A second generation near-term space VLBI mission, VSOP-2, is being planned for a launch in 2010 or soon after. The scientific objectives are very high angular resolution imaging of astrophysically exotic regions, including the cores, jets, and accretion disks of active galactic nuclei (AGN), water maser emissions, micro-quasars, coronae of young stellar objects, etc. A highest angular resolution of about 40 microarcseconds is achieved in the 43 GHz band. Engineering developments are in progress for the deployable antenna, antenna pointing, high data rate transmission, cryogenic receivers, accurate orbit determination, etc., to realize this mission. International collaboration will be as important as it has been for VSOP.