Viettel Group: Vietnam’s State-Owned Telecommunications Giant

Viettel Group (Tập đoàn Công nghiệp - Viễn thông Quân đội) is a state-owned enterprise operating under the jurisdiction of the Vietnamese government. Established on July 13, 2010, Viettel has grown to become Vietnam’s largest telecommunications and technology corporation, with total assets reaching USD 10.27 billion in 2023. The group is headquartered at Lot D26, Cau Giay New Urban Area, Yen Hoa Ward, Cau Giay District, Hanoi, Vietnam.

Financial Performance

As of 2023, Viettel’s financial standing includes:

• Total Sales: USD 3.76 billion, reflecting a 2.44% decline from 2022.
• Profit: USD 1.32 billion, marking a 1.63% increase compared to the previous year.
• Equity: USD 7.66 billion, rising by 5.46% year-over-year.

While Viettel remains financially stable, recent data suggests fluctuations in revenue growth, possibly due to shifts in the telecommunications industry or other economic factors.

Business Operations

Viettel operates across multiple sectors, primarily in telecommunications, IT, and defense technology. The company’s registered business activities include:

• Wireless telecommunications services, including mobile and internet infrastructure.
• Manufacturing of telecommunications, IT, and defense-related equipment.
• Real estate development, construction, and property management.
• Postal and news agency activities.
• Training and human resource development for domestic and international markets.

Viettel’s vast scope of operations highlights its strategic role in Vietnam’s economic and technological landscape.

Ownership and Government Affiliation

Viettel is 100% state-owned, making it a critical asset of the Vietnamese government. The group's charter capital is reported at USD 6.54 billion, with a workforce of approximately 55,000 employees. The company’s leadership is headed by Chairman cum General Director, Mr. Tao Duc Thang.

Conclusion

As Vietnam's leading telecom and technology corporation, Viettel continues to expand its influence domestically and internationally. While it remains financially strong, market shifts may pose future challenges. Given Viettel’s state ownership, its operations and strategies are closely aligned with national interests, reinforcing its critical role in Vietnam’s infrastructure and security sectors.