Viettel profits grow despite pandemic
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Telecom giant Viettel managed to shrug off the effects of the Covid-19 pandemic and achieve its revenue and profit targets in 2020.
The military-owned firm reported revenues of VND264 trillion ($11.47 billion), up 4.4 percent from 2019, and pre-tax profit of VND39.8 trillion, up 4.1 percent.
Viettel attributed the results to its digital transformation and switch from being a telecom services provider to a digital services provider. In 2020, the platforms it developed included digital infrastructure, solutions, content, and finance, and cybersecurity.
Its 10 overseas markets reported a 25 percent increase in profits to VND5.6 trillion in the first nine months of 2020, while at home it remained the leader in mobile services and fixed broadband with a 54.2 percent market share.
By manufacturing 5G equipment and trialing 5G services, the company made Vietnam one of only six countries in the world to master the technology.
Questions & Answers
Q.What specifically contributed to Viettel's profit growth despite the pandemic?
What specifically contributed to Viettel's profit growth despite the pandemic?
Viettel attributed its positive results to a strategic shift from being solely a telecom services provider to a digital services provider. This involved developing various digital platforms including infrastructure, solutions, content, finance, and cybersecurity.
Q.How did Viettel's overseas markets perform in 2020?
How did Viettel's overseas markets perform in 2020?
The company's 10 overseas markets reported a 25 percent increase in profits in the first nine months of 2020, reaching VND5.6 trillion. This suggests a strong performance outside its home country during that period.
Q.What is Viettel's market position in Vietnam?
What is Viettel's market position in Vietnam?
In Vietnam, Viettel maintained its leading position in both mobile services and fixed broadband, holding a substantial 54.2 percent market share. This indicates its dominance in the domestic telecommunications sector.
Q.What significant technological achievement did Viettel accomplish in 2020?
What significant technological achievement did Viettel accomplish in 2020?
Viettel made Vietnam one of only six countries globally to master 5G technology. This was achieved by manufacturing its own 5G equipment and actively trialling 5G services within the country.
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