MobiFone, the second-largest Vietnamese mobile network operator, will
have a charter capital of 12.60 trillion VND or 600 million USD.
This was announced in Decision No 877 of the Ministry of Information and Communications (MIC), issued on June 30.
The
separation of the firm from the Vietnam Posts and Telecommunications
Group (VNPT) will be carried out based on its accounts documents,
inventory and financial reports of first six months of this year.
The
company is required to operate in five main sectors, namely
construction, running and providing telecommunications and IT services,
and assembling and producing electronic, telecom and IT parts.
MobiFone will be detached from VNPT and be under the management of the ministry from July 1.
The demerger follows a recent decision by Prime Minister Nguyen Tan Dung to approve a restructuring plan proposed by VNPT.
The Prime Minister also asked the MIC to submit a plan to the Government on Mobifone’s equitisation expected this year.
The
equitisation plan will see the State retain a 75 percent stake in
Mobifone Communications Corporation, with 25 percent to be held by
investors, including foreign shareholders.
Minister of
Communication and Information Nguyen Bac Son said the detachment of
MobiFone from VNPT and its equitisation would create a healthy
telecommunications market. Local subscribers would benefit from the
competition, he said.
According to Pham Hong Hai, head of the
MIC’s Telecoms Department, splitting MobiFone from VNPT would allow
MobiFone to consolidate its strong telecommunications brand both at home
and abroad.
Founded in 1993 as a GSM launcher, MobiFone was the
first mobile carrier in Vietnam, followed by two other major operators,
namely Vinaphone in 1996 and Viettel in 2003.-VNA