SpaceX plans to invest US$15 billion in Vietnam

09:23 | 26/09/2024 FDI Follow Ven.vn on

Tim Hughes, senior vice president for Global Business and Government Affairs of the US-based provider of spacecraft, satellite launch services, and satellite communications SpaceX, has said the corporation plans to invest US$15 billion in Vietnam.

SpaceX Senior Vice President Tim Hughes (L) meets with Party General Secretary and President To Lam of Vietnam in New York on September 25. (Photo: VNA)

Meeting with Party General Secretary and President To Lam of Vietnam in New York on September 25, Hughes said SpaceX pioneered satellite internet services five years ago, with more than 6,000 satellites currently operational in low Earth orbit that have the capability to provide services almost anywhere on Earth.

He revealed the corporation’s US$15 billion ambitious project in Vietnam, saying the Southeast Asian country is seen as a promising market for SpaceX’s expansion plan.

Hughes affirmed that SpaceX is eager to support Vietnam in realizing its plan to provide internet access to all citizens. He also expected to receive support from the Vietnamese government and relevant ministries to effectively initiate the partnership related to this mammoth project.

To Lam, for his part, welcomed SpaceX’s investment proposal and said Vietnam considers digital transformation to be one of the key drivers for ushering the country into a new era. He urged SpaceX to engage and cooperate closely with relevant agencies to ensure efficiency in completing investment preparation procedures.

On this occasion, he thanked SpaceX for its offers of assistance to Vietnamese localities devastated by Typhoon Yagi. He also expressed hope that SpaceX’s Starlink service in the future will help Vietnam respond promptly and effectively to natural disasters.

During the September 6 meeting with Prime Minister Pham Minh Chinh, Hughes also praised the investment environment in Vietnam and stated that SpaceX is ready to invest and provide Starlink satellite internet services in the country to support education, training, and disaster prevention, among others.

He also suggested that Vietnam prepare necessary infrastructure and other conditions to ensure the efficiency of the project, contributing to achieving 100% internet coverage for the population.

Source: VOV

See more news

Foreign investment surpasses 24.78 billion USD in nine months

09:27 | 04/10/2024 FDI

Total registered foreign investment into Việt Nam has exceeded US$24.78 billion as of September 30, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Brescia province's business community interested in Vietnamese market

09:16 | 04/10/2024 FDI

Vietnamese Ambassador to Italy Duong Hai Hung on October 1 attended a business forum on Southeast Asian markets held in the city of Brescia in Northern Italy, at the invitation of President of the Federation of Employers (Confindustria) of Brescia province Franco Gusalli Beretta.

Long Son Petrochemicals complex starts commercial operation

15:14 | 03/10/2024 FDI

Long Son Petrochemicals (LSP)’s integrated petrochemical complex, the first of its kind in Vietnam, was put in commercial operation on September 30.

Deli Group breaks ground for 270 million USD stationery factory in Hai Duong

18:27 | 29/09/2024 FDI

China’s Deli Group broke ground for its new stationery manufacturing plant at the Dai An Expanded Industrial Park in the northern province of Hai Duong on September 28.

Andre De Jong appointed as managing director of Bosch Vietnam

17:24 | 25/09/2024 FDI

(VEN) - Bosch Vietnam announced a leadership change for its managing director. Andre De Jong will succeed Dominik Meichle and assume responsibilities effective November 1, 2024.

Vietnam remains bright spot in foreign investment attraction in ASEAN

15:26 | 20/09/2024 FDI

Skilled workforce, a growing digital economy, competitive wages, and a sizeable regional market were among ASEAN’s top attractions to foreign investors, with Vietnam’s economic resilience being ranked foremost in attracting international firms, according to details given by HSBC experts.

Hanoi capitalises on advantages to attract FDI

10:26 | 13/09/2024 FDI

According to the Ministry of Planning and Investment, since the beginning of 2024, FDI has concentrated on provinces and cities with strong infrastructure, stable labour force, administrative reform efforts, and dynamic investment promotion activities. Among these, Hanoi has consistently ranked among the leading localities in the country for attracting FDI.

PM hosts Japanese multi-industry firm's chairman

15:07 | 12/09/2024 FDI

Prime Minister Phạm Minh Chính urged Mitsui & Co., Ltd of Japan to accelerate the implementation of the Block B gas-electricity project and expand its co-operation and investment in other sectors in Việt Nam, especially offshore wind energy development, during a meeting with its Chairman Tatsuo Yasunaga in Hà Nội on Wednesday.

Deputy PM pledges to facilitate operations of Hong Kong groups

16:13 | 10/09/2024 FDI

Permanent Deputy Prime Minister Nguyen Hoa Binh on September 10 held working sessions with representatives of some leading groups in Hong Kong (China) as part of his trip to Hong Kong for attendance at the 9th Belt and Road Summit.

Việt Nam attracts nearly US$21 billion in FDI in eight months

15:16 | 09/09/2024 FDI

According to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, as of August 31, the total registered foreign direct investment (FDI) in Việt Nam reached over US$20.52 billion, representing a 7 per cent year-on-year increase.

Latest Most Read

Germany’s Hesse state leader explores cooperation opportunities in Vietnam

09:56 | 26/11/2024 Cooperation

The Minister-President of the German state of Hesse, Boris Rhein, is scheduled to visit Vietnam from November 26 to December 1 to strengthen the strategic partnership between Hesse and Vietnamese partners.

Young boy takes top prize at writing contest

09:49 | 26/11/2024 Culture

Hà Nội-based Lã Duy Long was awarded special prize at a story writing contest Đóa Hoa Đồng Thoại (Bouquet of Children's Stories Contest) with his short story about donating hair to a cancer patient.

Hà Nội Culinary Culture Festival 2024 to take place this month

09:45 | 26/11/2024 Culture

With the theme 'Hà Nội kết nối năm châu' (Hà Nội connects the World), the festival is organised by the Hà Nội Department of Culture and Sports.

Vietnam welcomes first group of 400 Chinese tourists on charter train

09:41 | 26/11/2024 Tourism

The Vietnam Railways Corporation (VNR) has recently welcomed 400 Chinese tourists entering Vietnam through the Lao Cai International Border Gate on the first charter train under a cooperation programme between the Lao Cai Department of Tourism and VNR.

Dong Thap diversifies lotus products

09:34 | 26/11/2024 Vietnamese Brands

Lotus growers in the Mekong Delta province of Dong Thap have won big as their efforts to diversify lotus products pay off.

A series of scientific seminars on influenza prevention

15:15 | 22/11/2024 Society

In Ho Chi Minh City, Sanofi Southeast Asia and India successfully organized and leveraged a series of scientific seminars on influenza, attracting over 400 healthcare professionals from both the region and around the globe.

Vibrant cultural rendezvous in Hanoi

15:30 | 22/11/2024 Lifestyle

(VEN) - The 2024 International Food Festival will take place from December 7-8 in Hanoi, aiming to promote cultural and culinary exchange among nations.

Vinacomin - Power Holding Corporation: 15 years of ensuring national energy security

08:10 | 23/11/2024 Companies

(VEN) - After 15 years of construction and development, the Vinacomin - Power Holding Corporation is now proud to become one of the five major power generation corporations in Vietnam, contributing to ensuring national energy security with a total capacity of power plants of 1,735MW.

Petrovietnam grows strongly thanks to volatility management

07:29 | 24/11/2024 Companies

(VEN) - In the context of market volatility with complicated developments from epidemics, economic crises, to geopolitical instability, the proactive management of volatility of the Vietnam National Oil and Gas Group (Petrovietnam) has helped the group not only steadily overcome numerous difficulties, but also take advantages of new opportunities to set many records in production and business activities and make great contributions to the country’s economic growth.

Party chief delivers policy speech at University of Malaya

15:54 | 22/11/2024 News and Events

Kuala Lumpur – General Secretary of the Communist Party of Vietnam Central Committee To Lam delivered a policy speech at the University of Malaya, the oldest and most prestigious university of Malaysia, in Kuala Lumpur on November 22 as part of his ongoing official visit to the Southeast Asian country.

Multimedia

Video Longform Infographic Photo

Vietnam, Bulgaria strengthen traditional friendship and multifaceted cooperation

08:56 | 26/11/2024 Infographic

At the invitation of President Luong Cuong, President of Bulgaria Rumen Radev and his spouse are on an official visit to Vietnam from November 24 to 28. This is the first visit to Vietnam by a Bulgarian president in 11 years, and also the first trip to the Southeast Asian country by President Radev.

Banning motorbikes - a complex issue

09:32 | 24/11/2024 Society

Hà Nội is facing a serious problem because of polluted air and traffic congestion. Authorities plan to limit motorbikes in inner districts after 2025 and them gradually ban reduce the number of bikes on the roads from 2030. Are motorbikes the problem? Will this help ease congestion? Watch our video and tell us your comments.

Strengthening Vietnam-Cambodia friendship and cooperation

09:00 | 22/11/2024 Infographic

Chairman of the National Assembly Tran Thanh Man leads a high-ranking delegation to make an official visit to Cambodia, and attend some international events hosted by the neighboring country on November 21 to 24.

Vietnam - Malaysia Strategic Partnership

10:54 | 21/11/2024 Infographic

Since the establishment of diplomatic relations, the relationship between Vietnam and Malaysia has been continuously strengthened and developed positively across all areas, especially since it was upgraded to a Strategic Partnership in August 2015.

Vietnam, Dominican Republic strengthening cooperation

08:45 | 20/11/2024 Infographic

At the invitation of Dominican President Luis Rodolfo Abinader Corona and his spouse, Prime Minister Pham Minh Chinh and his spouse, accompanied by a high-level Vietnamese delegation, pay an official visit to the Dominican Republic from November 19 to 21, 2024. This visit holds significant importance as it marks the first official trip by a Vietnamese leader to the Dominican Republic, taking place ahead of the 20th anniversary of diplomatic ties between the two nations (July 7, 2005 – July 7, 2025).

Policy

Party Central Committee concludes 13th Conference with major resolutions for reform and national development

16:37 | 25/11/2024 Policy

Speaking at the meeting, General Secretary Tô Lâm summarised the key outcomes of the conference and highlighted the work required going ahead. He noted that the Central Committee had achieved a high level of consensus on its determination to review and streamline the organisational structure of the political system.

New decree on using telecommunications accounts for payment proposed

09:29 | 22/11/2024 Policy

Currently, the use of a telecommunications account to pay for small-value goods and services in the country, called Mobile-Money service, is being implemented in a pilot programme.

Parliament approves amendments to pharmacy law

08:54 | 22/11/2024 Policy

On drug price management, the NA Standing Committee reviewed and concurred with the Government’s proposal to implement measures for publishing projected wholesale prices for prescription drugs.

VAT tax reduction should continue until mid-2025: Ministry

17:15 | 21/11/2024 Policy

Hanoi - The Ministry of Finance (MoF) has proposed Vietnam's value-added-tax (VAT) reduction should continue until at least June 2025, saying the tax cut has provided both the business community and the economy with much-needed support.

Industry & Trade

Huge potential for VN, UK to boost cooperation in clean energy

15:29 | 25/11/2024 Energy

There is a huge potential for Việt Nam and the UK to enhance cooperation in clean energy, as both countries have set ambitious goals for carbon neutrality moving towards a sustainable future, experts have said.

Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth

20:42 | 22/11/2024 Industry

(VEN) - In recent years, the demand for transportation vehicles in Vietnam has surged rapidly, making the market highly promising, as assessed by experts.

VN's food processing industry struggles to improve quality and value chain integration

11:36 | 22/11/2024 Industry

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.

Tra fish sector aiming for production, processing greening for sustainable development

15:38 | 20/11/2024 Industry

HCM City - Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.

Investment

Japanese retailer Aeon to break ground on 4th shopping mall in Northern Vietnam

15:54 | 25/11/2024 Investment

Japan’s Aeon Mall Vietnam will start construction of a VND5.14 trillion ($202.2 million) shopping center project in the northern province of Quang Ninh, home to UNESCO natural heritage site Ha Long Bay, on December 2, according to provincial authorities.

Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh

16:58 | 22/11/2024 Investment

Thantawan Industry Public Company Limited, a leading plastic bag and straw manufacturer with more than 40 years of experience in Thailand, officially took out a landmark 30-year lease for a ready-built factory at Phuoc Dong Industrial Park, the southern province of Tay Ninh.

Workshop seeks ways to attract Japan’s green investment to Vietnam

09:43 | 20/11/2024 Investment

A workshop was held in Tokyo on November 18 to introduce to Japanese businesses investment trends in Vietnam and its pioneering industrial parks with carbon neutral initiatives.

Government approves investment policy to build Cam Lien Industrial Park in Quang Binh

16:57 | 18/11/2024 Investment

On November 16, the leader of the Quang Binh Provincial Economic Zone Management Board said that the Government had just approved the investment policy for Cam Lien Industrial Park.

Finance-Banking

Promoting credit for key agricultural sectors in Mekong Delta

11:11 | 25/11/2024 Finance-Banking

The Mekong Delta contributes 95% of Vietnam’s rice exports and accounts for 60% of the country’s total seafood export value. Recently, fruit exports have shown strong growth, with various fruits entering new markets. However, numerous credit-related obstacles are creating challenges regarding agricultural production loans in the region.

HDBank wins three awards at Vietnam Listed Company Awards 2024

10:53 | 21/11/2024 Finance-Banking

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - HoSE: HDB) has received three prestigious awards at the Vietnam Listed Company Awards 2024, highlighting its leadership in the banking sector, as well as its dedication to transparency and governance.

VIB, Flywire partner to streamline cross-border payments for students from Vietnam

16:46 | 18/11/2024 Finance-Banking

Vietnam International Bank (VIB) has announced a partnership with Flywire, a global payments enablement and software company based in Boston, to enable Vietnamese payers to digitally pay international education-related fees in their local currency to higher education institutions all over the world.

Vietcombank issues 2 trillion VND worth of green bonds for first time

18:55 | 16/11/2024 Finance-Banking

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has successfully issued 2 trillion VND worth of green bonds, the first of its kind, to support eco-friendly projects.

Environment

Businesses support Vietnam’s net zero target

16:18 | 25/11/2024 Environment

(VEN) - Vietnam has set a goal of achieving net-zero carbon emissions by 2050 to combat global climate change. To support the Government in achieving this target, many businesses have introduced various greenhouse gas reduction solutions.

Prolonged rainfall and landslides disrupt life in central region

15:43 | 25/11/2024 Environment

Provincial authorities are monitoring weather developments closely and evacuating residents from flood-prone and high-risk areas.

Tough negotiations to prevent Earth’s warming

10:38 | 24/11/2024 Environment

The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku, Azerbaijan, has failed to find common ground on the major issue of climate finance in the final hours of negotiations. Irreconcilable differences between countries are hampering global efforts to prevent Earth’s warming.

MoT view on raising emission standards for scooters from 2027

19:46 | 23/11/2024 Environment

(VEN) - The Prime Minister Notice No.518/TB – VPCP released recently by the Government Office has demonstrated the political determination and responsibility of enterprises in implementing the Party’s policies and the State’s laws and policies on environmental protection.

Science - Technology

MoU signed to foster Vietnam-Canada cooperation in science, technology

17:04 | 25/11/2024 Science - Technology

In preparation for cooperation in training human resources in science and technology, a delegation of the Vietnam Higher Education Network of Entrepreneurship & Innovation (VNEI) has recently signed a Memorandum of Understanding (MoU) with the Colleges and Institutes Canada (CICAN) on the occasion of their participation in the Canadian Bureau for International Education Conference.

First Vietnamese scientist named at UK’s TechWomen 100 Awards

17:00 | 25/11/2024 Science - Technology

With outstanding achievements in biotechnology, Dr Nguyen Thuy Ba Linh from University College London (UCL) has become the first Vietnamese scientist to win the UK's TechWomen 100 Awards.

Vietnam: A global magnet for scientific talent

16:58 | 24/11/2024 Science - Technology

Hanoi – Vietnam has rapidly established itself as a premier destination for scientific talent worldwide, driven by a robust policy framework aimed at nurturing talent and cultivating a skilled workforce for sustainable development.

Samsung launches technology talent development programm

09:36 | 24/11/2024 Science - Technology

Samsung Vietnam Complex on Friday officially launched the Samsung Innovation Campus (SIC) 2024–25, a Technology Talent Development Programme aimed at equipping Việt Nam’s youth - the future leaders of the Fourth Industrial Revolution - with advanced technological capabilities.

Society

Việt Nam must gear up for green mobility transition: experts

15:39 | 25/11/2024 Society

Việt Nam must develop charging infrastructure and ensure a stable electricity supply to prepare for the era of electric mobility transition.

iCare+ App launched on App Store to accompany diabetes patients

14:30 | 25/11/2024 Society

A first-ever specialized application for diabetes diseases in Vietnam, iCARE+ - is officially launched on the App Store, extending the opportunity to approach diabetes patients.

Vietnam leads ASEAN in number of students studying in US

14:18 | 25/11/2024 Society

Hanoi - Vietnam leads member countries of the Association of Southeast Asian Nations (ASEAN) in the number of students studying in the US, with nearly 50% pursuing majors in the fields of science, technology, engineering, and mathematics (STEM), according to a report released this month by the Institute of International Education (IIE).

Hà Nội to change to green energy buses by 2035

SpaceX plans to invest US$15 billion in Vietnam

See also

See more news

Multimedia