Viettel Leads in 7 Out of Top 10 Investment Markets

After over a decade of robust growth fueled by the mobile data boom, the global telecommunications industry is entering what many research organizations term the “maturity phase” – a period of slower growth and restructuring pressures. Reports from GSMA and various international consulting firms reveal that global telecom revenues have recently grown at low single-digit rates, with many developed markets experiencing stagnation or decline.

PwC’s report at the Mobile World Congress (MWC) in Barcelona in March 2025 highlighted the industry’s subdued outlook, forecasting global telecom revenue growth at a modest 2.9% annually.

Numerous major telecom corporations have scaled back international operations, divested from less efficient or distant markets, and refocused on domestic markets to safeguard profits. Even in emerging markets, once hailed as the industry’s “new growth engines,” competition has intensified, eroding profit margins.

However, in Vietnam, one telecom and technology company has defied this trend. During its 2025 year-end review, it announced a remarkable 23.9% growth in international markets – seven times the global industry average.

That company is Viettel.

Defying the Odds

For the full year, international market revenues reached USD 3.34 billion. This marks Viettel’s ninth consecutive year of double-digit growth in international markets – a rare feat in global telecommunications, especially given that most of its markets are developing nations with higher economic and political risks.

Viettel’s international operations have also expanded in scale. Total international mobile subscribers hit 56 million, surpassing its domestic subscriber base. In the 10 countries where Viettel operates, it leads in 7: Unitel (Laos), Metfone (Cambodia), Mytel (Myanmar), Telemor (East Timor), Lumitel (Burundi), Natcom (Haiti), and Movitel (Mozambique).

Financial returns from international investments are also on track. In 2025, cash remittances from international markets to Vietnam totaled USD 385.5 million, exceeding the target by 120%. By year-end 2025, Viettel’s international investment recovery rate reached 91%, ahead of schedule.

In Peru, one of its most challenging markets, Viettel’s subsidiary, Bitel, rose to second place two years ahead of target, despite competing with global telecom giants.

A Distinctive Global Approach

Viettel’s recent achievements stem not from luck, but from a long-term strategy rooted in deep local market understanding. Beyond growth metrics, Viettel’s operations in multiple countries exemplify a telecom model balancing economic efficiency with sustainable social value.

Notably, Viettel targets challenging markets with underdeveloped telecom infrastructure, complex business environments, and significant connectivity needs. Haiti is a prime example. When Viettel launched there in 2010, the country was reeling from a devastating earthquake. Continuing to invest in such adversity reflects Viettel’s commitment to long-term engagement rather than short-term gains.

Instead of focusing on saturated, competitive developed markets, Viettel prioritizes emerging economies where telecom and digital technology can significantly contribute to growth and societal well-being. This approach not only opens business opportunities but also ensures technology serves tangible community needs.

Localization is another cornerstone. Viettel builds country-specific brands like Metfone, Unitel, and Mytel, making services more relatable and tailored to local needs. Flexible adjustments to business models, products, and pricing have helped these networks expand customer bases and strengthen market positions.

Beyond traditional telecom services, Viettel deploys digital platforms such as e-wallets, e-government solutions, and online education and healthcare services. In several African and Southeast Asian markets, these services enhance access to essential digital utilities, from payments and education to public services.

Operationally, Viettel emphasizes long-term presence. Many of its engineers and staff work directly in local markets, collaborating closely with partners and governments to better understand cultural and social contexts and build sustainable relationships. Beyond business, Viettel engages in community support programs in education, healthcare, and digital infrastructure, earning recognition in sustainable development awards.

Long-term, Viettel’s Go Global philosophy is crystallizing. At the recent 2025 Military-Political Conference, Viettel’s Chairman and CEO, Lieutenant General Tào Đức Thắng, emphasized:

“2026 marks the beginning of a new era for our nation, shifting from conceptual planning to execution. For Viettel, our strategy to become a global technology corporation by 2030 is clear. Our 2026 motto is ‘Proactive – Swift – Bold – Effective.’ Effectiveness must be evident to customers, society, and our nation – driving Viettel’s sustainable growth.”

As the global telecom industry seeks new growth models, Viettel’s approach – entering challenging markets, investing long-term, and aligning corporate interests with local development – sets an optimal example. It not only shapes the role of Vietnamese enterprises but also elevates Vietnam’s profile on the global economic stage.