Elon Musk's SpaceX Plans $1.5B Investment For StarLink In Vietnam, Says Government

SpaceX, led by Elon Musk, is planning to invest $1.5 billion in Vietnam, according to a statement from the Vietnamese government on Thursday. The investment aims to resolve a stalemate over the launch of its Starlink satellite services in the country.

What Happened: Months of discussions on offering Starlink’s satellite internet and other communication services were paused at the end of 2023 but resumed later, as per sources. The Vietnamese government is currently considering the investment proposal, as stated by President To Lam on the government portal, Reuters reported on Thursday.

President Lam’s remarks followed a meeting in New York with SpaceX government affairs official Tim Hughes, who confirmed the company’s plan to invest in Vietnam. However, the government has not specified the exact location or timeline for the investment.

Vietnam, with a population of 100 million, represents a significant market for U.S. internet companies like Meta Platforms Inc. and Alphabet Inc. The country’s aging equipment and mountainous regions make internet services less reliable, which could benefit from Starlink’s satellite internet.

See Also: Elon Musk Reacts After Trump Campaign Releases Over 50 Examples of Democrats’ Rhetoric That ‘Inspired Assassination Attempt’

SpaceX’s investment could also enhance Vietnam’s patrolling capabilities in the disputed South China Sea, although this might not sit well with Beijing.

Why It Matters: SpaceX’s planned investment in Vietnam comes at a crucial time for the company. Recently, Elon Musk stated that if the rest of the year goes well, SpaceX will launch close to 90% of all mass to orbit, leaving China and the rest of the world far behind. Musk made this prediction on social media platform X, highlighting SpaceX’s dominant position in the space industry.

Additionally, SpaceX has been in the news for its ongoing disputes with the Federal Aviation Administration (FAA). The company recently criticized FAA Chief Mike Whitaker for allegedly inaccurate statements regarding delays in the launch of SpaceX’s Starship vehicle. SpaceX argued that the delays were not justified and expressed concerns over the FAA’s handling of licensing matters. This dispute underscores the regulatory challenges SpaceX faces as it expands its operations globally.

Read Next:

• Elon Musk Shares It Takes ‘Multiple Fish Licenses’ To Launch A Rocket: ‘I Don’t Think The Public Is Quite Aware Of The Madness That Goes On,’ Says SpaceX CEO

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari