The turnaround has happened thanks to strong revenues in Southeast Asia. Half of the telecom giant’s VND12.4 trillion ($537 million) revenue in the first nine months came from Southeast Asia, which went up 24 percent year on year, followed by Africa and Latin America, according to the company’s Q3 financial report.

Its Metfone network in Cambodia saw after-tax profits go up 91 percent to VND672 billion ($29.1 million), while that of its Natcom network in Haiti rose 28 percent to VND261 billion ($11.3 million).

The company’s VGI stock, listed on Vietnam’s Unlisted Public Companies Market (UPCoM), had risen 140 percent to VND32,400 ($1.4) from the beginning of the year as of Thursday, marking a market cap of over VND98.6 trillion ($4.27 billion).

Viettel Global was established in 2006 to spread military-run Viettel Group’s presence in foreign markets. It currently operates in ten markets, namely Cambodia, Laos, Timor Leste, Mozambique, Burundi, Haiti, Peru, Cameroon, Tanzania and Myanmar.