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ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN ĐỨC ANH IMPROVING COMPETITIVENESS THROUGH FINANCIAL SOLUTIONS: A STUDY OF VIETNAM POSTS AND TELECOMMUNICATIONS (VNPT) GIẢI PHÁP TÀI CHÍNH NHẰM NÂNG CAO KHẢ NĂNG CẠNH TRANH: NGHIÊN CỨU TẠI TẬP ĐỒN BƯU CHÍNH VIỄN THƠNG VIỆT NAM (VNPT) LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2020 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN ĐỨC ANH IMPROVING COMPETITIVENESS THROUGH FINANCIAL SOLUTIONS: A STUDY OF VIETNAM POSTS AND TELECOMMUNICATIONS (VNPT) GIẢI PHÁP TÀI CHÍNH NHẰM NÂNG CAO KHẢ NĂNG CẠNH TRANH: NGHIÊN CỨU TẠI TẬP ĐOÀN BƯU CHÍNH VIỄN THƠNG VIỆT NAM (VNPT) Chun ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS HỒNG ĐÌNH PHI HÀ NỘI - 2020 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article The other’s research results and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for abovementioned declaration Date: November 2019 i ACKNOWLEDGEMENT I wish to express my deepest gratitude to my thesis advisor, Assoc Prof Dr Hoang Dinh Phi, dean of Hanoi School of Business and Management at Vietnam National University Without his enthusiastic support, the goal of this project would not have been realized I am gratefully indebted to his very valuable advices on this thesis I would like to give great thanks to all my respected lecturers during my two years of study at HSB It is whole-heartedly appreciated that their great advice proved monumental towards the success of this study I wish to thank all my colleagues and all my friends whose assistance was a milestone in the completion of this project I would like to recognize the invaluable assistance that you all provided during my study Finally, I must express my very profound gratitude to my parents and to my sister for providing me with unfailing support and continuous encouragement throughout my years of study and through the process of researching and writing this thesis This accomplishment would not have been possible without them Thank you Hanoi, November 2019 Duc Anh Nguyen ii TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT ii TABLE OF CONTENTS iii LIST OF ABBREVIATIONS vi LIST OF TABLES viii LIST OF FIGURES ix ABSTRACT 1 Rationale Literature review Research objectives Research scope Research methods Structure of the dissertation CHAPTER BASIC THEORY ON FIRM’S COMPETITIVENESS AND THE ROLE OF FINANCE IN IMPROVING COMPETITIVENESS OF ENTERPRISES 1.1 CORPORATE COMPETITIVENESS 1.1.1 Theories of competitiveness and competitive advantage 1.1.2 Methods of measuring and analyzing competitiveness 12 1.1.3 External factors affecting competitiveness 20 1.2 THE ROLE OF FINANCE IN IMPROVING ENTERPRISES COMPETITIVENESS 22 1.2.1 Taxation 22 1.2.2 State investments on supporting industries 23 1.2.3 Enterprises’ financing policy 23 1.2.4 Enterprises’ investment policy 24 iii 1.2.5 Enterprises’ distribution policy 25 CHAPTER ANALYSIS OF VNPT COMPETITIVENESS AND ITS CONTEMPORARY FINANCIAL SOLUTIONS FOR IMPROVING COMPETITIVENESS DURING 2014 - 2018 26 2.1 BRIEF OVERVIEW OF VNPT 26 2.1.1 History and development of VNPT 26 2.1.2 Characteristics of VNPT activities 26 2.1.3 Business performance of VNPT in comparison with its competitors 28 2.2 THE COMPETITIVENESS OF VNPT DURING 2014 - 2018 37 2.2.1 Evaluation of VNPT’s competitiveness using Pyramid Model 37 2.2.2 Evaluation of VNPT’s competitiveness using 5-Forces model 44 2.3 EVALUATION ON VNPT FINANCIAL SOLUTIONS FOR IMPROVING ITS COMPETITIVENESS DURING 2014 – 2018 50 2.4 EXTENDING THE ANALYSIS 51 CHAPTER 3: PROPOSAL OF FINANCIAL SOLUTIONS FOR IMPROVING COMPETITIVENESS OF VNPT IN VIETNAM .54 3.1 DEVELOPMENT ORIENTATION OF VNPT IN THE NEAR FUTURE 54 3.1.1 Opportunities and challenges to VNPT 54 3.1.2 Development orientation of VNPT 56 3.2 RECOMMENDED FINANCIAL SOLUTIONS FOR IMPROVING COMPETITIVENESS OF VNPT 58 3.2.1 Diversifying sources of capital 58 3.2.2 Improving VNPT’s credit and inventory management 59 3.2.3 Making investment decisions effectively 61 3.2.4 Innovating financial management team 61 3.2.5 Creating a diverse and flexible price policy 62 iv 3.3 OTHER RECOMMENDATIONS 63 CONCLUSION 67 REFERENCES APPENDIX v LIST OF ABBREVIATIONS AAG Asia - America Gateway ABC Antecedent - Behavior - Consequence ADSL Asymmetric Digital Subscriber Line AFTA ASEAN Trade-in Services Agreement ATM Asynchronous Transfer Mode EOQ Economic Order Quantity FTTC Fiber to the Curb FTTH Fiber to the Home GDP Gross Domestic Product 10 ICT Information and Communication Technology 11 IP Internet Protocol 12 ISO The International Organization for Standardization 13 IT Information Technology 14 IXP Internet Exchange Point 15 JIT Just-in-time 16 MRP Materials Requirements Planning 17 NGN The Next Generation Network 18 ODA Official Development Assistance 19 OECD The Organization for Economic Co-operation and Development 20 R&D Research and Development 21 ROA Return on Assets 22 ROE Return on Equity 23 ROS Return on Sales vi 24 SDH Synchronous Digital Hierarchy 25 SWOT Strength - Weakness - Opportunity - Threat 26 VNPT Vietnam Post and Telecommunications 27 VTF Vietnam Public Utility Telecommunications Service Fund 28 WDM Wavelength Division Multiplexing 29 WEF World Economic Forum 30 WTO World Trade Organization 31 xDSL Digital Subscriber Line vii LIST OF TABLES Table 2.1 VNPT financial indicators 2014 - 2018 32 Table 2.2 Comparison in price of the same service provided by VNPT, FPT, Viettel 2019 35 Table 2.3 VNPT’s business result 2014 - 2018 (Unit: Million VND) 39 Table 2.4 VNPT’s Accounting Balance Sheet 2014 - 2018 (Unit: Million VND) 40 Table 2.5 Strengths and weaknesses of VNPT’s competitors in the postal sector 45 Table 2.6 Strengths and weaknesses of VNPT’s competitors in telecommunications sector 47 viii modern telecommunications infrastructure; reducing network exploitation costs Particularly for the postal network, it is necessary to strengthen computerization in order to shorten the time to exploit traditional services Along with network expansion, the regular networks should be reviewed and simplified The company also need to pay attention on cooperation between enterprises, research institutes, universities in technology innovation Research and development activities should be focused and regulated supervised First of all, VNPT should continue improving the regulations and guidelines for synchronous, comprehensive and highly feasible R&D activities to attract, encourage and motivate the research team Secondly, the relationship between “the parent” VNPT and its subsidiaries should be built closely This helps to identify the issues, then apply solutions via research activities in time Thirdly, the company needs to support and encourage the import of advanced technology, decoding, mastering and localizing import technology, exchange new products Fourthly, science and technology potentials can also be developed through training, international cooperation and acknowledgement In corporate governance, to ensure higher stability and efficiency, the determining factor to improve competitiveness is human resources Workers in the organization should be well trained and familiar with and participate in competitive plans and strategies In order to so, the internal information system must be transparent and confidential VNPT should also pay attention to measures to motivate people labor In particular, the company needs to strengthen the team and renew the organization through training activities, strengthen cooperation with prestigious domestic and international training institutions To effectively use human resources, the company needs to focus on building high skills workers at management levels, recruit the right people at the right positions The recruitment should be based on actual business 64 operations and business development strategies Recruitment, training policies in the specific areas in each period and each stage should be set up clearly In addition, planning and creating favorable conditions for researchers and managers to learn and cooperate with partners, approach new technology is important These actions will create a team of professional experts for the company To encourage and motivate employees, the company needs a good salary policy which can improve productivity, quality of work and attract high quality workers This also minimizes labor transferring to others other businesses At the same time, the remuneration and bonus policy should be set up suitable with the ability and contribution of employees Regarding branding, it is very important to design brands clearly and consistently with long-term vision of the enterprise The message should clearly aim to well-defined target markets The brand design should be easy to remember, meaningful, easy to convert, adaptable In addition, to expand to international markets, it is necessary to apply trademark policies in accordance with global trend but still ensure flexibility in certain markets In addition to the effective communication methods, it is necessary to consider the media for different target market segments For example, beside advertising aimed at target customers, good sales promotion will increase the loyalty of existing traditional customers Moreover, the quality of customer support should be focused Through customer service, the company not only increase the loyalty and satisfaction of customers, but also collect information in terms of market demand, market trend VNPT should quickly build a software system and database of customer demand and information about the usage process of customers This will be a good database for market research, providing information for decision and policy making 65 The last but not least is integration Strengthening cooperation with suppliers, partners, domestic and foreign organizations will help VNPT to improve its competitiveness in both domestic and international markets Regarding domestic partners, besides strengthening VNPT competitiveness, it is still necessary to actively cooperate with domestic telecommunication enterprises, especially in sharing infrastructure in areas which are far away or difficult to develop the network This will improve the efficiency of investment and use of infrastructure, and also lower the cost of services Regarding foreign partners, VNPT should cooperate with suppliers of technology and equipment in the international market This action will help the company to access modern technology, gain experience in management and use of technology Besides, the cooperation with other partners in the field of telecommunications, banking, television, the internet will allow VNPT to improve product quality, diversify types of services and create new services such as data transmission, entertainment services with television, mobile banking services, etc., which better meet customer needs It is the foundation for VNPT to join the global and global value chain, reaching to regional and world telecommunications markets 66 CONCLUSION The financial source of the enterprise is one of the direct factors which influence competitiveness of enterprises A highly competitive enterprise with abundant capital, which ensures capital mobilization in necessary situations with low costs, is able to accurately record revenue and expenses in order to make decision of using its capital effectively Without sufficient financial resources, businesses will face many difficulties in using modern technology, limiting the improvement of staff qualifications, limiting the modernization of the management system and finding opportunities to invest in market research For the post and telecommunications industry, the financial capacity of businesses greatly affects business capabilities because investing in the field of technology and telecommunications requires huge costs Determining this, this study focus on improving VNPT’s financial capacity to maintain a stable growth This thesis aims to provide financial solutions for VNPT to make right business strategies in the context of increasingly fierce competition in the market among post and telecommunications companies These financial solutions include diversifying sources of capital, improving VNPT’s credit and inventory management, making investment decisions effectively, innovating financial management team and creating a diverse and flexible price policy Along with financial solutions, it is important that the enterprise pays attention on other issues relating to the corporate competitiveness, such as: technology innovation, research and development activities, human resources, branding, customer support, and integration After studying and researching along with the dedicated guidance of Assoc Prof Dr Hoang Dinh Phi, the author has completed this thesis 67 Despite great efforts, the thesis does not avoid shortcomings The author is looking forward to receiving feedback and support from other researchers 68 REFERENCES [1] Alice Pham (2015), “The Vietnam Telecommunications Sector: Good practices in Regulatory Reform in Relation to Competition Policy & Law Issues”, Toronto, Geneva and Brighton: ILEAP, CUTS International Geneva and CARIS [2] Anca, H.D 2012 Literature review of the evolution of competitiveness concept Annals of the University of Oradea, Economic Science Series 21(1), pp.41-46 [3] Buckley, P.J., Pass, C.L & Prescott, K 1988 Measures of international competitiveness: A critical survey Journal of Marketing Management 4(2): 175-200 [4] Bui Xuan Phong (2005), Mơ hình lựa chọn chiến lược cạnh tranh doanh 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telecommunications industry: a new global paradigm and its limits, Journal of Information Technology (1992) 7, 3-11 https://pdfs.semanticscholar.org/5768/af745caf277e72c0c3fefc99989bab6f0f 8b.pdf [25] Vechi R et al (2015), Telecommunications in Vietnam, Ho Chi Minh City http://www.amchamhanoi.com/wp- content/uploads/2016/07/Telecommunications-in-Vietnam_April-2015HTBN.pdf [26] Vietnam News (2017), Local telecom market saturated, https://vietnamnews.vn/economy/416550/local-telecom-marketsaturated.html#TxGF0EmSbqixpHOV.97 [27] Vietnam News (2018), MNP spells competition for phone firms, https://vietnamnews.vn/economy/480735/mnp-spells-competition-forphone-firms.html#tMpHWPOb3eBxpWt1.97 [28] Vlachvei et al (2017), Factors affecting firm competitiveness and performance in the modern business world Hershey PA: IGI Global 2017 DOI: 10.4018/978-1-5225-0843-4.ch001 [29] Vu Trong Lam (2006), Năng lực cạnh tranh doanh nghiệp điều kiện tồn cầu hóa, NXB Chính trị quốc gia [30] Waheeduzzaman, A.N.M & Ryans Jr, J.K., 1996 Definition, perspectives, and understanding of international competitiveness: a quest for a common ground Competitiveness Review: An International Business Journal 6(2), pp.7-26 [31] Wilson P & Gibbons (2014), From monopoly to competition: How the three rules shaped the telecommunications industry, Deloitte University Press 2014 https://www2.deloitte.com/insights/us/en/industry/telecommunications/three -rules-telecom-firmsexceptional-performance.html APPENDIX Tập đồn Bưu Viễn thơng Việt Nam B01-DN BẢNG CÂN ĐỐI KẾ TOÁN HỢP NHẤT ngày 31 tháng 12 năm 2014 Đơn vị: triệu VND BẢNG CÂN ĐỐI KẾ TOÁN Mã số NGUỒN VỐN 400 B VỐN CHỦ SỞ HỮU 440 2014 2015 2016 2017 2018 64,050,273 62,532,933 63,440,996 64,382,258 66,373,425 86,723,449 88,807,344 89,289,220 95,690,184 97,482,775 TỔNG CỘNG NGUỒN VỐN BÁO CÁO KẾT QUẢ HOẠT ĐỘNG KINH DOANH RIÊNG CHỈ TIÊU 10 51 60 2014 2015 2016 2017 2018 Doanh thu bán hàng cung cấp dịch vụ 59,845,867 48,370,260 50,601,850 52,870,291 51,692,381 15 Chi phí thuế TNDN hành 2,125,636 904,042 834,641 881,196 1,037,610 4,239,627 5,970,409 3,303,134 4,358,765 5,403,601 16 Lợi nhuận sau thuế TNDN Tập đồn Bưu Viễn thơng Việt Nam B01-DN BẢNG CÂN ĐỐI KẾ TOÁN RIÊNG ngày 31 tháng 12 năm 2014 Đơn vị: triệu VND BẢNG CÂN ĐỐI KẾ TOÁN Mã số 100 TÀI SẢN 110 130 I Tiền khoản tương đương tiền II Các khoản đầu tư tài ngắn hạn III Các khoản phải thu ngắn hạn 140 IV Hàng tồn kho 150 V Tài sản ngắn hạn khác 200 B TÀI SẢN DÀI HẠN 210 I Các khoản phải thu dài hạn 220 II Tài sản cố định 250 260 III Các khoản đầu tư tài dài hạn IV Tài sản dài hạn khác 270 TỔNG CỘNG TÀI SẢN Mã số 300 NGUỒN VỐN 310 I Nợ ngắn hạn 330 II Nợ dài hạn 400 B VỐN CHỦ SỞ HỮU 410 I Vốn chủ sở hữu 430 II Nguồn kính phí quỹ khác 440 TỔNG CỘNG NGUỒN VỐN 120 2014 2015 2016 2017 2018 36,185,315 36,780,810 36,569,297 37,989,409 35,874,549 4,270,279 5,213,458 4,464,810 949,242 1,836,865 23,142,000 27,171,300 27,861,000 32,458,000 30,309,020 7,017,304 2,670,280 2,438,254 2,665,897 1,968,969 1,020,919 1,219,893 1,138,671 1,083,011 1,183,206 734,814 505,878 666,563 833,259 576,489 46,363,236 45,782,209 43,387,305 46,409,930 47,294,887 23,693 27,322 3,795 3,749 8,391 43,740,409 36,337,573 35,489,409 36,283,436 39,067,327 2,364,751 5,584,219 5,636,507 5,957,528 6,079,498 234,382 38,747 634,668 639,789 617,091 82,548,551 82,563,019 79,956,603 84,399,339 83,169,436 20,586,191 22,269,723 19,117,400 22,554,886 20,199,914 18,075,230 20,447,917 17,448,574 21,448,878 19,144,010 2,510,961 1,821,806 1,668,826 1,106,008 1,055,904 61,962,359 60,293,297 60,839,202 61,844,453 62,969,522 61,961,688 672 60,292,958 339 60,838,863 61,844,114 62,969,183 339 339 339 79,956,603 84,399,339 83,169,436 TÀI SẢN NGẮN HẠN A NỢ PHẢI TRẢ 82,548,551 82,563,019 BÁO CÁO KẾT QUẢ HOẠT ĐỘNG KINH DOANH RIÊNG CHỈ TIÊU 10 11 20 21 22 24 25 30 40 50 51 60 2014 2015 2016 2018 2017 50,737,337 41,838,354 43,000,780 44,766,529 42,439,099 Giá vốn hàng bán dịch vụ cung cấp (37,618,508) (33,775,629) (37,733,770) (40,740,797) (37,921,567) Lợi nhuận gộp bán hàng cung cấp dịch vụ 13,118,829 5,267,010 4,025,732 4,517,532 2,384,630 2,423,704 2,688,225 Doanh thu bán hàng cung cấp dịch vụ Doanh thu hoạt động tài 8,062,724 3,044,527 5,341,924 Chi phí tài (177,457) (346,321) (104,950) 484,351 (96,471) (5,424,057) (682,620) (62,822) (42,839) (22,739) (6,337,030) (6,309,145) (4,896,638) (3,262,458) (3,228,634) 4,224,813 6,066,562 2,587,231 3,628,490 3,857,913 53,635 256,973 514,119 2,640,867 3,885,463 4,372,032 (517,029) (48,043) (639,227) 2,123,837 3,405,033 3,732,805 Chi phí bán hàng Chi phí quản lý doanh nghiệp 10 Lợi nhuận từ hoạt động kinh doanh 13 Lợi nhuận khác 14 Tổng lợi nhuận trước thuế 15 Chi phí thuế TNDN hành 16 Lợi nhuận sau thuế TNDN 26,636 4,251,449 16,376 6,082,938 (1,042,506) (745,272) 3,208,943 5,337,666 Công ty cổ phần FPT BẢNG CÂN ĐỐI KẾ TOÁN RIÊNG ngày 31 tháng 12 năm 2014 Đơn vị: triệu VND BẢNG CÂN ĐỐI KẾ TOÁN Mã số 100 TÀI SẢN 140 150 V Tài sản ngắn hạn khác 200 B TÀI SẢN DÀI HẠN 210 I Các khoản phải thu dài hạn II Tài sản cố định 120 130 220 260 III Các khoản đầu tư tài dài hạn IV Tài sản dài hạn khác 270 TỔNG CỘNG TÀI SẢN Mã số 300 NGUỒN VỐN 310 I Nợ ngắn hạn 250 2016 2017 2018 36,185,315 36,780,810 36,569,297 37,989,409 35,874,549 4,270,279 5,213,458 4,464,810 949,242 1,836,865 23,142,000 27,171,300 27,861,000 32,458,000 30,309,020 7,017,304 2,670,280 2,438,254 2,665,897 1,968,969 1,020,919 1,219,893 1,138,671 1,083,011 1,183,206 734,814 505,878 666,563 833,259 576,489 46,363,236 45,782,209 43,387,305 46,409,930 47,294,887 23,693 27,322 3,795 3,749 8,391 43,740,409 36,337,573 35,489,409 36,283,436 39,067,327 2,364,751 5,584,219 5,636,507 5,957,528 6,079,498 234,382 38,747 634,668 639,789 617,091 82,548,551 82,563,019 79,956,603 84,399,339 83,169,436 20,586,191 22,269,723 19,117,400 22,554,886 20,199,914 18,075,230 20,447,917 17,448,574 21,448,878 19,144,010 2,510,961 1,821,806 1,668,826 1,106,008 1,055,904 61,962,359 60,293,297 60,839,202 61,844,453 62,969,522 61,961,688 60,292,958 60,838,863 61,844,114 62,969,183 672 339 339 339 339 82,548,551 82,563,019 79,956,603 84,399,339 83,169,436 A NỢ PHẢI TRẢ 330 II Nợ dài hạn 400 B VỐN CHỦ SỞ HỮU 410 I Vốn chủ sở hữu 430 II Nguồn kính phí quỹ khác TỔNG CỘNG NGUỒN VỐN 440 2015 TÀI SẢN NGẮN HẠN I Tiền khoản tương đương tiền II Các khoản đầu tư tài ngắn hạn III Các khoản phải thu ngắn hạn IV Hàng tồn kho 110 2014 BÁO CÁO KẾT QUẢ HOẠT ĐỘNG KINH DOANH RIÊNG CHỈ TIÊU 10 11 20 21 22 24 25 30 40 50 51 60 Doanh thu bán hàng cung cấp dịch vụ Giá vốn hàng bán dịch vụ cung cấp 2014 2015 50,737,337 41,838,354 2018 2017 43,000,780 44,766,529 42,439,099 (37,733,770) (40,740,797) (37,921,567) 5,267,010 4,025,732 4,517,532 2,384,630 2,423,704 2,688,225 (104,950) 484,351 (96,471) (62,822) (42,839) (22,739) (4,896,638) (3,262,458) (3,228,634) 2,587,231 3,628,490 3,857,913 53,635 256,973 514,119 2,640,867 3,885,463 4,372,032 (517,029) (48,043) (639,227) 2,123,837 3,405,033 3,732,805 (33,775,629) (37,618,508) Lợi nhuận gộp bán hàng cung cấp dịch vụ 13,118,829 Doanh thu hoạt động tài 3,044,527 Chi phí tài (177,457) Chi phí bán hàng (5,424,057) Chi phí quản lý doanh nghiệp 2016 8,062,724 5,341,924 (346,321) (682,620) (6,309,145) (6,337,030) 10 Lợi nhuận từ hoạt động kinh doanh 4,224,813 13 Lợi nhuận khác 26,636 14 Tổng lợi nhuận trước thuế 4,251,449 15 Chi phí thuế TNDN hành (1,042,506) 16 Lợi nhuận sau thuế TNDN 3,208,943 6,066,562 16,376 6,082,938 (745,272) 5,337,666 Comparison between VNPT and FPT Indicators ROA ROE 2014 2015 2016 2017 2018 Avg VNPT 4.89% 6.72% 3.70% 4.56% 5.54% 5.08% FPT 7.20% 7.41% 6.67% 11.73% 8.81% 8.50% VNPT 6.62% 9.55% 5.21% 6.77% 8.14% 7.26% FPT ROS 20.62% 18.96% 17.39% 22.14% 17.73% 19.86% VNPT 7.08% 12.34% 6.53% 8.24% 10.45% 8.93% FPT 5.00% 5.09% 5.04% 6.87% 11.29% 6.54% ... SOLUTIONS: A STUDY OF VIETNAM POSTS AND TELECOMMUNICATIONS (VNPT) GIẢI PHÁP TÀI CHÍNH NHẰM NÂNG CAO KHẢ NĂNG CẠNH TRANH: NGHIÊN CỨU TẠI TẬP ĐỒN BƯU CHÍNH VIỄN THƠNG VIỆT NAM (VNPT) Chuyên ngành:... (Vietnam News, 2017) In general, it can be seen that the reforms have lifted the overall competitiveness of the telecom sector Initially, there was only one service provider in Vietnam, namely... 97,482,775 Source: VNPT Financial Report (2014 - 2018) VNPT along with Vietnam Oil and Gas Group, Electricity of Vietnam and Vietnam Airlines are currently the largest enterprises in the country The
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