Military-run Vietnam operator Viettel Global detailed plans to radically change its international operations following its debut on a domestic stock exchange.
The company listed 2.2 billion shares on the Unlisted Public Companies Market (UpCom) in Vietnam. Reuters reported its share price jumped 40 per cent (the maximum allowed in a day) in the first trading session, valuing it at $2 billion.
General director Do Manh Hung said the changes planned will focus on providing more next-generation telecoms services. The operator, established in late 2007, runs Viettel Group’s operations in Cambodia, Laos, Haiti, Myanmar, Peru, Burundi, Mozambique, Tanzania, Cameroon and East Timor.
Viettel Global said it expects to report a profit this year despite a heavy investment in Myanmar, its largest international market.
Together with a consortium of local companies, it launched a 4G-only network in Myanmar in early June under the MyTel brand. Myanmar awarded the country’s fourth mobile licence to the venture in January 2017.
Viettel Global grew consolidated revenue 24 per cent year-on-year to VND19.02 trillion ($816 million) in 2017, with a pretax profit of VND27 billion.
In its home market Viettel is the market leader with a 40 per cent market share, Q2 data from GSMA Intelligence showed. It officially launched 4G service across the country in April, claiming 95 per cent population coverage.Subscribe to our daily newsletter Back