What Viettel Construction does

Viettel Construction (HNX: CTR) is a Vietnamese public joint-stock company and the listed infrastructure-and-construction arm of state-owned Viettel Group, operating through five business pillars: Infrastructure Leasing (TowerCo), Civil Construction, Information Technology, Technical Solutions & Services, and Operations & Exploitation. Founded as a Viettel Group unit and headquartered in Hanoi, the company employs approximately 10,755 staff across 34 domestic branches, reaches 31,227 B2B and 456,348 B2C customers, and runs project operations in 10 countries including Vietnam, Myanmar, Cambodia, Peru, Mozambique, and Laos. It serves a mix of mobile network operators (Viettel, MobiFone, CMC Telecom, MNTI, NTD, TIM, HYE), large real estate developers (Vingroup, MBLand, Đất Xanh, Nam Long, Hưng Thịnh, Becamex), public-sector clients, and individual home buyers.

The company's product surface is anchored in telecom infrastructure ownership and operation — more than 12,000 BTS stations, 322,897 km of fiber-optic backbone, 2.87 million m² of in-building DAS, and 3,758 km of dedicated telecom infrastructure — overlaid on turnkey construction capabilities spanning residential, commercial, resort, and social-housing projects. Technology layers include an Integrated Operations Center (IOC), the cPartner partner-management platform, and the cIA AI/BI platform, with 15 AI use cases in production contributing 14.9 billion VND in cumulative benefits and 4,492 logged innovations. Consumer-facing brands are consolidated under the AIO umbrella: AIOHomes (turnkey B2C homes via BIGHOUSE/M-SEEN), AIO Smart (smart living packages), and AIO Service (technical maintenance), with a 357-district center network and hotline 1800 9388 supporting the channel.

Revenue is generated through a layered mix: recurring TowerCo tower rental and fiber lease fees from MNO tenants, one-time B2B construction contracts with enterprise and public-sector customers, B2C turnkey home sales under AIOHomes, managed-service and operations contracts (including Viettel-network maintenance), and IT/technical-solution services. As of 7M 2026, cumulative revenue reached 9,410 billion VND (+28% YoY) with profit before tax of 706 billion VND (+18% YoY), and 51% of revenue is sourced from customers outside Viettel Group — marking a structural shift from captive parent-contractor model toward open-market infrastructure and construction provider.

Name

Viettel Construction

Legal name

Tổng Công ty Cổ phần Công trình Viettel

Website

https://viettelconstruction.com.vn

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Viettel Construction (HNX: CTR) is a Vietnamese public telecom-infrastructure and construction firm that runs Vietnam's largest TowerCo and delivers turnkey civil, IT, and technical services to MNOs, real estate developers, and consumers across ten countries.

Ownership category

akta.pro rank

Product category

Telecommunications and Civil Construction Services

NAICS

Power and Communication Line and Related Structures Construction (237130), Other Heavy and Civil Engineering Construction (23799), Heavy and Civil Engineering Construction (237), Nonresidential Building Construction (2362), Commercial and Institutional Building Construction (23622)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623), General Bldg Contractors - Nonresidential Bldgs (1540), Construction - Special Trade Contractors (1700), Electrical Work (1731)

akta.pro primary industry

Telecom Tower & Mast Construction (Greenfield Builds, Foundations, Erection) (IMAFAIAC)

akta.pro secondary industries

Wireless Site Civil Works & Compound Construction (Fencing, Shelters, Power Pads) (IMAFAIAF), Underground Duct, Conduit & Manhole/Vault Construction (Telecom Civils) (IMAFAIAK), Small Cell & DAS Deployment (Pole/Street Furniture, In-Building DAS) (IMAFAIAE), Structural & Civil Engineering for Sites (Design, Reinforcement, Foundations) (HDAIAKAI), Government & Civic Building Construction (Courthouses, City Halls, Public Safety) (IMAFACAF)

Keywords

• Telecommunications infrastructure
• Civil construction services
• Tower infrastructure leasing
• Technical maintenance services
• Digital transformation solutions

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Infrastructure Rental (TowerCo): Rental of telecom infrastructure including BTS stations, transmission infrastructure, inbuilding coverage (DAS), and underground construction. TowerCo model where infrastructure is built and leased to mobile network operators (MNOs)
2. Civil Construction B2B: Design and construction services for enterprise customers including commercial buildings, residential projects, resorts, and social housing. Major projects include Vinhomes Dream City, social housing projects, and resort developments
3. Civil Construction B2C (AIOHomes): Turnkey residential construction services for individual homeowners, providing comprehensive solutions from design through construction and handover
4. Technical Solutions & Services: ICT solutions (wifi, camera), M&E services, solar energy systems, smart home solutions, and maintenance/repair services for electrical equipment
5. Telecom Operations & Maintenance: Operations and maintenance services for telecom infrastructure for Viettel Group, MobiFone, CMC, and international partners (MNTI, NTD, TIM, HYE)
6. IT Services: IT outsourcing, IT deployment and operations consulting, digital transformation consulting, and enterprise software solutions (ERP, CRM, BI)

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

Viettel Construction designs and delivers civil construction and telecommunications infrastructure services, including turnkey design-build projects and TowerCo leasing of BTS, DAS, broadband, and fiber assets. It also operates telecom networks and provides enterprise IT, digital-transformation, solar, smart-building, and maintenance services.

Product overview

Viettel Construction operates as a diversified engineering and construction services company with 5 core business areas: Infrastructure Leasing (TowerCo), Civil Construction, Information Technology, Technical Solutions & Services, and Operations & Exploitation. The company offers an integrated ecosystem under the AIO brand umbrella (AIOHomes for turnkey construction, AIO Smart for smart home/building solutions, AIO Service for technical maintenance), serving both individual (B2C) and enterprise (B2B) customers across Vietnam. Key products include telecommunications infrastructure leasing (BTS stations, DAS, broadband), comprehensive construction services, IT solutions (ERP, CRM, business intelligence), and solar energy systems. The company is Vietnam's largest TowerCo with over 12,000 BTS stations and operates across 34 provinces with a workforce of approximately 10,755 employees.

Differentiator

Problem solved

Functional benefit

Brands

• AIOHomes: Building services brand offering comprehensive design-to-build solutions for residential B2C customers, including architectural design, construction, interior finishing, ICT/M&E/smart solutions/solar energy integration, and maintenance services.
• AIO Smart
• AIO Service

Products and services

• Infrastructure Leasing / TowerCo (Hạ tầng cho thuê) Provides enterprise telecom infrastructure for lease, including BTS stations, in-building DAS, fixed broadband and underground infrastructure, and solar-energy investments; the company reports more than 12,000 BTS stations.
• Civil Construction (Xây dựng dân dụng) Provides design-and-build construction for individual homeowners, SMEs, and enterprise customers, covering residential, commercial, industrial, resort, social-housing, and urban-development projects.
• AIOHomes Provides homeowners with turnkey home construction from design consultation and structural engineering through interior finishing and project handover.
• Information Technology (Công nghệ thông tin) Provides enterprise IT operations, IT outsourcing, digital-transformation consulting, and software including ERP, CRM, financial and accounting management, warehouse and asset management, and payroll.
• Technical Solutions and Services (Giải pháp & Dịch vụ Kỹ thuật) Provides ICT, mechanical and electrical systems, solar-energy systems, smart-home and smart-city solutions, and maintenance and repair services under the AIO portfolio.
• AIO Smart Solutions Offers smart-home devices, building-management systems, smart-enterprise solutions, and smart-city solutions to homes, businesses, and government customers.
• AIO Service Provides installation, maintenance, and repair services for household appliances, air conditioning, solar systems, and telecommunications infrastructure.
• Operations and Exploitation (Vận hành Khai thác) Operates and maintains optical-fiber and telecom-station infrastructure for Viettel Group, MobiFone, CMC, Vietnam's Ministry of Public Security (Bộ Công an), and MNTI, NTD, TIM, and HYE.
• Solar Energy (Điện mặt trời) Provides rooftop and other solar-power systems for households, apartments, hotels, and industrial facilities, covering survey, design, installation, grid-contract support, and maintenance.

Quantifiable outcome

• Revenue grew 28% YoY to 9,410 billion VND in 7 months of 2026
• +4 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

15 partnerships are on record, tiered core, minor and flagship.

• NEU (National Economics University)coreStrategic or Co-development Partner · 11 August 2026MOU signed on August 11, 2026 for deep cooperation in training, human resource development, scientific research, and knowledge transfer. The partnership includes collaboration with 31 universities, reaching 4,130 students, and recruiting 112 personnel.
• Công ty Cổ phần Thương mại và Xây lắp Trường GiangminorStrategic or Co-development Partner · 7 August 2026MOU signed for strategic cooperation in construction, contributing to value creation in the construction industry.
• Công ty TNHH Kiến trúc Phong thủy Tam NguyênminorStrategic or Co-development Partner · 1 July 2026Strategic partnership signed to develop integrated design-construction solutions combining modern construction standards with harmonious living space consultation.
• Công ty CP Cung ứng Nhân lực Toàn cầu NICminorStrategic or Co-development PartnerLabor outsourcing service contract signed for provision of 1,552 technical personnel.
• Viettel GroupcoreStrategic or Co-development PartnerParent company - provides telecom infrastructure operations for Viettel Group's network in Vietnam and internationally.
• MobiFonecoreStrategic or Co-development PartnerTelecom infrastructure operations and optimization services for MobiFone network.
• CMC TelecomcoreStrategic or Co-development PartnerTelecom infrastructure operations for CMC Telecom network.
• MNTI (Myanmar)coreStrategic or Co-development PartnerInternational telecom infrastructure operations in Myanmar.
• NTD (Myanmar)coreStrategic or Co-development PartnerInternational telecom infrastructure operations in Myanmar.
• TIMcoreStrategic or Co-development PartnerInternational telecom infrastructure operations.
• HYEcoreStrategic or Co-development PartnerInternational telecom infrastructure operations.
• Bộ Công AncoreStrategic or Co-development PartnerTelecom infrastructure operations for Ministry of Public Security.
• VingroupflagshipChannel Partner/ Reseller/ DistributorMajor B2B construction customer for residential and commercial projects including Vinhomes Dream City.
• TDC/Becamex GroupflagshipChannel Partner/ Reseller/ DistributorSocial housing construction projects including NOXH Việt Sing Becamex Bình Dương (1,867 units, 248 billion VND contract).
• MBLand, Đất Xanh, Nam Long, Hưng ThịnhflagshipChannel Partner/ Reseller/ DistributorMajor real estate developers as B2B construction customers for residential projects.

Scale indicators17 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Becamex IDC: Vietnamese industrial real estate developer and infrastructure investor. Comparable as a counterparty and adjacent peer — Becamex is a major B2B construction customer of Viettel Construction (NOXH Việt Sing Bình Dương project) and operates in overlapping industrial parks and social housing.
• SBA Communications: US-listed global TowerCo with tens of thousands of tower sites. Comparable as a pure-play TowerCo benchmark for valuation, capital intensity, and recurring revenue mechanics, though operating in a more mature and consolidated US market.
• Cellnex Telecom: Europe's largest independent TowerCo operating ~100,000 sites across multiple countries. Comparable as a pure-play TowerCo peer to Viettel Construction's 12,000+ BTS TowerCo business, though much larger and more geographically diversified.

Direct peers

• Hoa Binh Construction Group: One of Vietnam's largest general contractors, competing with Viettel Construction in commercial and residential civil construction. Both serve Vietnamese real estate developers (Vingroup, Becamex, etc.) with design-build services for residential, commercial, and industrial projects.
• edotco Group: Southeast Asia-based TowerCo operating in Malaysia, Myanmar, Bangladesh, Cambodia, and other regional markets. Most direct TowerCo peer given geographic overlap in Cambodia and Myanmar, where Viettel Construction also operates for TowerCo partners.
• Coteccons Construction: Leading Vietnamese general contractor for high-end residential, commercial, and industrial projects. Directly comparable to Viettel Construction's B2B civil construction arm, sharing many of the same enterprise developer customers including Vingroup-linked projects.
• Indus Towers: India's largest telecom tower company, jointly owned by major MNOs. Comparable to Viettel Construction's TowerCo business model of leasing passive infrastructure to multiple mobile network operators, with similar tenancy-driven recurring revenue mechanics.
• CMC Corporation: Major Vietnamese IT and telecom conglomerate, part of CMC Telecom that is a customer of Viettel Construction. Comparable on both IT services and telecom infrastructure overlap, making CMC a dual-segment peer in IT and telecom operations.
• Vinaconex: Vietnamese state-owned construction and infrastructure company active in civil construction, real estate development, and infrastructure investment. Comparable as a diversified state-linked construction peer with both building and infrastructure exposure.
• FPT Corporation: Vietnam's largest IT services and digital transformation company. Directly comparable to Viettel Construction's IT Solutions pillar (ERP, CRM, BI, IT outsourcing), competing for similar enterprise and government digitalization contracts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ViettelConstructionOfficial

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Viettel Construction