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Viettel Group’s structuring plan approved

24/05/2013 10:42 AM Font weight
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The military-run Viettel group will become a dynamic and competitive military economic unit to contribute to the country’s socio-economic growth, security and international integration. This is the goal of the Viettel restructuring plan which was approved by the Prime Minister.

According to the restructuring plan, Viettel group’s main business includes telecommunication, information technology, radio- television broadcast, post and delivery, equipment manufacturing and researching for telecom, IT and communications.

During 2013- 2015 period, the group will consit of 11 units including Viettel Telecom, Viettel network, Viettel Property, Viettel Broadcasting and 63 branches all over provinces, cities in Vietnam.

In addition, the corporation will hold 100 per cent stakes in five, one-member limited companies including M1 Information, M3 Information, Viettel Import and Export, Viettel housing business, Viettel Technology Investment.

Moreover, parent company owns more than 50 per cent of charter capital in seven subsidiaries, including Viettel Post, Viettel International Investment and less than 50 per cent in four others, namely Vinaconex, Military Bank, Vinaconex-Viettel Urban Development, Vinh Son Joint Stock Company.

In addition, it must merge EVN Telecommunications to Viettel"s parent company.

Viettel is asked to withdraw its investments from five businesses, including Viettel Technologies Corporation, Vinaconex Commercial Development JSC, EVN International JSC, Coecoo Rubber Industry JSC  and Vinaconex – Viettel Finance JSC.

Prime Minister required Viettel Group to reform management structure, focusing on amending and completing internal management system, re- arrange organisational structure, pushing up resource training human resources. The Group is also asked to apply scientific advancements, new technology and implementing measures to increase productivity, decline expenses in production and business activities; strengthen responsibilities and authorities of Viettel Group authorised representatives in other enterprises.

translated by Vu Nhung

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