Vimpelcom sets sights on Vietnamese mobile market

Russia's second largest mobile phone operator Vimpelcom is to invest almost 270 million dollars in a joint venture with Vietnam's Global telecommunications Corporation.

The new company, G-Tel Mobile, will start providing services in Vietnam next summer.

Vimpelcom will hold a 40 percent share in the new operator,and plans to invest 1.8 billion dollars to create a network taking 20 percent of the market.

The Russian company was the first foreign player to enter Vietnam's thriving market, beating the UK's Vodafone and France Telecom. Vietnam has huge potential, with only 30 percent of the population currently using mobile services.