SpaceX plans to invest $1.5 billion in Vietnam

SpaceX, U.S.-based provider of spacecraft, satellite launch services, and satellite communications, plans to invest $1.5 billion in Vietnam in the upcoming time, according to the Government News.

The investment intention was announced by Mr. Tim Hughes, Senior Vice President for Global Business and Government Affairs of SpaceX during his meeting with Vietnam’s Party General Secretary and President To Lam in New York on September 25 (local time) on the occasion of the Vietnamese leader's trip to the U.S. to attend the 79th session of the UN General Assembly.

Mr. Hughes was quoted by the Government News as saying that Vietnam is a very potential market for SpaceX's satellite Internet development plan, adding that the corporation launched satellite Internet service five years ago and now has over 6,000 satellites in orbit. It has the capability to provide services almost anywhere on Earth.

Party General Secretary and President To Lam, for his part, expressed thanks to the tech giant's request for assisting Vietnam’s efforts in overcoming Typhoon Yagi aftermath, expressing his belief that SpaceX's satellite Internet service will support the nation in responding promptly and effectively to natural disasters in the future.

Vietnam determines that digital transformation is one of the important driving forces to bring the country into a new era, the Vietnamese leader said, speaking highly of SpaceX's investment proposal in the country.

The investment will be a favorable initial step to further promote cooperation between the two sides in the time ahead, Mr. Lam noted.

He suggested SpaceX discuss and exchange with relevant agencies and partners to ensure the effectiveness of the investment.

Mr. Hughes affirmed his desire to support Vietnam in realizing this project, looking forward to receiving the support from the Vietnamese Government, as well as its ministries and agencies during the implementation process of the project.