Viettel CEO urges stronger support for international investment

Major General Tao Duc Thang, chairman and CEO of Viettel Group

Prime Minister Pham Minh Chinh chaired a meeting between government officials and business representatives to celebrate Vietnam Entrepreneurs' Day on October 4.

During the meeting, Major General Tao Duc Thang, chairman and CEO of Viettel Group, underscored the need for stronger support for Vietnamese enterprises investing abroad.

"After 18 years of international expansion, Viettel has become a global telecommunications powerhouse, with a brand valued at nearly $9 billion. We are ranked 17^th in the world and hold the top telecommunications brand position in Southeast Asia," Thang said.

Viettel’s international investments have played a key role in elevating its global standing. The group has invested in 13 countries, with 24 projects spanning telecommunications, research and development, construction, and postal services, totalling $1.5 billion. The majority of this investment has been concentrated in telecommunications.

Thang noted that in many markets, Viettel has set out to lead.

"In 7 out of 10 markets, we’ve secured the top spot in telecommunications. In places like Bulgaria, we achieved the number one position within six months, while in more challenging markets such as Mozambique, it took 12 years of persistence," he explained.

Beyond telecommunications, Viettel has expanded into digital platforms and ventured into new areas like digital payments, particularly in Africa and Mozambique.

However, Thang highlighted the difficulties of operating abroad, especially in larger and more developed countries, where breaking into high-tech industries presents significant challenges. Viettel has often targeted tough regions such as Africa, South America, and Southeast Asia.

Despite comprehensive market research being conducted, unforeseen events such as political instability remain unpredictable.

He called for greater domestic support for Vietnamese businesses looking to operate internationally.

"Vietnamese companies need a solid backing when investing abroad. A national strategy or resolution in this area would give businesses the confidence to expand," said Thang.

Thang went on to suggest assigning specific roles to leading Vietnamese firms in strategic regions, allowing them to leverage their strengths and collaborate with other Vietnamese companies to create comprehensive ecosystems in overseas markets.

He also highlighted the crucial role of economic diplomacy in facilitating foreign investments by Vietnamese firms.

The Viettel chief urged increased attention be paid to business cooperation during international visits by government leaders, as well as during visits by foreign delegations to Vietnam.

Strengthening these ties, he said, would greatly support Vietnam’s businesses in their global expansion efforts.

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