Vietnam's satellite buys another $148.3 mln in ensurance

TN News

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Vietnam's first satellite, Vinasat-1, has been insured for another VND2.8 trillion (US$148.3 million), according to its owner, the Vietnam Posts and Telecommunication Group (VNPT).


Under a contract between the Vietnam Telecom International (VTI), the Post - Telecommunication Joint Stock Insurance Company, and Bao Viet Holdings, Vinasat-1, which was launched into the orbit in April, 2008, will be insured for two years. The contract was signed on Monday.


Vinasat-1 was first insured for $177 million by Bao Viet.


Nguyen Huu Khanh, director of VTI, said over the past two years VNPT had checked the satellite's condition twice. The satalite met all technical requirements both times, Khanh said.


According to VTI, VINASAT-1 has been operating at over 80 percent of its capacity.


The $200 million satellite with a reach over Southeast and East Asia, India and Hawaii will operate at full capacity by next year, VTI said.


Last month, VNPT signed a contract with US aerospace company Lockheed Martin Commercial to manufacture the country's second satellite with a total investment of $280-300 million.


The new satellite will be positioned at 107 degrees east when it goes into orbit in 2012.

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