American firm SpaceX plans $1.5 bln investment in Vietnam

U.S.-based SpaceX, a provider of spacecraft, satellite launch services, and satellite communications, plans to invest up to $1.5 billion in Vietnam, facilitating the nation’s digital growth.

Tim Hughes, senior vice president for global business and government affairs at SpaceX, outlined the company’s plans and highlighted Vietnam’s potential for SpaceX's satellite internet plan at a Wednesday meeting with Party chief and State President To Lam in New York.

Hughes did not mention a time frame for the investment plan.

The executive said he was committed to supporting the country’s policy of universal internet services and hoped to get endorsement from the Vietnamese government and collaboration 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.

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 the country respond to natural disasters in a timely and effective manner in the future.

He said Vietnam viewed digital transformation as an important driving force in the new era and welcomed the group’s investment proposal.

Lam informed the executive that the Vietnamese government was considering SpaceX’s investment proposal and suggested the group closely coordinates with relevant Vietnamese agencies and partners to complete investment procedures.

Earlier this month, Tim Hughes had met Vietnam’s Prime Minister Pham Minh Chinh in Hanoi, where he'd 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 that Vietnam readies 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.

Correction: This story has been corrected to say that SpaceX plans to invest $1.5 billion, not $15 billion, in the headline and paragraph 1. The Vietnamese government's news portal previously reported "$15 billion". We apologize for the mistake.