Vietnam Telecoms Industry Report – 2020-2025


This report provides analyses of revenue and market forecasts as well as statistics of the Vietnamese telecoms industry including market sizing, 5-year forecasts, market insights, key telecom trends, 5G and also features the following:

  • Overall Telecommunications Market by Major Operators
  • Telco Operators Profile, Revenue and EBITDA Mix
  • Mobile Subscribers & Revenue Market Overview and Forecasts
  • Spectrum Holdings
  • IoT Market Overview
  • Broadband Subscribers & Revenue Market Overview and Forecasts
  • National Broadband Network Detailed Market Overview and Forecasts
  • Thematics / Opportunities relating to 5G, M&A and e-Commerce
  • Telecoms Infrastructure Review
  • Telco M&A Transaction Database

About this report:
Pages: 60
Author: Landry Fevre
Publication Date: March 2020
License: Single User PDF



  • Benefit from the latest market opportunities
  • Understand the threats to your operations and investments and protect your company against future risks
  • Gain insights on emerging trends supporting, enhancing or disrupting your activities in the market
  • Get a full view of the competitive landscape to assess your market position.
  • Forecasts as a key input for successful budgeting and strategic business planning in the telecoms market
  • Target business opportunities and risks in the telecoms sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Operators Profiles

The Vietnam Telecommunications Industry Report, 2020-2025 includes a comprehensive review of the Vietnamese market dynamics, market sizing, market forecasts, analysis, insights and key trends.


Vietnam Telecoms Industry Report at a Glance
The Vietnamese telecommunications market is a booming market with huge opportunities for local and foreign investors, amid a competitive environment and a positive economic outlook with an average growth of 6-8% GDP expected between 2020 and 2025. With already strong mobile phone penetration and emerging fixed broadband take-up in households, future growth is likely to remain solid despite an aging population over the long term.

Idem Est Research forecasts that mobile subscriptions will continue to grow in the 2019-25 period and fixed broadband subscribers will also continue to grow and increase its household penetration over the same period. The ratio of the telecommunications sector revenue to GDP is declining from a peak in 2015, sliding down every year since then.

Mobile revenue is growing faster than mobile subscription numbers leading to ARPU growth as the market transitions from 2G & 3G to 4G mobile data services.

Idem Est Research expects the overall telecoms market to grow through to 2025 after a marked slow down in 2018 and 2019 due to legacy 2G voice & SMS revenue pressure partially offset by mobile data growth.

Capex Investments
The Capex to GDP ratio remained relatively stable between 2014 and 2018 but has been sliding in 2019 and is expected to remain at the same level through to 2025. Viettel, Vinaphone and Mobifone investing in line with revenue growth maintaining a sable Capex to Sales Ratio.

Mobile Subscribers and Revenue
In early 2020, the mobile subscriptions market just passed a tipping point with 3G and 4G subscribers exceeding 2G mobile subscriptions for the first time. Mobile network operators are facing competitive pressure with the market shifting from legacy prepaid voice and SMS to data-centric usage increasingly becoming the sole offering differentiator.

According to our benchmark study of mobile data pricing, India has the lowest rate per GB at just a few cents per GB, while Australia and China had the biggest cost reduction per GB mostly due to increased data allowance in plans while Singapore remains expensive. Vietnam has a competitive pricing compared to other countries while the average monthly download is slightly lower due to Vietnam’s late market entry with 4G.

Broadband Subscribers – FTTH Push and Fixed Wireless
The fixed broadband market is experiencing hyper-growth mostly driven by three players, VNPT, Viettel and FPT all investing in full-fibre networks. VNPT actively migrated its MegaVNN (DSL) subscribers to its fibre FiberVNN network while Viettel and FPT are focusing on their respective fibre coverage.

VNPT, Viettel and FPT invested heavily in full-fibre networks opening opportunities for bundling IPTV and e-Commerce services leading the fastest broadband migration to full-fibre networks in the Asia-Pacific region.

Households growth and new FTTH investments by VNPT, Viettel, FPT and others will drive up the fixed-broadband subscribers.

ThematicsTelecoms Infrastructure / 5G / M&A / Infrastructure
Infrastructure funds, pension funds and government funds are assigning high valuation multiples to telecommunications infrastructure assets such as mobile towers, data centres, submarine cable and fibre infrastructure.

Investment funds are assigning high valuation multiples to telecommunications infrastructure assets such as mobile towers, data centres, submarine cable and fibre infrastructure. This report outlines some real market examples of how investors view and value these investments with real industry examples and EV/EBITDA comparatives and benchmarks.

The Vietnamese central role of the government in the telecommunications market with its three dominant players controlling over 90% of the market is limiting corporate activity. However, the government is also controlling sub-scale operators such as Gmobile, Hanoi Telecom, Saigon Post Tel, SCTV, among others which could be combined or merged. As the market matures, competition intensifies, sub-scale operators will struggle to gain share and are likely to look for outside opportunities to increase scale. Idem Est Research expects a wave of consolidation in Vietnam, as the Vietnamese market is maturing and is likely to face stiffer competition.

However, in the medium term, the telco sector is likely to experience some corporate activity with the government selling down VNPT and Mobifone by up to 50%. This is a momentous development in the market as until now, the government controls over 90% of the telecommunications market. Introduction of private investments, strategic investors or stock market listing will increase much-needed disclosure, transparency and accountability into the Vietnamese telecommunications market.

The arrival of 4G moved the Internet off our desktops into our palms and pockets, 5G could transform the network from something we carry around to something taking us around either virtually (augmented reality or virtual reality) or in reality (autonomous vehicles), the 5G outcome and benefits beyond fast connectivity remain largely unknown in terms of business models, investments required and timeline.


CMC, FPT, Gmobile, Hanoi Telecom, Hutchison Asia Telecom, Mobifone, OCK, Saigon Post, Viettel, Vietnmaobile, Vinaphone, VNPT

Vietnam Telecoms Industry Report – Table of Contents

1       Key Statistics
1.1        Vietnam Population
1.2        Vietnam Households
1.3        Vietnam’s GDP

2       Overall Telecommunications Market, 2014–2025
2.1        Market Overview
2.2        Historical Telecommunications Market Revenue, 2014-2019
2.3        Overall Telecommunications Market Forecast, 2018-2025
2.4        Telecommunications Market Capital Expenditure, 2014-2025
2.4.1      Historical Telecommunications Capex Spend, 2014-2019
2.4.2      Capex to Revenue Country Benchmark
2.4.3      Capex to GDP Benchmark
2.4.4      Telecommunications Capex Spend Forecast, 2018-2025

3       Telecommunications Operators Profile
3.1        Viettel Profile
3.1.1      Viettel Revenue and Profit Mix
3.2        VNPT Profile
3.2.1      VNPT Revenue and Profit Mix
3.1        Mobifone Profile
3.1.1      Mobifone Revenue and Profit Mix
3.2        FPT Profile
3.2.1      FPT Revenue and Profit Mix
3.3        CMC Corporation Profile
3.3.1      CMC Corp Revenue and Profit Mix
3.4        Other Players Profile
3.4.1      Vietnamobile
3.4.2      Other Telecoms Operators

4       Mobile market
4.1        Mobile Subscribers Historical and Forecast, 2014-2025
4.1.1      Mobile Subscribers Historical, 2014-2019
4.1.2      Mobile Subscribers Market Share, 2014-2019
4.1.3      Vietnam Smartphone Share, 2019
4.1.4      Vietnam Mobile Subscribers Forecast, 2019-2025
4.2        Mobile Revenue Historical and Forecast, 2014-2025
4.2.1      Historical Vietnam Mobile Service Revenue, 2014-2019
4.2.2      Mobile Service Revenue Forecast, 2018–2025
4.2.3      Mobile Subscribers ARPU, 2014-2019
4.3        Spectrum Holdings
4.3.1      Existing Spectrum Holdings
4.3.2      5G Trials and Upcoming 5G Auctions
4.3.3      Mobile Frequencies Portfolios Analysis
4.3.1      Spectrum Depth Benchmark by Country
4.4        Mobile Download Data and Pricing Trends
4.5        Mobile Speed Tests
4.5.1      Ookla Mobile Speed Tests
4.6        Internet of Things (IoT)

5       Broadband Market
5.1        Fixed Broadband Subscribers Historical, 2014-2019
5.2        Fixed Broadband Subscribers Forecast, 2018-2025

6       Telecommunications Infrastructure Investments
6.1        Fixed Infrastructure
6.1.1      Government Plans
6.1.2      Submarine Cables
6.2        Mobile Tower Infrastructure Landscape
6.2.1      Getting Ready for 5G
6.3        Telco Infrastructure Comparative

7       Thematics / Opportunities
7.1        Going for Scale
7.2        Going for Scope
7.2.1      e-Commerce
7.2.2      Digital Payments
7.3        New Telecoms Operating Model
7.3.1      The Attraction of Infrastructure Multiples
7.4        5G versus Fixed
7.4.1      5G Overview
7.4.2      Fixed Broadband Networks Doing the Heavy Lifting Long Term

8       Telco Transaction Database

9       Methodology

10     Copyright Notice

Vietnam Telecoms Industry Report – List of Figures

Figure 1 – Telco sector revenue as % of GDP in Vietnam
Figure 2 – Telecommunications Market Revenue, 2018
Figure 3 – Telecommunications Market Pre-Tax Profits, 2018
Figure 4 – Telecommunications Revenue & EBITDA Share Estimates, 2019e
Figure 5 – Capex to Revenue Benchmark, 2014-2019
Figure 6 – Capex to GDP Ratio Benchmark, 2014-2019
Figure 7 – Telecommunications Capital & Operational Expenditure Spend, 2000-2025
Figure 8 – Viettel Service Revenue Mix, FY14-FY18
Figure 9 – Viettel Historical Revenue Mix, 2014 – 2019 (VND bn)
Figure 10 – VNPT Revenue and Profit (VND tn), 2014-2019
Figure 11 – VNPT Historical Revenue Mix, 2014 – 2019
Figure 12 – Mobifone Revenue and Profit Margin (VND tn), 2014-2019
Figure 13 – FPT Revenue and Profit Margin (VND bn), 2014-2019
Figure 14 – CMC Revenue and Profit Margin (VND bn), 2014-2019
Figure 15 – Vietnamobile Revenue and Growth Profit (VND bn), 2014-2019
Figure 16 – Mobile Subscribers Share Comparison, 2014-2019
Figure 17 – Mobile Subscriber Share Comparison, 2014-2019
Figure 18 – Mobile Prepaid & Postpaid Share Comparison, 2014-2019
Figure 19 – Mobile Subscribers Forecast, 2014-2025
Figure 20 – Mobile Service Revenue Forecast, 2018-2025
Figure 21 – Mobile Subscribers ARPU (RM), 2014-2019
Figure 22 – Subscriptions per MHz of Spectrum, Emerging Asia-Pacific Countries, 2019
Figure 23 –Mobile Handsets Monthly Download Data, 2017-2019
Figure 24 – Data Pricing Trends in Asia-Pacific (US$ per GB per month), 2017-2019
Figure 25 – Ookla Mobile Speedtest Ranking Comparison
Figure 26 – Spectrum available for IoT in Vietnam
Figure 27 – Broadband Subscribers Share Comparison, 2014-2019
Figure 28 – Vietnam Broadband Services by Access Technology
Figure 29 – Broadband Subscribers Forecast, 2018-2025
Figure 30 – Estimated Tower Market Share, 2019
Figure 31 – Telecoms Providers EV/EBITDA Ranges
Figure 32 – 5G Network Slices Structure
Figure 33 – Australia – Volume of Data Downloaded (Terabytes/month), 2010-2019

Vietnam Telecoms Industry Report – List of Tables

Table 1 – Vietnam – Key Statistics
Table 2 – Telecommunications Market Revenue by Operators
Table 3 – Total Telecommunications Market Revenue, 2019-2025
Table 4 – Historical Telecommunications Capex Spend, 2014-2019
Table 5 – Historical Viettel Revenue, Pre-Tax Profit, FY14-FY19
Table 6 – Historical VNPT Revenue and EBITDA Mix, 2014-2019
Table 7 – Historical Mobifone Revenue and Profit Mix, 2014-2019
Table 8 – Historical FPT Revenue, Pre-Tax Profit & Capex, 2014-2019
Table 9 – Historical CMC Corp Revenue, Pre-Tax-Profit, 2014-2019
Table 10 – Historical Vietnamobile Revenue, 2014-2019
Table 11 – Historical Mobile Subscribers, 2014-2019
Table 12 – Vietnam Mobile Subscribers Forecast, 2018-2025
Table 13 – Historical Mobile Service Revenue, 2014-2019
Table 14 – Historical Mobile Market Blended Mobile ARPU, 2014-2019
Table 15 – Mobile Frequencies by Operators and by Band (Mhz)
Table 16 – Historical Broadband Subscribers, 2014-2019
Table 17 – Historical Broadband Monthly ARPU, 2014-2019
Table 18 – Vietnam Broadband Subscribers Forecast, 2018-2025
Table 19 – International Submarine Cable Systems with Landing Stations in Vietnam
Table 20 – Viettel, VNPT, Mobifone, FPT, CMC Telco Infrastructure Landscape
Table 21 – Technology Specifications (ADSL, FTTN, Fibre, 4G/LTE, 4G/LTE-A and 5G)
Table 22 – Australia – Volume of Data Downloaded Mix (Terabytes/month), 2010-2019
Table 23 – Telco M&A Transaction Database, 2001-2019

Other Idem Est Research Telecoms Country Reports

Australia, China, India, Indonesia, JapanNew ZealandPhilippines, Malaysia, South Korea, TaiwanThailand, Vietnam

Telecoms Country Report


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