Elon Musk's company SpaceX, known for its ambitious space plans and Starlink satellite internet business, wants to invest $1.5 billion in Vietnam according to the latest Vietnam news.
They think the Southeast Asian nation is a good market for their SpaceX WiFi satellite internet service to expand connectivity and internet access, even in remote and mountainous areas.
On September 25, Vietnam's Communist Party leader To Lam met with Tim Hughes from SpaceX. SpaceX is a top tech giant that makes spaceships and provides satellite services.
To Lam thanked SpaceX for offering help after a recent storm in Vietnam. He hopes SpaceX's Starlink internet, set to launch on an aggressive timeline, can help Vietnam deal with natural disasters and improve disaster prevention better in the future.
Vietnam thinks digital technology is very important for the country's future. To Lam likes SpaceX's plan for the major tech investment in Vietnam and hopes they can work together more, despite some regulatory concerns around foreign ownership in the communications market.
The Vietnamese government under Prime Minister Pham Minh Chinh is looking at SpaceX's proposal. They want the Elon Musk Starlink company to work closely with Vietnamese officials and companies like Foxconn to make sure everything goes well.
Tim Hughes said SpaceX started its satellite internet projects 5 years ago. Now they have more than 6,000 Starlink satellites in space. These satellites can provide internet almost anywhere on Earth, a feat other tech giants like Google, Apple, Samsung, and Meta have yet to match.
SpaceX thinks Vietnam, with its position near the contested South China Sea, is a good market for their satellite internet. They plan to invest up to $15 billion in the Starlink business in Vietnam soon, a massive sum compared to NASA investment in the company.
Tim Hughes agrees with Vietnam's goal presented at the United Nations General Assembly to give internet to everyone. He wants to help Vietnam do this and hopes the Vietnamese government will support their project to shape the SpaceX future.
While there are still questions around issues like Starlink cost and when Starlink stock may be available to rival SpaceX stock, the company sees a bright future in Vietnam and Southeast Asia for its satellite internet business. The investment would be a major boost for both SpaceX and Vietnam's tech economy.
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