Viettel Global's deposits reached US$400 million

By Tam An - Sep 27, 2017 | 06:29 AM GMT+7

TheLEADERIn the first half of 2017, Viettel Global got VND251 billion (roughly US$11 million) revenue from its large deposit.

Viettel Global's deposits reached US$400 million
Employees of Viettel Global in Mozambique - Photo: Viettel Global

The deposits of Viettel Global at VND9,000 billion (roughly US$400 million) have an interest rate from 6.1% to 6.9% for the term of less than 12 months and from 4.8% to 5.5% for the term of not more than 3 months.

Since the beginning of the year, the amount of Viettel Global's bank deposits has not been changed and this brought financial revenue of VND251 billion (more than US$11 million) to this company within the first half of this year.

However, because of its investment activities in many countries, Viettel Global has to face the high risk of profit due to exchange rate differences.

Specifically, in the first half of 2017, because of exchange rate differences, this company earned a profit of VND1,812 billion (nearly US$80 million) from the revaluation of foreign-currency cash items at Movitel, Cameroon and Natom, Haiti.

In contrast, this company loss VND1,191 billion (US$52.4) in other markets in the same way.

Viettel Global is investing in Laos, Cambodia, Myanmar, Mozambique, Tazania, Haiti, Cameroon, East Timor and Burundi. Telecommunication networks built by Viettel Global dominate many foreign markets.

In July, Viettel said that its business activities in nine foreign markets brought about pre-tax profit of nearly VND1 trillion (US$41.2 million). Over the same period, Viettel's revenue grew 82%, 38%, 29% and 15% in Peru, Burundi, East Timor and Haiti respectively.

In 2017, Viettel sets a target of VND32 trillion (US$ 1.4 billion) in international investment and it targets 50 million international customers.