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Top largest telecommunications companies in Vietnam

Top largest telecommunications companies in Vietnam

Thursday 22, 09 2022
Most of the market share of terrestrial mobile telecommunications services in Vietnam are held by three giants including Viettel (54.1%), MobiFone (25.6%), and VNPT (18.4%) (according to the Technology - Telecommunications Industry Report of Phu Hung Securties).

In addition to the three companies mentioned above, Vietnam's telecommunications industry also has the presence of a number of other large technology enterprises such as FPT, VNG, and CMC.

Below are detailed information about the largest telecommunications enterprises in Vietnam compiled by VietnamCredit.

Revenue of top telecommunications

Profit of top telecommunications


On June 1, 1989, Sigelco Electronics and Information Equipment Company (the predecessor of Viettel Group) was established. Viettel Group is a 100% state-owned defense economic enterprise with a charter capital of VND 50,000 billion.

Viettel is the largest telecommunications and information technology group in Vietnam, and is considered one of the fastest growing telecommunications companies in the world. It is also among top 15 telecommunications companies worldwide in terms of number of subscribers. The company is currently operating in 13 countries stretching from Asia, America, to Africa with a market size of 270 million people, about 3 times the population of Vietnam.

Besides telecommunications, Viettel also participates in the field of high-tech manufacturing research and a number of other fields such as postal, construction and installation, trade and import-export, IDC.

In 2021, Viettel recorded a revenue of VND 274,000 billion (about USD 12 billion), an increase of 3.3%; and profit of VND 40,100 billion - an increase of 2% compared to 2020.

Viettel Group

Viettel said that its telecommunications business in African markets reached a record growth of 37%. Five out of ten foreign markets Viettel is investing in has the leading market share, with Mytel in Myanmar holding 31.5% of the market share (11.2 million subscribers).

In the same period, this group also recorded positive growth from the retail business with revenue increasing by 30% and profit by 43% compared to the previous year.

Viettel was also recognized as the most influential Vietnamese enterprise in terms of innovation in South Asia and Southeast Asia in 2021.


Vietnam Posts and Telecommunications Group (VNPT) was established on April 30, 1995. In 2006, VNPT officially became a corporation under Decision No. 06/2006/QD-TTg of the Prime Minister. On June 24, 2010, the parent company transformed its operations into a one-member limited liability company owned by the State under Decision No. 955/QD- TTg of the Prime Minister.

VNPT is an enterprise with strong network infrastructure in international telecommunications segment (5 international undersea cable routes are SMW-3, AAG, Faster, APG and AAE-1 extending from Asia-Africa-Europe); fixed broadband network (ADSL, xDSL broadband Internet access services with speeds up to 15 Mbps across 63/63 provinces); mobile communication network (over 75,000 2G, 3G, 4G transceiver stations, covering 63/63 provinces and cities across the country), Vinasat satellite system.

VNPT operates in the following fields:

- Telecommunications products and services, information technology and multimedia communication;

- Surveying, consulting, designing, installing, exploiting, maintaining, repairing and leasing telecommunications and information technology works;

- Research, develop, and manufacture telecommunications and information technology equipment and products;

- Trading and distributing telecommunications equipment and information technology products;

- Advertising services, market research, organizing conferences, seminars and exhibitions related to the field of telecommunications and information technology;

- Real estate business, office leasing;

- Financial services in the field of telecommunications, information technology and multimedia communication.

In 2021, revenue of VNPT reached VND 51,272 billion, up slightly from about VND 50,000 billion in 2020. Despite the growth in revenue, profit after tax was not as expected, reaching VND 5,055 billion, down 11.6% compared to 2020.

Vietnam Posts and Telecommunications Group (VNPT)

The total value of cash and short-term deposits of VNPT at the end of 2021 amounted to more than VND 50,200 billion, up 14% over the same period, equivalent to an increase of nearly VND 6,200 billion compared to the beginning of 2021. This cash of VNPT is bigger than any company listed on Vietnam stock exchange.

In the 2022 plan, VNPT said that the group aims to increase profit by 6% or more compared to 2021. The parent company’s profit is projected to increase by 6%, and total revenue by 4% compared to 2021. VNPT's investment capital plan in 2022 is not more than VND 11,000 billion.


Established on June 26, 1996, VinaPhone is a company under Vietnam Posts and Telecommunications Group (VNPT) operating in the field of mobile communication, providing GSM services. , 3G, messaging, and many other fields.

On August 11, 2015, VNPT Vinaphone Telecommunications Service Corporation was officially launched with the goal of developing VNPT to the leading position in the telecommunications and IT market in Vietnam.

In 2018, VinaPhone became the second largest mobile operator in Vietnam, accounting for 21% of the mobile market.

The company has a business network of over 7,000 sales staff and more than 103,000 sales points across 63 cities and provinces.

According to the financial report for 2021, Vinaphone recorded revenue of VND 41,500 billion, and profit before tax of VND 1,750 billion, a slight increase compared to the previous year.


By the end of 2021, Vinaphone's total assets were VND 9,773 billion. Most assets were short-term financial investments and short-term receivables. Regarding capital, Vinaphone's equity was at VND 3,320 billion, and liabilities were VND 6,454 billion.

Vinaphone's business results in recent years have been quite stable. However, despite recording higher revenue than MobiFone, Vinaphone was far behind MobiFone in terms of profit and business efficiency.


MobiFone Corporation was established in April 1993 with the initial name of Mobile Information Company, under the Vietnam Posts and Telecommunications Corporation (formerly). MobiFone was the first enterprise in Vietnam to provide mobile telecommunications services in Vietnam.

In the early days of establishment, with limited potential, MobiFone only provided mobile information services for a limited and experimental number of users. During the two years 1994 - 1995, MobiFone made efforts to expand its service provision, expanding mobile coverage to 3 regions across the country, with the establishment of 3 Mobile Information Centers in Hanoi. Noi, Ho Chi Minh City, and Da Nang. Besides, in order to strengthen the infrastructure system, MobiFone signed a business cooperation contract with Kinnevik/Comvik group (Sweden) for 10 years (1995 - 2005). In 2005, MobiFone received the decision on the equitization of the enterprise.

In terms of service quality, MobiFone entered a new technology era with the introduction of 3G mobile services in 2009. For many consecutive years, MobiFone has led the mobile telecommunications market, occupying the leading position in terms of subscriber market share.

The year 2014 marked an important historical milestone in terms of corporate organization in MobiFone. The company officially transformed its operating model, from a one-member limited liability company, into a corporation, operating under 100% state-owned charter capital. Also in 2014, MobiFone changed the management unit, from VNPT to the Ministry of Information and Communications, with more autonomy in administrative activities and organizational structure.

MobiFone Corporation

In Vietnam, MobiFone is one of the three largest mobile networks with more than 30% market share. Currently, MobiFone has nearly 50 million subscribers with nearly 30,000 2G stations and 20,000 3G stations.

In 2021, MobiFone recorded revenue of VND 31,215 billion. Its profit before tax reached VND 4,808 billion. By the end of December 31, 2021, Mobifone's total assets reached VND 32,902 billion; Mobifone's equity was at VND 23,616 billion, both increased slightly after one year.


Founded on January 31, 1997, FPT Telecom was formerly the Online Service Center established by 4 members with the first Internet product of Vietnam which is considered to lay the foundation for the development of the Internet in Vietnam.

FPT Telecom is a member of FPT Corporation - one of the largest information technology service companies in Vietnam specializing providing information technology products and services.

After 25 years of operation, FPT Telecom has more than 9,500 official employees with nearly 300 transaction offices belonging to nearly 90 branches and is present in 59 provinces and cities across the country. Besides, the company has been making its mark in the international market.

In 2021, FPT Telecom's revenue reached VND 12,686 billion, up 10.6% over the same period last year. Excluding capital costs, FPT Telecom gained a gross profit of VND 6,088 billion from sales and service provision. Financial revenue in the year reached VND 496 billion, an increase of VND 142 billion over the same period, of which deposit interest was more than VND 445 billion, the rest was exchange rate difference. Financial expenses were reduced by VND 45 billion to VND 300 billion.

FPT Telecom

The profit of this telecommunications service provider in 2021 reached VND 2,074 billion before tax and VND 1,915 billion after tax, up 15% over the same period last year. FPT Telecom had planned to reach VND 12,700 billion in revenue and VND 2,380 billion in pre-tax profit, respectively, up 11% and 15% compared to 2020. Thus, by the end of 2021, FPT Telecom fulfilled 99.8% of revenue target and 87.1% of profit target.

By the end of 2021, FPT Telecom's total assets reached VND 21,049 billion, an increase of nearly VND 5,000 billion compared to 2020. In particular, short-term assets were VND 13,672 billion, and long-term assets were VND 7,377 billion. The equity of this enterprise reached VND 8,288.9 billion, an increase of VND 1,210 billion compared to the beginning of the year.


VNG Corporation was established on September 9, 2004 with the name VinaGame. Since its establishment, VNG has made great progress. From being the first online game company in Vietnam, VNG has now been one of the leading technology companies, entertainment, internet services, and software providers in Vietnam.

According to the consolidated financial statements of the fourth quarter of 2021, the revenue of VNG increased by 17% compared to the same period in 2020. Gross profit reached VND 776 billion, an increase of 24%. However, all expenses increased sharply, causing VNG to suffer a loss of VND 283 billion after tax.

VNG Corporation

Q4 saw a big loss, dragging down VNG's full-year business results. For 2021, the company reported a loss of VND 71 billion after tax while in 2020 it made a profit of VND 201 billion. In particular, profit after tax of parent company's shareholders was still positive, reaching VND 414 billion and profit after tax of non-controlling shareholders was negative at VND 485 billion.

By the end of 2021, VNG's total assets increased by 18% to VND 9,278 billion. The company's total cash and bank deposits were VND 4,930 billion, accounting for 53% of the asset structure.


CMC Technology Corporation Joint Stock Company, formerly the ADCOM Center under the Institute of Microelectronics Technology, National Institute of Technology, was established in 1991.

In 2006, CMC was restructured and became a parent-subsidiary company, in which CMC is the parent company and 3 member companies are CMS Computer Company, CMC System Integration Company, and CMC Software Solution Company. In 2010, CMC officially listed more than 63.5 million shares with the code CMG on the Ho Chi Minh City Stock Exchange.

Currently, the company is still operating under the model of a parent-subsidiary company with 10 member companies, joint ventures and research institutes operating in Vietnam and many countries around the world.

In Vietnam, CMC is known as a reliable and reputable partner in medium and large IT projects in the fields of education, tax, treasury, customs, insurance, electricity, banking, finance.

CMC Technology Corporation Joint Stock Company

CMC's consolidated revenue in fiscal year 2021 reached VND 6,909 billion, up 22% over the same period. Earnings before interest, tax and depreciation (EBITDA) reached more than VND 700 billion, up 20% over the same period. Pre-tax profit reached VND 432 billion, up 29% over the same period, reaching 113% of the plan.

CMC's 2022 revenue target will be USD 381 million (equivalent to VND 8,634 billion), up 25% compared to 2021. Earnings before interest, taxes, and depreciation (EBITDA) is expected to reach USD 41 million (equivalent to VND 967 billion), an increase of 38% compared to 2021. Especially.

Henry Tran – VietnamCredit



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