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VGI up 60% after two days on UPCoM

Released at: 16:26, 27/09/2018 Stock Market Watch

VGI up 60% after two days on UPCoM

Photo: cafef.vn

Viettel Global proves popular among investors on September 25 and 26.

by My Van

The price of Viettel Global Investment JSC (Viettel Global; Stock code VGI) stocks increased nearly 60 per cent after its first two trading sessions on UPCoM on September 25 and 26.

Rises were forecast by investors, as VGI was the first stock of a company dealing in mobile information services and business in many international markets.

Viettel Global now operates in ten international markets but only nine are included in its consolidated business results: Cambodia, Laos, Haiti, Myanmar, Burundi, Mozambique, Tanzania, Cameroon and East Timor.

Peru is currently the market with the largest revenue and profit for Viettel Global but is not included in consolidated business results. The reason is that, under Peruvian policies, the investment of Viettel in the country must be named as Viettel Group.

Speaking at VGI’s listing ceremony on September 25, Mr. Do Manh Hung, General Director of Viettel Global, said he will make further changes to the company’s activities globally. The focus will shift to providing more next generation telecommunications services, combined with information and financial technology.

Viettel Global is in charge of foreign investment by the Viettel Group, which was established in late 2007 with charter capital of VND960 billion ($41.1 million).

As at the end of 2017, Viettel Global was serving nearly 40 million international customers. It recorded a 13 per cent customer growth rate compared to 2016; more than four times the world average of about 3 per cent. Total revenue in 2017 grew 24 per cent to VND19 trillion ($814.4 million).

Viettel had payback investment capital in Laos, Cambodia, and East Timor and was No. 1 in telecom networks in the countries by the end of June 2018. The highest growth this year is expected in Myanmar.

The Viettel Group’s registered capital in international markets is over $2 billion, of which more than 50 per cent has been disbursed. Total profit transferred to Vietnam is $516 million, accounting for nearly 45 per cent of invested capital. Viettel Global’s target to 2020 is to expand its investment to a market of 400-500 million people and to move into the Top 10 global telecommunications companies.

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