Viettel shrugs off Covid, remains profitable
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Telecom giant Viettel reported pre-tax profits of VND 19.9 trillion ($867.2 million) for the first half of 2021, a year-on-year increase of 3.1 percent.
The growth came despite the ongoing Covid-19 outbreak, which has forced 95 percent of its HCMC-based points of sale and 80 percent in Hanoi to suspend operations, and the number of mobile subscribers and telecom use declined.
The military-owned firm continued to work on digital transformation and sought to maximize online channels, and as a result achieved revenues of VND128.6 trillion in the first half, a 6.8 percent rise.
In all its foreign markets, Viettel increased market share, with the biggest increases seen in Haiti and Peru with 1.5 and 1.4 percentage points.
Its four leading foreign markets remain Cambodia, Laos, East Timor, and Burundi, while in Myanmar, it closes to the top with a 30.8 percent share.
Viettel has used technology for combating the Covid-19 pandemic by launching a vaccination management platform and installing 7,500 cameras in quarantine facilities.
Questions & Answers
Q.How did Viettel manage to increase its profits despite many of its physical stores being closed?
How did Viettel manage to increase its profits despite many of its physical stores being closed?
Viettel focused on digital transformation and maximising online channels. This strategy helped the company achieve revenue growth even with significant store closures in Ho Chi Minh City and Hanoi due to the Covid-19 outbreak.
Q.Which foreign markets saw the most significant growth in market share for Viettel?
Which foreign markets saw the most significant growth in market share for Viettel?
The biggest increases in market share for Viettel were observed in Haiti and Peru. Haiti saw a 1.5 percentage point rise, while Peru's market share grew by 1.4 percentage points during the period.
Q.What initiatives did Viettel undertake using technology to assist with the Covid-19 pandemic?
What initiatives did Viettel undertake using technology to assist with the Covid-19 pandemic?
Viettel contributed to combating the Covid-19 pandemic by developing a vaccination management platform. Also, the company installed 7,500 cameras in various quarantine facilities to support national efforts.
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