Vietnam buys insurance for the first satellite

The contract stipulates that Bao Viet and Post and Telecommunication Insurance will insure any damages to VINASAT-1 during the launching process and its time in orbit. In addition, the two insurers will provide VNPT with supportive services such as risk management training.

The “VINASAT - telecommunications satellite launching” project was launched in 1997, with a total investment of VND2.9 trillion ($180 million). This is the Vietnam’s first satellite.

Several companies registered for the insurance contract and only after several rounds of negotiation and surveys, Bao Viet and PTI were chosen as the satellite’s insurers.

VNPT, the project developer, plans to launch VINASAT -1 satellite next March.