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VietNamNews

Viettel earns $1 billion profit

Update: January, 10/2012 - 10:07

 

Viettel staff introduce the company's services. Last year, Viettel was one of a handful of domestic companies to post high profits. — VNS Photo Truong Vi
HA NOI — Telecommunications Group Viettel ended last year as one of the country's few companies to enjoy a pre-tax profit of nearly US$1 billion.

Viettel reached VND117 trillion (US$5.6 billion) in turnover last year, a 28 per cent increase over the previous year, said deputy general director Nguyen Manh Hung.

Last year, Viettel contributed more than VND10 trillion ($476 million) to the State budget, 25 per cent more than the previous year, with yearly productivity reaching VND4.7 billion ($224,000) per capita.

Hung added that Viettel had 229,000 fixed subscribers, nearly 58 million pre-paid customers and 3.25 million post-paid clients.

The group has also invested overseas in Laos, Cambodia, Mozambique, Haiti and Peru. Revenue from overseas investments increased by more than 100 per cent to surpass VND10 trillion ($476 million) and its after tax profit from the investments reached approximately $70 million.

"We targeted a growth rate of 20 to 25 per cent for both revenue and profit, and labour productivity, " he said.

Viettel said it would continue to ensure the rights and interests of customers, partners and employees as well as EVN Telecom under a merger plan with the provider this year while also continuing its stable business and production operations and development.

It will also expand its investments in three to four additional foreign markets to reach an additional 100 million people.

By the end of this year, Viettel's foreign markets are expected to double against the domestic market.

Plans also call for the group to expand its activities to research and manufacturing of electronics, telecommunications and high technology as an important component of its business strategy. — VNS

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