It is developing cleanroom facilities, testing equipment and a ground station network to meet the deadline, according to the 2025 annual report by Vingroup, Vuong’s flagship conglomerate and VinSpace’s second largest shareholder.

It plans to tie up with Vietnamese and foreign partners for research and development, and aims to commercialize its telecommunications and remote sensing services.

The government’s Vietnam National Space Center successfully manufactured microsatellites and launched them in 2013 and 2021. The satellites are used to support telecommunications, data transmission and scientific research.

Pham Nhat Vuong at the groundbreaking ceremony for an urban development project in HCMC's Can Gio Ward, April 19, 2025. Photo by VnExpress/Thanh Tung

VinSpace, established last November, is licensed to provide air cargo transport and manufacture aircraft, spacecraft and telecom satellites, among other activities.

Vuong and Vingroup own 71% and 19% of the company, which has charter capital of VND300 billion (US$11.4 million), while the rest is owned by his two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang.

In the technology space, the conglomerate also owns robotics firms VinRobotics, VinDynamics and VinMotion, cybersecurity companies VinSOC and VinCSS, and software developer VinSmart Future.