Vietnam telecom giant Viettel logs record profit of $2 bln in 2024

The Military Industry and Telecommunications Group (Viettel) posted a record consolidated pre-tax profit of VND51 trillion ($2.01 billion) in 2024.

Consolidated revenue reached VND190 trillion ($7.47 billion), marking an increase of 10.3% from 2023, the military-run technology giant announced on Friday.

Viettel also reported a 17% rise in its contribution to the state budget in 2024, VND44.3 trillion ($1.74 billion), while the average income of its employees grew by 6% year-on-year.

Viettel attributed the strong performance to sustained domestic telecom growth and international business expansion. Another reason is it focused on research, production, and commercialization of high-tech products.

In 2024, Viettel operated Vietnam’s largest data center at the Hoa Lac Hi-Tech Park in Hanoi, housing 230,000 servers. Its 5G network is now available in 95% of provincial and city capitals, and the company plans to roll out an additional 12,000 5G base stations in 2025.

Viettel launched the ADC submarine fiber-optic cable system in 2024, connecting Vietnam to China, Japan, and Southeast Asia. The firm now operates five submarine cable systems, totaling 360,000 kilometers of fiber-optic cable. It plans to invest in a new Vietnam-Singapore submarine cable.

On December 11, 2024, the tech giant inaugurated Vietnam’s first logistics park in the northern province of Lang Son. Looking ahead, the company intends to expand its network of logistics centers nationwide to support key economic regions.

In the high-tech sector, Viettel successfully tested and commissioned several strategic defense technologies, preparing them for widespread deployment with the Ministry of National Defense.

In 2024, it signed contracts to export radar systems and training simulators to Malaysia and the Philippines. The company’s 5G equipment was also exported to India and nine countries in the Middle East.

Internationally, Viettel recorded revenue growth of over 17%, repatriating $467 million, exceeding the year's target. As a result, the group recovered its investments in five foreign markets, with an overall investment recovery rate of 85% by the end of 2024, well ahead of schedule.