Vietnam Telecommunications Report Q4 2017
Vietnam's government finally licensed 4G services in Q416 and the first services were launched within weeks. VNPT-VinaPhone and Viettel began rolling out their services in Q217, with services priced lower than 3G offerings. This suggests they are keen not to repeat mistakes made with the older technology, where uptake was initially muted due to high pricing, and that their profitability will be under threat. The 'equitisation' of MobiFone has attracted international interest, but investors will be aware that the prospects for meaningful returns on investment are poor and only the least risk-averse will commit to this, one of Asia's least appealing markets.
Latest Updates And Industry Developments
We forecast 148.1mn mobile subscribers by end-2021, for a 151.1% penetration rate. Out of this number, 84.5mn will be 3G/4G connections. However, the figure is distorted by inactive prepaid subscriptions and multiple SIM ownership.
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