Viettel labelled fastest growing company in Africa - CNBC Africa

Viettel labelled fastest growing company in Africa


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Mobile network operator Viettel has won the gold prize as Africa and the Middle East’s fastest growing company of 2014. PHOTOS: Viettel

The award was handed to Viettel’s Mozambican subsidiary, Movitel, at the 11th Annual International Business Awards held in France for its outstanding development and achievements in the region.

Movitel, a joint initiative started in 2012 by Viettel and Mozambique’s direct investment company, SPI, had generated total revenue of 69.7 million US dollars just six months after launching.

(READ MORE: Mozambique's fast developing telecoms sector )

Within one year, Movitel increased its coverage area from 60 to 80 per cent, doubling the number of covered people from 35 to 85 per cent.

“Nearly 600,000 people in at least five rural districts in Mozambique have been covered and served telecom services for the first time in life. Movitel has had over five million users, taking the leading position in the mobile market,” said the group in a statement.

Movitel also won at the Stevie Awards this year for best mobile innovation.