Viettel Group gets its 4th corporation
Viettel Construction Joint Stock Company on Tuesday announced it would convert its structure to become a corporation, becoming the fourth corporation under Viettel Group.
Viettel Construction Joint Stock Company has had its licence upgraded and become the Viettel Construction Joint Stock Corporation.
Corporations have the right to run subsidiaries whereas companies do not.
It becomes Viettel Group’s fourth corporation, an important milestone as it steps into its so-called fourth development stage.
In 2018 – 20, the new corporation will focus on construction, engineering, infrastructure for lease, and integrated system solutions.
“We would like to become the country’s leading infrastructure lessor by 2025,” Senior Lieutenant-Colonel Duong Quoc Chinh, general director of the corporation, said.
Major General Le Dang Dung, general director of Viettel Group, said: “The corporation should improve its core capability of constructing and operating telecom infrastructure.”
It has to make comprehensive plans to expand its core capability to serve other companies and to do business internationally, he said.
Dung said the corporation should buy existing telecom infrastructure, upgrade it and lease it out.
“It would be a big opportunity but also new and challenging.”
The corporation has built 50,000 base transceiver stations and laid 320,000km of optic-fibre cable, which is equivalent to seven times the Earth’s circumference, covering every commune, island and border region in Vietnam.
It built the telecom infrastructure for Viettel in nine African and Asian markets.
Its turnover has increased from VND8.5 billion ($530,000) in 2001 to an expected VND4.2 trillion ($182.6 million) this year.
It has set its sights on leasing telecom infrastructure in four to six nations by 2020, building 5,000 base transceiver stations,
It also plans to lay 120km of cables underground in major Vietnamese cities, creating infrastructure for the Internet of Things for ministries and businesses including telecom service providers.
It targets annual turnover growth of 22 per cent to reach VND6 trillion ($260 million) by 2020. — VNS
