Elon Musk's SpaceX lands deal with Vietnam's VinSpace to launch first private satellites in 2027

Pham Nhat Vuong, Vietnam's richest man, is taking his business empire into orbit. VinSpace, the aerospace company he controls through Vingroup, said Tuesday it has signed a contract with SpaceX to launch its first satellites aboard a Transporter rideshare mission in the second quarter of 2027, less than 10 months after the company was incorporated.

VinSpace was established in November 2025 with registered capital of 300 billion Vietnamese dong, approximately $11.5 million. Vuong holds a 71% stake in the venture directly, with Vingroup holding a further 19%.

The contract with SpaceX is the company's most significant public commitment since it announced in April that it planned to develop and launch its first satellites in 2027.

Under the agreement, VinSpace will be responsible for designing, manufacturing and operating the satellites after they reach orbit. The missions are intended to verify the in-orbit performance of the company's proprietary technology, build engineering capabilities and lay the groundwork for future commercial space applications.

The choice of SpaceX's Transporter program is a pragmatic one. The rideshare model allows multiple customers to share a single rocket, reducing launch costs and compressing timelines for companies that lack the volume to justify a dedicated mission. SpaceX's Transporter program has sent more than 1,600 payloads into orbit to date. Rideshare capacity is tightening, with reservation lists for the next several years nearly fully booked, meaning that for a company incorporated just nine months ago, securing a slot two years in advance is itself a strategic achievement.

"Reliable access to space is fundamental to turning satellite innovation into operational missions," VinSpace chief executive officer Thu Vu said in a statement. VinSpace did not disclose the contract value, the number of satellites or their technical specifications.

The deal fits into a broader push by Vuong and Vingroup to shift the conglomerate's center of gravity toward high-technology industries. Vingroup's business empire already spans real estate, retail, healthcare, education and tourism across Vietnam. Its electric vehicle arm, VinFast, has been expanding internationally, and VinAI has positioned itself as one of Southeast Asia's more ambitious artificial intelligence ventures. Space is the newest frontier in that diversification.

Vietnam inaugurated a major space science and technology center in Hanoi's Hoa Lac High-Tech Park in March, aimed at expanding the country's satellite development capabilities and use of space-based data. The country aims to become a mid-level space power in Southeast Asia by 2030.

Vietnam's history with satellites stretches back further than its current ambitions might suggest. The country launched its first telecommunications satellite in 2008 and a second in 2012, but it remains a relatively small player in the global space industry.

VinSpace's entry, backed by one of Southeast Asia's largest private conglomerates and now contracted to fly on the world's most active commercial launch vehicle, represents the most credible private-sector push the country has made toward changing that.

In February, Vietnam authorized SpaceX to operate its Starlink satellite internet service in the country, a move some analysts interpreted as part of Vietnam's effort to manage its relationship with the United States amid ongoing tariff pressures. Starlink has since begun accepting orders from Vietnamese customers.

VinSpace said the SpaceX contract is part of a long-term strategy to build a full-service aerospace company, covering satellite design, manufacturing, launch management, on-orbit operations and space-based data services.