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Vietnam: SpaceX plans .5 billion investment in Starlink
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Vietnam: SpaceX plans $1.5 billion investment in Starlink

(Bloomberg) — SpaceX plans to invest $1.5 billion in Vietnam in the near future related to its Starlink satellite service, the government said, citing a meeting between the company’s senior vice president, Tim Hughes, and Communist Party Secretary General To Lam.

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Lam, who was in the United States for the UN General Assembly, said Vietnam was reviewing the proposal, according to a statement on the country’s National Assembly website.

Further details about SpaceX’s investment were not disclosed. The company did not immediately respond to an email seeking comment outside normal U.S. business hours. Government officials in Vietnam were not immediately available for comment.

The Vietnamese government said last year that SpaceX was interested in providing the country with its low-Earth orbit satellite service. Earlier this year, Reuters reported that those plans had been put on hold.

According to the Vietnamese statement, Lam told Elon Musk’s Starlink, a subsidiary of SpaceX that uses thousands of satellites for internet access, that the country would coordinate investment formalities with domestic partners.

Lam, who met with U.S. President Joe Biden, also met with major companies, including Boeing Co. and Meta Platforms Inc. He and Biden discussed ways for the U.S. and Vietnam to advance cooperation on economic and technology issues.

Read: Biden meets with Vietnamese leader to strengthen US alliance in Asia

According to the government statement, Karan Bhatia, Google’s vice president of government affairs and public policy, told Lam that the Silicon Valley company intends to work with Vietnam on developing AI technologies, cloud computing and enhanced cybersecurity for collaboration.

(Updates the technological cooperation between the US and Vietnam in the sixth paragraph. In an earlier version, the government corrected the investment amount to $1.5 billion.)

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