SpaceX's $1.5 Billion Investment: Vietnam's Next Big Tech Move?

SpaceX plans to invest $1.5 billion in Vietnam, according to the government. This could resolve the stalemate over Starlink satellite services in the country. Key areas of focus include improving internet connectivity in mountainous regions and facilitating disaster prevention. Discussions about ownership and data storage remain ongoing.

Elon Musk's SpaceX is planning to invest $1.5 billion in Vietnam, according to a statement by the Vietnamese government on Thursday. The move aims to resolve the current impasse over the launch of its Starlink satellite services.

Months of discussions had stalled at the end of 2023 but were recently revived. The Vietnamese government is now considering the investment proposal, and President To Lam urged SpaceX to finalize preparations for the investment. This announcement comes after President Lam's meeting in New York with SpaceX's Tim Hughes, who revealed the company's plan to invest a substantial sum in Vietnam.

Despite the promising development, details on where and when the investment will materialize remain unclear. Vietnam's large user base and outdated internet infrastructure present challenges. The satellite internet service aims to improve connectivity, especially in remote areas, and could help in patrolling the South China Sea. However, ownership and data storage issues continue to be discussed.

(With inputs from agencies.)