Viettel profits grow despite pandemic

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.