Vinasat-2 credit package into orbit

VNPT has signed a VND1.092 trillion ($56 million) credit package with state-owned Vietnam Development Bank for its Vinasat-2 project satellite-launching.

The package is one-fifth of the project’s total investment capital of between $280-300 million.

Earlier, in May 2010 VNPT inked a bid contract with US-based Lockheed Martin Group’s Lockheed Martin Commercial Space System on the provision of the satellite, control station equipment and launching services under the Vinasat-2 project.

The Vietnamese government approved investment records and assigned VNPT to handle the project in late December, 2009. For its part, VNPT will be responsible for monitoring assorted bid packages under the Vinasat-2 project which pertain to choosing consultants and insurers, purchase of the satellite and launching services provision.

Vinasat-2 satellite is expected to be launched into orbit by 2012, four years after successful launching of Vinasat-1 in 2008.