VNPT seeking for capital to boost Vinasat-2 satellite project
The Vietnam Posts and Communications Group (VNPT) is in desperate need of $350 million to invest in its Vinasat-2 satellite project.
Bui Quoc Viet, director of VNPT's Information and Public Relation Centre, told DTiNews that Vietnam was rated among the countries with the greatest satellite development potential in the region.
According to Viet, by the end of 2010, Vinasat-1 satellite had reached full capacity. In the meantime, satellite leasing services are on the rise.
In order to meet burgeoning demand, VNPT has decided to invest in a new satellite, Vinsat-2. However, the group is facing difficulties in raising $350 million for the project.
VNPT has sought for the government's support to carry out the project.
Responding to complaints that service fees for Vinasat-1 were far higher than some regional countries such as Thailand, Viet explained, "With huge investment for a satellite that has a life span of from 10 to 15 years, the investor has made a careful calculation in order to define a suitable fee that can ensure profitability."
When Vinasat-2 satellite becomes operational, VNPT may consider reducing service fees, he added.
Vinasat-2 will be manufactured by Lockheed Martin, the US aeronautical giant that constructed Vinasat-1. The facility would be handed over to VNPT by next April or May. The satellite is designed to have a life span of 15 years and would serve Southeast Asian region and the surrounding area.
Vietnam Investment Review - August 16, 2011