HANOI (Reuters) - Vietnam’s military-run telecommunication company Viettel Group and its partners will launch a 4G mobile network in Myanmar next month to cash in on the Southeast Asian country’s fast-growing economy, the Vietnamese government said on Monday.
The Mytel network, jointly developed by Viettel, Myanmar National Holding Public Ltd and Star High Public Co Ltd, aims to have at least 2 million-3 million subscribers by this year-end, the government said in a statement.
Mytel, which is worth $1.5 billion, will be the fourth telecom operator in Myanmar and will be the first 4G mobile phone network with nationwide coverage at the time of launching there, the government said.
“With a newly opened and fast-growing economy, Myanmar offers great opportunities for telecommunication companies,” Viettel Deputy General Director Le Dang Dung was cited as saying in the statement.
Vietnam’s largest mobile carrier by subscription - Viettel - has already invested in 10 countries across Asia, Africa and America, and has 43 million subscribers overseas, as of end-2017.
Myanmar’s economic growth is seen rebounding to 7 percent-7.5 percent over the medium term, from lower-than-expected growth of 5.9 percent last year, supported by foreign direct investment and improvement in public investment, according to the International Monetary Fund.
Reporting by Khanh Vu; Editing by Sherry Jacob-Phillips