Vietnam Telecom Market Poised to Reach USD 7.89 Billion by 2030, Says Ken Research

Vietnam's telecom industry is shifting from subscriber-led expansion towards higher-quality revenue from 5G, fibre broadband, cloud infrastructure, enterprise connectivity, IoT, and managed digital services.

Delhi, India, July 29, 2026: Ken Research has released its strategic market analysis titled "Vietnam Telecom Market Outlook to 2030: Size, Share, Growth and Trends," revealing that the market was valued at USD 6.49 billion in 2024 and is projected to reach USD 7.89 billion by 2030, expanding at a CAGR of 3.3% from 2025 to 2030.

The market recorded a historical CAGR of 2.2% between 2019 and 2024, increasing from approximately USD 5.81 billion in 2019. Although headline growth remains moderate, the underlying revenue mix is becoming more attractive as mobile data, fibre broadband, enterprise networking, cloud, cybersecurity, IoT, and value-added services account for a larger share of operator income.

Vietnam had approximately 121.7 million telephone subscribers and 23.8 million fixed broadband subscribers by the end of September 2024, creating a substantial installed base for higher-speed data plans, broadband bundles, IPTV, managed Wi-Fi, enterprise connectivity, cloud access, and digital-service cross-selling.

The 82-page report, containing 34 chapters, profiles 10 major telecom companies and assesses the market across service type, subscriber type, technology, provider type, and region. It also includes market-entry strategy, pricing analysis, partner identification, profitability assessment, execution planning, and demand-side intelligence.

"Vietnam's telecom opportunity is no longer defined by how many SIM cards operators can activate," said Namit Goel, Research Director at Ken Research. "The next phase of value creation will depend on how effectively operators convert their network scale into higher mobile-data spending, fibre retention, enterprise contracts, cloud workloads, private 5G, cybersecurity, and recurring managed-service revenue."

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Vietnam Telecom Market at a Glance
2024 market value: USD 6.49 billion
2030 forecast value: USD 7.89 billion
Forecast CAGR: 3.3%
Historical CAGR: 2.2%
2024 active connections: Approximately 168.5 million
2030 projected active connections: Approximately 184.9 million
Leading service category: Mobile services
Dominant technology: 4G networks
Fastest-growing technology: 5G networks
Dominant subscriber category: Residential users
Leading region: Southern Vietnam

Vietnam's active telecom connections are projected to rise from approximately 168.5 million in 2024 to 184.9 million by 2030. Fixed broadband subscriptions are forecast to increase from approximately 23.5 million to 29.6 million during the same period.

The report indicates that blended monthly revenue per active connection could improve from approximately USD 3.21 in 2024 to USD 3.56 in 2030. This increase is expected to be supported by 5G migration, enterprise wallet expansion, roaming normalisation, cloud adoption, IoT, and managed digital services.

Growth Is Moving From Connections to Monetisation

Vietnam already has high telecom penetration and extensive mobile coverage. Consequently, future market growth will depend less on first-time subscriber acquisition and more on increasing the revenue generated from each connected household, individual, business location, and digital workload.

The market declined to approximately USD 5.72 billion in 2020 as legacy voice monetisation weakened faster than broadband and enterprise services expanded. It subsequently recovered to USD 5.87 billion in 2021, USD 6.03 billion in 2022, USD 6.24 billion in 2023, and USD 6.49 billion in 2024.

Official telecom revenue in Vietnam increased by approximately 4.0% in 2024 to VND 355.4 trillion. Fourth-quarter sector revenue reached approximately VND 89.3 trillion, compared with VND 84.8 trillion during the corresponding quarter of 2023.

This recovery reflects a broader transition from voice and SMS towards:

Larger mobile-data packages
Fibre-to-the-home subscriptions
Enterprise internet and dedicated access
Cloud interconnection
Software-defined wide-area networking
Cybersecurity services
Internet of Things connectivity
Data-centre services
Managed digital infrastructure
Content and entertainment bundles

The strongest operators will therefore be those that combine spectrum, mobile coverage, dense fibre networks, enterprise relationships, data-centre capacity, and trusted regulatory positioning.

5G Is Becoming a Revenue Platform, Not Just a Coverage Upgrade

Vietnam's transition away from legacy mobile technology is creating an important commercial inflection point.

Only approximately 3.4 million 2G-only subscribers remained as of September 8, 2024, indicating that much of the low-value legacy subscriber migration had already occurred. At the same time, official 4G population coverage reached approximately 99.8% in 2024, providing a broad foundation for larger data packages and future 5G adoption.

Vietnam is targeting 99% 5G population coverage by 2030. The report expects the 5G subscriber share to approach 30% by 2029, subject to continued spectrum deployment, device affordability, network investment, and the development of monetisable enterprise applications.

The commercial opportunity extends beyond consumer speed upgrades. Private 5G and industrial connectivity can support:

Smart manufacturing
Automated warehouses
Connected logistics parks
Utility monitoring
Video analytics
Industrial IoT
Autonomous equipment
Campus connectivity
Edge computing
Mission-critical communications

Private-network contracts can include network design, installation, security, edge integration, device management, service-level guarantees, and recurring managed operations. This provides operators with a path towards higher revenue per enterprise account than traditional bandwidth-only contracts.

"The importance of 5G will be determined by the quality of use cases rather than the number of towers alone," said Namit Goel. "Operators that translate spectrum and coverage into factory automation, logistics connectivity, government infrastructure, cloud access, and private-network services will be better positioned to protect returns on network investment."

Fibre Broadband Remains a Defensible Growth Engine

Vietnam's fixed broadband subscriber base increased from approximately 22.9 million in the first quarter of 2024 to 23.8 million by the end of September 2024. The government's direction to make fibre-optic internet universally available by 2030 strengthens long-term visibility for last-mile deployment, backbone capacity, installation services, and wholesale connectivity.

VNPT reported approximately 8.7 million broadband subscribers, while FPT Telecom reported approximately 4 million internet subscribers, illustrating the scale advantage held by operators with established fibre infrastructure and household relationships.

Fibre economics are becoming increasingly dependent on bundling rather than access fees alone. Operators can increase household value through:

Higher-speed broadband tiers
IPTV and digital entertainment
Managed home Wi-Fi
Cybersecurity packages
Cloud storage
Smart-home connectivity
Gaming-optimised plans
Small-business bundles
Mobile and fixed convergence
Premium customer support

Dense last-mile infrastructure can also reduce churn and improve cross-selling into small businesses, government accounts, and enterprise locations.

Enterprise Telecom Is Becoming a Digital Infrastructure Business

Enterprise connectivity is one of the most strategically important profit pools within the Vietnam Telecom Market.

Business customers are increasingly procuring integrated digital infrastructure rather than standalone internet connections. Enterprise contracts may now combine dedicated internet access, SD-WAN, cloud interconnection, managed security, data-centre capacity, disaster recovery, IoT connectivity, and network monitoring.

MobiFone reported approximately 312% growth in cloud services during 2024, while VNPT disclosed approximately 58% growth in cybersecurity services and 60% growth in artificial intelligence-related activities. These developments indicate that enterprise value capture is moving towards higher-layer services.

CMC Telecom operates three data centres with capacity of up to 3,000 racks, demonstrating the growing relevance of local colocation, cloud adjacency, managed infrastructure, and enterprise-grade connectivity.

The most attractive enterprise opportunities are expected to emerge across:

Banking and financial services
Manufacturing
Logistics and industrial parks
Retail networks
Healthcare
Education
Government departments
Utilities
Technology companies
Export-oriented enterprises

Operators that control both access infrastructure and higher-value digital services can improve customer retention while increasing wallet share per business location.

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Data Centres and Cloud Services Create a New Infrastructure Layer

Vietnam had approximately 32 data centres as of the fourth quarter of 2022, with a significant concentration in Hanoi and Ho Chi Minh City. These metropolitan areas also contain the country's densest carrier backbones, enterprise demand, and digital-service infrastructure.

The geographic concentration creates commercial advantages for providers with low-latency connectivity, interconnection capabilities, enterprise fibre access, and proximity to major corporate customers.

Telecom operators and infrastructure investors can pursue opportunities across:

Colocation
Sovereign cloud
Disaster recovery
Cloud exchange
Managed hosting
AI infrastructure
Cybersecurity
Content delivery
Internet exchange
Hybrid cloud connectivity

The new telecom framework formally recognises cloud and data-centre services, providing clearer operating parameters from 2025 onward. However, providers must also meet wider registration, compliance, governance, cybersecurity, and data-management requirements.

Revenue Pools Are Diverging Across Telecom Segments

The market is segmented by service type into:

Mobile services
Fixed-line services
Broadband services
Value-added services, including OTT and IoT

Mobile services remain the dominant category because they serve the country's broadest customer base and provide the primary migration pathway from voice usage to monetised data.

Mobile data services generated approximately USD 2.27 billion in 2024, making them the largest individual market segment. Cloud, IoT, and value-added services represent the fastest-growing revenue pool, with an estimated CAGR of 14.5%, while fixed voice is expected to contract at approximately 3.5% annually.

This divergence means that operators cannot rely on uniform market growth. Capital, talent, and commercial resources must shift towards categories where customer spending, contract duration, and service attachment are increasing.

Southern Vietnam Leads Commercial Demand

Southern Vietnam is the dominant regional telecom market, supported by Ho Chi Minh City's population density, enterprise concentration, digital businesses, data-centre infrastructure, industrial activity, and international commercial links.

Northern Vietnam remains strategically important because Hanoi contains major public-sector institutions, national operator headquarters, government digital platforms, carrier infrastructure, and enterprise demand.

Central Vietnam offers a different opportunity profile, with demand linked to tourism, regional urbanisation, government connectivity, industrial development, disaster resilience, and improved backbone infrastructure.

For operators and investors, geographic strategy should therefore distinguish between:

High-value metropolitan enterprise clusters
Dense urban residential broadband markets
Industrial parks and manufacturing corridors
Provincial government networks
Rural connectivity opportunities
Tourism and hospitality centres
Areas requiring climate-resilient infrastructure
Competitive Advantage Remains Concentrated Around Infrastructure Scale

The Vietnam Telecom Market remains concentrated around state-backed incumbents and a smaller group of specialised broadband, enterprise, data-centre, and niche telecom providers.

High entry barriers include:

Nationwide operating licences
Spectrum ownership
Backbone infrastructure
Last-mile network density
Capital expenditure requirements
Regulatory relationships
Enterprise trust
Cybersecurity capability
Service and installation networks
Customer-acquisition scale

The report identifies the following major market participants:

Viettel Group
VNPT Group
MobiFone
FPT Telecom
Vietnamobile
CMC Telecom
Gtel Mobile
SCTV
Indochina Telecom
NetNam Corporation

Viettel operates across mobile services, fixed broadband, enterprise ICT, data centres, and 5G infrastructure. VNPT combines mobile and fibre services with government platforms, cloud, and enterprise connectivity. MobiFone is expanding beyond mobile services into cloud, IoT, and digital solutions, while FPT Telecom maintains a strong position in fibre broadband, enterprise internet, data centres, IPTV, and digital home services.

Local companies account for approximately 70% of the competitive landscape, compared with around 30% for regional and international participants. The report also identifies eight new entrants during the previous five years, although meaningful nationwide competition remains difficult because of infrastructure and regulatory barriers.

Ten Parameters Defining Operator Competitiveness

The report benchmarks telecom companies across ten performance dimensions:

Revenue growth
Subscriber-base depth
Mobile-data monetisation
Fibre footprint
Enterprise-connectivity depth
Data-centre capacity
Spectrum position
5G rollout readiness
Digital-services breadth
Regulatory ownership profile

These factors help investors and corporate decision-makers distinguish between operators that merely possess a large subscriber base and those capable of generating stronger revenue quality, enterprise retention, infrastructure utilisation, and recurring digital-service income.

Risks That Could Limit Telecom Returns

Vietnam's telecom outlook remains positive, but several structural challenges could affect profitability and capital efficiency.

Low Revenue Per Connection

The implied blended monthly revenue per active connection was approximately USD 3.21 in 2024. This limits the capacity of operators to fund network upgrades unless they successfully increase premium-data adoption, enterprise revenue, bundling, and higher-value digital services.

Telephone subscribers declined by approximately 4.6% year on year by the end of September 2024, reflecting inactive-SIM removal and legacy-network migration. Although this subscriber clean-up can improve network economics over time, it may temporarily weaken volume-based performance indicators.

International Connectivity Vulnerability

The APG, AAE-1, and IA submarine cable systems experienced faults during 2024. International cable disruptions can affect cloud performance, cross-border data traffic, enterprise uptime, customer experience, and service-level commitments.

Vietnam's plan to add two new international cable routes by 2030 indicates that resilience investment will remain a critical capital requirement.

Climate and Network Resilience

Typhoon Yagi caused the collapse of 27 mobile towers in 2024, demonstrating the physical risks that extreme weather, flooding, power disruption, and grid instability can create for telecom infrastructure.

Operators will need stronger redundancy, backup power, resilient tower design, rapid field restoration, and diversified international connectivity to protect service continuity.

Broader Regulatory Obligations

Cloud, data-centre, and internet-based telecom provisions became effective on January 1, 2025, expanding registration, governance, and compliance requirements for digital infrastructure providers.

Decree 147/2024 also introduced identity-verification obligations for social-media accounts before users can publish content, strengthening the regulatory focus on digital identity and platform accountability.

These requirements can increase operating costs, but they may also benefit established domestic operators with trusted government relationships, local infrastructure, and mature compliance systems.

Six Decisions That Will Shape Market Success Through 2030
1. How Should Operators Monetise 5G?

Consumer speed upgrades alone may not generate sufficient returns. Operators must combine 5G with private networks, industrial IoT, premium wireless access, edge services, enterprise security, and managed connectivity.

2. Where Should Fibre Capital Be Allocated?

Investment should distinguish between dense metropolitan neighbourhoods, underserved provincial areas, industrial corridors, small-business clusters, and rural locations where installation and service costs differ materially.

3. Which Enterprise Services Should Be Built In-House?

Operators must decide whether to develop cloud, cybersecurity, data-centre, IoT, and managed networking capabilities internally or enter partnerships with specialised technology providers.

4. How Can Operators Raise Revenue Per User?

Potential levers include larger data packages, fixed-mobile bundles, IPTV, premium home Wi-Fi, roaming, digital payments, cloud storage, cybersecurity, gaming, and small-business connectivity.

5. How Should Infrastructure Resilience Be Funded?

Operators must balance growth capital with investment in submarine cables, tower hardening, backup power, network redundancy, cybersecurity, and disaster recovery.

6. Where Can New Entrants Compete?

Nationwide mobile competition remains capital-intensive. More accessible opportunities may exist in enterprise connectivity, managed cloud, data centres, cybersecurity, IoT integration, neutral infrastructure, and specialised virtual-network services.

Strategic Value for Decision-Makers

"What distinguishes the Vietnam Telecom Market study is its focus on revenue quality rather than connection growth alone," noted Harsh Saxena, Principal at Ken Research. "The report maps where profit pools are moving, which technologies can support premiumisation, how enterprise requirements are changing, and what operators and investors must prioritise to capture defensible value through 2030."

The report provides executives, investors, telecom operators, financial institutions, technology companies, infrastructure providers, and policymakers with:

Historical market sizing from 2019 to 2024
Forecast market sizing from 2025 to 2030
Annual market-value projections
Active connection forecasts
Fixed broadband subscriber projections
Revenue-per-connection analysis
Service-type segmentation
Subscriber-type segmentation
Technology segmentation
Provider-type analysis
Regional demand assessment
Mobile-data opportunity analysis
5G rollout assessment
Fibre infrastructure analysis
Enterprise connectivity evaluation
Cloud and data-centre opportunity mapping
IoT and value-added service analysis
Competitive benchmarking of 10 operators
Pricing and bundling assessment
Regulatory and policy analysis
Market-entry strategy
White-space analysis
Potential partner identification
Capital and timeline estimation
Profitability outlook
Risk evaluation
Execution roadmap

The report contains more than 201 detailed sections, including 143 market-assessment sections and 58 strategic sections. Its go-to-market component covers entry strategy, positioning, distribution, pricing gaps, unmet demand, partnership evaluation, capital requirements, profitability, control-versus-risk trade-offs, and implementation planning.

The research methodology combines reviews of government, regulatory, and industry releases; telecom operator filings; subscriber and broadband indicators; 5G deployment data; policy analysis; and primary interviews with telecom CFOs, strategy leaders, enterprise sales directors, network-planning teams, chief technology officers, and corporate CIOs.

Findings were validated through approximately 210 executive interviews, with revenue, subscriber, policy, ARPU, network-deployment, and service-mix assumptions triangulated and stress-tested.

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"Vietnam's telecom market will not be defined by explosive subscriber growth, but by the commercial value extracted from its existing digital infrastructure," added Harsh Saxena. "Operators that connect mobile, fibre, cloud, data centres, cybersecurity, IoT, and enterprise services within a unified customer proposition will be best positioned to achieve sustainable growth."

Industry executives seeking access to the complete analysis can contact Ken Research directly or visit:

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This release was published on openPR.