The military-run Viettel Global Investment Joint Stock Company is to add 300 million USD to its charter capital in preparation for its investment abroad, Dau tu (Investment) newspaper has reported.

The plan, with a focus on the African market in the 2013-2018 period, was passed during the company’s recent stakeholder congress.

Hoang Anh Xuan, Chairman of Viettel Global’s board of directors, said the company’s goal is to reach 300 million people by the end of 2014, nearly six times the current 56 million-strong market.

Under the plan, Viettel Global will extend its investment to 10-15 countries, with an aim to raise the number of subscribers by 50-70 million per year, increasing revenue by 30-50 percent and profit by 50 percent per annum.

To obtain the 300 million USD in additional capital it needs, the company is likely to issue nearly 613 million common shares at a price of 10,000 VND each in the third quarter of this year.

Viettel Global’s international investment strategy has proved successful. It raked in 1.13 billion USD in accumulated revenue and nearly 2 trillion VND (95 million USD) in profit by the end of 2012.

Nguyen Duy Tho, Viettel Global’s General Director, said despite a contraction in the global telecommunication market’s growth rate in 2012, his company generated a total profit of over 77 million USD, a 500 percent increase over 2011.

After only six months operating in Mozambique, it gained an after-tax profit of more than 2.3 million USD, he said, adding that good results have also been seen in Cambodia, Laos, Haiti and Timor Leste.

After six years Viettel Global has established footholds in Asian, American and African markets. It plans to conquer the markets of Kenya, Ethiopia, Tanzania and Myanmar.

Leaders of Viettel, the parent company of Viettel Global, told Dau tu that the group aims to reach 400-500 million people by 2015. An increase in capital is the first step in realising its plan.-VNA