Illustrative image (Source: Viettel)

Hanoi (VNA) – Myanmar’s Government has selected Vietnam’s military-run telecommunication group Viettel to take part in a joint venture with two local companies.

The group said the Myanmar National Holdings Public Limited Company and Star High Public Limited Company have been appointed by the authorities to negotiate a partnership deal with Viettel. They will own a 51 percent stake in the joint venture.

Support from veteran Myanmar enterprises will facilitate Viettel in making quicker inroads into the market.

Viettel estimates the new firm will invest 1.5 billion USD in Myanmar to build a nationwide telecoms network, which it expects will be subscribed to by almost 95 percent of the population in the next three years.

It plans to deliver a 3G service first. A 4G service will be provided by year’s end if it is approved by the local Government.

Currently, more than 60 percent of Myanmarese use smart phones. The country records healthy annual GDP growth of over eight percent.

Viettel is now present in 10 countries in Asia, Africa and America with 85 million clients, earning 1.4 billion USD in revenue in 2015. In Tanzania, its brand Halotel attracted 1 million users in only three months of operation.-VNA