According to Associated Press, Vietnam is currently on its way to launch its first satellite. The country's officials stated that Vietnam's main goal is to improve its communications and thus be able to keep up with the speedy development of economy.

The first satellite built by Vietnam is entitled Vinasat No. 1. Officials said the launch is set to be on April 12. The location of the launch is a spaceport in South America, called Kourou. Nguyen Ba Thuoc, vice general director of Vietnam Post and Telecommunication Corp. (VNPT) - a company owned by the state - told reporters that Vinasat No. 1 will be ready for exploitation in May.

The satellite costs around $200 million. It includes a medium transmission capacity and will be helpful in setting Internet and television. Nguyen Ba Thuocsaid said that Internet and television will be available nationwide.

"Vietnam has reached the point where significant improvements of the telecommunication infrastructure are needed for its economic and social development," mentioned Thuoc. He also added that improved telecommunications would lead to more investments into Vietnam.

It is worth mentioning that till now the country's government and businesses has been renting satellites built in Australia, Thailand and Russia.

The data provided by the country's government shows that for the last decade the economy of Vietnam has registered an average growth rate of over 7 percent per year. Today the country has 19 million Internet users and over 40 million telephones.