HANOI (AFP) – Elon Musk’s SpaceX plans to invest USD1.5 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, the country’s top leader To Lam met SpaceX’s Tim Hughes, who said he “highly values” Vietnam’s potential for the company’s “satellite Internet plan”, VNA said on Wednesday.
The government was “weighing the investment proposal”, VNA reported Lam as saying.
Hughes – senior vice president for global business and government affairs at SpaceX – reportedly said the firm aimed to inject USD1.5 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.
Vietnam – long a low-cost destination to make clothes, shoes and furniture – is eyeing a rapid climb up the global supply chain, and Lam has had meetings with bosses from Google, Apple, Meta and IT firm Supermicro during his visit to New York. American 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, emphasising it would bring practical benefits to both sides, according to VNA.
Lam also met President Joe Biden on the sidelines of the United Nations General Assembly, a year after the two nations struck a deal to deepen relations and cooperation on strategic supplies in the face of growing competition from China.
