Viettel pledges $1.5 billion investment in Myanmar market

Viettel pledges $1.5 billion investment in Myanmar market

Vietnamese operator Viettel plans to form a consortium with two companies in Myanmar to invest a combined $1.5 billion in the country.

The operator won the right to negotiate a deal with a local consortium last month that could see it being awarded the licence in coming months. The two Myanmar companies will reportedly own a combined 51% of the venture and Viettel will own the remaining stake. 

Viettel said it plans to form a consortium with Myanmar National Telecom which consists of 11 local companies as well as state-owned Star High Public Company.  

“We enter Myanmar at this historic phase in the country’s reform era, when the country is forecast to witness accelerated economic growth, enhanced also through increased foreign direct investment,” said Le Dang Dung, deputy general director of Viettel Group. 

“Advancing the country’s telecom infrastructure will help us drive a surge in mobile and smartphone subscription penetration, to achieve the government’s target of reaching 90% of the population by 2020. We believe that the role of telecommunications is fundamental in driving Myanmar’s next phase of economic growth”, he added.

Viettel has pledged to build a nationwide network coverage within the first year of operation and bring its services to 95% of Myanmar’s population within three years.

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