Vietnam’s 3 telecom giants report hefty profits in 2024
Vietnam’s 3 telecom giants report hefty profits in 2024
Three major telecom service providers in Vietnam, including Viettel, MobiFone, and VNPT, produced positive business results, with hefty profits in 2024.
Viettel logged a staggering US$2 billion in pre-tax profits in 2024 and reported a six-percent increase in workers’ average monthly income. Photo: Viettel |
A report recently released by the Commission for the Management of State Capital at Enterprises showed that MobiFone made an estimated VND2.05 trillion (US$80.6 million) in accumulated pre-tax profits in 2024, up 20.6 percent from the full-year target.
The company’s remarkable performance was backed by many of its new space products such as Make in MobiFone, which was honored as the national brand in December 2024, according to the report.
Vietnam Posts and Telecommunications Group (VNPT) earned VND58.5 trillion ($2.3 billion) in revenue last year, according to the group.
Of the total, parent firm VNPT accounted for some VND42 trillion ($1.65 billion), meeting 100.1 percent of its target and rising by seven percent year on year.
VNPT’s accumulated pre-tax profits in 2024 totaled VND6.08 trillion ($24 million).
A thriving business scene was also documented at military-run telecom group Viettel as it generated accumulated revenue of VND190 trillion ($7.5 billion) last year, up 10.3 percent year on year, marking the highest growth in the telecom sector.
Viettel recorded VND51 trillion ($2 billion) in pre-tax profits, reaching 111 percent of its target and improving 11.3 percent year on year, according to its recent report.
The domestic telecom industry is booming although the local market is facing several challenges, according to Viettel.
The company also revealed that its workers’ average monthly income increased by six percent year on year.
According to Viettel’s 2023 report, the average income of workers at the parent company stood at VND45.42 million ($1,790) per month.
Meanwhile, the entire group’s employees enjoyed an average monthly income of VND30.63 million ($1,205).
Given the six-percent income growth, the average income of workers at the parent company last year reached VND48.14 million ($1,895) per month, while employees at the entire group earned over VND32.46 million ($1,278) a month on average.
MobiFone said at a press briefing in June last year that the firm had over 4,000 workers, reporting average monthly income of VND40 million ($1,575).
