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

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