Vietnam’s telecom services revenue is projected to grow at a CAGR of 2.6 percent between 2024 and 2029, driven mainly by rising demand in mobile data and fixed broadband, according to GlobalData.
Mobile voice revenue in Vietnam will drop due to bundled free minutes and the shift toward OTT communication platforms. Mobile data revenue in Vietnam will expand strongly at a 9.7 percent CAGR, fueled by growing 4G use, adoption of 5G, and increased demand for premium data services from digital and video streaming.
4G will remain the dominant mobile technology in Vietnam through 2029, though 5G subscriptions will grow rapidly with ongoing operator rollouts and government plans to cover 99 percent of the population by 2030.
In fixed services, fixed voice revenue in Vietnam will see slight growth (0.7 percent CAGR), supported by VoIP, while fixed broadband revenue will rise at 1.8 percent CAGR, driven by expanding fiber adoption. Government initiatives aim to extend fiber to 80 percent of households and all communities by 2025.
Viettel led mobile subscriptions in 2024 and is expected to retain its leadership in Vietnam, supported by its pioneering 5G rollout and launch of the world’s first ORAN-based 5G network. VNPT dominated fixed voice and broadband segments and will maintain its lead through 2029, leveraging its strong FTTH presence and bundled service offerings.
Vietnam’s telecom sector is dominated by a few key operators with significant investments and subscriber bases, a GSMA report indicated earlier.
Viettel Group leads the market with around 56.3 percent share, serving millions of subscribers and over 6 million 5G users, with plans to reach 10 million by the end of 2025. The company is aggressively expanding its 5G network, aiming to install 20,000 new 5G base stations this year, and is owned by the Ministry of Defence.
VNPT holds approximately 21 percent of the market, with its mobile arm VinaPhone having over 3 million active 5G users. VNPT is focusing on 5G expansion in industrial and political hubs and is controlled by the State Capital Investment Corporation under the Ministry of Finance, according to the latest Mordor Intelligence report.
MobiFone accounts for roughly 17.9 percent of the market, and while it collaborates with Viettel and VNPT on initiatives like GSMA Open Gateway to combat online fraud, it is under the Ministry of Public Security.
Vietnamobile has a smaller presence with around 1.75 percent market share, and FPT Telecom, partially owned by the Ministry of Public Security since 2025, contributes to the sector’s cybersecurity and infrastructure growth. Collectively, these operators are driving Vietnam’s telecom expansion through strategic 5G rollouts, broadband development, and service innovation.
Baburajan Kizhakedath