Viettel profits highest in 5 years

By Anh Tu   January 4, 2023 | 08:54 pm PT
Viettel profits highest in 5 years
A staff of Viettel sets up its first 5G station of Ho Chi Minh City, August 9, 2019. Photo courtesy of the Ministry of Information and Communications
Military-owned telecommunications giant Viettel Group earned pre-tax profits of VND43.1 trillion ($1.8 billion) in 2022, the highest growth recorded since 2017.

The profits rose 3% from 2021. The group's consolidated revenues increased by 6.1% to VND163 trillion.

Viettel said telecommunications continued to be its main source of revenue, as the company remained the largest mobile telecommunications service provider in Vietnam, with a market share of 54%.

Viettel's telecommunications service revenue growth rate was 1.5 times higher than the world’s average.

Last year, Viettel's foreign investment for the first time reached nearly $3 billion. Meanwhile, it remitted home nearly $500 million, the highest amount in the last five years. By the end of last year, it had repatriated nearly 70% of its total investment abroad.

The digital solutions and services provided by Viettel also had a breakthrough when revenues from information technology solutions surged by 58%.

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