Telecom group directed to exit from a range of endeavors.
VNPT must divest its capital from 50 enterprises, foundations and banks under Decree No. 25/2016/ND-CP issued recently.
Such enterprises, foundations and banks include VNPT Land, the Saigon Post and Telecommunications Service Corporation, the Telecom and Urban Infrastructure Investment JSC, the VTC Telecommunications JSC, the Saigon Securities Investment Fund A2, and Maritime Bank.
After restructuring VNPT will have 71 subsidiaries and two affiliated companies (VNPT - Vinaphone and VNPT - Media) in which it holds 100 per cent of charter capital. It will also retain well-known subsidiaries such as the Postal Hospitals in Hanoi, Ho Chi Minh City and Hai Phong.
The group has charter capital of VND72.237 trillion ($3.24 billion) and is owned by the State. The government directly assigns tasks to the Prime Minister, the Minister of Information and Communications and related ministries in implementing the State’s responsibilities and obligations.
Its main business lines involve trading telecommunications and information technology products and services, multimedia, and consulting, designing, installing, operating, and repairing information technology constructions.
The group also researches, develops, manufactures, trades, exports, and imports telecommunications, information and multimedia products.