Vietnam telecom giant’s foreign market earnings up in Q3

By Hue Chi   November 9, 2018 | 08:35 pm GMT+7
Vietnam telecom giant’s foreign market earnings up in Q3
Viettel’s Bitel brand in Peru. Photo acquired by VnExpress

Viettel earned gross profits of $57.25 million from overseas markets in Q3, a year-on-year increase of 8 percent.

Its overseas investment arm, Viettel Global, reaped net revenues of nearly VND4.43 billion ($188.71) in the third quarter, up 5 percent over the same period last year.

Accumulated net revenues reached VND12.43 trillion ($529.7 million) between January and September. 

The revenues include nearly VND5.61 trillion ($238.94 million) from African countries, including Cameroon, Tanzania, Mozambique and Burudi, VND4.54 trillion ($193.68 million) from Southeast Asia countries, including Cambodia and East Timor, and VND1.69 trillion ($71.82 million) from Latin America.

The company’s revenues from its three continents rose 3-11 percent, with Latin America registering the greatest increase.

The increase is attributed to the company’s development of 4G services, digital wallet and other information technology projects serving overseas businesses and governments.

Viettel Global is providing 4G services in 9 overseas markets, and digital wallet services in 8 markets.  

Also, Viettel Global’s sales expense and management costs reduced 4 percent and 12 percent respectively in the first 9 months of this year, compared to the same period last year.

Viettel Global was established in 2006 to spread Viettel Group’s presence in foreign markets. Eight out of Viettel Global’s 10 overseas markets have begun earning profits. It has taken up the largest market share of the telecommunications sectors in Laos, Cambodia, and Timor Leste.

It plans to expand its overseas operations in the Southeast Asian region and foreign markets that share similar population sizes as Vietnam this year. The company also aims to achieve a 10-15 percent year-on-year increase in terms of the number of subscribers by the end of 2018.

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