Several unnamed US companies are reportedly interested in conducting business in Vietnam including an $8bn investment there, according to remarks made by under-secretary for economic growth Jose W. Fernandez.

Fernandez stated during a press event in Hanoi that around 15 semiconductor and green technology companies would be interested in investing in the region of $8bn in the country’s economy. Vietnam is currently in the process of growing its chip production in response to a growing demand thanks to the steady global adoption of AI.

The Asia-Pacific region already dominates semiconductor manufacturing, generating a revenue of $371bn which is more than 50% of the total semiconductor market revenue worldwide. Taiwan, Japan and South Korea are currently the dominating countries in chip production.

The overall semiconductor industry is now valued at more than $600bn according to research and analyst company GlobalData, with unsteady growth expected as AI disrupts businesses.

In its executive briefing on AI, GlobalData states that despite the semiconductor market experiencing solid growth, forecasting future demand can only be an educated guess due to the nascent nature of the industry.

However, Fernandez also specified that the unnamed companies would focus on creating sustainable energy options in the country. This includes clean energy infrastructure.

Fernandez declined to name the companies in question but stated that Vietnam would need regulatory backing behind clean energy before the companies committed to the investment.

Vietnam’s government has committed to reach net zero by 2050.