SpaceX targets $500 million investment in Vietnam

SpaceX is gearing up for a significant foray into Vietnam, announcing a proposed $500 million investment with aspirations to roll out its Starlink services in the country.

During the 78th UN General Assembly High-Level Week in New York, Vietnamese Prime Minister Pham Minh Chinh met with top executives from global giants, including the space exploration tech firm SpaceX on September 20.

In a notable discussion, PM Chinh met with Tim Hughes, senior vice president in charge of Global Business and Government Affairs at SpaceX.

During their conversation, Hughes said, “SpaceX is planning an investment of approximately $500 million in Vietnam, and we’re keen on obtaining a licence to introduce our Starlink services in the country.”

Chinh warmly welcomed SpaceX’s proactive investment proposal and encouraged the company to “coordinate with Vietnamese agencies and relevant entities to expedite the project’s deployment.”

Additionally, it’s essential to consider competitive pricing to align with Vietnam’s developmental objectives and legal framework,” Chinh said.

The PM emphasised the need for SpaceX to collaborate with Vietnam’s Ministry of Planning and Investment.

“This collaboration will forge stronger ties with potential Vietnamese partners in the IT sector, drive innovation, and promote research with Original Equipment Manufacturer partners to consider the establishment of telecommunication equipment production plants in Vietnam,” the PM said.

In a gesture underscoring the significance of this partnership, PM Chinh extended an invitation to SpaceX’s CEO, Elon Musk, to attend the International Technology Exhibition in Vietnam later this year.

Chinh expressed his hope that Musk’s presence would “inspire Vietnamese youth in the realms of innovation and drive increased usage of SpaceX’s offerings.”

Vietnam Investment Review