SpaceX plans $15 bln investment in Vietnam
- by theinvestor
- Sep 26, 2024
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Thu, September 26, 2024 | 10:17 am GMT+7
U.S.-based SpaceX, a provider of spacecraft, satellite launch services, and satellite communications, plans to invest up to $15 billion in Vietnam as the Southeast Asian country seeks to boost its digital economy.
Tim Hughes, senior vice president for global business and government affairs at SpaceX, unveiled the company’s intention and highlighted Vietnam’s potential for SpaceX's satellite internet plan at a meeting with Party chief and State President To Lam in New York on Wednesday.
Hughes did not give a time frame for the investment plan.
Vietnam’s Party General Secretary and State President To Lam (right) and senior vice president for global business and government affairs of SpaceX Tim Hughes shake hands at a meeting in New York, September 25, 2024. Photo courtesy of Vietnam News Agency.
The executive asserted his commitment to supporting the country’s policy of universal internet services and expressed hope to get endorsement from the Vietnamese government and the coordination from Vietnamese ministries and agencies in this project.
Hughes noted that SpaceX initiated the Starlink service in 2019 and has deployed over 6,000 low-orbit satellites to provide internet in almost all corners of the world.
For his part, Lam thanked SpaceX’s offer to help Vietnam mitigate the consequences of typhoon Yagi that hit the country earlier this month and hoped that the group’s Starlink services would help Vietnam respond to natural disasters in a timely and effective manner in the future.
The Vietnamese leader stressed that Vietnam views digital transformation as an important driving force in the new era and backed the group’s investment proposal in Vietnam.
Lam informed that the Vietnamese government is considering SpaceX’s investment proposal and suggested the group closely coordinate with relevant Vietnamese agencies and partners to complete investment procedures.
On September 6, Tim Hughes met Vietnam’s Prime Minister Pham Minh Chinh in Hanoi, where he affirmed that his company was ready to invest and provide its Starlink satellite internet services in the country, covering many sectors like education, training, and disaster prevention.
He suggested Vietnam prepare necessary infrastructure and conditions so that the SpaceX project can be highly effective and help Vietnam expand its internet coverage to 100% of the population.
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