Viettel records huge profit from overseas investments

17:00 | 18/07/2017
Military-run telecom Viettel Group reported a significant profit and revenue figures generated by its investments in nine foreign countries in the first half of 2017.
Viettel records huge profit from overseas investments
Viettel’s Bitel brand in Peru posted the highest growth rate among the company’s overseas markets with 82 per cent
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Viettel has recorded a pre-tax profit of VND1 trillion ($41.2 million) from its overseas investments, a 156 per cent year-on-year increase, during this period.

A report reviewing the business results of Viettel’s overseas investments in nine markets showed that in the first six months of this year, the company’s revenue rose by 25 per cent compared to the same period last year, to around VND14 trillion ($600 million).

Of this, revenue in Peru posted the highest growth rate of 82 per cent, followed by Burundi with 38 per cent, East Timor with 29 per cent, and Haiti with 15 per cent.

The positive results come from the revenue generated by mobile phone telecommunications services, especially new services, such as 4G, e-wallet, and large information technology projects for governments and businesses.

These projects include the line connecting East Timor, Laos’s population management system, the transmission channel for the Mozambique Ministry of Home Affairs and Ministry of Higher Education, Science and Technology, and a tax payment system for Burundi.

In addition, Viettel also received positive signs in Laos, with its Unitel brand maintaining its leading position with four million subscribers. Also, its Telemor brand in East Timor has been granted a new frequency to expand its network, thus bringing in a revenue of several million US dollars.

The favourable exchange rate in Viettel’s overseas markets also contributed towards the good business results.

The achievements are expected to be a pre-condition for a higher growth rate for the group this year. Viettel has targeted a strong growth rate of 35 per cent, with around 50 million subscribers in 2017. Revenue from overseas investments has been set at VND32 trillion ($1.4 billion) and its growth rate at 29 per cent this year.

The group plans to complete building network infrastructure in its tenth market, Myanmar, this year, as well as create modern broadband infrastructure for 4G in these markets.

By By Tuan Dzung

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