Telecom giant Viettel posts highest profit in five years

Vietnamese telecom group Viettel reported a pre-tax profit of VND43.1 trillion ($1.83 billion) in 2022, up 3% year-on-year and a record high in five years.

Its consolidated revenue reached VND163.8 trillion ($6.96 billion), up 6.1%. The military-run group paid VND38 trillion ($1.62 billion) to the state budget, equivalent to its contribution in 2019 before the pandemic, according to its annual report.

Viettel's main source of revenue from telecommunications was maintained thanks to its position as the number 1 mobile telecom service provider in the country with 54% market share. Its growth rate of telecom service revenue reached 1.5 times the global average.

Viettel recorded nearly $3 billion in overseas service revenue in 2022 for the first time, equivalent to its domestic telecommunications figure.

The source of foreign currency repatriation in 2022 hit nearly $500 million, the highest in five years. Up to now, Viettel has repatriated nearly 70% of its total overseas investments.

Digital solutions and services also made a breakthrough, with revenue from IT solutions growing 58%. New Viettel Money subscribers increased six times to surpass the milestone of 5 million. Viettel Money was also the fastest growing platform in the market in 2022.

In October, Viettel launched its Viettel Cloud ecosystem, becoming the largest cloud computing service provider in Vietnam.

The ecosystem includes data centers, technology platforms, cloud computing software and services, security technologies, operation and governance services.

Viettel Cloud owns the biggest data network in Vietnam with 13 centers housing more than 9,000 racks across 60,000 square meters of floor space.

The giant's e-commerce and logistics fields have been restructured, optimizing products and services in the direction of increasing technology investment, improving efficiency and making a difference to customer experience.

In the field of security and defense, its Viettel Aviation Institute recorded revenues of over VND1 trillion ($42.51 million). Viettel's 5G telecom infrastructure ecosystem has made Vietnam among the top five first countries to master 5G technology.

According to Brand Creativity, 73% of random respondents in Vietnam currently use at least one service provided by Viettel. Of this, 95% shared positive feedback about the positive spirit and enthusiasm at Viettel.