Vietnam telecom giant VNPT posts over $239 mln pre-tax profit in 2024

State-owned Vietnam Posts and Telecommunications Group (VNPT) reported a consolidated pre-tax profit of VND6.09 trillion ($239.3 million) in 2024, according to its newly released business report.

Of the figure, the parent company contributed VND4.56 trillion ($179.3 million), surpassing the target by 3.3% and marking a 3% year-on-year increase.

VNPT’s total revenue for 2024 reached VND58.54 trillion ($2.3 billion). The group contributed VND5.5 trillion ($216.2 million) to the state budget, with the parent company’s contribution of VND4.14 trillion, exceeding the target by 36.5%.

The group achieved a return on equity (ROE) of 8.35%, while the parent company’s post-tax ROE rose to 6.5%, a 29.5% increase compared to the initial target.

Among VNPT’s major accomplishments in 2024 was the nationwide rollout of its VinaPhone 5G network, which now covers all 63 provinces and cities. Key socio-economic areas, including district administrative centers, industrial parks, seaports, airports, schools, hospitals, and tourist sites, were prioritized for coverage.

The company also focused on diversifying its offerings and expanding revenues from emerging sectors. The cybersecurity division saw impressive growth, rising 58% year-on-year, and achieved Crest certification for its cybersecurity products.

The artificial intelligence (AI) sector also soared, with a 60% increase driven by innovations like AI-powered cameras for smart cities and GenAI applications for customer service analytics.

VNPT's Generative AI (GenAI) for the Vietnamese language led the rankings in the Vietnamese Language and Speech Processing 2024 for several months. The company’s eKYC platform, based on AI, processed over 1 billion requests across Vietnam.

VNPT also launched the VNPT Cloud ecosystem, offering a broad range of services, from platforms to infrastructure, catering to diverse customer segments.

The corporation further expanded its digital footprint by deploying a comprehensive digital agriculture ecosystem aimed at supporting a wide range of customers, including government agencies, businesses, cooperatives, and farms. This initiative is powered by two key platforms: Aims and VNPT Green.

As part of Vietnam’s national digital transformation strategy, VNPT integrated data for the OneGov ecosystem and upgraded national databases for population and civil servant records. The group also developed specialized data warehouses and contributed to 31 out of 44 pilot projects under the Government’s Project 06.

This project aims to develop applications for population data, electronic identification, and digital authentication to support national transformation efforts through 2025, with a vision extending to 2030.

A VNPT representative stated the results achieved, while modest, demonstrate the group’s resilience in a challenging market. Looking ahead, the group will continue enhancing its telecommunications and IT infrastructure, focusing on emerging technologies like GenAI, IoT, Cloud, 5G, and cybersecurity.

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