VinSpace signs SpaceX deal to launch Vietnam's first satellites

VinSpace Joint Stock Co., a unit of Vietnam's Vingroup conglomerate, signed a contract with SpaceX on Tuesday to launch its first satellites in 2027, the company said in a statement.

VinSpace will put its satellites aboard a SpaceX Transporter rideshare mission, a launch model in which several customers pool the cost of a single rocket flight. According to VinSpace, the satellites—which the company will build and run—are designed to validate its in-house technology on orbit and lay groundwork for later commercial use. The company did not disclose the contract's value, the number of satellites, or their specifications.

VinSpace was founded in November 2025 by Vingroup Chairman Pham Nhat Vuong, who holds a 71% stake in the company, according to Bloomberg. Vingroup holds an additional 19% stake. The company was established with charter capital of 300 billion dong, or roughly $11.5 million. VinSpace operates across six sectors, including aircraft and spacecraft manufacturing, telecommunications satellites, and air cargo transportation.

The agreement reflects Vingroup's push into high-tech industries alongside its existing businesses in real estate, retail, healthcare, and education. Pham Nhat Vuong founded Vingroup, Vietnam's largest privately owned company.

"Reliable access to space is fundamental to turning satellite innovation into operational missions," VinSpace CEO Thu Vu said in a statement.

VinSpace said the deal is part of its broader plan to build capabilities spanning satellite design, manufacturing, launch management, satellite operations, and space-based data services. The company announced in April that it planned to develop and launch its first satellites in 2027.

The country put its inaugural telecommunications satellite into orbit in 2008, with a follow-on satellite launching four years later, the company noted. Earlier this year, Vietnam inaugurated a new aerospace research facility at Hanoi's Hoa Lac High-Tech Park. Vietnam has set a goal of becoming a mid-level space power in Southeast Asia by 2030.

SpaceX received Vietnamese government approval in February to provide Starlink broadband service within the country, and the platform has been taking customer subscriptions there ever since, the company said.