VinSpace, a Hanoi-based aerospace company, announced on May 21 a partnership with billionaire Elon Musk's SpaceX to launch its first satellites into orbit in Q2 2027.
Under the agreement, VinSpace will use SpaceX's Transporter rideshare program for the launches. These missions will help VinSpace test its technology in real conditions, expand international cooperation, and gradually commercialize space technology.
Mr. Vu Trong Thu, CEO of VinSpace, stated: "Testing our self-developed satellite modules in orbit is a crucial step in turning our engineers' R&D capabilities into practical missions. The contract with SpaceX is a significant milestone in VinSpace's long-term strategy, contributing to the development of Vietnam's commercial aerospace ecosystem and connecting Vietnam to the global space value chain."
VinSpace is responsible for the research, development, manufacturing, and operation of the satellites after they are launched. This agreement follows the company's April announcement, owned by billionaire Pham Nhat Vuong, that it aimed to build and launch its first satellite by 2027.
Vietnam has launched several satellites into orbit since VINASAT-1, its first satellite, in 2008. In 2024, the Communist Party of Vietnam for the first time designated space technology as a national strategic technology, placing outer space on par with maritime and subterranean domains.
VinSpace, a unit of Vingroup, Vietnam's largest private conglomerate, was established in November last year with a committed capital of VND 300 billion (equivalent to $11.5 million). Mr. Pham Nhat Vuong, founder and chairman of Vingroup, holds a 71% stake in VinSpace. Vingroup holds a 19% stake, while his two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, each hold approximately 5%.
