Vietnamese aerospace company VinSpace has signed an agreement with SpaceX to launch its first satellites into orbit in 2027, as Vietnam steps up efforts to develop its emerging space industry.

VinSpace said Tuesday that its satellites will be sent into space on a SpaceX Transporter rideshare mission. The service allows satellites from multiple customers to share a single rocket, reducing launch costs.

The company said it will develop and operate the satellites, which will be used to test its technology in orbit and support future commercial applications.

VinSpace is part of Vietnam's Vingroup conglomerate and was established in November 2025. It announced in April that it planned to develop and launch its first satellites in 2027.

Founded by billionaire Pham Nhat Vuong, Vingroup is Vietnam's largest privately owned company, with businesses ranging from real estate and retail to healthcare, education and tourism.

The conglomerate is expanding into high-tech industries, including electric vehicles, space, artificial intelligence and robotics, as Vietnam seeks to strengthen its economy and become one of Asia's emerging economic powers.

Vietnam has been working to develop its space capabilities for decades but remains a relatively small player in the global space sector. The country launched its first telecommunications satellite in 2008 and a second one in 2012, according to official documents.

In March, Vietnam opened a major space science and technology centre at the Hoa Lac High-Tech Park in Hanoi. The facility is intended to boost satellite development and the use of space-based data. Vietnam aims to become a mid-level space power in Southeast Asia by 2030.

In February, Vietnam approved SpaceX's Starlink satellite internet service in the country. Some analysts viewed the move as part of Vietnam's efforts to avoid US tariffs. Starlink has since started accepting orders in Vietnam.

VinSpace said the SpaceX agreement is part of its plan to become a full-service aerospace company, with capabilities covering satellite design and manufacturing, launch management, satellite operations and space-based data services.

“Reliable access to space is fundamental to turning satellite innovation into operational missions,” VinSpace CEO Thu Vu said in a statement.

VinSpace did not disclose the value of the contract or the number and specifications of the satellites.