Thaispace, which was established by Thaiholdings to develop space voyage services, also switched from a joint-stock company model to a limited company, changing its name to Thaispace Co., Ltd.

The company decided for these moves due to the weakness in the financial capacity of capital contributors.

With the new charter capital, Thaispace has just two members, including Thaiholding JSC (17 per cent stake) and Nguyen Duc Thuy (83 per cent).

The sudden adjustment may impact the company’s plans to explore the space tourism sector in Vietnam.

In December, 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.

At the time, Nguyen Duc Thuy registered to contribute $870 million and his daughter, Nguyen Ngoc My Anh, was assigned as the general director of Thaispace with a contribution of almost $116 million.

ThaiHoldings tasked its board of directors with assisting ThaiSpace in submitting an application to the prime minister for a particular mechanism to accelerate the first space mission set for 2026-2030, according to the company’s announcement.

The company has the ambition to list shares on the US stock market, with an IPO planned for this year if qualified.