Group 10: VIETTEL

Members:  Đỗ  Hà  Vi  

Bùi  Trần  Nguyệt  Anh  
Nguyễn  Đức  Mạnh  
Nguyễn  Thuý  Ngân  
Võ  Khánh  Vy  
 
 

Table  of  Contents  

Military-­‐‑Run  Industry  and  Telecommunication  Group  (Viettel)  .........................................  2  
I.   RAISING  CAPITAL  OF  FIRMS.....................................................................................................  2  
1.   Debt  Capital  ...............................................................................................................................................................  2  
2.   Equity  Capital............................................................................................................................................................  4  

II.  Military-­‐‑Run  Industry  and  Telecommunication  Group  (VIETTEL)  ...................................  6  

1.   Industry  ......................................................................................................................................................................  6  
2.   Capital..........................................................................................................................................................................  7  
3.   Products  ......................................................................................................................................................................  8  
4.   Market  share  .............................................................................................................................................................  8  
5.   Competitors  ...............................................................................................................................................................  9  

I.   METHODS  OF  RAISING  CAPITAL  OF  VIETTEL....................................................................  13  

1.   Government  capital  .............................................................................................................................................  13  
2.   Stocks........................................................................................................................................................................  13  

I.   EVALUATE  CAPITAL  FLUCTUATIONS  AND  CAPITAL  MOBILIZATION  METHODS  OF  

VIETTEL.  ...............................................................................................................................................  16  
REFERENCES  ........................................................................................................................................  19  
 
 

  1  
 Military-Run Industry and Telecommunication Group
(Viettel)

I.   RAISING CAPITAL OF FIRMS

1.   Debt Capital
a, Debt Capital
Debt capital is also referred to as debt financing. Funding by means of debt capital
happens when a company borrows money and agrees to pay it back to the lender at a
later date. The most common types of debt capital companies use are loans and bonds,
which larger companies use to fuel their expansion plans or to fund new projects.
Smaller businesses may even use credit cards to raise their own capital.1
A company looking to raise capital through debt may need to approach a bank for a
loan, where the bank becomes the lender and the company becomes the debtor. In
exchange for the loan, the bank charges interest, which the company will note, along
with the loan, on its balance sheet.
The other option is to issue corporate bonds. These bonds are sold to investors—also
known as bondholders or lenders—and mature after a certain date. Before reaching
maturity, the company is responsible for issuing interest payments on the bond to
investors.

b, Pros and Cons of Debt Capital

 
 
 
 
 
 
 
 

  2  
 ADVANTAGES OF DEBT DISADVANTAGES OF DEBT
RAISING RAISING

●   Debt financing allows you to

maintain complete control of
your business - you are the
sole decision-maker
●   The interest you pay on debt
raising is tax-deductible
●   Debt financing is easier to
acquire over equity financing
●   It is a great funding option
for all businesses, big and
small
●   Once your debt is paid, your
liability is over
●   If you can’t pay back the loan,
your business assets are at risk as
loan providers often ask for
collateral to back the loan
●   Depending on the terms of your
loan, you may struggle to grow
your businesses while making
repayments
●   You will be in debt for a period
of time and are personally
responsible for paying back the
loan

c, Types of debt financing

●   Term loans
Term loans are what most people would naturally think of when discussing business
loans. They work on the basis of the traditional loan structure - that being, a business
borrowing money (a certain amount for a particular purpose) and proceeding to pay
this debt back over a fixed period of time at a fixed interest payment rate.

  3  
 ●   Line of credit
A line of credit is possibly the most flexible type of debt raising method. This kind of
loan gives a business capital, which they can draw upon in order to meet their business
needs. Once a line of credit is put in place, you may draw on your line of credit as you
would with personal credit cards.

●   Merchant cash advance

A merchant cash advance involves a lump sum payment from a lender in exchange for
a percentage of the businesses sales. This type of debt financing means that the
borrower will agree to pay back the cash advance, plus an additional fee by letting the
lender automatically deduct an agreed percentage of daily sales.
●   Bank loans or personal loans

●   Family or friend loans

●   Government-backed loans

●   Invoice financing

●   Equipment financing

●   Bonds

d, Example of Debt Capital

Assume a company takes out a $100,000 business loan from a bank that carries a 6%
annual interest rate. If the loan is repaid one year later, the total amount repaid is
$100,000 x 1.06, or $106,000. Of course, most loans are not repaid so quickly, so the
actual amount of compounded interest on such a large loan can add up quickly.

2.   Equity Capital
a, Equity Capital
Equity capital is generated through the sale of shares of company stock rather than
through borrowing. If taking on more debt is not financially viable, a company can
raise capital by selling additional shares. These can be either common shares or
preferred shares.

  4  
Common stock gives shareholders voting rights but doesn't really give them much
else in terms of importance. They are at the bottom of the ladder, meaning their
ownership isn't prioritized as other shareholders are. If the company goes under or
liquidates, other creditors and shareholders are paid first.
Preferred shares are unique in that payment of a specified dividend is guaranteed
before any such payments are made on common shares. In exchange, preferred
shareholders have limited ownership rights and have no voting rights.1
b, Pros and Cons
The primary benefit of raising equity capital is that, unlike debt capital, the
company is not required to repay shareholder investment. Instead, the cost of
equity capital refers to the amount of return on investment shareholders expect
based on the performance of the larger market. These returns come from the
payment of dividends and stock valuation.
The disadvantage to equity capital is that each shareholder owns a small piece of
the company, so ownership becomes diluted. Business owners are also beholden to
their shareholders and must ensure the company remains profitable to maintain an
elevated stock valuation while continuing to pay any expected dividends.
Because preferred shareholders have a higher claim on company assets, the risk to
preferred shareholders is lower than to common shareholders, who occupy the
bottom of the payment food chain. Therefore, the cost of capital for the sale of
preferred shares is lower than for the sale of common shares. In comparison, both
types of equity capital are typically more costly than debt capital, since lenders are
always guaranteed payment by law.
c, Types of equity financing

●   Placements

The most common form of equity capital raising that Fresh participates in is a
placement. A placement is a method for listed companies to raise equity capital
through creating new shares and offering these on the market to select investors.
●   Entitlement Offers

  5  
An equity capital raise conducted by a company, wherein existing shareholders are
offered the opportunity to purchase an additional parcel of shares, based on a pro-rata
entitlement of their holding.

●   Share Purchase Plans

d, Example
As mentioned above, some companies choose not to borrow more money to raise
their capital. Perhaps they're already leveraged and just can't take on any more
debt. They may turn to the market to raise some cash.

II. Military-Run Industry and Telecommunication Group (VIETTEL)

Introduction

Type of business: single-member limited liability company.

Viettel Group is currently the largest telecommunications group in Vietnam with 76

million customers. The group consists of more than 20 subsidiary companies running
different types of business including telecom, investment, real estates, foreign trade and
technical services.

1.   Industry
-   Network Security : establish a national information security shield
Viettel's mission is to lead Information Security for information technology
systems, supporting banking, finance, businesses, private enterprises as well as
national infrastructure.
-   Production Research: Viettel focuses evenly on all categories including
military, civil and telecommunications to become the core of Vietnam's high-
tech defense industrial complex. Owning the core technology, Viettel is ready
to compete with international corporations while keeping the leading position
in the field of “Make in Vietnam” product research and development.
-   Digital Solutions: is a pioneer in developing open platforms for individuals
and organizations to research, develop and diversify to create a digital society.

  6  
 +   E-Governance
+   Healthtech
+   Edu-tech
+   E-transportation
+   Viettel Post Delivery Services
-   Digital Infrastructure: Having the largest digital infrastructure in Vietnam,
Viettel is rooted in digital infrastructure investment at a high standard.
+   Telecommunications
+   Cloud Computing
+   Data Center
-   Digital Content: Viettel is a pioneer in the field of digital entertainment with
high-quality digital content; being a multi-platform communication ecosystem,
integrating multiple entertainment features in cyberspace, meeting the needs of
all customers.
+   International Service
+   Online news
+   Games
+   Content Production
-   Digital Finance: is the core of the digital economy. Viettel has built a
comprehensive digital finance ecosystem on the resonance of
telecommunications infrastructure and sustainable technology.
+   Digital Payment Services
+   Deposit Services
+   Credit Services

2.   Capital

Viettel is a defense enterprise whose 100% of charter capital is held by the

Government, established by the Prime Minister, directly managed by the Ministry of
National Defense; operates in accordance with the Law on Enterprise, relevant laws,
regulations of the Ministry of National Defense and this Charter.

Viettel has its own capital and assets, is responsible for its debts and other liabilities
with all of its assets.
The President of Viettel shall directly exercise the rights and responsibilities of the
representative of state ownership at Viettel in accordance with regulations of law.
-   Charter Capital is the capital contributed or undertaken to be contributed by the
member/owner within a statutory period (159.231 billions VNĐ)

  7  
 -   Owner’s Equity is essentially the owner’s rights to the assets of the business
(166.115 billions VND)
-   Share premium is increased to 1.002 billions VND
-   Payables: 86.773 billions VND
3.   Products
-   Payment Service: Cash collection and payment service; Public Sector
Payment, QR Code Merchant Payments; Viettel Money; Mobile Money;
Payment Gateway Services; Insurance; Savings; Loans on ViettelMoney
-   Military Products: Radar; Unmanned Aerial Vehicle; Viettel researches and
develops command automation systems; Viettel researches and develops
simulation systems; Electronic warfare; Optical electronic products
-   Civil Products: Simulation Modeling; Telecommunication Network
Infrastructure; Hi-tech Ecosystem
-   Digital Solution: National Database on Population; Smart Operation Center;
Hospital Management System; Viettel Study; SMS Edu; School Management
System; E Ticket; Smart Motor; Viettel Post Delivery Service, Mygo
-   Construction: Integrated solution; Design and Construction consultancy ;
Investment in rental infrastructure ; Technical Services ; Information
technology; Operation of mining
-   Digital Infrastructure services: Viettel start clouds; Viettel Cloud server;
Viettel Private Cloud; Telecommunication Infrastructure; Tradition Products
and voice services
-   Digital Infrastructure products: 2G-5G stations; Transmission lines
-   Digital Content: TV 360; Mocha Super app: Keeng: Myclip; Website Tiin.vn,
Netnews.vn; X-games
-   Network Security Service: network information security monitoring services;
malware review and removal services; ìnformation testing security and
assessment services

4.   Market share

Currently, Viettel is the leading enterprise in the field of communication in Vietnam,

accounting for about 44% of the market share.

In the international market, Viettel has developed extremely strongly outside the S-
border like Cambodia, even in the black continent and Latin America: September 7,

  8  
2011 Natcom opened a digital telecommunications network in Haiti . In Mozambique,
Viettel's Movitel was dubbed the miracle of Africa when it created the mobile revolution
and won 6 international awards.

Specifically, by the end of the third quarter of 2022, the total consolidated revenue of
Military Industry and Telecommunications Group (Viettel) reached VND 121,000
billion, completing 102.2% of the 9-month plan, growing 8.8 %; profit reached 40,500
billion dong, completing 113% of the 9-month plan, up 29.5%. Enterprises contributed
VND 30,500 billion to the state budget, completing 105% of the 9-month plan, up
37.2%.

Viettel continues to hold the No. 1 position in terms of mobile subscriber market share
(54.5%), actively shifting 2G and 3G subscribers to 4G, raising the ratio of 4G
subscribers to the total number of subscribers accounting for nearly 72% in the world.
the total number of subscribers of the network.

The logistics and e-commerce fields of Viettel in the past 9 months also grew strongly
compared to the same period in 2021 (18.5%). For foreign markets, Viettel holds the
No. 1 position in terms of market share in 5 markets including Unitel, Telemor,
Lumitel, Metfone and Mytel.

Viettel outdistance VNPT and MobiFone in both revenue and profit. Accordingly,
Viettel's revenue by the end of the third quarter of 2022 was 1.9 times higher than
that of VNPT and MobiFone, and profit was 5.3 times higher than that of VNPT and
MobiFone combined.

5.   Competitors

- The field of mobile subscribers and the Internet:

In the field of mobile subscribers, there are two major carriers, Viettel, and
VinaPhone, both of which recorded a much higher number of subscribers moving in
than the number of subscribers moving out with the same subscription rate. successful
bag transfer was 88.7% and 91.2%, respectively. Specifically, Viettel has recorded a

  9  
profit of more than 540 thousand subscribers when the number of subscribers
successfully transferred to more than 1.1 million subscribers and only about 630
subscribers left. Meanwhile, Vinaphone only made a profit of about 177 thousand
subscribers and Mobifone lost about 42 thousand subscribers.

It can be seen that Viettel has gradually gained the trust and preference of the majority
of consumers when becoming the network operator with the largest number of
subscribers. consumers because carriers are inherently looking for ways to retain
customers, especially VIP customers.

Compared to the competitiveness of attracting customers of the 3 "big"

telecommunications industry, VinaPhone always launches many promotional
packages, while Viettel is popular because of its high coverage and 3G/4G quality.
Topping the list, even in high mountain areas, consumers can still easily catch the
signal from the network operator.

Recently, Viettel is known as the first operator to officially announce the 5G trial
business in Hanoi with the largest number of broadcasting stations in the capital ever.
Only MobiFone has difficulty in expanding investment and personnel, so it is weaker
than the other two carriers.

According to the research results of the Ministry of Information and Communications

on the quality of mobile services in 2020, Viettel's mobile service is rated the highest,
exceeding the standards of all 6 technical criteria. In particular, the availability of the
radio network is almost absolute (99.99%), call success rate (99.91%) and voice
quality (99.55%). Meanwhile, Viettel's dropped call rate is only 0.27%, 2-7 times
higher than other carriers.

In connecting to fiber optic Internet, Viettel's main competitors are FPT and VNPT.
All three are active in the race in terms of speed, price, bandwidth… to attract customers
and increase market share.
In terms of line speed - the top factor to choose a service provider, all 3 carriers give
users a relatively smooth experience, less jerky, lag and absolute security. In

  10  
particular, Viettel has the upper hand thanks to possessing the largest connection
infrastructure in the country with nearly 350,000km of fiber optic cable and leading in
technical quality.

Compared to Viettel, FPT has a stronger advantage in maintaining domestic

transmission speed, support services, customer care, and services associated with FPT
television.
Meanwhile, Viettel has more advantages in international bandwidths, more affordable
rates and more reliable transmission speeds in rural and mountainous areas.

- Logistics and e-commerce fields:

In the field of logistics, Viettel also sets high determination with the goal of
becoming the No. 1 logistics company in Vietnam based on high technology by 2025.
As part of Viettel group, Viettel Post has a great advantage when possessing abundant
resources, a wide network throughout Vietnam with more than 2,200 post offices and
stores; 6,000 collection agents; more than 4,000 routes to each family.

Viettel Post currently owns a logistics center, 6 exploitation centers, 1,000 satellite
warehouses in provinces and cities, which are regularly invested and upgraded. Not
only in the country, but in foreign markets, Viettel Post has also strengthened its
network with 2 member companies: MyGo Cambodia and MyGo Myanmar. The core
workforce at the enterprise has more than 22,000 employees, of which the university
degree or higher accounts for 52%.

In the field of logistics, one of Viettel's competitors is Vietnam Post - the leading
company in the express delivery market share in Vietnam. The advantage of Vietnam
Post is its nationwide service system with more than 13,000 points including post
offices, post offices, kiosks and public mailboxes. The highest growth service of
Vietnam Post is undoubtedly logistics. This business delivered 87.3 million recorded
copies of citizen ID cards and 50 million identity cards were delivered securely and

  11  
accurately. This unit has also successfully supported the consumption of 4,000 tons of
lychee and other agricultural products.

In addition, Viettel Post also has other competitors that are also actively trying to
capture market share thanks to targeting young customers and combining with e-
commerce platforms such as: Economical delivery, Delivery. express or J&T Express.

The field of electronic payment is one of the fields that have taken the throne,
ViettelPay is also one of the products that have developed rapidly in that context.

According to the report "Mobile apps 2021" published by Appota, ViettelPay has
increased by 61% in downloads compared to 2019, while two other competitors,
Momo and ZaloPay, have grown by 50% respectively. and 40%. A Q&Me survey
published at the end of 2020 also shows that about 88% of the e-wallet market share in
Vietnam belongs to 4 names: Momo, ViettelPay, AirPay (now ShopeePay) and
ZaloPay.

Unlike other e-wallets, ViettelPay has mainly focused on rural customers since its
establishment. This is a strategic market where digital banking services are not yet
present. To explore this market, Viettel has designed products that can be used with
basic phones in many telecommunications networks (without Viettel sim) and without
an Internet connection. People who do not have smartphones can fully use digital
banking services.
The big advantage of ViettelPay compared to other e-wallets is the
telecommunications ecosystem that allows money transfer via phone number.
According to statistics from YouNet Media's SocialHeat platform in September 2021,
"Convenience" and "Linked Services" are two factors that have received positive user
feedback about ViettelPay.
Specifically, such as "convenient payment for season ", "many credit card recharge
vouchers, electricity and water payment". However, ViettelPay is still receiving some

  12  
negative feedback about the "user experience" such as "The money transfer to the
bank takes a long time" or "The process is complicated".

I.   METHODS OF RAISING CAPITAL OF VIETTEL

Capital, assets and funds of VIETTEL are specified in Article 65 of Decree
101/2014/ND-CP on the Charter of organization and operation of the Military
Telecommunications Group:
VIETTEL's capital includes capital invested by the Vietnamese government in
VIETTEL, capital raised by VIETTEL and other types of capital according to the
provisions of law.

Viettel has strong financial resources (equity of about VND 50,000 billion), operates
mainly on self-financed capital and has little need to borrow from banks.

1.   Government capital
Government capital invested in VIETTEL includes: Capital directly allocated from the
state budget to VIETTEL; reinvesting capital; government capital received from other
places and transferred under the decision of a competent authority; Derelict assets,
redundant assets upon inventory are recorded as an increase in state capital at
VIETTEL; the value of land use rights and other amounts shall be included in the state
capital according to the provisions of law.

VIETTEL is a unit that directly receives government budget capital to invest in projects
invested by VIETTEL. VIETTEL has the right to invest and adjust the investment
capital in dependent accounting units, subsidiaries and affiliates based on business
needs and efficiency according to the provisions of law.

2.   Stocks
Capital raised by Viettel on the stock market: Viettel Global (VGI), Viettel

  13  
Post(VTP), Viettel Construction (CTR) và Design consultancy Viettel (VTK).
VGI: Viettel Group accounted for 99.03%. Viettel Global's main goal is to invest in
telecommunications projects; expanding the scope of activities in foreign markets and
at the same time expanding the market size in preparation for research activities….
4th quarter
1st quarter 2022 2nd quarter 2022 3rd quarter 2022
2021
01/01-31/03 01/04-30/06 01/07-30/09
01/10-31/12

Total assets 52,414,109 52,101,315 52,622,285 54,702,147

Liabilities 24,352,881 22,138,135 21,833,016 22,649,150

Short-term 15,411,008 15,094,015 4,521,569 6,931,683

debt

Owners' equity 28,061,228 29,963,180 30,789,269 32,052,997

VTP: Viettel Group accounted for 60.81%. Since listing on UPCom, VTP has always
been one of the "hot" stock names on the stock exchange because of its specific
business lines. At the same time, Viettel Post securities benefited from the growth of
e-commerce and high dividend payout ratio over the years.
2nd quater 3rd quater
4th quater 2021 1st quater 2022
2022 2022
01/10-31/12 01/01-31/03
01/04-30/06 01/07-30/09

Total assets 5,442,852 5,721,357 5,664,008 5,172,571

Liabilities 4,115,689 4,303,985 4,160,228 3,616,950

Short- term debts 4,115,022 4,303,318 4,159,461 3,610,256

Owners' equity 1,327,163 1,417,372 1,503,780 1,555,621

  14  
CTR: Viettel Construction Company (Viettel Construction) is a member of the Military
Industry and Telecommunications Group.

4th quater 1st quater 2nd quater 3rd quater

2021 2022 2022 2022

01/10-31/12 01/01-31/03 01/04-30/06 01/07-30/09

Total assets 3,977,677 3,961,764 4,281,298 5,156,320

Liabilities 2,664,852 2,558,388 2,927,672 3,658,072

Short- term debts 2,501,546 2,388,592 2,727,262 3,416,172

Owners' equity 1,312,825 1,403,376 1,353,626 1,498,247

VTK: Viettel Design Consulting Joint Stock Company (stock code VTK) is a
subsidiary of Viettel Group, operating in the field of consulting, designing and
testing telecommunications infrastructure works.

2018 2019 2020 2021

01/01-31/12 01/01-31/12 01/01-31/12 01/01-31/12

Total assets 120,318 135,058 158,749 158,928

Liabilities 26,090 33,741 50,835 45,009

Short- term debts 26,090 33,741 50,835 45,009

Owners' equity 94,227 101,317 107,914 113,919

  15  
 I.   EVALUATE CAPITAL FLUCTUATIONS AND CAPITAL
MOBILIZATION METHODS OF VIETTEL.
(Assessment of capital fluctuations in 2020)

a. Liabilities
Liabilities increased by 1241 billion VND compared to the beginning of the year,
of which short-term debt increased by 1224 billion VND, long-term debt increased by
193 billion VND.
Short-term debt increased mainly due to short-term payables to sellers, short-term
prepayments from buyers and short-term payables, specifically
Short-term payables to sellers increased by VND 451 billion
Short-term prepayments increased by 266 billion VND
Short-term payables increased by 397 billion VND
Long-term debt increased by 17 billion VND from long-term loans.
b. Equity
Equity decreased by VND 194 billion compared to the beginning of the year,
equivalent to a decrease of 8%

  16  
(Assessment of capital fluctuations in 2021)

a. Liabilities
Liabilities decreased by 167 billion VND compared to the beginning of the year,
of which short-term debt decreased by 312 billion VND, long-term debt increased by
147 billion VND. The proportion of short-term debt only accounted for 94% instead
of 99% compared to the beginning of the year, while the proportion of long-term debt
increased to 6% respectively. (The proportion of short-term debt declined to 6%, long-
term debt increased to 6%).
The decrease in short-term debt mainly comes from short-term payables to sellers and
other short-term payables
Short-term payables to sellers reduced by VND 298 billion
Short-term payables reduced by 115 billion VND
Long-term debt increased by VND 146 billion mainly from long-term loans. The
long-term payables account for a negligible proportion of this total loan
b. Equity
Owner's equity increased by VND 251 billion compared to the beginning of the year,
equivalent to an increase of 6%

  17  
(Assessment of capital fluctuations in 2022)

a. Liabilities
Liabilities increased by 1,000 billion VND compared to the beginning of the year,
of which short-term debt increased by 927 billion VND, long-term debt increased by
73 billion VND. The proportion of short-term debt and long-term debt remained at
93% and 7% as at the beginning of the year.
=> The enterprise's debt structure has remained stable for nearly 1 year.
The increase in short-term debt mainly comes from the increase in payables to sellers,
prepayments from buyers, payables to employees, loans and financial lease debts,
specifically:
Short-term payables to sellers increased by 129.9 billion VND
Short-term prepayments increased by VND 88.9 billion
Payables to employees increased by VND 363,478 Billion
Borrowing and short-term finance lease debt increased by 317.7 billion VND
Long-term debt increased by VND 78.6 billion mainly from long-term loans. The
long-term payables account for a negligible proportion of this total loan
b. Equity
Owner's equity decreased by VND 186 billion compared to the beginning of the year,
equivalent to a decrease of 4% (from 33% to 29%).

Bảng cân đối kế toán hợp nhất VIETTEL Construction.xlsx 2020,2021,2022

  18  
 REFERENCES
1.   Investopedia (2022). Top 2 Ways Corporations Raise Capital. Retrieved 10 November
2022, from https://www.investopedia.com/ask/answers/032515/what-are-different-ways-
corporations-can-raise-capital.asp
2.   Freshequity (2021). Types of equity capital raises. Retrieved 10 November 2022, from
https://www.freshequities.com/resource-centre/types-of-equity-capital-raises
3.   Ansadara. Debt financing All the important things you need to know about debt
raising. Retrieved 10 November 2022, from https://www.ansarada.com/capital-raise/debt-
financing
4.   VNEconomy (2022). 9 tháng đầu năm: Lợi nhuận Viettel gấp hơn 5 lần VNPT và
MobiFone cộng lại. Retrieved 10 November 2022, from https://vneconomy.vn/9-thang-dau-
nam-loi-nhuan-viettel-gap-hon-5-lan-vnpt-va-mobifone-cong-lai.htm
5.   Marketing AI (2022). Mô hình 5 áp lực cạnh tranh của Viettel: Người thành công
luôn có lối đi riêng. Retrieved 10 November 2022, from https://marketingai.vn/mo-hinh-
5-ap-luc-canh-tranh-cua-viettel/
6.   Viettel. About Viettel. Retrieved 10 November 2022, from
https://viettel.com.vn/en/about-viettel/#mode-in-web
7.   Viettel Military Products. MILITARY PRODUCTS. Retrieved 10 November 2022, from
http://viettelrd.com.vn/en/military-products
8.   Viettel Construction. Home. Retrieved 10 November 2022, from
https://viettelconstruction.com.vn/eng/
9.   Viettel Telecom. Trang chủ Dịch vụ di động. Retrieved 10 November 2022, from
https://vietteltelecom.vn/di-dong
10.  Vietstock. CTCP Tư Vấn Và Dịch Vụ Viettel. Retrieved 10 November 2022, from
https://finance.vietstock.vn/VTK-ctcp-tu-van-va-dich-vu-viettel.htm
11.  Vietstock. Tổng Công ty cổ phần Bưu chính Viettel. Retrieved 10 November 2022, from
https://finance.vietstock.vn/VTP-tong-cong-ty-co-phan-buu-chinh-viettel.htm
12.  Vietstock.Tổng Công ty cổ phần Công trình Viettel. Retrieved 10 November 2022, from
https://finance.vietstock.vn/CTR-tong-cong-ty-co-phan-cong-trinh-viettel.htm
13.   Vietstock.Tổng Công ty cổ phần Đầu tư Quốc tế Viettel. Retrieved 10 November 2022,
from https://finance.vietstock.vn/VGI-tong-cong-ty-co-phan-dau-tu-quoc-te-viettel.htm

  19  
 14.  Viettel Construction (2020) Financial Statements. Retrieved 10 November 2022, from
https://viettelconstruction.com.vn/category/bao-cao-tai-chinh/

  20