State-owned telecom giant VNPT seeks to pioneer cloud computing, AI, big data

Vietnam Posts and Telecommunications Group (VNPT) is aiming to pioneer the development and application of core technologies such as cloud computing, AI, and big data.

Under the VNPT restructuring plan towards 2025 issued by Deputy Prime Minister Le Minh Khai on July 10, the state-owned telecom giant will also seek to upgrade its telecom-IT network into a comprehensive system that provides digital infrastructure and serves as a hub-gateway connection platform.

VNPT will remain wholly state-owned and transform into a tech corporation, with digital infrastructure, technologies, and services as its pillars.

Its business scope will cover intermediary payment services, sci-tech research and development, television subscriptions, and provision of intermediary payment services for e-commerce, insurance, and lottery agents. It will also offer digital transformation services and introduce digital products and software.

VNPT will task its member units with streamlining staff in line with the corporation's development strategy and salary policy.

VNPT aims to earn VND287.93 trillion ($11.3 billion) in revenue and contribute nearly VND26.05 trillion ($1.02 billion) to the state budget in 2025.

The giant plans to enhance its workforce capabilities and streamline its branches nationwide in 2025. It will also upgrade its professional training facility, the VNPT Academy, into a human resources development center.

It will continue to operate as the parent company of the Hospital of Post and Telecommunications and the P&T General Hospital. It will also maintain full ownership of Fiber Optic Cables One Member Limited Company (FOCAL).

In 2024, VNPT is targeting a record consolidated revenue of VND59.09 trillion ($2.36 billion), up 8% from 2023. The VNPT parent firm is also targeting a net profit of VND3.53 trillion ($139.05 million) and plans to contribute VND3.88 trillion ($152.67 million) to the state budget.

Last year, VNPT posted a profit of VND4.46 trillion ($175.8 million) on revenue of VND54.85 trillion ($2.16 billion), up 7% and 2.14% year-on-year, respectively.