14-01-2010
HA NOI — Military-run telecom group Viettel made its debut in Ha Noi on Tuesday, becoming the eighth economic group of Viet Nam and the first group set up by the Ministry of Defence.
The Viettel Group was established pursuant to Decision No 2079/QD-TTg, dated December 14, 2009, issued by the Prime Minister.
The wholly State-owned group operates in the form of a mother-and-child company, with a charter capital of VND50 trillion (US$2.7 billion). It engages in multiple fields, with telecom and information technology being its key business.
In addition, Viettel is allowed by the Government to research and produce hardware and software, telecom and electronic equipment and military information technology.
Due to the military mechanism, Viettel Group does not have a board of directors and the group’s Party cell will manage such functions. Major-General Hoang Anh Xuan was appointed to the position of general director.
Speaking at the opening ceremony, Minister of Information and Communications Le Doan Hop said that Viettel had made "miraculous" development process when it changed to an economic group after only four years of being a corporation.
At present, Viettel is the largest mobile phone service provider in Viet Nam, making up 42 per cent of the market share, with 34 million subscribers. It has set up 24,000 transmission stations.
The group has increased its revenues 1,500 times within 10 years, from VND40 billion ($2.1 million) in 1999 to VND60 trillion ($3.2 billion) in 2009. It is among the top 100 leading telecom brands in the world, and is evaluated as the best telecom provider in developing countries.
Since 2006, Viettel has invested in foreign countries such as Cambodia and Laos, and is planning to expand its foreign investments to other countries as well. The group is trying to enter the top 30 telecom operators in the world, and the top 10 telecom firms investing in foreign countries.
It has also projected earnings of $15 billion in 2015 and $30 billion in 2020. — VNS
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