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Restructured Viettel to concentrate on core business

Update: May, 21/2013 - 09:39

Viettel corporation's charter capital will be doubled to VND100 trillion (US$4.7 billion) after restucturing.—Photo brandtalk

HA NOI (VNS)— Viettel corporation's charter capital will be doubled to VND100 trillion (US$4.7 billion) after restucturing, reports VnExpress online.

The corporation is required to withdraw all of its capital from financial investment, but it will be allowed to invest in other projects such as broadcasting in radio and television.

The decision to restructure the Telecom Corporation (Viettel) between 2013-15 was recently approved by the Prime Minister.

Under the restructuring project, apart from its telecoms services, IT and telecoms spare-part production, Viettel will be permitted to invest in broadcasting and postal sectors.

A Viettel representative said the corporation considered the broadcasting industry to be core business thanks to its available telecommunication infrastructure and information technology.

Recently, the corporation was granted a licence by the Ministry of Information and Communications to provide a cable TV service.

In addition, Viettel is also involved in the trading and retail distribution of telecoms products, information technology, finance, banking and real estate industries.

With the expansion of business sectors, from now to 2015, Viettel's charter capital will be lifted to VND100 trillion.

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

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

In 2012, Viettel's revenue reached VND140 billion, up 18.5 per cent compared to the previous year. — VNS

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