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Facing questions about years-long transparency, Viettel Global’s stock (VGI) remains on the stock exchange’s warning list and is trading flat on UPCoM, despite the company reporting solid business results. In documents for the shareholder meeting scheduled for the afternoon of 23 April 2026, Viettel Global JSC (Viettel Global, ticker VGI) set a 2026 consolidated revenue target of VND 52,561 billion—its highest ever—along with a cash dividend payout ratio of 33%.
Viettel Global’s audited 2025 results help explain the confidence behind its 2026 plan. Net revenue reached VND 44,271 billion, up 25% year-on-year. Profit after tax rose to VND 11,250 billion, up 57%, placing the company among the top 15 profit-makers on the Vietnamese stock market.
Net profit attributable to the parent increased 65% to more than VND 9,300 billion. The company also reported a project return on investment (ROI) of 92%.
Despite the operating strength, the quality of Viettel Global’s financial statements has long faced bottlenecks. On 18 March 2026, the Hanoi Stock Exchange issued a decision to maintain the warning status for VGI. The stated basis was that the annual financial statements received a qualified audit opinion for three consecutive years.
The recurring issue preventing an unqualified opinion is Viettel Global’s investment in Viettel Cameroon S.A.R.L (VCR). According to the independent auditor’s report attached to the decision, from 01/11/2018 to 31/12/2025, Viettel Global was unable to obtain financial data for VCR.
Viettel Global said it was actively resolving disagreements with VCR. However, the inability to collect data for more than seven years led the Group to record the investment as an investment in another entity rather than consolidating VCR’s financials into the consolidated statements for 2024 and 2025.
The auditors emphasized they could not obtain sufficient appropriate evidence regarding the timing and effects of not consolidating. As a result, the auditing firm cannot determine whether adjustments to the consolidated financial statements for the year ended 31/12/2025 are necessary.
With a market value around USD 10 billion but a prolonged “data blind spot” in one market, the situation raises questions about governance and risk management at the subsidiary level.
Under Article 2 of the Hanoi Stock Exchange decision, within 15 days from the date VGI is on warning, Viettel Global must submit a report to the Hanoi Stock Exchange explaining the cause and presenting remediation plans. However, the remediation challenge is heightened because the data loss at VCR has been ongoing since 2018.
Viettel Global has reportedly aimed to transfer to HOSE to improve transparency and liquidity, but this has not been possible due to financial reporting issues—particularly those related to international investments and auditor opinions. The current situation suggests the company may continue to face difficulties meeting HOSE’s listing standards, meaning the timeline for meeting listing conditions could be extended.
Viettel Global has more than 3 billion VGI shares outstanding, with Viettel Group holding 99.03%. Minority retail investors account for less than 1%, meaning nearly all benefits are concentrated with the controlling shareholder and the company’s public float remains very low.
Although it does not meet listing standards, Viettel Global remains classified as a public company through 31 December 2026 while awaiting remediation.
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