In a document sent to its shareholders prior to the 2019 annual shareholders’ meeting on Thursday, Viettel Post said it plans total revenue of VND6.7 trillion (US$288.5 million) and net profit of VND380.2 bilion ($16.3 million) in 2019, both up more than 36 per cent over last year.

Its total assets are expected to increase 34.3 per cent to more than VND3.8 trillion by year-end.

Viettel Post has recorded impressive growth in the last five years with revenue in 2018 almost quadrupling the 2014 figure to reach VND4.9 trillion, while the 2018 net profit was seven times higher than in 2014, to VND279 billion.

However, the company said its operations remained dependent on postal delivery, accounting for 75 per cent of total revenue, while the company has invested heavily in logistics and trade.

In addition, it faces fierce competition from transportation and shipping firms such as Grab, GoViet, Ahamove and Lalamove.

In the 2019-24 period, Viettel Post aims to become the No 1 sales enterprise in Viet Nam based on a smart logistics platform. To achieve this, it will continue to expand delivery and logistic services, and further promote the application of technology and an e-commerce platform, as well as increase investment in warehouse infrastructure.

Sales revenue is expected to grow at an average of 33.7 per cent per year through 2024, and 5.7 times higher than 2018’s result. The company aims to expand its delivery market share to 30-35 per cent of the country by 2024.

Profit before tax in 2024 is projected to quadruple the 2018 figure, and reach an average growth of 25.6 per cent in the next five years.

The company will hold the 2019 annual shareholders' meeting on April 20.

Its shares, coded VTP on the Unlisted Public Company Market (UPCoM), are trading around VND182,000 ($7.81) per share. — VNS