(ChannelNewsAsia)— Vietnam’s military-run telecommunication company Viettel Group and its partners will launch the first 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 (May 28).
The Mytel network, jointly developed by Viettel, Myanmar National Holding Public Ltd and Star High Public Co Ltd, aims to have at least 2 to 3 million subscribers by year-end, the government said in a statement.
Mytel, which is worth US$1.5 billion, will be the first 4G mobile phone network and the fourth telecom operator in Myanmar, the government said.
“With a low mobile phone penetration and a newly opened and fast-growing economy, Myanmar offers great opportunities for telecommunication companies,” Viettel Deputy General Director Le Dang Dung was cited 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 per cent to 7.5 per cent over the medium term, from lower-than-expected growth of 5.9 per cent last year, supported by foreign direct investment and improvement in public investment, according to the International Monetary Fund.