SpaceX plans to expand investment in Vietnam
SpaceX plans to expand its investment in Vietnam to provide Starlink (satellite internet) services, the country's government news portal quoted Tim Hughes, senior vice president in charge of government relations and global business at SpaceX, as saying.
Within the framework of his seven-day visit to the U.S., Vietnamese Prime Minister Pham Minh Chinh met executives from a number of major U.S. and international businesses, including SpaceX, Coca-Cola, Pacifico Energy, and Medtronic, on Wednesday, September 20 (local time) in New York.
At the meeting with SpaceX Group, Chinh highly appreciated SpaceX Group's global investments and welcomed SpaceX to proactively expand its investment cooperation in Vietnam, thereby contributing to promoting digital transformation and the digital economy.
The Vietnamese leader said he would assign relevant agencies to discuss and guide the corporation in implementing cooperation and investment projects within the legal framework. He also asked the group to comment on related policies and promote innovation in Vietnam.
Prime Minister Pham Minh Chinh and Tim Hughes, senior vice president in charge of government relations and global business at SpaceX Group. Photo coutersy of Vietnam's government portal.
After the visit of U.S. President Joe Biden on September 10-11, many U.S. businesses, such as Boeing and Walmart have been looking at Vietnam for cooperation opportunities.
Vietnam and the U.S. agreed to raise bilateral ties to a comprehensive strategic partnership, the highest in Vietnam’s diplomatic hierarchy, during President Joe Biden’s visit to Hanoi. The upgrade takes Vietnam-U.S. relations on a par with Vietnam's relationships with China, Russia, India and South Korea.
The U.S. is Vietnam's largest export market and second biggest trade partner, behind only China. The U.S. became the first market to which Vietnam's exports surpassed $100 billion in 2022.
In March, SpaceX was among a group of 50 U.S. businesses that visited Vietnam to seek investment opportunities. SpaceX is a U.S. private company specializing in the production of booster rockets and spacecraft, headquartered in California. The company was founded in 2002 by Elon Musk.
- Related News
- Read More
China’s C&D Group plans $2 bln paper, pulp facility in central Vietnam
C&D Group of China, which ranks 85th on the Fortune Global 500, has proposed a $2 billion finished paper and pulp facility in Vietnam’s central province of Quang Binh.
Industries - Fri, May 23, 2025 | 4:50 pm GMT+7
Logistics, free trade zone projects proposed for My Thuy Port area in central Vietnam
My Thuy International Port Joint Venture Company (MTIP) has proposed studying several projects associated with its investment in My Thuy Port of Quang Tri province, central Vietnam.
Infrastructure - Fri, May 23, 2025 | 3:10 pm GMT+7
Packaging plays key role in attracting Thai consumers: Central Retail exec
Vietnamese businesses need to prioritize eco-friendly and modern packaging designs to appeal to Thai consumers, said Chailermchai Pornsiripiyakool, head of CSR & international corporate affairs at Central Retail.
Companies - Fri, May 23, 2025 | 2:41 pm GMT+7
VSIP eyes $86 mln residential project in central Vietnam
VSIP Nghe An Co. Ltd., the developer behind facilities under the Vietnam-Singapore Industrial Park (VSIP) model, has proposed a VND2.24 trillion ($86.3 million) residential area project in the central province of Nghe An.
Real Estate - Fri, May 23, 2025 | 1:16 pm GMT+7
Is Vietnam's steel major SMC emerging from shadows?
Steel manufacturer SMC Trading Investment JSC (HoSE: SMC) has dodged delisting, but its path to recovery remains rocky as the steel industry grapples with mounting challenges.
Companies - Fri, May 23, 2025 | 12:08 pm GMT+7
Thailand sees car sales bounce back after nearly 2 years
Domestic car sales in Thailand rose by 1% year-on-year in April, the first increase in 23 months, according to the Federation of Thai Industries (FTI).
Southeast Asia - Fri, May 23, 2025 | 8:51 am GMT+7
US set to impose steep tariffs on solar panel imports from Southeast Asia
The US International Trade Commission (ITC) determined on May 20 that domestic solar panel makers were materially harmed or threatened by a flood of cheap imports from four Southeast Asian nations, bringing the US a step closer to imposing stiff duties on those goods.
Companies - Fri, May 23, 2025 | 8:50 am GMT+7
Singapore launches five-year study on depression
Singapore’s Institute of Mental Health (IMH) has initiated a five-year study to look at the causes of depression among adults in the country, with the aim of finding ways to prevent it or halt its trajectory.
Southeast Asia - Fri, May 23, 2025 | 8:47 am GMT+7
Thailand aims to cut US trade gap by $15 bln
Thailand expects to reduce its trade surplus with the U.S. by as much as $15 billion a year, or one-third, with its recent initiatives to prevent the misuse of origin rules for exports, according to Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira.
Southeast Asia - Fri, May 23, 2025 | 8:45 am GMT+7
Q1 revenue of LG Electronics’s Vietnam factories fall 12% to $2 bln
LG Electronics’s factories in Vietnam, both in the northern port city of Hai Phong, recorded a total revenue of KRW2.84 trillion ($2.05 billion) in the first quarter of this year, down 12.3% year-on-year.
Companies - Fri, May 23, 2025 | 8:31 am GMT+7
'Reversal signal' from foreign investors after 2 years of net selling
Despite a persistent net selling trend since the start of the year, foreign investor activity in the first half of May has been described by several analysis groups as signaling a potential “reversal” after two years of consistent divestment.
Finance - Thu, May 22, 2025 | 10:51 pm GMT+7
'Tunnel king' Deo Ca proposes expanding North-South Expressway under PPP model
Deo Ca Group JSC, known as Vietnam’s “tunnel king” for its role in transport infrastructure, has proposed expanding the eastern section of the North-South Expressway to six lanes, using the public-private partnership (PPP) model.
Infrastructure - Thu, May 22, 2025 | 8:45 pm GMT+7
Vietnam's pharma major Imexpharm to build $58 mln plant in southern Vietnam
Imexpharm Pharmaceutical JSC (IMP) expects to complete procedures by September to begin construction of its Cat Khanh pharmaceutical plant in Dong Thap province in Q4/2025.
Industries - Thu, May 22, 2025 | 4:51 pm GMT+7
Thai Central Retail's Vietnam revenue hits $431 mln in Q1
Thai giant Central Retail posted revenues of nearly THB14.16 billion ($431.44 million) in Vietnam in the first quarter of this year, driven by increased consumer demand during the Tet (Lunar New Year) holiday.
Companies - Thu, May 22, 2025 | 4:23 pm GMT+7
Vietnam-US negotiations make 'positive progress'
The second round of Vietnam-U.S. negotiations has made positive progress, identifying issues of consensus and contents that need further discussion, according to the former's Ministry of Industry and Trade.
Economy - Thu, May 22, 2025 | 3:01 pm GMT+7
Belgium’s AB InBev doubles brewery capacity after a decade in Vietnam
The capacity of Belgian firm AB InBev’s brewery in the southern province of Binh Duong has doubled to 100 million liters per year after 10 years of operations.
Industries - Thu, May 22, 2025 | 1:57 pm GMT+7
