Viettel Global (VGI) Profit Surpasses VNPT and FPT Telecom Combined

Overview

Viettel Global (VGI), the international investment arm of Viettel Group, has reported pre-tax profit of 15,176 billion VND for 2025, exceeding the combined profits of VNPT and FPT Telecom. This marks a significant milestone, as VGI’s profit has grown from just 14% of VNPT’s in 2021 to more than double VNPT’s in 2025. The surge is attributed to robust growth in overseas markets, including Burundi, Haiti, Tanzania, and Mozambique.

Key Facts

• VGI’s pre-tax profit reached 10,667 billion VND in 2024, up 175% from 2023, surpassing VNPT’s 6,925 billion VND.
• In 2025, VGI’s pre-tax profit hit 15,176 billion VND, 2.3 times VNPT’s 6,569 billion VND and nearly 3.5 times FPT Telecom’s 4,364 billion VND.
• In H1 2026, VGI recorded 8,453 billion VND pre-tax profit, versus VNPT’s 3,684 billion VND and FPT Telecom’s 2,392 billion VND.
• VGI’s revenue grew from 19,242 billion VND in 2021 to 44,271 billion VND in 2025, a 130% increase over four years.
• In Q2 2026, revenue growth in key markets: Lumitel (Burundi) +40%, Natcom (Haiti) +26%, Halotel (Tanzania) +26%, Movitel (Mozambique) +19%, Metfone (Cambodia) +7%.
• VGI’s H1 2026 revenue reached 26,178 billion VND, about 87% of VNPT’s and 2.4 times FPT Telecom’s.

What Happened

According to consolidated data from 2021 to H1 2026, Viettel Global has transformed from a minor player to the most profitable telecom company in Vietnam. In 2021, VGI’s pre-tax profit was only 880 billion VND, about 37% of FPT Telecom’s and under 14% of VNPT’s. By 2022, profit surged 242% to 3,014 billion VND, overtaking FPT Telecom for the first time. The turning point came in 2024 when VGI’s profit jumped 175% to 10,667 billion VND, exceeding VNPT and crossing the 10,000 billion VND threshold.

The company attributes the growth to strong performance of its overseas subsidiaries. In Q2 2026, Lumitel in Burundi saw revenue up 40%, Natcom in Haiti up 26%, Halotel in Tanzania up 26%, Movitel in Mozambique up 19%, and Metfone in Cambodia up 7%. Mobile money services also showed impressive growth, with Halopesa in Tanzania up 43% and other digital wallets expanding rapidly.

Market Context

Viettel Global (VGI) trades on UPCOM, with its stock closing at 83,800 VND on August 6, 2026. The company’s consistent profit growth has made it a standout in Vietnam’s telecommunications sector, which is traditionally dominated by VNPT and FPT Telecom. VGI’s overseas expansion strategy has diversified its revenue streams, reducing reliance on the domestic market. The broader Vietnamese telecom market is mature, but VGI’s international operations provide a growth vector that domestic peers lack.

Strategic Significance

VGI’s profit surge underscores the success of its international expansion strategy, which leverages Viettel Group’s operational expertise in emerging markets. The company’s ability to generate higher profits than VNPT and FPT Telecom combined signals a shift in the competitive landscape, with VGI emerging as a key player in the region’s telecom sector. For long-term investors, VGI’s growth is driven by tangible operational improvements in its overseas subsidiaries, including mobile money services, which offer high-margin opportunities. The company’s consistent revenue and profit growth over four years suggests a sustainable competitive advantage.

What to Watch

• Q3 2026 earnings release, expected in October, to see if profit growth continues.
• Updates on mobile money services expansion in African and Latin American markets.
• Any regulatory changes in key markets that could impact VGI’s operations.
• VGI’s ability to maintain profit margins amid currency fluctuations in emerging markets.
• Potential dividend policy changes or capital allocation decisions following strong earnings.