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At a review meeting on January 5 the company said revenues fell to VND28.329 trillion (US$1.18 billion), and profits to VND2.71trillion.
They had been VND31 trillion and VND4.96 trillion in 2021.
The bright spot in the business last year was that data revenues increased by 27%.
In April it had launched MobiFone Pay e-wallet and Mobile Money e-money.
With the telecom market saturated and revenues on a downtrend, the company this year eyes new businesses such as digital finance, digital health and digital education, chairman Nguyen Hong Hien said.
