ThaiHoldings, through its subsidiary ThaiSpace, targets to explore the space tourism sector in Vietnam and file an initial public offering (IPO) in the US.
On December 29, ThaiHoldings JSC's board of directors authorised the capital contribution to form ThaiSpace JSC. ThaiSpace's mission will be to conduct the first space voyage from Phu Quoc, assuming the regulatory authorities grant permission.
Additionally, ThaiHoldings tasked the board of directors with assisting ThaiSpace in submitting an application to the prime minister for a particular mechanism to accelerate the first space mission in 2026-2030, according to the company’s announcement.
"Phu Quoc will become an international service and tourist hub, and Vietnam will join the ranks of the world's space powers, thanks to this initiative. As a result of the project, Phu Quoc's competitiveness and tourist strength will be boosted," the company noted.
ThaiSpace's total planned charter capital is $116 million. ThaiHoldings' projected capital contribution is around 5 per cent of ThaiSpace's total charter capital. Additionally, the business intends to seek cash via the US stock market, with an IPO planned for 2022 if qualified.
A tourist spaceport on Phu Quoc has already been authorised by the board of directors of ThaiHoldings on December 28. The entire expenses of the project are estimated to be around $130.4 billion, with funding from Thaigroup's capital and other mobilised capital sources.
Thus, if permitted, this would be Vietnam's first space tourism business. A number of renowned organisations are also embroiled in this industry, particularly Elon Musk's SpaceX, Richard Branson's Virgin Galactic, and Jeff Bezos' Blue Origin.