Elon Musk’s SpaceX plans to invest US$1.5 billion in Vietnam in the near future to deploy its Starlink satellite service in the 100-million-people market, according to a meeting between General Secretary and President To Lam and SpaceX Vice President Tim Hughes on Wednesday in New York (Thursday morning Vietnam time).
Vietnamese government agencies are currently reviewing SpaceX’s investment proposal, according to the news portal www.chinhphu.vn, which cited President To Lam’s remarks to Tim Hughes, Senior Vice President for Global Business and Government Affairs at SpaceX. To Lam also requested that SpaceX work closely with Vietnamese agencies to complete preparations for the investment.
To Lam stated that Vietnam has identified digital transformation as one of the key drivers to lead the country into a new era and praised SpaceX’s investment proposal in Vietnam. He emphasized that this investment would be a favorable initial step in promoting further cooperation between the two sides in the future.
Tim Hughes noted that Vietnam is a very promising market for SpaceX’s satellite Internet development plan and expressed hope for support from the Vietnamese government and ministries during the project’s implementation.
Earlier, in early September 2024, Hughes had visited Vietnam to promote preparations for the company’s investment in the market.
During a meeting with Prime Minister Pham Minh Chinh in Hanoi on September 6, Hughes praised Vietnam’s investment environment and the country’s initiative to provide universal internet access.
He confirmed that SpaceX is ready to invest in and provide Starlink services in Vietnam, including for education, training, and disaster prevention. He also suggested that Vietnam prepare the necessary infrastructure and conditions to ensure the project’s success and contribute to achieving 100% internet coverage for the population.
As part of his trip to New York to attend the 79th United Nations General Assembly, President To Lam also met with representatives from other U.S. tech giants such as Google, Apple Inc., Meta Platforms Inc., and Super Micro Computer Inc.
SpaceX to invest US$1.5 billion in Vietnam
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