US capital takes broader footprint in Vietnam
U.S. capital in Vietnam is extending beyond traditional foreign direct investment (FDI), with private-equity funds, corporate investors and technology companies deploying capital across sectors ranging from energy and industrial manufacturing to semiconductors, chip design, artificial intelligence and financial investment.
As of the end of July 2026, American investors had 1,587 active projects in Vietnam with total registered capital of about $12.5 billion, ranking 11th among countries and territories investing in the Southeast Asian country. Meanwhile, Vietnamese firms logged 279 projects in the U.S., with total registered capital of about $1.45 billion.
In the first seven months of 2026, U.S. investors registered about $437.6 million in Vietnam, including 86 newly licensed projects, up 67.9% from the same period a year earlier.
Billion-dollar energy projects
One of the most significant U.S. investments in Vietnam’s energy sector is the Mong Duong 2 BOT thermal power plant in the northern city of Quang Ninh. The $2.1 billion project, developed by U.S. energy company AES with partners, has a capacity of 1,240 megawatts. It began commercial operations in 2015, supplying electricity to Vietnam’s national grid.
AES later expanded its presence in Vietnam’s energy market through the Son My 2 LNG-fired power project in the former central province of Binh Thuan, now part of Lam Dong province. The project comprises an LNG import terminal and a gas-fired power plant with a capacity of about 2,250 MW and estimated investment of around $2.1 billion.
AES and Vietnam’s PV GAS signed an agreement to develop Son My 2 in 2019. The project is expected to begin commercial operations around 2028, subject to completion of investment procedures and construction.
AES’s projects illustrate how U.S. investment in Vietnam initially focused heavily on capital-intensive sectors such as power generation and energy infrastructure. It has since expanded into higher-value sectors, including semiconductors, chip design and artificial intelligence.
From Intel to the semiconductor value chain
If energy has been one of the sectors behind billion-dollar projects, technology is emerging as another major area of U.S. corporate presence in Vietnam.
Intel broke ground on its facility at the Saigon Hi-Tech Park in Ho Chi Minh City in 2006 and began operations in 2010. With an initial investment of $1 billion, after several expansions, the company’s total committed investment in Vietnam has reached about $4.1 billion.
Intel Products Vietnam focuses on chip assembly and testing. After two decades of operations, the facility has shipped more than 4 billion products and generated more than $110 billion in export value.
Following Intel, Amkor Technology also established a semiconductor facility at Yen Phong II-C Industrial Park in Bac Ninh city, a neighbor of Hanoi. The project’s investment has reached about $1.6 billion across multiple phases, with construction beginning in 2019. The facility focuses on semiconductor packaging and testing.
While Intel and Amkor are focusing on manufacturing, packaging and testing, Synopsys and Marvell have a stronger presence in chip design and R&D. Synopsys expanded its operations in Vietnam from around 2018, while Marvell has built chip-design and R&D teams in the country.
Neither company has disclosed investment on the multibillion-dollar scale like the energy projects or manufacturing facilities of Intel and Amkor. Their operations, however, are concentrated in more knowledge- and engineering-intensive segments of the semiconductor value chain.
In artificial intelligence, Nvidia has also expanded cooperation with Vietnamese companies including FPT and Viettel, focusing on AI development, human resource training and ecosystem building.
U.S. capital extends beyond FDI
The presence of U.S. capital in Vietnam extends beyond traditional FDI, with private investment funds also deploying capital through corporate investments and mergers and acquisitions (M&As).
Warburg Pincus said it had invested more than $2 billion in Vietnam since 2013. Its portfolio includes Vincom Retail, BW Industrial Development, Techcombank and MoMo, as well as investments in real estate, tourism and healthcare.
In Ho Tram, the former Ba Ria-Vung Tau province (now part of Ho Chi Minh City), it has invested in The Grand Ho Tram resort, tourism and entertainment complex, which has a total investment of $4.23 billion. As of April 2025, the project had disbursed about $1.5 billion, employed more than 2,000 workers, and contributed more than VND2.2 trillion ($84.57 million) to the state budget over five years.
KKR has also injected more than $2 billion into Vietnam through investments in local firms such as Masan, Vinhomes, EQuest, KiotViet and Saigon Medical Group. At Masan, it poured $159 million into Masan Consumer, raising the total value of its investments across the broader Masan ecosystem to about $359 million.
While the $12.5 billion in registered FDI highlights the scale of U.S. investment in Vietnam’s energy and industrial sectors, U.S. capital is also increasingly present in semiconductors, chip design, R&D, artificial intelligence and private-equity investments.
The broader footprint of U.S. capital is therefore reflected not only in registered FDI, but also in corporate investment, technology transfer, R&D and participation in global supply chains.
Source: Dinh Duy, Minh Hue
Photo: Photo courtesy of AES
