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.

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.