Viettel Global earns $58 million profit from overseas markets

Viettel Global, a subsidiary of Vietnam Military-run Telecommunications Group (Viettel), obtained the pre-tax profit of US$58 million from overseas investment last year, announced the group at a shareholder meeting on April 26.

According to the company’s financial reports in 2015, total revenues from international investment was up 9 percent over a year back to $1.4 billion, quadruple the average growth rate of the world’s telecom industry approximating 2.3 percent.

Total subscribers reached 16.5 million, up 27 percent and sextuple the world’s average rate.

Viettel Global has set a target to broaden its service to 1-2 new markets this year, increase the total number of customers by 8.35 million to reach 25 million, get the revenue of $1.5 billion in eight markets except Vietnam and Peru and gain the pretax profit of $51.4 million.

At the meeting, the company presented a project to hike its chartered capital to VND8 trillion (US$359 million) by offering shares for sales to the parent company--Viettel Group.

That moves towards the company’s policy of raising the chartered capital to VND10 trillion to meet its market broadening demand this year.

By Tran Binh – Translated by Hai Mien

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