VinSpace, the aerospace subsidiary of Vietnam conglomerate Vingroup, has signed a satellite launch contract with U.S. company SpaceX and will proceed with its first private satellite launch next year.
According to Reuters and the AP on the 12th, VinSpace said it plans to launch its satellite next year through SpaceX's "Transporter" mission.
VinSpace is Vietnam's only private space company, and Chairman Pham Nhat Vuong, the founder of Vingroup, holds more than half of the equity. Transporter is a mission that launches multiple customers' small satellites together on a single rocket. A key feature is that multiple customers can share the launch expense.
VinSpace plans to directly handle satellite research and development, manufacturing, and orbital operations. However, it did not disclose specific details such as the number and specifications of satellites to be launched or the size of the contract.
The deal is also seen as a move by Vietnam to expand the foundation of its space industry under private leadership. Vietnam opened a space science and technology center in Hanoi in March and has set a goal of growing into a mid-tier space power in Southeast Asia by 2030.
Vu Trong Tu, VinSpace chief executive officer (CEO), said, "The contract with SpaceX is part of a long-term strategy to build Vietnam's space ecosystem and enter the global market."