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MobiFone targets $4.58 billion in revenue by 2020

Released at: 12:20, 27/07/2015

MobiFone targets $4.58 billion in revenue by 2020

Mobile phone provider announces business goals and recent results at meeting on July 27.

by Minh Tuyet

MobiFone targets achieving annual growth of over 20 per cent and VND100 trillion ($4.58 billion) in revenue by the end of 2020, it announced at a meeting on July 27. Annual pre-tax profit is to grow from 3 to 5 per cent and State budget contributions by 5 per cent. The company also expects to increase its personnel by 6 per cent and conduct its equitization under the guidance of the government.

The meeting also heard that MobiFone will focus on major fields such as mobile phones, internet TV, retail, and multi-media, and expand and improve its distribution channels and market share.

Results of the company performance for the 2010-2014 period were also presented to the meeting. Total revenue stood at over VND191 trillion ($8.75 billion), for 8 per cent annual growth. Total pre-tax earnings were VND33 trillion ($1.51 billion), for 6 per cent annual growth. The company also paid VND23 trillion ($1.05 billion) to the State budget.

In 2014 MobiFone’s annual revenue was some $1.87 billion and profit over $328 million. The separation of MobiFone from VNPT triggered a dramatic decline in VNPT’s revenue target for 2015.

MobiFone now is a one member limited liability company, with the State holding 100 per cent of its charter capital and operating as a parent - subsidiary company. Its charter capital stands at over $703 million.

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