SpaceX plans to invest US$1.5 Billion in Vietnam

SpaceX, the world’s leading aerospace manufacturer and satellite communication service provider, plans to invest US$1.5 billion in Vietnam, Tim Hughes, Senior Vice President of SpaceX, said on September 25 (local time) in New York.

General Secretary and State President To Lam meets Tim Hughes, Senior Vice President of SpaceX. Photo: VNA

At a meeting with Vietnam’s General Secretary and President To Lam, Tim viewed Vietnam as a highly promising market for SpaceX's satellite internet development plans.

SpaceX initiated its satellite internet projects five years ago and currently operates over 6,000 satellites, providing internet access to almost any location on Earth, he said.

The US executive said that SpaceX wants to support Vietnam to provide universal internet access for its people.

He expressed hope for the Vietnamese Government's support and the collaboration with various ministries and agencies to help kick-start collaborative activities related to this project.

In response, General Secretary and State President Lam appreciated SpaceX’s interest and assistance, particularly in reference to the response efforts for Typhoon Yagi.

He expected that SpaceX’s Starlink service will assist Vietnam in timely and effective disaster response in the future.

President Lam also reiterated Vietnam’s commitment to digital transformation as a key driver for advancing the nation into a new era.

He highly valued SpaceX’s investment proposals in Vietnam, expressing hope that this would mark a fruitful beginning for further strengthening cooperation between the two parties in the future.

Lam also urged SpaceX to work closely with relevant authorities and local partners to ensure the smooth and efficient completion of investment preparations.

AI development

On the same day, Karan Bhatia, Vice President for Government Affairs and Public Policy at Google, said that the company wants to continue exploring collaboration with Vietnam in the field of AI.

Karan said that Google is developing models that are able to support both public and private sectors in applying AI in their operations.

He noted that Google is expanding its skills training initiatives in Vietnam to foster AI cooperation, and advising on policy development to optimize the regulatory and policy environment for AI development, including licensing for data transfer services.

Google also aims to support Vietnam in cloud services integrated with AI, as well as in cybersecurity, he said.

The Google executive reaffirmed the company’s commitment to working with Vietnam. He also announced that Google has opened a new office in Ho Chi Minh City this year, as well as established an operational facility for manufacturing phones and other components in Vietnam.

To Lam acknowledged Google’s expanding business operations in Vietnam as a reflection of the country’s growing importance in global supply chains and markets for Google’s products.

He encouraged Google to continue to influence its suppliers within its supply chain to expand investments in Vietnam and help improve the capabilities of Vietnamese companies participating in the supply chain.

The Vietnamese leader said that developing high-quality human resources is one of Vietnam’s three strategic breakthroughs, especially in biotechnology, artificial intelligence (AI), semiconductors, and in promoting research, development, and technological innovation.

He welcomed Google's proposal to collaborate on AI training and expressed hope that Google would coordinate with Vietnam’s National Innovation Center and domestic institutions and universities to carry out concrete, effective projects benefiting both sides.

Furthermore, President Lam appreciated Google's interest in cybersecurity cooperation, a critical area in light of the profound impacts of the Fourth Industrial Revolution on all sectors of the economy.

Strengthened cooperation in energy transition

During meetings with representatives from energy corporations AES Corporation and Pacifico Energy, To Lam expressed hope that US investors would continue investing in Vietnam’s energy transition projects.

General Secretary and State President To Lam meets Nate Franklin, founder and chairman of Pacifico Energy. Photo: VNA

To Lam commended both companies’ effective business operations in Vietnam and urged them to closely collaborate with Vietnamese partners to ensure compliance with regulations and laws during project implementation.

He also affirmed that the Vietnamese Government will provide favorable conditions for US investors to conduct business effectively in Vietnam.

Regarding AES Corporation, President Lam shared that Vietnam is seeking solutions to balance trade with the US, and import more liquefied natural gas (LNG) to from the US suppliers.

He requested that AES remain committed to future projects that are already included in Vietnam’s power development plans.

For Pacifico Energy, To Lam highlighted Vietnam’s responsible approach to environmental protection and commitment to achieving net-zero emissions by 2050.

He encouraged Pacifico Energy to accelerate ongoing projects and expressed hope for more projects in the future.

Juan Ignacio Rubiolo, Senior Vice President of AES Corporation, reaffirmed the company’s long-term commitment to Vietnam and its support for the country’s energy transition and green economy.

He also expressed a desire to collaborate with Vietnamese companies like PetroVietnam GAS and power supplier Electricity of Vietnam (EVN) to optimize the clean energy supply for Vietnam's industrial projects and improve the reliability of Vietnam’s energy supply.

AES commits to further investment to support Vietnam’s development, thus improving the quality of life for its citizens and strengthening the US-Vietnam relationship, particularly in clean energy, Juan said.

Nate Franklin, founder and chairman of Pacifico Energy, emphasized that the company, a major renewable energy investor in Asia, has been active in Vietnam since 2017.

He was proud that Pacifico Energy was the first renewable energy company to complete wind and solar projects in Vietnam.

Nate affirmed his understanding of Vietnam’s energy needs to realize its new development goals, and pledged to continue working with partners to effectively implement projects.

He highly valued Vietnam’s geographical and topographical advantages for clean energy development and expressed confidence that Vietnam could meet its offshore wind power goals by 2030.