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|Myanmar is one of Viettel's newest foreign markets|
This was one of the contents approved at recent shareholders’ meeting of Viettel Global. The shareholders also approved the plan to increase the charter capital to VND30.43 trillion ($1.33 billion) via issuing 800 million shares at the price of VND10,000 apiece.
The entire proceeds from the share sale will be used for investments by 2020. Buyers will be prohibited to transfer the shares for one year.
|A customer of Mytel|
In addition, the shareholders approved appointing Le Dang Dung as chairman of the Board of Directors of Viettel Global, while simultaneously approving to look for candidates for the position of general director. At present, Dung fills both positions.
To date, Viettel invested more than $2 billion in overseas markets, $1.19 billion of which has been disbursed. The group gained $516 million in profit, equalling 45 per cent of its total investment.
All markets where Viettel has been operating for more than three years have reported improving business results. 60 per cent of the markets reports double-digit revenue, including Cameroon (103 per cent), Mozambique (79 per cent), and Peru (37 per cent), among others.
In 2017 Viettel Global alone reported a consolidated revenue of VND19 trillion ($830.05 million), up 24 per cent on-year and a pre-tax profit of VND27 billion ($1.18 million). This was rather surprising as Viettel Global had to increase investments to deploy 4G services in overseas markets, especially in Myanmar.
To date, Viettel Global has investments in nine overseas markets, seven of which are operating in profit, namely Cambodia, Laos, Timor Leste, Mozambique, Burundi, Haiti, and Cameroon. Viettel Global’s has the largest market share of the telecommunications sectors in Laos, Cambodia, and Timor Leste. Additionally, it started operations in Myanmar and Tanzania less than three years ago.
Regarding the Peruvian market, which is managed and operated by Viettel Global, it has also started turning a profit. However, this market is invested by Viettel, thus the business results at this market have not been added to Viettel Global’s consolidated financial statement.
In 2018, Viettel Global plans to continue expanding overseas operations in the ASEAN as well as other countries with a similar size of population as Vietnam. It set the target to increase the number of subscribers by 10-15 per cent higher than the figure from the end of 2017.
Besides, Viettel Global expects to start to report profit and rank among the top ten global enterprises.