Vietnam Posts and Telecommunications Group (VNPT) is accelerating preparations to complete the equitisation in early 2019.
|VNPT has a long road ahead to complete equitisation this year
As slow preparation, complexities in evaluating assets, as well as difficulties in completing procedures are hampering state-owned enterprises' equitisation, VNPT is doing its best to stay on schedule. The group even conducted a research on equitisation deals in other sectors (textile and garment, petroleum, and aviation) to learn from others’ experiences and ensure a seamless equitisation process.
According to the latest news, the Ministry of Information and Telecommunication has submitted VNPT’s restructuring plan in 2017-2020 and development strategy by 2020 with vision to 2030 (VNPT 3.0) to the prime minister for approval.
“VNPT expects to receive the PM’s approval this year so that the group can start to operate under the equitised model from January 2019. The early approval plays an important role in helping VNPT complete the equitisation this year,” said Tran Manh Hung, chairman of VNPT.
Hung added that 2018 is considered an important year to implement the VNPT 3.0 initiative. In 2017, the group conducted the overhaul of its management method and operation form according to a more international vision.
VNPT, in collaboration with Deloitte consultancy firm, will build VNPT 3.0, focusing on training modern and high-quality human resources to meet the international demand of the digital age.
Talking about the group’s development plan for the year ahead, Pham Duc Long, general director of VNPT, said that the group will focus on implementing the restructuring plan for 2017-2020 right after receiving the approval from the PM. The largest target is to complete the equitisation this year.
At present, there are numerous missions ahead in VNPT’s equitisation roadmap, including evaluating the firm’s value, selecting strategic partners, organising roadshows, and listing VNPT’s shares on the stock exchange. To assist in this endeavour, VNPT will select a famous and prestigious foreign consultancy firm.
According to Pham Hong Hai, Deputy Minister of Information and Telecommunications, VNPT will conduct its restructuring and equitisation according to the roadmap approved by the PM. It is an important mission, thus the group has to focus on learning from successful equitisation cases to bring maximum benefit for the state, while simultaneously ensuring transparency and compliance with regulations.