VDB offers credit for Vietnam’s second satellite

The state-run Vietnam Development Bank (VDB) has signed an agreement with Vietnam Posts and Telecommunications Group (VNPT) for a VND1.092 trillion ($56 million) loan for VNPT’s second satellite project.

The loan will cover 20 percent of the total cost for the Vinasat-2 satellite, which is scheduled to be launched into the earth’s orbit in April and operational in the second quarter of 2012.

The Vietnam's second telecommunication satellite is expected to orbit for 15 years.

In May 2010, VNPT signed a contract with Lockheed Martin Commercial Space System Co, under the US-based Lockheed Martin Group, to build and launch the.

VNPT was approved to be the project’s main investor in December 2009.

Source: TuoiTre

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