Elon Musk’s Space Exploration Technologies Corp (SpaceX) is planning to invest US$1.5 billion in Vietnam, the country’s official news agency said, as the country looks to boost its attractiveness as an investment destination for the world’s biggest companies.
On a visit to New York this week, Vietnamese President To Lam met SpaceX senior vice president for global business and government affairs Tim Hughes, who said he “highly values” Vietnam’s potential for the company’s “satellite internet plan,” the Vietnam News Agency (VNA) said on Wednesday.
The government was “weighing the investment proposal,” VNA reported Lam as saying.
Photo:AP
Hughes reportedly said the firm aimed to inject US$1.5 billion into the country in the near future.
Hanoi has asked SpaceX to “closely coordinate with relevant Vietnamese agencies and partners to complete investment procedures,” VNA said.
SpaceX did not immediately respond to a request for comment.
Communist Vietnam — long a low-cost destination to make clothes, shoes and furniture — is eyeing a rapid climb up the global supply chain. Lam has had meetings with bosses from Google, Apple Inc, Meta Platforms Inc and Super Micro Computer Inc during his visit to New York.
US and Vietnamese businesses signed a number of deals during his trip, including in semiconductors, artificial intelligence (AI) and aviation.
VNA reported that Google’s Karan Bhatia, who leads government affairs and public policy, told Lam at their meeting that the tech firm wants more research and cooperation with Vietnam in developing AI and cybersecurity.
Lam said he welcomed Google’s proposal, emphasizing it would bring practical benefits to both sides, VNA said.
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