MobiFone profits down in 2022

1 min readUpdated Jun 1, 2025Jan 9, 20236:44 AM

In this article (5)

Telecom giant MobiFone reported a decline in profits and revenues in 2022, and said they fell short of targets.

At a review meeting on January 5 the company said revenues fell to VND28.329 trillion (US$1.18 billion), and profits to VND2.71trillion.

They had been VND31 trillion and VND4.96 trillion in 2021.

The bright spot in the business last year was that data revenues increased by 27%.

In April it had launched MobiFone Pay e-wallet and Mobile Money e-money.

With the telecom market saturated and revenues on a downtrend, the company this year eyes new businesses such as digital finance, digital health and digital education, chairman Nguyen Hong Hien said.

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What this means

MobiFone's pivot towards digital finance and health is a necessary strategic response to a saturated Vietnamese telecom market and declining core revenues. This move mirrors regional trends where companies diversify beyond traditional offerings, much like LivWell's recent partnership agreements in Vietnam to expand services. While challenging, the 27% increase in data revenues and the existing e-wallet infrastructure provide a foundation for this expansion. However, execution into competitive digital sectors, where incumbents already operate, presents significant hurdles for the state-owned giant. Success will hinge on its ability to rapidly innovate and acquire new users. Watch for specific new product launches and customer acquisition numbers in these emerging segments.

Wei Zhang · Retail News Asia newsroom

Questions & Answers

What were MobiFone's specific revenue and profit figures for 2022?

MobiFone reported revenues of VND28.329 trillion (US$1.18 billion) and profits of VND2.71 trillion in 2022. These figures represent a decrease compared to the previous year.

Which areas of MobiFone's business showed positive growth last year?

The bright spot in MobiFone's business in 2022 was an increase in data revenues, which grew by 27%. The company also launched MobiFone Pay e-wallet and Mobile Money e-money.

What new business sectors is MobiFone planning to enter to improve its performance?

To counter the saturated telecom market and declining revenues, MobiFone plans to eye new businesses this year. These include digital finance, digital health, and digital education.

What were MobiFone's revenue and profit figures in the previous year, 2021?

In 2021, MobiFone's revenues stood at VND31 trillion, and its profits were VND4.96 trillion. The 2022 results represent a decline from these figures.

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