SpaceX eyes $500mln investment in Vietnam

SpaceX, a global leader in manufacturing advanced rockets and spacecraft, plans to invest around $500 million and hopes to receive an investment license for its Starlink services in Vietnam.

The information was revealed by Mr. Tim Hughes, Senior Vice President in charge of government relations and global business at the SpaceX Group, at his meeting with Prime Minister Pham Minh Chinh on September 20 (local time) during his working trip to the US.

Appreciating Vietnam’s development potential, Mr. Hughes said SpaceX wants to contribute to providing broadband internet services in “low signal areas”.

Prime Minister Chinh suggested deeper coordination between SpaceX and the Ministry of Planning and Investment to link and cooperate with potential Vietnamese partners in information technology and to deploy cooperative activities to promote innovation in the country.

The government leader also suggested that SpaceX pay attention to research and propose that OEM (original equipment manufacturer) partners build telecommunications equipment factories in Vietnam, while affirming that he will instruct relevant agencies to assist SpaceX in completing the necessary legal procedures for the deployment of projects in Vietnam.

He also asked Mr. Hughes to convey an invitation to SpaceX CEO Elon Musk to attend the Vietnam International Industrial Fair 2023 later this year.

Founded in 2002 by billionaire Elon Musk and with the goal of reducing space transportation costs, SpaceX is a US spacecraft manufacturer, launch service provider, defense contractor, and satellite communications company headquartered in Hawthorne, California. It offers internet services via its Starlink satellites, which became the largest-ever satellite constellation in January 2020 and as of June 2023 comprised more than 4,300 small satellites in orbit.