Communications Markets in Vietnam

This report forms part of Pyramid Research’s Asia Pacific Country Intelligence Report Series June 2008 Edition

Table of contents
Executive summary Market and competitor overview Vietnam in a regional context Economic, demographic and political context Regulatory environment

3 4 5 6 7

Demand profile
Service evolution Competitive landscape Vietnam’s major market players Segment analysis Mobile services Fixed services

10 11 12 13 14 18

Identifying opportunities


ID# 192 © 2008 Pyramid Research

We expect mobile voice and data revenue to increase at a CAGR of 10. Viettel.5bn.3% and 29. which will have an impact on margins in the long run. The main growth engine will be the mobile sector. while the fixed sector enjoys growth in broadband services. The upcoming privatization of MobiFone. with an expected revenue of US$6. both voice and data. will increase demand for connectivity. despite falls in ARPS. respectively. Viettel expanded coverage in areas that were underserved by existing operators.0%. which helped the former gain substantial market share. Vietnam’s huge youth segment. against the regional average of 5. but smaller. which has been losing significant market share in the broadband space.       3 © 2008 Pyramid Research .Executive summary  Pyramid Research expects Vietnam to be one of Asia Pacific’s fastest growing markets.9% during the 2007-2012 forecast period. The main risks to operators are falling ARPS levels.7bn in service revenue in 2012. challengers Viettel and FPT are causing headaches for incumbent VNPT. In the fixed space. Vietnam will become equal in size to its wealthier. with total telecommunications service revenue increasing at a CAGR of 12.8%. will continue to maintain its lead over other operators. As such. almost double 2007 levels of $2. As such. neighbor Malaysia. NTT and Chunghwa Telecom. (65% of its 86m population is under the age of 30) who are more tech-savvy than their older generation. Demand for faster Internet connection will keep the market growing as dial-up subscribers switch to DSL services. mobile operators will generate $4. Despite low incomes. Increasing mobile penetration will keep revenues climbing.1bn by 2012. VinaPhone and Viettel is attracting interest from regional players such as STT. which became the leader in 2006 after just three years of operation. Despite being a latecomer. Telekom Malaysia.

Market and competitor overview 4 .

However. in 2007. By 2012. recording CAGR of 12. regional operators.9% during the next five years. respectively. THE SIZE OF TELECOM SERVICES MARKETS.1bn in service revenue. with mobile and fixed penetration rates of just 42% and 13%. as well as investors as it will be one of the fastest growing markets in the region. Vietnam offers great opportunities for vendors. 2007 (US$ terms) India Total service revenue CAGR 2007-2012 Indonesia Vietnam China Korea Thailand Taiwan Philippines Malaysia Japan Australia Hong Kong New Zealand GDP per capita Singapore 5 © 2008 Pyramid Research . Pyramid Research expects Vietnam to generate $6.3bn in 2007. Vietnam in a regional context With a population of 86m and generating service revenue worth $3. Vietnam is one of the smaller telecom markets in Asia-Pacific.

3 968 3.393 154.640 8. Annual inflation will soar to 18.550 3.470 5.3 1.2 16.1 815 3.858 25.600 1. down from its original target of 8.2 15.120 2010E 89.947 26. demographic and political context: Policy shifts from breakneck growth to stability  The ruling Communist party will remain indifferent to calls for political pluralism and will continue to reject demands for major political reform in 2008-09.650 3.3 16.877 61. while fiscal policy may be less expansionary than previously planned.320 7. A major challenge that the party will face is the need to manage expectations of continued strong economic growth.3 15.036 27.128 27.280 4.7 15. Thus it has tightened monetary policy and has set a real GDP growth target of 7. KEY INDICATORS Population [000] Households [000] Businesses [000] Nominal GDP [US$bn] Nominal GDP per capita [US$] PPP-adjusted GDP per capita [US$] Consumer price inflation [%] Exchange rate [LC/US$] 2005A 83.083 132.082 70.6 1.638 30.858 2006A 84.120 4. The government has shifted its policy focus from rapid growth to economic stability.010 8.322 29.7 727 3.6 1.230 7.5% for 2008. most notably the need to rein in inflation.414 Source: Economist Intelligence Unit 6 © 2008 Pyramid Research . but will slow again in 2009 to around 9%.682 52.8 1.970 18.225 2011E 90.990 2009E 88.690 5.300 84.360 9.286 2012E 91.700 7.110 2. Monetary policy will remain tight.2% this year.0 16.150 1. The government is facing a number of challenging policy issues.780 7.780 2.770 25.340 2.6 16.8 631 3.799 114.164 2008E 87.538 98. pushed up by rising food prices.5-9%. Real GDP growth will decelerate in 2008. owing to tighter controls on credit and weakness in external demand.994 2007A 85.930 2.Economic.223 28.2 16.

Although the MIC is striving to be more open and liberal to benefit the market. which leads it to influence policies in favor of VNPT. The current piece of legislation governing the sector is the May 25. However. Viettel. IT. It formulates policy in postal services. radio-frequency management and national information infrastructure. posts and IT industries. It is also the government arm responsible for managing state funds in the telecommunications. starting with MobiFone listing onethird of its equity on the local stock market. ownership of telecom companies impairs its ability to independently regulate the industry. The regulator is planning to list a minority share of a few state-controlled operators this year. Basic law governing the telecommunications industry State of privatization / liberalization 7 © 2008 Pyramid Research . allocating another third to strategic partners and retaining the remaining third. The Vietnamese government still has a large stake in the country’s telecommunications sector. VNPT. REGULATORY STRUCTURE & POLICY Policymaking and regulatory authorities Vietnam’s regulator is the Ministry of information and Communications (MIC). Pyramid Research expects privatization to take place in 2008 (although potential delays can push the date back to 2009). Post and Telecommunications Ordinance. maintains a firm grip on the sector. as the largest fixed and mobile operator. VNPT (parent of mobile operators VinaPhone and MobiFone). The MIC has a stake in the country’s incumbent operator. is controlled by the government and the second largest operator. the Ministry of Information and Communications (MIC). is controlled by the Ministry of Defense. 2002. telecommunications.Regulatory environment: Waiting for privatization  The Vietnamese regulator. which will hopefully bring more transparency to a very clouded market. The Ordinance was drafted with the idea of introducing cooperation and competition in a then-monopolistic telecom market. We expect VinaPhone and Viettel to follow. as government approvals are required for initiatives such as interconnection and ownership changes.

The upcoming privatization is also an opportunity for foreign ownership. The Vietnamese government remains reluctant to fully open its telecom market to foreign investors. In 2007. Winners can expect to receive 15MHz of FDD spectrum and 4MHz of TDD spectrum. foreign capital contribution cannot exceed 49% of total capital. Viettel joined the ranks of VinaPhone and MobiFone as a dominant mobile operator. The Vietnamese government currently levies the following fees to fund its universal service fund: -5% of the revenue for mobile telecom services. indirect ownership is allowed in the form of joint ventures (JV). The former three operators have been allocated frequency in the 2. These operators are also given geographic boundaries for their trials. and 3% of the revenue for domestic telephone service and domestic leased-line service. 4% of the revenue for international telephone service and international leased-line subscription service. Dominant operators (defined as having more than 30% of market share) are not allowed to freely adjust tariffs without the permission of the regulator.5GHz band. The regulator had granted trial licenses in early 2006 for fixed WiMAX that did not lead to any commercial licenses. The ministry is planning to hold an examination to determine which operators are most fit to provide 3G services. Currently. albeit gradually. is willing to offer one-third of the company’s total stakes to strategic partners. however. The regulator has now licensed four operators — FPT. EVN. WiMAX spectrum licensing Foreign-ownership restrictions Universal Service Obligations (USO) Tariffs 8 © 2008 Pyramid Research . which will be the first among the three operators planning to list. Viettel and VNPT — to trial the mobile version of the technology for one year. the government has committed to open the telecom sector. With its accession to the WTO. The regulator has announced that it will award four licenses. MobiFone.Regulatory environment (cont’d) MAJOR TELECOMMUNICATIONS POLICY ISSUES 3G spectrum licensing Mobile operators are currently submitting their applications for 3G licenses. When the JV is a network operator. where foreign interests are allowed to form a JV with a local licensee.4GHz band while VNPT was awarded a block in the 2. We expect all six major operators to participate in the examination.3GHz—2.

We forecasts the Vietnamese market to generate $6.0% 0.1bn in telecom service revenue in 2012.3bn in service revenue during 2007. 2007-2012 Broadband Internet 34.6bn. broadband Internet and fixed voice revenue from limited mobility services will be the main growth drivers.9% from 2007 levels.Vietnam demand profile: Revenue doubled in the past two years and will almost double again in the next five years  The Vietnamese telecom market.3% 16. excluding traditional pay-TV. US$bn. $8 VIETNAM COMMUNICATIONS MARKET. which is more than double the 2005 revenue of $1. We expect service revenue to continue the strong upward trend and almost double again over the next five years as the fast-growing economy increases consumers’ budgets for telecom services.6% -7. In the midst of growing concerns for basic food supplies in the region. representing a CAGR of 12. mobile data.8% 10.7% 71. generated $3. we remain neutral on its impact on overall telecom service revenue since Vietnam is one of the region’s main rice exporters and hence will benefit some from the rise in costs. Mobile voice. However.2% $6 Revenue (US$ billions) Dial-up Internet Fixed VoIP $4 Fixed circuitswitched voice Mobile data $2 Mobile voice Total market $0 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E 9 © 2008 Pyramid Research . 2005-2012 REVENUE CAGR. we expect inflation to be of concern as some consumers will have to tighten their budgets.1% 29.

growth has been impressive. Even if we discount subscriber figures.3bn  Voice 75% 2012: US$6. 2006 and again in 2007. However. On the data front. However. doubling in 2005. will grow to generate 37% of total revenue by 2012.1bn 2012: US$6. however. we suspect that the number of subscribers is inflated by 25-35%. from 74% in 2007. 10 © 2008 Pyramid Research . it is still positive and will remain so during the forecast period. late 3G deployments and aggressive ADSL campaigns from fixed operators have put the emphasis on fixed broadband growth. VOICE.1bn  Fixed-mobile substitution (FMS) is a world-wide trend. while growth in PSTN lines is modest compared with that of mobile lines. Mobile and fixed data. which combined represented only 25% of total revenue in 2007. Mobile penetration has exploded in the past few years. and we expect the proportion of service revenue from mobile to increase to 77% of the total pie in 2012.Vietnam service evolution: Data and mobile continue to gain importance and increase their revenue shares SERVICE REVENUE MIX. and Vietnam is no exception. FIXED & MOBILE 2007: US$3. DATA & VIDEO 2007: US$3.3bn Data 25% Video 0% SERVICE REVENUE MIX.

REVENUE BREAKDOWN. in fact. which also claims that it has the highest number of subscribers.Competitive landscape: Challengers increase their market share at the expense of fixed and mobile incumbent VNPT  Vietnam’s telecom market is concentrated with VNPT dominating both the fixed market as well as the mobile market through its mobile operators VinaPhone and MobiFone. is currently shifting to GSM in an attempt to increase subscribers. Pyramid Research’s forecasts currently show Viettel leading the market. despite being CDMA operators. Viettel has especially been successful in the mobile arena. we believe that VNPT will continue giving up market share as VinaPhone struggles to add subscribers in a rapidly developing market. although even if Viettel’s numbers are inflated and MobiFone is. 2012: US$6. Smaller operators S-Fone and EVN will also see their market shares increase.3bn Others EVN 3% VNPT S-Fone 5% 66% 6% REVENUE BREAKDOWN. is challenged by MobiFone.1bn Others 10% EVN 11% VNPT 41% S-Fone 10% Viettel 20% Viettel 28% 11 © 2008 Pyramid Research . the market leader. however. However. where it now claims to be the market leader with 14m subscribers. VNPT started seeing its dominance gradually erode with Viettel’s entrance into the fixed and mobile markets. This statement. HT. which was the least successful in promoting CDMA services. 2007: US$3.

long distance. IP-based services. leased line. CDMA mobile services Revenue: US$127m* (mobile only) Coverage expansion. leased line. WiMAX trial * Pyramid Research estimate 12 © 2008 Pyramid Research .Vietnam’s major market players COMPANY VNPT OWNERSHIP State owned LINES OF BUSINESS Local telephony. WiMAX trial Privatization. CDMA mobile services Local telephony. IP-based services. leased lines. long distance. JV with Taiwan’s Chunghwa Telecom. leased line. private investors Local telephony. long distance. long distance. IPbased services. IP-based services. WiMAX trial Viettel Ministry of Defense SPT (Parent of S-Fone) Hanoi Telecom VNPT(18%). migration to GSM EVN Wholly owned by state-run Electricity of Vietnam Group Local telephony. WiMAX trial Private investor N/A Coverage expansion. mobile service Revenue: US$191m* (mobile only) Coverage expansion. GSM mobile services Local telephony. coverage expansion. leased line. GSM mobile services REVENUE (US$bn) Revenue: US$2. IP-based services.1bn* (including revenue from VinaPhone and MobiFone) Revenue: US$796m* WHAT’S IN STORE? Privatization of mobile arms MobiFone and VinaPhone.

Segment analysis 13 .

45 14.6% 71. The proportion of prepaid customers currently stands at 71% of total customers. we believe these figures could be inflated by 25-35% as operators try to use higher market share rates in their marketing campaigns to entice prospective subscribers.Mobile services at a glance  The Vietnam mobile market witnessed strong growth in 2007.1% of total ARPS. albeit at slower pace.0% 37% $7. As penetration rates increase and additional lowincome users come onto the network. Pyramid Research expects this trend to continue. yet operators continue to stand by their figures. 2007A Subscription penetration [% of pop] 100% 90% Penetration of population MOBILE SUBSCRIPTIONS AND PENETRATION. 2005-2012 Subscriptions 90 80 Subscriptions (millions) Penetration 41. giving Vietnam a penetration rate of 91%. which is low by Asian standards.4% 0.5% 28. Data represents a mere 14. The government is preparing to launch a probe this month.1% 156 User penetration [% of pop] Prepaid subscriptions [% of total] MVNO subscriptions [% of total] Annual churn rate [%] ARPS [US$] Data ARPS [% of total ARPS] MOU [monthly minutes of use] 70 60 50 40 30 20 10 0 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E 80% 70% 60% 50% 40% 30% 20% 10% 0% 14 © 2008 Pyramid Research . we expect the proportion of prepaid customers to increase. However.2m at year-end 2012. and forecasts mobile subscriptions to reach 83. as usage is mostly limited to SMS services given limited GPRS/EDGE coverage. KEY MARKET INDICATORS. almost doubling penetration rates from just 23% at year-end 2006 to 42% at year-end 2007.

we believe that the main focus for the operators will be to expand 2. Hence.5G services nationwide to increase data uptake. We do not expect commercial 3G services until late 2009. subscribe to mobile service and bring down the market average.Mobile services revenue picture: Mobile data usage to increase as 2. This downward trend is likely to stabilize somewhat from 2011 on as penetration levels reach 90%. and even so to be limited to a few metropolitan areas. 2005-2012 $10 ARPS Percentage data 30% Data ARPS percentage of total ARPS Total ARPS (US$/month) $8 $6 25% 20% 15% 2012: US$1.2bn Infotainment 45% Messaging 45% Connectivity 10% $4 10% $2 5% 0% 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E $0 15 © 2008 Pyramid Research . and thus lower consumption patterns. MOBILE DATA REVENUE MIX 2007: US$329m Infotainment 23% Messaging 74% Connectivity 3% TOTAL ARPS.5G networks are expanded nationwide  We expect ARPS to continue declining throughout the forecast period as users with lower incomes. which it plans to grant in late August 2008. The regulator is currently receiving applications for 3G licenses. AND DATA ARPS AS A PERCENTAGE OF TOTAL ARPS.

giving up its leading position to Viettel in 2006. which is now a larger operator than VinaPhone. VinaPhone is unable to enjoy any positive externalities from its name. and while the financials of Viettel are not available. We expect its decline to continue as challengers S-Fone and EVN steadily gain market share. MARKET SHARE (PERCENTAGE OF SUBSCRIPTIONS) 50% Vinaphone 40% 30% 20% 10% 0% 2005A -10% 2006A 2007A 2008E 2009E 2010E 2011E 2012E Mobifone Viettel S-Fone EVN Telecom Hanoi Telecom Cityphone Percentage of subscriptions 16 © 2008 Pyramid Research . It has been struggling to keep up with market growth since 2005. we expect that merely changing technologies will not help the operator much unless the move is accompanied by attractive offers and differentiated services. we expect its price reductions are having an impact on profitability and that it may be forced to tone down its campaigns.Mobile services competitive landscape: Viettel maintains leadership while VinaPhone continues to struggle  Although “Vina” brands generally are growing in popularity in Vietnam due to its patriotic image. It is also facing additional pressure from sister company MobiFone. However. which it gained by aggressively expanding services to underserved regions. Viettel is aggressively slashing prices to keep its market lead. CDMA operator Hanoi Telecom received permission from the regulator to switch its network to GSM.

As such.5G coverage nationwide and as 2. 95% of handsets on the market were 2G. SUBSCRIPTIONS BY TECHNOLOGY GENERATION. we expect 2.Mobile services technology issues: Mobile broadband to be the main driver of 3G adoption  Vietnam lags behind its neighbors in the region in terms of technology advancement.5G to grow in importance as operators expand their 2. We estimate that in 2007. However. While CDMA operator S-Fone currently offers EV-DO services in five major cities. 3G penetration will stand at just 27% of total accounts by 2012. it will be only in late 2009 and early 2010 when we will be able to observe any significant 3G uptake. 2005-2012 2G 90 80 2.5G.5G handset prices fall with the increase in worldwide production of 3G handsets. one of the lowest rates in the Asia Pacific region.5G 3G Subscriptions (millions) 70 60 50 40 30 20 10 0 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E 17 © 2008 Pyramid Research . while the remaining 5% were 2.

we expect broadband penetration to reach 5.5% of the population in 2012.0% $1. Slow speeds and unreliability of services has kept adoption levels below its potential.55 $14.  FIXED-LINE PENETRATION.5% penetration in 2008. with Hanoi and Ho Chi Minh city taking 65% of total subscribers.27 18 © 2008 Pyramid Research . 2005-2012 (PERCENT OF POPULATION) 20% Narrowband Broadband KEY MARKET INDICATORS. from just 0. growth will slow down by 2011 due to increases in broadband uptake (which will replace narrowband for data needs) and fixed-mobile substitution (for voice needs).4% 0. and we see Viettel’s competition to VNPT as a positive force that will work to address these issues. 2007A Fixed line penetration [% of pop] Broadband penetration [% of pop] 11.2% Penetration of population 16% 12% 8% 4% 0% 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E PC penetration [% of pop] Internet penetration [% of pop] ARPL – Residential [US$] ARPL – Business [US$] 2. broadband penetration will start seeing acceleration as ADSL prices come down to approach dial-up pricing levels. ADSL uptake is concentrated in metropolitan areas. While we expect narrowband penetration to increase for the next few years.6% 6.2% in 2007 and an expected 0.Fixed services at a glance  The Vietnamese fixed market continues to experience growth in the narrowband and broadband markets. On the other hand. As such.

as there is a lack of supply in broadband connections.0bn in 2012. We expect broadband to start generating more revenue than narrowband beginning in 2008. On the Internet side. 2005-2012 Circuit-switched $400 Packet-switched (VoIP) INTERNET REVENUE (US$m). 2005-2012 800 Narrowband Broadband Revenue (US$ millions) Revenue (US$ millions) 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E 700 600 500 400 300 200 100 $300 $200 $100 $0 0 2005A 2006A 2007A 2008E 2009E 2010E 2011E 2012E 19 © 2008 Pyramid Research .Fixed services revenue picture: Revenue from broadband Internet to outpace that of narrowband this year  Fixed voice generated $354m in 2007. and hence revenue from narrowband made up 64% of total Internet revenue in 2007. VOICE REVENUE (US$bn). most connections are currently achieved through narrowband lines. Total Internet revenue will grow at a CAGR of 15% during the next five years from $509m in 2007 to $1. and we expect this to slightly grow to $372m in 2012 due to increases in revenue generated by VoIP while revenue from PSTN will start declining as a result of a reduction in tariffs. This is a significant decline from 2005 when dial-up represented 85% of total revenue.

FPT and Viettel’s entry into the broadband market has made a great impact on market share during the past couple of years. standing second behind FPT and closely followed by Viettel. for example. As demand for Internet increases and as broadband increasingly becomes the choice among the young Vietnamese population (65% of the population is under 30 years old). MARKET SHARE BY SERVICE. which was 73% in 2004. VoIP market share also follows this trend. is now just 31%.Fixed services competitive analysis: VNPT loses leadership as new operators challenge with VoIP and broadband    VNPT continues to dominate the PSTN market in Vietnam and will continue to do so despite competition from Viettel. Viettel. we believe that market dynamics. 2007A 100% 90% Market share (subscriptions) 80% 70% 60% 50% 40% 30% 20% 10% 0% Fixed voice VoIP Dial-up Internet Broadband Internet Others FPT Viettel VNPT 20 © 2008 Pyramid Research . started giving away three months of free service to new customers and six months of free service for existing fixed-line subscribers. can shift dramatically given the right promotions and offers. and hence future market share. As the market is still in its infancy. VNPT’s market share. competition to attract subscribers has heated up.

16d technology but rejected due to high equipment costs. WiMAX.9m FWA 11% ACCESS LINES BY TECHNOLOGY. Assuming licenses will be granted in 2009 and commercial services offered in 2010. 2007 10. ACCESS LINES BY TECHNOLOGY.2m WiMAX 2% FWA 24% PSTN 41% xDSL 10% xDSL PSTN 79% 33% 21 © 2008 Pyramid Research . we expect DSL lines to take 33% of the 21. With increasing demand for broadband Internet driving the fixed market.Fixed services technology issues: Proportion of DSL lines will increase more than threefold to 33%  The Vietnamese fixed market is currently dominated by two narrowband voice technology lines — specifically PSTN and FWA — collectively accounting for 90% of total lines — and one broadband access technology: DSL. was given another chance through its mobile version.2m expected lines in 2012. respectively. PSTN lines account for a dominating 79% of total lines while DSL and FWA account for 10% and 11%. 2012 21. we expect it to take 2% of total lines in 2012. which was tested in early 2006 with the 802.

Identifying opportunities in Vietnam 22 .

as well as the potential for mobile WiMAX licenses to be offered in 2009.Main opportunities: Largest opportunities for vendors as growth in subscribers lead to increasing Capex FOR OPERATORS Although explosive growth in subscribers is a healthy sign of growth. target the remaining 50m people who do not yet have mobile services.5G networks. With the upcoming 3G licenses. without decreasing overall tariffs. hence also increasing demand for traditional 2G and 2. While falling ARPS can hit profitability. The Vietnamese mobile market is one of the most attractive markets in the region as mobile penetration rates are still at sub-40% levels and will hence continue to grow at double-digit growth rates for the next few years. Other operators will try to follow suit. Vietnamese operators will continue to demand network equipment and managed services. Rather than trying to compete for the other operators’ subscribers. increasing demand for mobile data services from the youth segment can help to keep the floor up to maintain margins.4% during the next five years. excessive promotions to increase short-term growth can end up hurting in the long run in a dominantly prepaid market. where it was able to reach those who did not have access to mobile services. FOR VENDORS FOR INVESTORS 23 © 2008 Pyramid Research . operators in some countries offer government-approved special tariffs specifically designed for just those people. We expect Vietnam’s mobile subscribers to grow at a CAGR of 15. This could be an alternative approach to increasing subscribers. MobiFone’s upcoming offering is a good bet as we expect it to maintain its position as number two in the Vietnamese mobile market. In order to reach the low-income segment. Viettel’s huge success in attracting subscribers is mostly due to its aggressive network expansion policy. putting it as the 12th fastest growing market in the world by subscribers and third in the APAC region behind only India and Indonesia.

evaluating near-term opportunities and assessing upcoming risks factors.Country Intelligence Reports Pyramid Research’s premium Country Intelligence Reports are the industry’s best available analysis of market trends. regulatory environments and competitive dynamics for 65 countries worldwide. these executive studies provide a holistic view of communications markets around the world by analyzing key trends. Country Intelligence Reports available from Pyramid Research: Asia-Pacific Region China Hong Kong India Philippines Singapore South Korea European Region Bulgaria France Romania Slovakia Middle East & Africa Algeria Bahrain Cameroon Egypt Iran Israel Kenya Morocco Nigeria Oman Saudi Arabia Senegal South Africa Tunisia Turkey UAE Uganda North & Latin America Argentina Bolivia Brazil Canada Chile Colombia Costa Rica Ecuador El Salvador Guatemala Honduras Mexico Nicaragua Panama Paraguay Peru Puerto Rico United States Uruguay Venezuela Czech Republic Russia Vietnam Japan Malaysia Taiwan Thailand Vietnam Hungary Italy Netherlands Poland Spain Switzerland Ukraine United Kingdom Country Intelligence Reports provide detailed competitive analysis of both the fixed and mobile sectors. 24 © 2008 Pyramid Research . Published annually. tracking market adoption of new technologies and services such as WiMAX. media and technology sectors. incisive profile of the converged telecommunications. IPTV and VoIP. based on proprietary data from Pyramid Research’s country-by-country research. Each report offers a precise.

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