Vietnam Telecoms Industry Report

Description Table of
Contents Companies Mentioned Methodology

FEATURED COMPANIES

CMC
Gmobile
Hutchison Asia Telecom
OCK
Vietnmaobile
Vinaphone
MORE

Vietnam Telecoms Industry Report at a Glance
The Vietnamese telecommunications market is a booming market with huge opportunities for local and foreign investors, amid a competitive environment and a positive economic outlook with an average growth of 8% GDP expected between 2021 and 2026. With already strong mobile phone penetration and emerging fixed broadband take-up in households, future growth is likely to remain solid despite an aging population over the long term.

This publisher forecasts that mobile subscriptions will continue to grow in the 2020-26 period and fixed broadband subscribers will also continue to grow and increase its household penetration over the same period. The ratio of the telecommunications sector revenue to GDP is declining from a peak in 2015, sliding down every year since then.

Mobile revenue is growing faster than mobile subscription numbers leading to ARPU growth as the market transitions from 2G & 3G to 4G mobile data services.

The publisher expects the overall telecoms market to grow through to 2025 after a marked slow down in 2018 and 2019 due to legacy 2G voice & SMS revenue pressure partially offset by mobile data growth.

This report provides analyses of revenue and market forecasts as well as statistics of the Vietnamese telecoms industry including market sizing, 5-year forecasts, market insights, key telecom trends, 5G, digital infrastructure and also features the following:

Overall Telecommunications Market by Major Operators
Telco Operators Profile, Revenue and EBITDA Mix
Mobile Subscribers & Revenue Market Overview and Forecasts
Spectrum Holdings
IoT Market Overview
Broadband Subscribers & Revenue Market Overview and Forecasts
Digital Infrastructure (Fibre, Telecom Towers, Data Centres, Submarine Cables)
elecom Tower Market Analysis and Forecast
Thematics / Opportunities relating to 5G, M&A and e-Commerce
Telco M&A Transaction Database

FEATURED COMPANIES

CMC
Gmobile
Hutchison Asia Telecom
OCK
Vietnmaobile
Vinaphone
MORE

1. Key Statistics

1.1 Vietnam Population
1.2 Vietnam’s Economy
1.3 Vietnam’s GDP

2. COVID-19 Impact

3. Overall Telecommunications Market, 2014–2025

3.1 Market Overview
3.2 Historical Telecommunications Market Revenue, 2014-2020
3.3 Overall Telecommunications Market Forecast, 2019-2026
3.4 Telecommunications Market Capital Expenditure, 2014-2026
3.4.1 Historical Telecommunications Capex Spend, 2014-2020
3.4.2 Capex to Revenue Country Benchmark
3.4.3 Capex to GDP Benchmark
3.4.4 Telecommunications Capex Spend Forecast, 2019-2026

4. Telecommunications Operators Profile

4.1 Viettel Profile
4.1.1 Viettel Revenue and Profit Mix
4.2 VNPT Profile
4.2.1 VNPT Revenue and Profit Mix
4.1 Mobifone Profile
4.1.1 Mobifone Revenue and Profit Mix
4.2 FPT Profile
4.2.1 FPT Revenue and Profit Mix
4.3 CMC Corporation Profile
4.3.1 CMC Corp Revenue and Profit Mix
4.4 Vietnamobile
4.4.1 Vietnamobile
4.5 Other Players Profile

5. Mobile market

5.1 Mobile Subscribers Historical and Forecast, 2014-2026
5.1.1 Mobile Subscribers Historical, 2014-2020
5.1.2 Mobile Subscribers Market Share, 2014-2020
5.1.3 Vietnam Smartphone Share, 2020
5.1.4 Vietnam Mobile Subscribers Forecast, 2019-2026
5.1.5 Vietnam Mobile Subscribers by Generation (2G, 3G, 4G & 5G) Forecast, 2018-2026
5.2 Mobile Revenue Historical and Forecast, 2014-20265.2.1 Historical Vietnam Mobile Service Revenue, 2014-2020
5.2.2 Mobile Service Revenue Forecast, 2019–2026
5.2.3 Mobile Subscribers ARPU, 2014-2020
5.3 Spectrum Holdings
5.3.1 Existing Spectrum Holdings
5.3.2 5G launches and Upcoming 5G Auctions
5.3.3 Mobile Frequencies Portfolios Analysis
5.3.1 Spectrum Depth Benchmark by Country
5.4 Mobile Download Data and Pricing Trends
5.5 Mobile Speed Tests
5.5.1 Ookla Mobile Speed Tests
5.6 Internet of Things (IoT)

6. Broadband Market

6.1 Fixed Broadband Subscribers Historical, 2014-2020
6.2 Fixed Broadband Subscribers Forecast, 2019-2026

7. Fixed Telecommunications Infrastructure Investments

7.1 Fixed Digital Infrastructure
7.2 Submarine Cables

8. Vietnam Telecom Towers Infrastructure Landscape

8.1 Vietnam Mobile Digital Infrastructure
8.1.1 Vietnam Telecom Towers Market Overview
8.1.2 Vietnam Telecom Towers Background
8.2 Vietnam Tower Market Competitive Landscape Comparison
8.2.1 Vietnam Tower Market Competitive Landscape Comparison
8.3 Vietnam Telecom Towers & Rooftops Market Forecast
8.3.1 Vietnam Telecom Towers Forecast, 2020-2025
8.4 OCK Profile
8.4.1 OCK Key Performance Indicators
8.5 Golden Tower Profile
8.5.1 Golden Tower Key Performance Indicators
8.6 Nisco Profile
8.6.1 Nisco Key Performance Indicators
8.7 Telco Digital Infrastructure Comparative

9. Thematics / Opportunities

9.1 Consolidation Opportunities
9.2 Diversification Opportunities
9.2.1 e-Commerce
9.2.2 Digital Payments
9.3 New Telecoms Operating Model
9.3.1 The Attraction of Infrastructure Multiples
9.4 5G Developments
9.4.1 5G Overview
9.4.2 5G – Relative Capex Investments and Frequency Range
9.4.3 5G OpenRAN
9.4.4 Beyond 5G and Towards 6G

10. Telco M&A Transactions Database11. Methodology12. Copyright Notice

List of Figures

Figure 1 – Telco sector revenue as % of GDP in Vietnam
Figure 2 – Revenue Profile Historical Mix (VND bn), 2014 – 2020
Figure 3 – Telecommunications Market Revenue Pool, 2020
Figure 4 – Telecommunications Market Pre-Tax Profits Pool, 2020
Figure 5 – Telecommunications Revenue & EBITDA Share Estimates, 2020
Figure 6 – Total Telecoms Market Revenue and Growth Rate (VND bn), 2019-2026
Figure 7 – Capex to Revenue Benchmark, 2014-2020
Figure 8 – Capex to GDP Ratio Benchmark, 2014-2020
Figure 9 – Telecommunications Capital & Operational Expenditure Spend, 2000-2026
Figure 10 – Viettel Service Revenue Mix, 2014-2020
Figure 11 – Viettel Historical Revenue Mix, 2014 – 2020 (VND bn)
Figure 12 – VNPT Telecommunications Revenue and Profit (VND trn), 2014-2020
Figure 13 – VNPT Historical Revenue Mix (VND bn), 2014 – 2020
Figure 14 – Mobifone Revenue and Profit Margin (VND trn), 2014-2020
Figure 15 – FPT Revenue and Profit Margin (VND bn), 2014-2020
Figure 16 – CMC Revenue and Profit Margin (VND bn), 2014-2020
Figure 17 – Vietnamobile Revenue and Revenue Growth (VND bn), 2014-2020
Figure 18 – Mobile Subscribers Share Comparison, 2014-2020
Figure 19 – Mobile Subscriber Share Comparison, 2014-2020
Figure 20 – Mobile Prepaid & Postpaid Share Comparison, 2014-2020
Figure 21 – Mobile Prepaid/Postpaid Net Adds (000’s) Comparison, 2015-2020
Figure 22 – Mobile Subscribers Forecast, 2014-2026
Figure 23 – Vietnam Mobile Subscribers by Generation (2G, 3G, 4G & 5G) Forecast, 2018-2026
Figure 24 – Mobile Service Revenue Forecast, 2019-2026
Figure 25 – Mobile Subscribers ARPU (VND), 2014-2020
Figure 26 – Subscriptions per MHz of Spectrum, Select Asia-Pacific Countries, 2020
Figure 27 – Mobile Handsets Monthly Download Data, 2017-2020
Figure 28 – Data Pricing Trends in Asia-Pacific (US$ per GB per month), 2017-2020
Figure 29 – Spectrum available for IoT in Vietnam
Figure 30 – Broadband Subscribers Share Comparison, 2014-2020
Figure 31 – Vietnam Net-Adds (000’s) by Operators, 2015-2020
Figure 32 – Vietnam Broadband Services by Access Technology
Figure 33 – Broadband Subscribers Forecast, 2019-2026
Figure 34 – Estimated Tower Market Share, 2020
Figure 35 – Vietnam Telecom Towers Forecast, 2020-2025
Figure 36 – Telecoms Providers EV/EBITDA Ranges
Figure 37 – 5G Network Slices Structure
Figure 38 – Effect of Frequency on Range
Figure 39 – 5G Capacity and Coverage Layers
Figure 40 – Relative Capex Required for 5G Network Infrastructure Investment
Figure 41 – Telecom Infra Project – OpenRAN Vision

List of Tables

Table 1 – Vietnam – Key Statistics
Table 2 – Telecommunications Market Revenue by Operators
Table 3 – Total Telecommunications Market Revenue, 2019-2026
Table 4 – Historical Telecommunications Capex Spend, 2014-2020
Table 5 – Historical Viettel Revenue, Pre-Tax Profit & Capex, 2014-2020
Table 6 – Historical VNPT Revenue and EBITDA Mix, 2014-2020
Table 7 – Historical Mobifone Revenue and Profit Mix, 2014-2020
Table 8 – Historical FPT Revenue, Pre-Tax Profit & Capex, 2014-2020
Table 9 – Historical CMC Corp Revenue, Pre-Tax-Profit, 2014-2020
Table 10 – Historical Vietnamobile Revenue, 2014-2019
Table 11 – Historical Mobile Subscribers, 2014-2020
Table 12 – Vietnam Mobile Subscribers Forecast, 2019-2026
Table 13 – Vietnam Mobile Subscribers by Generation (2G, 3G, 4G & 5G) Forecast, 2019-2026
Table 14 – Historical Mobile Service Revenue, 2014-2020
Table 15 – Historical Mobile Market Blended Mobile ARPU, 2014-2020
Table 16 – Mobile Frequencies by Operators and by Band (Mhz)
Table 17 – Historical Broadband Subscribers, 2014-2020
Table 18 – Historical Broadband Monthly ARPU, 2014-2020
Table 19 – Vietnam Broadband Subscribers Forecast, 2019-2026
Table 20 – International Submarine Cable Systems with Landing Stations in Vietnam
Table 21 – Vietnam Telecom Towers Market Analysis, 2020
Table 22 – Vietnam Tenant Indicative Tower Leasing Annual Fees
Table 23 – Vietnam Tower Market Competitive Landscape Comparison
Table 24 – Vietnam Telecom Towers, Mobile Subscribers, Penetration & ARPU Forecast, 2020-2025
Table 25 – OCK Key Performance Indicators, 2020
Table 26 – Golden Tower Key Performance Indicators, 2020
Table 27 – Nisco Key Performance Indicators, 2020
Table 28 – Viettel, VNPT, Mobifone, FPT, CMC Telco Digital Infrastructure Landscape
Table 29 – Technology Specifications (ADSL, FTTN, Fibre, 4G/LTE, 4G/LTE-A and 5G)
Table 30 – Telco Transaction Database, 2015-2020

CMC
FPT
Gmobile
Hanoi Telecom
Hutchison Asia Telecom
Mobifone
OCK
Saigon Post
Viettel
Vietnmaobile
Vinaphone
VNPT

The publisher uses primary and secondary research as well as proprietary information sources to generate market analysis and forecasts for fixed and mobile services in terms of both subscribers and revenue. Interviews are conducted with key service providers in the region to determine current and potential market sizing as well as future service offerings. Information gathered through interviews is further cross-checked to validate the total market size.

The primary research is supplemented with a range of secondary source material, including related research, press releases, securities filings, media, Web-based materials, and trade publications.

Industry and population statistics are also leveraged for reference and to ensure consistency in the data collection. Extensive service provider primary and secondary research, together with the publisher's end-user research database, provides a strong basis for sizing and forecasting the market. The multiple reference points allow for validation of information provided by the service providers compared with that gathered from alternative sources.

Note: Forecasts are made in local currency, and no allowance is made for inflation. All numbers in this document may not be exact due to rounding.

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