MobiFone & Sovico Group Ink MoU for Multi-Utility Tech Ecosystem
Vietnam's leading telecommunications company, MobiFone, and the Sovico Group, led by billionaire Nguyen Thi Phuong Thao, have inked a comprehensive MoU. This partnership aims to create a multi-utility technology and services ecosystem, with both companies set to cross-sell products and services, expand digital financial offerings, and develop enterprise digital transformation solutions.
MobiFone, established in 1993, holds a significant 17.9% share of Vietnam's domestic telecom market. The company reported a robust pre-tax profit of VND2,048 billion ($80.2 million) in 2024, surpassing its target by 20.6%.
Sovico, under the leadership of Nguyen Thi Phuong Thao, boasts a substantial owners' equity of nearly VND70 trillion ($2.6 billion) and total assets of about VND230 trillion ($8.7 billion) as of June 30, 2025. The group has shown impressive growth, with a pre-tax profit of VND657 billion ($24.86 million) in the first half of 2025, marking a 20.3% year-on-year increase. Before partnering with MobiFone, Sovico had already expanded its reach by acquiring Kazakhstan’s Qazaq Air and planning to establish Vietjet Qazaqstan.
The collaboration between MobiFone and Sovico will focus on deploying 5G networks in strategic locations such as smart cities, public spaces, railway stations, and airports. This will involve integrating base station infrastructure with IoT, surveillance cameras, and smart connectivity solutions. MobiFone's chairman, Truong Son Lam, expects this partnership to create strong synergy between telecoms and digital infrastructure, leveraging both companies' financial, investment, and service capabilities.
The MoU signed by MobiFone and the Sovico Group paves the way for a comprehensive cooperation that will build a multi-utility technology and services ecosystem. With both companies' strengths in telecoms, digital infrastructure, and finance, this partnership is poised to drive digital transformation and innovation in Vietnam.
