Viettel profits VND1 billion from international investment
Tuesday, 2017-07-18 11:01:21
NDO - Vietnam’s military-run telecommunication group Viettel earned a pre-tax profit of nearly VND1 billion (US$41.2 million) from foreign markets in the first six months of 2017, a year-on-year increase of 155.7%.
The group’s revenue from its business activities in nine foreign markets reached nearly VND14 trillion (US$600 million) in the first half of the year, up 25% over the same period last year.
Accordingly, Viettel’s revenue in Peru, Burundi, East Timor and Haiti increased 82%, 38%, 29% and 15%, respectively, compared to the same period in 2016.
This positive figure was thanks to the growth of revenue from mobile telecom services, particularly a number of new services such as 4G and e-wallet as well as major IT projects serving enterprises and the government.
Major IT projects of Viettel included the national link in Timor Leste; the population management project in Laos; the channel for the Ministry of Interior and the Ministry of Science and Technology in Mozambique; and the tax payment system for Burundi's tax department.
In addition, Viettel experienced a number of positive signs from other markets, including Star Telecom (Unitel) – a joint venture between the Laos-Asia telecom company and Viettel – which has four million customers while Viettel’s Telemor brand in East Timor offered new frequencies to expand its network.
The exchange rate in the countries that Viettel invested in also positively contributed to its high profit. For example, the group benefited 14% from the exchange rate in Mozambique, 7% from Cameroon and 3% to 6% from countries including Peru and Haiti.
Viettel set a strong growth target in 2017 with total of nearly 50 million international customers, increasing 35%, and the total revenue of nearly VND32 trillion (US$1.4 billion) from international investment activities, up 29%.
This year, the group also plans to finish the construction of its infrastructure network in Myanmar – its tenth foreign market; continue to provide high-grade telecommunications and IT services and modern telecommunication infrastructure; and extend its 4G wave coverage to create smart social infrastructure on international markets.