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The Vietnamese telecom market generated $4.8bn in service revenue in 2009. It is a fast-growing market that experienced 20% year-on-year revenue growth in US dollar terms in 2009. Major drivers behind this growth were increased mobile adoption driven by rising levels of competition and mobile data, which is about to get another boost from 3G services. While Vietnam’s mobile subscription penetration rate was 120%, we believe that the actual user penetration will stand at slightly under 60% at year-end 2009, meaning there is still an opportunity for organic growth of 20% or more. While mobile operators are busy constructing 3G networks, fixed operators are also expanding their networks to accommodate the growing demand for broadband Internet services. Incumbent VNPT, for example, is earmarking $1bn to expand and upgrade its network. As such, we expect Vietnam’s fixed broadband penetration to more than triple to 14% by year-end 2014, up from just 4% in 2009.
Executive Summary
Market and Competitor Overview
Vietnam in a Regional Context
Economic, Demographic and Political Context
Regulatory Environment
Demand Profile
Service Evolution
Competitive Landscape
Major Market Players
Segment Analysis
Mobile Services
Pay-TV
Identifying Opportunities
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Author: Tae-Hyung Kim
Publication Date: December 2009
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