Viettel to put US$1bn 2011 profits to work

Published on 12.01.2012

Vietnam’s military-controlled mobile operator Viettel reported 2011 profits of US$1bn, which will come in handy as it takes control of loss-making EVN Telecom in Q1 2012. The latter is a subsidiary of Electricity of Vietnam, and had been courted by other buyers including technology group FPT and Hutchison-partnered Hanoi Telecom.Nguyen Manh Hung, deputy director of Viettel, said the company aims to achieve 20-25% growth in revenues and profits in 2012, following 2011 when revenues grew 28% to 117 trillion dong, while profits rose 23% to 20 trillion dong.Viettel is currently operating in five countries - Laos, Cambodia, Mozambique, Haiti, and Peru. Revenue of its foreign investments doubled to 10 trillion dong.