October 14, 2016

Breaking News

Vietnamese telecom Viettel to invest $2bn in Myanmar over five years

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VIETTEL, Viet Nam’s largest mobile network operator, is expected to make US$2 billion investment in Myanmar’s telecom sector within five years, with plans to launch its service business next year, it is learnt.
The Vietnamese group operates in ten countries in Asia, Africa and America, and will provide its telecommunications services for Myanmar people in partnership with local companies.
Viettel will occupy a 49 per cent share of the joint venture company while 23 per cent will go to a local consortium. The government-owned Star High Public Co Ltd will hold the remaining 28 per cent stake.
A joint venture agreement has already been signed between Viettel and local partners to kick off operations in early 2017, said U Zaw Min Oo, a member of the board of directors of Myanmar Technologies and Investment Corporation.
The Vietnamese market leader with about 40 per cent of all customers on its network will be the fourth telecom operator in Myanmar. The company is likely to offer telecommunications services through mobile towers owned by the military-run Myanmar Economic Cooperation.
The two giant telecom operators—Qatar’s Ooredoo and the Norway’s Telenor—got licences from the Myanmar government in 2014 to operate their service business in the country. They both have introduced 4G services to their subscribers this year.
Among operators, Myanmar Posts and Telecommunications is the largest telecom operator in the country. It plans to provide 4G network next year.




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