Vietnam's mobile service revenue to grow at 5.7% CAGR by 2027

Increasing mobile data service consumption boosted revenue.

Vietnam's mobile service revenue is expected to increase at a compound annual growth rate (CAGR) of 5.7% from $4.3b in 2022 to $5.6b in 2027, according to GlobalData's Vietnam Mobile Broadband Forecast (Q4-2022). The growth will mainly be driven by mobile data, which is projected to increase at a CAGR of 13.5% between 2022 and 2027.

The increase in mobile data service revenue is due to the growing consumption of mobile data services as 4G service adoption becomes widespread, along with a projected rise in higher-ARPU yielding-5G subscriptions as 5G services become more widely available across the country.

Hrushikesh Mahananda, Telecom Research Analyst at GlobalData, notes that "The average monthly data usage will increase from 2.3GB in 2022 to 6.5GB in 2027, driven by the increasing consumption of online video and social media content over smartphones, thanks to the data-centric offers extended by MNOs with their 4G and 5G service plans."

The GlobalData report further reveals that mobile voice service revenue will decline at a 0.9% CAGR over the forecast period due to the widespread consumer shift towards over-the-top (OTT) communication platforms and the subsequent decline in the voice service average revenue per user (ARPU) levels.

Although 5G subscription rates are projected to grow over the forecast period, 4G will remain the leading mobile technology in terms of subscriptions. Vietnam's leading telco, Viettel, will continue to dominate the mobile services market through 2027. Viettel's market leadership will be driven primarily by its widespread high-speed LTE network coverage throughout the country and its 5G development efforts to compete with its competitors.

The report by GlobalData provides valuable insights for telecommunications professionals looking to invest in Vietnam's mobile services market. The report notes the importance of mobile data in driving revenue growth, while the decline in voice service revenue is a crucial trend to monitor. Furthermore, the report highlights the dominance of 4G technology in the market, with a projected rise in 5G subscriptions over the forecast period.

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