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VNPT creates new corporations

Released at: 12:22, 16/05/2015

VNPT creates new corporations

Three new bodies aimed at better management under government decision on Group's restructure.

by Son Ho

The Vietnam Posts and Telecommunications Group (VNPT) held a ceremony yesterday afternoon to announce the establishment of three new corporations: VNPT Network Corporation (VNPT-Net), VNPT Telecom Service Corporation (VNPT-Vinaphone), and VNPT Media Corporation (VNPT-Media). VNPT-Net will be a cost dependent corporation while the other two are cost independent.

Their establishment comes under the government’s Restructuring Scheme for the Vietnam Posts and Telecommunications Group (VNPT).

VNPT-Net will be charge of managing VNPT’s network infrastructure and is founded on the basis of reorganizing Vietnam Telecoms National (VTN), the telecom management and operations division of VNPT, and the technical infrastructure divisions of certain smaller units (Vinaphone, VDC, and VNPT-I, and transmission switching centers in Vietnam’s 63 cities and provinces).

VNPT-Vinaphone will be responsible for conducting business relating to the products and services of Vinaphone. Its charter capital is VND5.2 trillion ($238.94 million). Its founding is based on a reorganization of multiple divisions: sales, customer services, technical services, billing, and certain other management and support divisions of VNPT in the 63 cities and provinces as well as in Vinaphone, VTN, VNPT-I and VDC.

VNPT-Vinaphone’s goal by 2020 is for revenue to stand at VND26 trillion ($1.195 billion) and profit before tax at VND3.3 trillion ($151.635 million), with average annual growth of 49 per cent, a mobile service market share of 30 per cent, and a broadband service market share of 80 per cent.

VNPT-Media, meanwhile, is responsible for producing TV and media services and has charter capital of VND2.3 trillion ($105.685 million). It is founded on the basis of combining smaller companies and divisions that currently manage VNPT’s media products.

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