Vietnam Posts and Telecommunications Group (VNPT) holds nearly 61,000 billion VND in cash and cash equivalents, depositing it in the bank and earning 3,739 billion VND in interest in 2023. This amounts to around 10.2 billion VND per day. According to VNPT’s audited 2023 financial statements, they currently have 2,660 billion VND in cash and 58,339 billion VND in financial investments.
These funds are deposited in the bank for a term of two months to one year, generating interest income. In 2023, VNPT earned 3,739 billion VND in profit from banks, representing a 41.3% increase over the previous year. Despite this increase in bank interest income, VNPT’s main business activities experienced a decline, leading to a decrease in profits for the year.
Net revenue reached 51,156 billion VND, a decrease of nearly 1.4% compared to the previous year. After deducting costs and related expenses, pre-tax profit amounted to 4,660 billion VND, down 33% compared to 2022. The decline in profits was attributed to a sharp decrease in gross profit margin and other profits, as well as negative profit from affiliated companies.
In the following year, VNPT aims to achieve total consolidated revenue of 59,089 billion VND, the highest in the group’s history. The parent company alone is expected to generate 41,973 billion VND, with pre-tax and after-tax profit targets set at 4,417 billion VND and 3,534 billion VND, respectively. The enterprise has also earmarked a budget contribution of 3,888 billion VND and a maximum investment capital plan of 9,650 billion VND.
Furthermore, VNPT won the auction for the C2 band block (3,700-3,800 MHz) for 2,581 billion VND. This band block is expected to offer various network equipment options and reduce the cost of deploying 5G networks in the future.