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Viettel to raise charter capital to $14 billion

Released at: 17:16, 29/12/2015

Viettel to raise charter capital to $14 billion

PM gives approval to increase as Group sets ambitious targets for 2015-2020 period.

by Tue Lam-Thuy Dieu

Prime Minister Nguyen Tan Dung has given approval to Viettel raising its charter capital during 2015-2020 from VND100 trillion ($4.46 billion) to VND300 trillion ($13.4 billion).

Viettel will then have among the largest charter capital of all State enterprises. The group is a leader in the field of telecommunications and information technology and has grown rapidly for many years.

In 2014 its revenue reached VND193.1 trillion ($8.49 billion), up 3.2 times compared with 2009. Profit was VND42.2 trillion ($1.85 billion), up 4.1 times compared to 2009. As at December 31, 2014, its equity was VND101.8 trillion ($4.47 billion) and total assets VND140.8 trillion ($6.19 billion).

In the 2015-2020 period the group aims to complete its business and production tasks as well as the defense tasks assigned it by the Party and the State, and at the same time become a national defense industrial complex and global telecommunications and information technology group with international competitiveness.

By 2020 total revenue is targeted at VND548.7 trillion ($25.7 billion), up 2.8 times compared to 2014, and total assets VND437.2 trillion ($19.2 billion), up 2.6 times. Total profit before tax from 2015 to 2020 is expected to reach VND416 trillion ($18.3 billion), an increase of 2.9 times compared to the 2010-2014 period.

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