Viettel aims to rank among world's top 10 telcos
Vietnam`s military-run telecoms group Viettel set its annual growth rate of 15% between 2018 and 2020, part of the group`s plan to become one of the top 10 telecommunications companies in the world, said Major General Nguyen Manh Hung, Viettel`s Chairman.
At a meeting with Prime Minister Nguyen Xuan Phuc on June 26, Hung informed the group has become one of the world's top 15 largest telecommunications companies.
PM Nguyen Xuan Phuc on his visit to Viettel. Source: VGP.
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The group has also expanded its operation to electronic telecommunications, high-tech weapons and cybersecurity industries, he added. Accordingly, Viettel has earned VND12 trillion (US$528.6 million) in revenue from electronic telecommunications and high-tech weapons industries.
With an annual growth of 10-15% by 2020, Viettel set revenue target of VND350 trillion-VND400 trillion (US$15.4-US$17.6 billion USD), pre-tax profit of VND50-55 trillion (US$2.18 - 2.4 billion) and becoming one of the top 10 telecom firms in the world.
Prime Minister Nguyen Xuan Phuc appraised Viettel's leading role in the telecom industry and as the largest military-run telecom company in term of earnings. The group is currently Vietnam's biggest outbound investor.
Phuc requested Viettel to continue improving the quality of human resource and corporate governance, with the aim of sustainable development. Moreover, Viettel should pay attention to protecting its brand name as a national asset, he reminded.
"The country needs more enterprises like Viettel. In order to avoid the middle-income trap, technology development is a way out and Viettel has set an example for Vietnam's business community," Phuc concluded.
By the end of 2017, Viettel posted US$1.3 billion in revenue from investing in oversea markets, announced the military-run telecom group.
Viettel currently is the only Vietnamese companies having revenue of over US$1 billion from investments abroad. Total number of customers using Viettel's services in foreign markets is estimated at 43 million by the end of 2017, up 15% year-on-year.
In 2018, Viettel targeted a positive profit in overseas investments with a growth rate of 32% compared to 2017, while expanding its customer base in foreign markets to 50 million.
Viettel is operating in 11 countries, including Vietnam, Cambodia, Laos, Timor East, Peru, Mozambique, Cameroon, Burundi, Tanzania and Myanmar.
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