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Viettel aims for global status by 2020

Released at: 11:24, 13/03/2015

Viettel aims for global status by 2020

Telecommunications giant holds working session with PM.

by Hoai An

The military-run telecommunications group Viettel aims to become one of the world's Top 10 telecom enterprises by 2020, with a presence in 30 to 35 countries, its executives told Prime Minister Nguyen Tan Dung at a working session on March 11. This year it aims to grow revenue by 20 per cent, to VND230 trillion ($10.8 billion), with profit increasing 15 per cent. Revenue growth to 2020 it also targeted at 20 per cent each year.

"The goal of Viettel is to move from service delivery to a firm of research and production and become a global enterprise," General Director Nguyen Manh Hung said. The group plans to spend $200-400 million on research, development and technological innovation.

Last year Viettel's revenue stood at VND197 trillion ($9.2 billion), for growth of 20 per cent. Profit before tax was VND42 trillion ($1.92 billion), an increase of 15 per cent and representing 23 per cent of the total profit earned by all of Vietnam's State-owned enterprises (SOEs). VND15 trillion ($0.7 billion) in tax payments were made last year, and the company became the biggest taxpayer in Vietnam, Laos and Cambodia.

2014 saw growth in labor productivity of 15 per cent, with salaries rising 10 per cent. The group has created jobs for nearly 90,000 people, of whom 75,000 are Vietnamese and 15,000 are foreigners.

It has now invested in nine countries: Laos, Cambodia, East Timor, Haiti, Peru, Mozambique, Cameroon, Tanzania and Burundi. Overseas revenue grew 25 per cent, to touch $1.2 billion, in 2014, with pre-tax profits of $156 million, up 32 per cent.

At the meeting, PM Dung and ministers reviewed and commented specifically on Viettel's recommendations and suggestions relating to training and research, investment expansion, and improvements in production efficiency.

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