Viettel to earn 80 percent return on overseas operations

15:54 | 01/06/2015 Companies

The military-run telecom Viettel expects to see a return of 80 percent of its 600 million USD in foreign operations this year.

Viettel to earn 80 percent return on overseas operations

The military-run telecom Viettel expects to see a return of 80 per cent of its US$600 million in foreign operations this year. (Photo: Bizlive)

The group said that, as of the end of last year, its total turnover from overseas markets reached 1.2 billion USD, with a growth rate of 25 percent. Its pre-tax profits from its overseas operations posted a 32 percent increase to 156 million USD.

Further, the group earned 278 million USD from its foreign operations so far this year.

Plans call for Viettel to launch its services in the Congo, with a population of 75 million, Columbia, with 40 million people, and Myanmar with 55 million.

Nguyen Manh Hung, Viettel's general director, said the group has invested in nine countries, with a total population of 175 million, which is nearly double that of Vietnam.

It has worked to become a global company, as well as one of the three largest companies in the foreign markets in which they are operating.

The company also aims to expand operation to another 25 countries, selling to a total market of 600-800 million people by 2020. Viettel has been enthusiastic about becoming one of the top 10 telecommunication companies in the world.

Viettel Global, the group's subsidiary, has targeted to access 350 million customers worldwide in the next three years, while issuing 1 billion shares to Viettel – its strategic shareholder.

Further, Viettel Global expects to be operating in 16 foreign markets by 2017, with a total investment of 47.46 trillion VND (2.2 billion USD).

Last year, Viettel established a joint venture worth 1.8 billion USD in Myanmar.

In March, Metfone, Viettel's branch in Cambodia, announced plans to acquire Sotelco – a Beeline's branch. This would become the first Vietnamese merger and acquisition in a foreign market.

Tao Duc Thang, Viettel Global's director, said investing in Beeline Cambodia has been consistent with its worldwide vision to become one of the leading telecom companies by 2020.

Thang also expects the company to have a presence in another 20 countries in the next five years.

According to GSM Association's report, Viettel has been one of 15 leading companies in the world, base d upon network connections. Last year, the group earned 3 trillion VND in pre-tax profits, representing a 43 percent year-on-year increase.

Source VNA