Vietnam telco giant to expand in Africa

TN News

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  Viettel workers in Africa / PHOTO COURTESY OF DAN TRI

The Republic of Burundi, one of the world's poorest countries, has become the latest market in Africa to receive investment from the military-run Viettel, online newspaper Dan Tri reported Saturday.

Viettel Global, Viettel's international investment arm, has announced that a telecommunication company called Viettel Burundi S.A will be founded, and it will hold 95 percent of the company's chartered capital.

A Vietnamese national is director general of the company.

The news report said the plan was announced after Viettel added another VND6.2 trillion (US$291.13 million) to Viettel Global's capital for new projects.

Viettel Global is now investing in Cameroon and Mozambique. It has recently also announced its plans to enter Kenya and Tanzania.

The company's other markets include Laos, Cambodia, Haiti, and Peru.

Except for Cameroon, Viettel Global has earned profits from all its foreign markets, the newspaper reported.

The company has announced that it took in over VND1.4 trillion ($65.74 million) in pre-tax profits in the first nine months of last year, up 204 percent year on year.

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