Domestic Operations Still The Core Focus

Despite being an emerging market, opportunities in Vietnam's telecoms industry are diminishing as the mobile market approaches saturation on the back of low tariff rates. Furthermore, we believe that the regulator is looking to level the playing field, which is currently skewed towards state entities. Although the move by Viettel and the Vietnam Posts and Telecommunications Group (VNPT) to expand their presence in related industries and overseas market should alleviate some of the domestic downside risks, we believe that they would continue to leverage on their market dominance in Vietnam in the near-to-medium term.

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