Telecom carriers in Vietnam, including Viettel, VNPT, and MobiFone, are expanding their 5G coverage and competing in cross-border services. These large telecom providers have set ambitious development goals for 2024, aiming to enhance their offerings and boost their competitiveness in the market.
VNPT, one of the leading telecom carriers in Vietnam, has achieved impressive financial results in 2023. With a total revenue of VND54.856 trillion and a profit of VND4.468 trillion, VNPT maintained its market share in core services such as mobile and broadband services, as well as MyTV. It continues to be the number one provider in broadband and TV services.
Furthermore, VNPT has made significant advancements in 4.0 solutions, particularly in Big Data and AI. These technologies enable VNPT to analyze interaction data and deliver personalized experiences for its customers. As a result, 15 of VNPT’s core products and services have been standardized and upgraded.
VNPT is dedicated to developing ecosystems of platforms and products that facilitate businesses’ digital transformation. It aims to transition traditional telecommunications services into core platforms while also creating a personal digital ecosystem for households. By integrating digital services, content services, digital finance, digital television, and digital utilities, VNPT seeks to enhance the overall digital experience for its customers.
MobiFone, another prominent telecom carrier, is shifting its focus from being a telecommunication service provider to becoming a digital service provider. It concentrates on technological products in three key fields: digital government, digital society, and digital economy. In 2023, MobiFone achieved a total revenue of VND25.44 trillion and a pre-tax profit of VND1.638 trillion, with a return on equity (ROE) of 7.25 percent.
MobiFone is determined to take significant strides this year, particularly in providing services related to digital infrastructure, digital solutions, and digital content. The company also plans to expand its 4G and 5G coverage nationwide after obtaining the necessary licenses. It aims to improve network quality and provide the best possible care for its customers.
Viettel, the market leader in the Vietnamese telecom industry, experienced a prosperous year in 2023, achieving remarkable success in various fields, including domestic and foreign telecom services, research, production, and logistics. The company accumulated a revenue of VND172.5 trillion, exhibiting a growth rate of 5.4 percent.
With a 56.5 percent market share, Viettel continues to dominate the Vietnamese telecom market. Additionally, it holds a 43 percent market share for non-mobile services, such as fiber to home (FTTH). With 8.6 million customers for multi-platform TV services, Viettel captures 31.2 percent of the market share in this sector.
Viettel’s goals for 2024 include a 7.2 percent growth rate in consolidated revenue and an 84 percent return on equity (ROE). The company also aims to convert all 2G subscribers to 4G by September 2024.
As telecom carriers in Vietnam expand their 5G coverage and compete in cross-border services, they are poised to deliver enhanced digital experiences and contribute to the country’s digital transformation. With their ambitious development goals and focus on technological advancements, these telecom providers are well-positioned to meet the evolving needs of their customers and maintain their competitive edge in the market.
