and semiconductor industry.

Japanese semiconductor firms considering investment in Vietnam

Japanese financial services firm SBI Holdings considers Vietnam an attractive investment destination for semiconductor manufacturing.

Strategic cooperation in training human resources for the semiconductor IC industry

SUN EDU International Education Joint Stock Company and Thu Dau Mot University (in Binh Duong Province) signed a Memorandum of Understanding (MOU) on strategic cooperation for the development of high-quality human resources in the field of electronics and semiconductor integrated circuits (IC) in the Southeast region, at a ceremony held in Binh Duong Province on December 26.

PM receives President of US Semiconductor Industry Association

Prime Minister Pham Minh Chinh hosted a reception in Hanoi on December 7 for President of the US Semiconductor Industry Association (SIA) John Neuffer and leaders of major US semiconductor companies such as Intel, Qualcom, Ampere and ARM, who are on a working visit to Vietnam.

PM asks Japan for assistance in developing semiconductor industry

On the morning of December 16, in Tokyo, continuing bilateral activities in Japan, Prime Minister Pham Minh Chinh met and worked with leading Japanese corporations and businesses in the field of semiconductors.

Source: VnExpress