Vietnam’s Minister of Information and Communications Nguyen Bac Son has reportedly asked state-owned Vietnam Posts and Telecommunications Group (VNPT) to step up efforts for Vinasat-2, the country’s second satellite expected to be launched in Q2…
Vietnam’s Minister of Information and Communications Nguyen Bac Son has reportedly asked state-owned Vietnam Posts and Telecommunications Group (VNPT) to step up efforts for Vinasat-2, the country’s second satellite expected to be launched in Q2 2012.
He also asked VNPT to submit its final restructuring plan – which includes developing the company’s core businesses, speeding up the privatisation of some of its affiliates, and divesting non-core assets – by the end of March at the latest, according to Viet Nam News.
The company has reportedly already cut investments in several companies in order to focus on its core businesses.
Last August, VNPT was allegedly still seeking further financing of up to US$350m to fund its Vinasat-2 satellite project.
Before that, in November 2010, VNPT had secured a VND1.09 trillion (US$56m) loan from state-owned Vietnam Development Bank to cover about 20% of the total cost of Vinasat-2, estimated to be at least US$280m at the time.
An earlier statement from VNPT had calculated that the project could cost up to US$350m.
Plans for the Vinasat-2 satellite were first revealed in mid-2009 with the intention of complementing Vinasat-1, which was launched in 2008.
Vinasat-1, the country’s first ever satellite, has reportedly now reached full capacity because of an increase in demand for satellite services.
Vinasat-2, which is being constructed by Lockheed Martin, will carry 24 Ku-band transponders covering Vietnam, Cambodia, Thailand and Laos from the 131.8E orbital position.
VNPT and the Ministry of Information and Communications could not be reached for comment before the press deadline.
