Through Starlink, Elon Musk’s SpaceX intends to spend $1.5 billion in Vietnam

In the near future, Elon Musk’s SpaceX intends to invest $1.5 billion in Vietnam, perhaps resolving a standoff over the launch of its Starlink satellite services there.

According to people familiar with the situation who spoke to Reuters earlier this year, negotiations on providing Starlink satellite internet access and other communications services, which had been going on for months, were put on pause at the end of 2023 but subsequently restarted.

“The Vietnamese government is considering SpaceX’s (investment) proposal,” President To Lam said, according to a government portal report on Thursday, calling on the company to work closely to complete preparations for the investment.

The statement was made subsequent to the leader’s meeting with Tim Hughes, a government affairs officer for SpaceX, in New York. Hughes stated that the business intended to invest $15 billion in Vietnam, a country that has great potential for its satellite Internet service.