Elon Musk's SpaceX plans to invest $15 billion in Vietnam in the near future, the government of the Communist-run nation said on Thursday, which could help resolve a stalemate over the launch of its Starlink satellite services there.

SpaceX is proposing to invest US$15bil in Vietnam tied to its Starlink – a subsidiary of SpaceX that uses thousands of satellites to provide web access – satellite service in the near future.

Tim Hughes, senior vice president of SpaceX, a global leader in space exploration and satellite communications, revealed plans for a $1.5 billion investment in Vietnam.