VNPT Signs US$148M Insurance Deal for Vinasat-1

Vietnam Post and Telecommunications Group (VNPT), the largest telecom service provider in the country, has signed two contracts at total value of VND2.806 trillion (US$147.7 million) with local partners to buy insurance services for its Vinasat-1 satellite.

 

Post - Telecommunication Insurance JSC (PTI) and Bao Viet Insurance will provide insurance for Vinasat-1 currently run by VNPT unit, Vietnam Telecom International (VTI), during the 2010-2011 period.

 

This is the third year VNPT has bought insurance for its satellite, the group said on its website Tuesday, noting that PTI will insure up to 70% of the contract value.

 

VTI’s Director Nguyen Huu Khanh said Vinasat-1 is now the most effective satellite in both service quality and technical health in the region.

 

To date, 80% of its capacity has been occupied, with some local large companies such as Vietnam Television, Ho Chi Minh City Television, Vietnam Multimedia Corporation, the Voice of Vietnam; and some foreign ones including Lao Telecommunications, Singapore’s Websat, Thaicom.

 

Vietnam started operation of the Vinasat-1 at a cost of US$200 million in April 2008, and it plans to launch the second satellite, to be produced by the U.S.’s Lockheed Martin at a value of nearly US$300 million, into orbit in the second quarter of 2012. (VNPT)