00:39 (GMT +7) - Wednesday 18/07/2018

Business

Viettel joint venture in Myanmar underway

Released at: 08:00, 28/08/2017

Viettel joint venture in Myanmar underway

Party Chief Nguyen Phu Trong (2nd from left) and Vice President U Myint Swe (2nd from right) at the inauguration ceremony. Photo: VNA

Group now operating in eleven countries, covering 320 million people and earning annual revenue of over $1.5 billion, with growth of some 20 per cent per year.

by Van Long

The headquarters of Telecom International Myanmar (MyTel) in Yangon, a joint venture between the Viettel Group and its Myanmar partner, was opened on August 26, with Party General Secretary Nguyen Phu Trong, who was in Myanmar for a State visit, and Myanmar Vice President U Myint Swe, cutting the ribbon.

More than 27 years since its formation, Viettel has become a telecom giant in Vietnam. Revenue in 2016 hit $11 billion and profit more than $2 billion.

The military-run group has a presence in eleven countries on three continents, covering markets with 320 million people, earning annual revenue of over $1.5 billion, recording growth of 20 per cent or more per year, and creating jobs for some 11,000 people.

Once officially in operation, MyTel will have the largest infrastructure system in Myanmar, with almost 7,200 BTS covering 90 per cent of the population.

Mr. Trong and Mr. U Myint Swe also witnessed the signing of a cooperation agreement between MyTel and the country’s Ministry of Education, under which MyTel will provide internet services, computers, and education management software to more than 1,350 schools.

On the same day, Mr. Trong met with representatives from leading enterprises from both Vietnam and Myanmar in Yangon as part of his State visit.

Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh, who was accompanying the Party Chief, noted that Vietnam has become Myanmar’s ninth-largest trade partner and seventh-largest foreign investor, with 59 projects worth $1.42 billion. Direct air routes linking destinations in the two countries have also helped to facilitate bilateral trade and tourism ties.

He pointed out, however, that two-way trade is only $500 million; well short of potential.

Mr. Minh emphasized that Vietnam is working hard to reform its administrative procedures to create an optimal legal framework and infrastructure for foreign investors, including those from Myanmar.

He added that the newly-established comprehensive partnership between the two countries provides the basis for the formation of effective collaborative mechanisms, boosting bilateral investment ties.

User comment (0)

Send comment