SpaceX pledges US$1.5b investment in Vietnam during Starlink talks

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SpaceX has reportedly said it plans to invest US$1.5 billion in Vietnam in the near future as an apparent sweetener to convince the government to allow the company to launch its LEO satellite broadband service Starlink in the country.

According to a report issued by the official Vietnam News Agency on Thursday, the investment plan was proposed by Tim Hughes, SpaceX’s senior VP for global business and government affairs, during a meeting in New York City on Wednesday with Vietnamese party general secretary and state president Tô Lâm.

The report offered no details on where or when the US$1.5 billion would be invested, and SpaceX has not publicly confirmed the report.

Lâm said the Vietnamese government is considering the investment proposal, and asked SpaceX to coordinate with relevant Vietnamese agencies and partners to complete any investment procedures, the VNA report said.

Lâm also reportedly said during the meeting he hopes that SpaceX will “help Vietnam respond to natural disasters in a timely and effective fashion” – a timely topic as communities struggle to get back on their feet and stay connected after Super Typhoon Yagi battered northern Vietnam earlier this month.

In a meeting with Vietnamese prime minister Pham Minh Chinh just before Yagi made landfall, Hughes pitched Starlink as a way to enhance education, training, and disaster prevention efforts in the country, according to VN Express.

SpaceX has been actively lobbying to get approval to launch Starlink in Vietnam since September 2023 as part of its broader strategy to expand in Southeast Asia. So far, Starlink has been cleared to offer services in the Philippines, Malaysia and Indonesia.

According to Reuters, a key sticking point in the discussions between SpaceX and the Vietnam government is rules regarding foreign ownership. SpaceX would need to set up a JV with a local partner to operate in Vietnam, and would be limited to a 50% stake, whereas SpaceX wants a controlling stake.

SpaceX would also need to find a way to comply with laws regarding domestic data storage and content restrictions, the report said.

One factor working in SpaceX’s favour is that Vietnam has recently demonstrated a willingness to make concessions to foreign companies to help local players cope with surging demand.

In July, the government said it would allow foreign investors to own data centres in Vietnam for the first time. The change was made because its local data storage law was generating more demand for storage than local data centre operators could handle.

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SpaceX pledges US$1.5b investment in Vietnam during Starlink talks

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