$31.1 million already divested, with $67.3 million worth still to come.
VNPT has withdrawn VND701 billion ($31.187 million) in investments outside of its core business of telecommunications, according to CEO Pham Duc Long, which meets the group’s target.
It is also divesting capital in 63 enterprises in five sectors: real estate, insurance, the stock market, finance, and banking, and is focusing on selling subsidiaries facing difficulties as quickly as possible.
Though VNPT collected VND701 billion ($31.187 million) from its divestments, it must still divest VND1.512 trillion ($67.3 million) more. At the current pace it expects to complete the divestments on schedule.
VNPT Chairman Tran Manh Hung said that the divestments will help the group to develop. It is now undergoing restructuring, he said, and if it has many subsidiaries operating in the same sector they will be rearranged. But if subsidiaries are recording good business performance they will receive continued support.
He also said the group would restructure because it is difficult to manage many joint stock companies.
The recent auction of its subsidiary Cadico was cancelled because of a lack of participants.
- Tran Manh Hung
- Pham Duc Long