Viettel’s first-half profits jump 1.5 times in overseas markets

By Ngoc Tan   July 20, 2017 | 03:00 pm GMT+7
Viettel’s first-half profits jump 1.5 times in overseas markets
Viettel’s Bitel brand in Peru. Peru posted the highest revenue growth rate in all global markets of Viettel during the first half of this year.

Projects in nine different countries are starting to pay dividends for the telco giant.

Military-run telecoms group Viettel earned VND1 trillion ($41.2 million) in pre-tax profits from its overseas investments in the first half of 2017, a massive jump of 156 percent from the same period last year.

During the first six months, its revenue rose 25 percent to VND14 trillion with the highest growth recorded in Peru at 82 percent, followed by Burundi at 38 percent, East Timor at 29 percent and Haiti at 15 percent, according to a report reviewing Viettel’s overseas businesses in nine markets around the world.

The positive results came from revenue generated by mobile phone services, especially new services such as 4G, e-wallets and large IT projects for governments and businesses.

Those projects include a fiber optical network throughout East Timor, a population management system for Laos, a 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 Laos, the firm saw its Unitel brand maintaining its leading position with four million subscribers, while its Telemor brand in East Timor was granted a new frequency to expand its network, bringing in several million dollars.

Favorable exchange rates in Viettel’s overseas markets have also contributed to a good start to the year.

The group has set a growth target of 35 percent for this year, with around 50 million subscribers.The revenue goal from overseas investment has been set at VND32 trillion with a growth rate of 29 percent.

It also plans to complete network infrastructure in Myanmar this year, and create modern broadband infrastructure for 4G in all ten of its markets.