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$20 million insurance deal inked for VN satellite

Update: March, 19/2012 - 13:49

HA NOI – A US$20 million insurance contract was signed last Saturday for Vinasat-2, a satellite due to be launched into orbit in May, according to the Ministry of Information and Telecommunications.

Parties to the contract include the Viet Nam Post and Telecommunications Group (VNPT), the owner of the satellite and two local insurers: the Post and Telecommunication Joint Stock Insurance Corporation (PTI) and Bao Viet Insurance Group.

PTI and Bao Viet hold 70 and 30 per cent of the contract's value, respectively, but the US-based Marsh Risk Consulting will provide brokerage services in the international re-insurance market, the ministry said.

VNPT vice general director Nguyen Van Nhien said the company had worked with 30 insurers and re-insurers worldwide before finalising the deal.

The contract value of Vinasat 2 is similar to that of Vinasat 1, which was launched into orbit in April 2008, according to head of VNPT's project management board Hoang Minh Thong.

"Since the capacity of Vinasat 2 is larger than that of Vinasat 1, we could say that this contract value is cheaper than the other," he added.

In May 2010, VNTP signed a $300 million contract with Lockheed Martin of the US to build and launch the Vinasat-2 satellite, which will have a lifespan of 15 years.

Fitted with 24 Ku-band transponders, Vinasat 2 will provide radio, television and telephone transmission services for all of Viet Nam and other parts of the Asia-Pacific region.

Vinasat-2 will be launched on an Ariane 5 or Soyuz launch vehicle from the Guiana Space Centre at the European Spaceport in Kourou, French Guiana, where Vinasat-1 was also launched in April 2008.

The payback time for Vinasat-2 will be between 10 to 12 years.

Roughly 85 per cent of Vinasat-1's capacity was used by media service providers such as Viet Nam Television, K+, VTC and HTV. – VNS

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