Abstract

This article examines the Viettel Group ecosystem for market research readers, focusing on how the state-owned telecom champion is evolving from a domestic and international mobile operator into a diversified technology conglomerate spanning manufacturing, logistics, infrastructure services, and digital finance. It is intended for investors, corporate strategists, and analysts tracking Vietnam’s telecom and digital economy, and reviews the recent business situation, operating structure, and strategic direction of Viettel’s core subsidiaries.

Viettel Group Headquarters in Hà Nội — The telecom core behind Vietnam’s fastest-expanding digital services ecosystem

Source: Maison Office

From State Telecom Champion to Technology Conglomerate

Founded in 1989 as a military-run telecommunications unit, Viettel has grown into Vietnam’s largest state-owned enterprise and one of the most valuable telecom brands in Southeast Asia. The group now operates through several listed and unlisted arms, including Viettel Telecom, Viettel Global (VGI), Viettel High Tech (VHT), Viettel Construction (CTR), Viettel Post (VTP), and Viettel Digital Services.

This repositioning matters because Vietnam’s domestic mobile market is maturing, with subscriber growth slowing and competition intensifying among Viettel, VNPT, and MobiFone. At the same time, 5G rollout, data – center construction, and overseas expansion require heavy capital investment, while newer units such as digital services and logistics still need scale to match the profitability of the core telecom business. Viettel’s consolidated revenue reached roughly VND 220.4 trillion (about USD 8.7 billion) in 2025, up 13.8% year-on-year, with pre-tax profit of VND 56.8 trillion[1].

Viettel Telecom and Viettel Global: The Core Revenue Engine

Domestic telecom remains Viettel’s largest single revenue base, historically contributing roughly two-thirds of group turnover[2]. Group – wide, consolidated revenue climbed from VND 172.5 trillion in 2023 (up 5.4%)[3] to VND 190.0 trillion in 2024 (up 10.3%)[4] and VND 220.4 trillion in 2025 (up 13.8%), which is a steady acceleration even as the domestic mobile market matures. Viettel Global has grown faster still over the same period: net revenue from sales and services rose from VND 28.0 trillion in 2023 (up 19%)[5] to an audited VND 35.4 trillion in 2024 (up 25%)[6]and VND 44.3 trillion in 2025 (up 28%, with after-tax profit up 57% to a record high)[7]. The company holds the leading position in Vietnamese mobile and broadband, and in 2025 it operated the country’s largest 5G network, with roughly 30,000 base stations and 12.9 million 5G subscribers by year-end[8].

Viettel Group vs. Viettel Global revenue, 2023-2025

Unit: Trillion VND

Source: B&Company’s synthesis from Viettel’s sources

Viettel currently holds the largest mobile market share in seven of its ten overseas markets, including Laos, Cambodia, Myanmar, and Mozambique, and cumulative capital recovery from these investments stood at roughly 91 – 92% by early 2026, alongside a market capitalization near USD 10 billion for the listed unit[9].

Viettel High Tech: The Industrial and Manufacturing Backbone

Viettel High Tech (VHT) anchors the group’s push into hardware, defense electronics, and semiconductors. VHT designs and manufactures telecom network equipment, 5G base stations, radar systems, and broadband devices, and has been a key contributor to Viettel’s defense – related revenue and patent output, the group logged 406 international scientific papers and 216 domestic and international patents in 2025 . Viettel is also constructing a domestic semiconductor manufacturing plant targeted for completion by 2030, positioned as Vietnam’s first local player at that stage of the chip value chain[10].

NVIDIA and Viettel partnership: advancing AI computing and semiconductor ambitions in Vietnam

Source: Viettel Family

Viettel Construction and Viettel Post: Infrastructure and Logistics Arms

Viettel Construction (CTR), the group’s listed infrastructure arm, has consolidated its position as Vietnam’s leading tower operator (“TowerCo”) while diversifying into solar energy and technical services. CTR reported 2025 revenue of over VND 14 trillion and pre – tax profit of VND 745 billion, both up 11% year-on-year, with infrastructure-leasing revenue growing 36%, the fastest of its segments [11]. In the first half of 2026, construction and technical-solutions revenue grew 62% and 68% respectively, and the company’s solar installation business alone signed nearly 2,000 contracts in June 2026, reflecting demand for distributed renewable energy among commercial customers[12].

Viettel Post (VTP) plays a parallel role in logistics, operating as Vietnam’s second-largest delivery company with roughly 3,000 post offices and 6,000 collection points[13]. The unit has invested heavily in logistics-center construction, and in December 2024 opened the 143.7 – hectare Viettel Logistics Park near the Lạng Sơn border gate, a VND 3,300 billion (about USD 130 million) facility designed to double cross-border handling capacity to 1,500 vehicles per day and strengthen Vietnam – China trade flows[14]. Trailing twelve-month revenue for VTP stood at roughly VND 20.3 trillion, with net income around VND 335 billion[15].

CTR vs. VTP: Infrastructure and Logistics Snapshot (2025)

Source: Vietstock, Vietnam.vn, KBSV, B-Company, Yahoo Finance.

Viettel Digital Services: The Fast-Expanding Digital Portfolio

Viettel Digital Services Corporation (VDS), launched in 2019 to build Viettel Money and broader digital-society platforms[16], has scaled steadily since: its user base grew from roughly 24 million in 2022 to 25 million in 2023, 27 million in 2024, and nearly 30 million by 2025, now spanning more than 350 services from payments to credit, insurance, and savings[17] [18] [19] [20]. The platform processes over 1 billion transactions a year, with cumulative transaction flow reaching about VND 1 quadrillion[21].

A key difference is Viettel Money’s credit-scoring engine, which draws on telecom usage data from more than 70 million subscribers to assess creditworthiness for customers who lack a formal banking history, a segment traditional lenders in Vietnam have historically struggled to reach. Within a year of rolling this out, the pool of loan-eligible customers grew 1.6 times, the number of disbursed loan contracts rose 4.3 times, and related revenue climbed nearly fivefold. Viettel Money has also been integrated into government rails, including the national public-service portal, the VNeID digital-identity system, and city-level e-government apps such as iHanoi and Hue-S.

This digital layer is smaller in absolute revenue than telecom or manufacturing but is strategically important: it deepens customer stickiness, opens new B2G (business-to-government) contracts, and supports the group’s ambition to become a “global technology group” by 2030, as stated by Chairman and CEO Tào Đức Thắng.

Viettel Money user base from 2022 to 2025

Unit: Million users

Source: B&Company’s synthesis from Viettel’s sources

Conclusion  

Viettel’s subsidiary structure shows a group in transition from a telecom – ed state enterprise toward an integrated technology conglomerate. Viettel Telecom and Viettel Global still generate the bulk of cash flow, but Viettel High Tech, Viettel Construction, Viettel Post, and Viettel Digital Services are each carving out complementary roles in manufacturing, infrastructure monetization, logistics, and digital finance. The model gives Viettel more control over adjacent value chains and new growth avenues beyond a maturing domestic mobile market, but it also raises execution risk, given the scale of capital required across semiconductors, data centers, overseas telecom, and logistics infrastructure simultaneously

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Cover photo: ArchDaily

[1] https://en.vietstock.vn/2026/01/viettel-posts-record-87-billion-revenue-in-2025-974-628056.htm

[2] https://lotusventure.co/2025/09/viettel-group-corporate-profile-2025/

[3] https://e.vnexpress.net/news/business/companies/viettel-revenues-top-7b-4700291.html

[4] https://theinvestor.vn/vietnam-telecom-giant-viettel-logs-record-profit-of-2-bln-in-2024-d14032.html

[5] https://vir.com.vn/viettel-global-posts-increasing-profits-108752.html

[6] https://baodautu.vn/viettel-global-tang-truong-an-tuong-25-nam-2024-d260630.html

[7] https://vir.com.vn/viettel-global-achieves-record-revenues-and-profit-145894.html

[8] https://theinvestor.vn/viettel-posts-45-profit-growth-in-2025-as-overseas-business-drives-earnings-d18074.html

[9] PR Newswire (2026). Viettel Marks 20 Years of Global Expansion, Overseas Revenue Up 25%. https://www.prnewswire.com/news-releases/viettel-marks-20-years-of-global-expansion-overseas-revenue-up-25-302733644.html

[10] B-Company (2025). Semiconductor Industry Supply Chain and Vietnam’s Participation. https://b-company.jp/semiconductor-supply-chain/

[11] Vietstock (2026). Viettel Construction lãi trước thuế 745 tỷ trong 2025, tăng 11%. https://vietstock.vn/2026/01/viettel-construction-lai-truoc-thue-745-ty-trong-2025-tang-11-737-1395470.htm

[12] Vietnam.vn (2026). With strong growth in key sectors, Viettel Construction (CTR) reports a 20% increase in profit in the first half of the year. https://www.vietnam.vn/en/loat-linh-vuc-chu-chot-tang-truong-manh-viettel-construction-ctr-bao-lai-nua-dau-nam-tang-20

[13] KBSV (2022). Viettel Post (VTP) Company Report. https://www.kbsec.com.vn/pic/Service/KBSV_2Q22Update_VTP_Eng_20220915.pdf

[14] B-Company (2025). Vietnam–China Border Trade and Warehouse Development: Viettel opened the first logistics park in Vietnam. https://b-company.jp/vietnam-china-border-trade-and-warehouse-development/

[15] Yahoo Finance (2026). Viettel Post Joint Stock Corporation (VTP.VN). https://finance.yahoo.com/quote/VTP.VN/

[16] TheFastMode (n.d.). Vietnam’s Viettel Sets Up Digital Services Subsidiary; to Develop Mobile Money Service. https://www.thefastmode.com/investments-and-expansions/15155-vietnams-viettel-sets-up-digital-services-subsidiary-to-develop-mobile-money-service

[17] VietnamNet (2023). Viettel Money thu hút gần 24 triệu khách hàng. https://vietnamnet.vn/viettel-money-thu-hut-gan-24-trieu-khach-hang-2097587.html

[18] VnEconomy (2023). Viettel Money đang đi đúng hướng tạo ra nhiều tác động to lớn cho kinh tế – xã hội Việt Nam. https://vneconomy.vn/viettel-money-dang-di-dung-huong-tao-ra-nhieu-tac-dong-to-lon-cho-kinh-te-xa-hoi-viet-nam.htm

[19] Saigon Times (2024). Viettel Money tiên phong trong thanh toán không dùng tiền mặt. https://thesaigontimes.vn/viettel-money-tien-phong-trong-thanh-toan-khong-dung-tien-mat/

[20] VnExpress (2026). Dấu ấn tài chính số của Viettel Money năm 2025. https://vnexpress.net/dau-an-tai-chinh-so-cua-viettel-money-nam-2025-5014479.html

[21] GenK (2025). Viettel Money đăng quang Better Choice Awards 2025: Hệ sinh thái tài chính phủ sóng hàng chục triệu người dùng. https://genk.vn/viettel-money-dang-quang-better-choice-awards-2025-he-sinh-thai-tai-chinh-phu-song-hang-chuc-trieu-nguoi-dung-2025100318051413.chn