Viettel Construction Joint Stock Company restructured into corporation

September 12, 2018 - 11:00

Viettel Construction Joint Stock Company on Tuesday announced it would convert its structure to become a corporation, becoming the fourth corporation under Viettel Group.

Major General Lê Đăng Dũng, Viettel’s general director and standing chairman, awarded the decision to Viettel Construction Joint Stock Corporation. — VNS Photo
Viet Nam News

HÀ NỘI — Viettel Construction Joint Stock Company on Tuesday announced it would convert its structure to become a corporation, the fourth one under Viettel Group.

The company, under a new name – Viettel Construction Joint Stock Corporation, follows Decision No 18/QĐ-TTg promulgated by Deputy Prime Minister Vương Đình Huệ dated March 3 2018.

This move represents an important landmark, as the Viettel Group officially steps into its fourth development period and the Fourth Industrial Revolution.

The corporation would give priority to implementing four strategies in the 2018-20 period, including exploitation, construction, leasing infrastructure and system integration solutions.

Speaking at the announcement ceremony, Colonel Dương Quốc Chính, the corporation’s general director, said they targeted to become the leading investor in the leasing infrastructure sector in Việt Nam.

It would take breakthrough solutions in terms of information technology as well as improving human resource quality to reach the set target.

Major General Lê Đăng Dũng, Viettel’s general director and standing chairman, said the corporation should continue to enhance its core capacity of building and operating telecommunications infrastructure. It will build a specific roadmap to bring these two core areas beyond Viettel and Việt Nam. Especially, to become a corporation, it should clearly define its role in the fourth development period of Viettel Group.

Dũng said sharing infrastructure has been a vital trend in the telecom sector. Telecom regulators want to optimise efficiency by hiring infrastructure.

Established in 1995, the corporation has built a telecom network with more than 50,000 base transceiver stations (BTSs) and 320,000 kilometres of fibre cable covering all regions of the country. It targeted to provide services to four to six countries by 2020 and have 5,000 BTSs for lease. 

In addition, it has also built telecom infrastructure for Viettel in nine foreign countries in Asia, Africa and America. It has provided telecom services to 10,000 people.

Viettel Construction Joint Stock Corporation was the first company in Viettel listed on UPCoM (CTR). Currently, its equity capital is VNĐ744 billion (US$31.9 million) and has charter capital of VNĐ471 billion.

Its revenue was expected to reach VNĐ4.16 trillion by the end of this year, increasing 490 times from 2001.

The corporation took third place among construction companies on the stock exchange in terms of net profit margin.

It was expected to earn VNĐ6 trillion revenue by 2020 with yearly average growth rate of 22 per cent and profit of VNĐ231 billion. — VNS