VNPT selects insurer for Vinasat 2 project

Hoang Minh Thong, head of management board for telecommunication works, under Vietnam Post and Telecommunication Group (VNPT) has announced that the group was considering selecting insurance providers for Vinasat 2 project. The group plans to officially sign the insurance contracts for carrying out Vinasat-2 project in Q4 of 2010.

The Vinasat 2 project has total investment capital of $200-300 million, in which the bidding package of providing satellite, controlling station and launching services cost about $215 million, and the rest is to be used for other packages such as consultancy, insurance and project management cost. The insurance cost for Vinasat-2 project was estimated to account for 10-12 percent of the total investment capital.

Previously, VNPT had signed principal insurance contracts of launching and operating the Vinasat-1 satellite within the first operation year worth $20 million with Bao Viet Insurer and Post and Telecommunication Insurance JSC (PTI) with total insurance value of over $170 million.
Apart from that, there were 15 other companies that committed to provide international reinsurance services for Vinasat-1.

Recently, the group has also continued signing insurance contract for potential damages or losses of Vinasat-1 satellite during the operation time in orbit from 2010-2011 with total insurance value of $147.7 million with PTI.

The specialists forecast that Bao Viet and PTI would still become the main insurance providers for Vinasat-2 project.

The second satellite is supposed to be launched into the orbit in May 2012.

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Tags: Vietnam technology, Vinasat 2