PM approves Viettel restructuring plan

May 21, 2013 | 15:21

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Prime Minister Nguyen Tan Dung has approved the restructuring plan for the military-run Viettel Group in the 2013 - 2015 period.

Specifically, the country’s largest mobile operator will have a total registered capital of VND100 trillion ($4.81 billion), and mainly operate in the telecom, informatics and technology, radio and television broadcast, and post and forwarding sectors.

Under the restructuring plan, EVN Telecom will be officially merged into Viettel Group.

EVN Telecom, set up as a 100 percent state-owned and self-financed subsidiary of the Electricity Group of Vietnam (EVN), had been repeatedly stricken by losses before it was asked to merge with Viettel in late 2011.

Viettel is also set to completely divest from five joint stock companies, including Viettel Technology, Vinacomnex, EVN International, Coecco, and Vinaconex – Viettel.

During the 2013 – 2015 period, Viettel Group will include 11 units, namely Viettel Telecom, Viettel Network, Viettel Television, etc, and 63 Viettel branches in cities and provinces countrywide.

The Prime Minister required that Viettel restructure its administrative management, enhance its system, and boost workforce training.

The Prime Minister has so far approved the restructuring plans for six out of nine economic groups, and eight out of ten state-run corporations, according to a government report.

The government has also restructured 27 enterprises. Sixteen of these were asked to go private, five were merged, three were sold, and three were transformed into a limited company.

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