Viettel Global, a telecommunications services company in Vietnam and internationally, is investing in telecom networks in 10 countries including Cambodia, Laos, East Timor, Haiti, Mozambique, Cameroon, Burundi, Tanzania, Myanmar and Peru.
In Laos and Mozambique, this rate is 10 per cent while the company is not subject to this tax when transferring profits to Vietnam from East Timor.
The profit of Viettel Global in other markets such as Cameroon, Haiti, Burundi, Tanzania and Myanmar have not yet been returned home, so tax rates have not been subjected.
Apart from the remittance tax, Viettel Global’s branches are subject to a corporate income tax rate of 10-33 per cent. Private companies in Burundi are exempt from this tax.
Established in 2007, Viettel Global is investing in telecommunication networks in 10 countries including Cambodia, Laos, East Timor, Haiti, Mozambique, Cameroon, Burundi, Tanzania, Myanmar, and Peru. The company is also planning to expand its investments to Indonesia and Nigeria.
Currently, it has more than VND22 trillion (roughly US$970 million) in charter capital and total assets of more than VND50 trillion (roughly US$2.2 billion). Due to high debt and large investments in many countries, the company's operations are heavily impacted by exchange rates.
By September 2017, the company is still recording the accumulated losses of VND2,385 billion (roughly US$105.2 million) which is lower than last year due to the positive signs from the beginning of 2017.
In the first nine months of this year, revenue increased by nearly 20 per cent, reaching nearly VND13 trillion (roughly US$573.3 million). The company’s gross profit in the first nine months of this year doubled the same period of last year to reach VND2,932 billion (roughly US$129.3 million), and its after-tax profit was VND273 billion (roughly US$12.04 million) in first nine months of this year.
In 2017, the company is expected to have a total of 50 million subscribers and about US$1.4 billion in revenue.
Recently, the company revealed it is planning to list its shares on the Unlisted Public Company Market (UPCoM). Viettel Group currently holds 98.68 per cent stake in the company.
