Viettel Global achieves record high quarterly revenue
Viettel Global, one of Vietnam's biggest overseas investors, reported a record-high quarterly revenue of VND5,437 billion ($237 million) in Q1, up 17% year-on-year.
Profit after tax reached $61 million, more than tripling year-on-year, according to Viettel’s consolidated financial report. Viettel Global is a subsidiary of military-run telco Viettel.
Its gross profit surged 37% to $113 million, with a profit margin of over 48%, much higher than in previous quarters.
The positive financial results were attributed to a stable exchange rate and a significant reduction in management expenditures from $52.9 million to $24.4 million, a corporate executive said.
The African region remained a significant driver of Viettel Global's growth, with revenue growing 33% from $76.5 million to $102 million. The other two key regions, Southeast Asia and Latin America, both grew more than 10%.
As of late Q1, Viettel Global, listed on the Unlisted Public Company Market (UPCoM: VGI), recorded consolidated assets of $2.27 billion and equity of $1.3 billion.
The firm’s revenue reached $837 million in 2021, up 2% from 2020, the highest annual revenue to date. However, profit after tax was down 20% to $15 million.
New products, such as e-wallets, e-lotteries, and e-commerce, are expected to become new driving forces for Viettel Global's growth in the years ahead.
Viettel Global was established in 2006 with a vision of turning Viettel into a strong telecom group on international stage. It is now operating nine telecom companies in nine countries across Africa and Asia, with 13 million customers.
- Read More
UAE plans to hold conference to promote investment into Vietnam: minister
The United Arab Emirates (UAE) has plans to organize a large-scale conference in Vietnam to canalize investment from the UAE and elsewhere into the Southeast Asian country, says a minister.
Investing - Mon, October 28, 2024 | 5:41 pm GMT+7
Sustainable packaging key focus area in Suntory PepsiCo Vietnam growth strategy: exec
Suntory PepsiCo Vietnam is actively promoting various initiatives in sustainable packaging as a key focus area in its development strategy, says Do Thai Vuong, deputy general director in charge of external affairs and communications.
Companies - Mon, October 28, 2024 | 5:02 pm GMT+7
Nuclear power Vietnam’s choice to ensure sufficient energy: country top leader
Nuclear power is the path for Vietnam to ensure sufficient electricity supply by 2045, Party General Secretary To Lam said Saturday at the ongoing National Assembly session.
Energy - Mon, October 28, 2024 | 4:33 pm GMT+7
Vietnam Electricity’s northern unit seeks German support in finance, technology
Northern Power Corporation (EVNNPC), a unit of state utility Vietnam Electricity, is seeking further support from the German government and state-owned German development bank KfW to reach sustainable growth.
Energy - Mon, October 28, 2024 | 4:16 pm GMT+7
Leading UAE firms plan to expand investment cooperation in Vietnam
Four leading UAE corporations collaborating with Vietnamese firms have plans to expand investment cooperation in the country, executives told Prime Minister Pham Minh Chinh in Abu Dhabi Sunday.
Industries - Mon, October 28, 2024 | 3:53 pm GMT+7
Real estate developer Nam Long achieves only 3% of year's profit target
Nam Long Group, a major real estate developer in southern Vietnam, recorded an after-tax profit of VND15.5 billion ($610,345) in the first nine months of 2024, reaching only 3% of its annual target.
Companies - Mon, October 28, 2024 | 3:00 pm GMT+7
Vietnam’s Eximbank sees Q3 earnings triple on forex trading
Ho Chi Minh City-based Eximbank says it earned a net profit of VND721.2 billion ($28.6 million) in Q3/2024, up 198.25% year-on-year, thanks to income from lending and forex trading.
Banking - Mon, October 28, 2024 | 12:25 pm GMT+7
Taiwan electronics firm Lite-On to start $690 mln Vietnam project soon
Taiwan-based Lite-On Technology Corporation, a world-leading provider in optoelectronics and power management, is set to start its $690 million investment in Vietnam next month.
Industries - Mon, October 28, 2024 | 11:01 am GMT+7
PM Chinh asks hypermarket chain Lulu to bring UAE investors to Vietnam
Vietnamese Prime Minister Pham Minh Chinh has called on LuLu Group International, with its extensive network of branches, to bring potential investors from both within and outside the United Arab Emirates (UAE) to invest in Vietnam.
Industries - Mon, October 28, 2024 | 10:45 am GMT+7
Gov’t support, new laws spark resumption of stalled property projects: Vietnam realtors
A number of stalled property projects in Vietnam have resumed construction on the back of the government’s support and improved legal framework.
Real Estate - Mon, October 28, 2024 | 7:27 am GMT+7
Thailand’s automobile output down 25.5% in September
The Federation of Thai Industries (FTI) on Thursday reported that automobile production in the country fell 25.5% in September from a year earlier.
Southeast Asia - Sun, October 27, 2024 | 7:48 pm GMT+7
Singapore fully implements passport-less clearance at Changi airport
The Immigration and Checkpoints Authority (ICA) of Singapore on Thursday announced that since September 30, it has fully implemented passport-less clearance across all four terminals at Changi Airport.
Southeast Asia - Sun, October 27, 2024 | 7:47 pm GMT+7
Six Thai destinations honored for sustainable tourism
Six Thai destinations have been recognized for their efforts in sustainable tourism as part of the Green Destinations Top 100 Stories initiative.
Southeast Asia - Sun, October 27, 2024 | 7:44 pm GMT+7
Vietnam to add 6,793 MW to power sources in 2025, fulfilling electricity demand
Vietnam is set to add 10 new power source projects with a total capacity of 6,793 MW in 2025, fulfilling the country's electricity demand next year, says state utility Vietnam Electricity (EVN).
Energy - Sun, October 27, 2024 | 5:00 pm GMT+7
PPP funding, special mechanism proposed for $363 mln central Vietnam airport
Vietnam’s central province of Khanh Hoa has proposed developing Van Phong international airport through a public-private partnership with an initial estimated cost of VND9.2 trillion ($363 million).
Infrastructure - Sun, October 27, 2024 | 3:00 pm GMT+7
Taiwan cooling solution firm AVC doubles Vietnam investment to $400 mln
Asia Vital Components (AVC), a Taiwan-based cooling solution provider, will increase its investment in Vietnam’s northern province of Ha Nam to $400 million.
Industries - Sun, October 27, 2024 | 1:30 pm GMT+7