03:50 (GMT +7) - Tuesday 13/11/2018

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Deputy PM approves VNPT restructuring plan

Released at: 13:42, 06/01/2018

Deputy PM approves VNPT restructuring plan

Photo: VNPT

Deputy Prime Minister Vuong Dinh Hue signs Decision approving plan to restructure Vietnam Posts and Telecommunications Group in the 2018-2020 period.

by Minh Do

Deputy Prime Minister Vuong Dinh Hue has signed Decision No. 2129/QD-TTg approving the plan to restructure the Vietnam Posts and Telecommunications Group (VNPT) in the 2018-2020 period, to build and develop VNPT into a State economic group and the leading digital service provider in Vietnam and a digital trading center in East Asia and Asia.

VNPT targets average revenue growth of 6.5 per cent each year by 2020 and average profit growth of 10.8 per cent per year, and average revenue growth of 7.7 per cent per year in the 2021-2025 period and average profit growth of 11 per cent per year. By 2022, its return on equity is to be equal that of other enterprises in the same industry.

Under the restructuring plan, VNPT’s main business lines are telecommunications, information technology, multimedia and other digital products and services, consultancy, survey, design, installation, exploitation, maintenance, repair, lease of works, telecommunications and information technology equipment, research and development, and the manufacturing, trade, and export and import of equipment, telecommunications and information technology and multimedia products.

The Decision states that in the 2018-2020 period the Group will act on the establishment of the VNPT-Information Technology Company (VNPT-IT), the combining of administration at the Postal Rehabilitation Hospital in northern Hai Phong city with the Postal Hospital in Hanoi, the restructuring of the international business of VNPT International (VNPT - I), research into the establishment of VNPT Global, which is 100 per cent owned by VNPT, the maintenance of VNPT-Vinaphone according to the independent accounting model, efficiency improvements and rearrangement of businesses to which VNPT contributes capital (the merger of the Post and Telecommunications Material Supply JSC (Potmasco) into the Cokyvina JSC, the merger of the KASATI JSC into the JSC for Telecoms and Informatics (CT-IN), and increases to the capital contribution of VNPT in CT-IN to over 35 per cent of charter capital), and dissolving the VNPT Representative Office in Ho Chi Minh City according to regulations.

After the reorganization, VNPT will be a one-member limited liability company with 100 per cent State-owned capital.

Dependent accounting units include the Network Infrastructure Corporation (VNPT-Net), VNPT – IT, 63 VNPT Telecommunications branches in cities and provinces, the VNPT- Development Research Center (VNPT - RD), and Training Center I, II, and III.

Non-productive units include the Postal Hospital and the General Post Hospital.

Subsidiaries include VNPT - Vinaphone, VNPT Media, VNPT Global, VNPT Technology, CT-IN, POSTEF, and VNPT GLOBAL HK (which is expected to transfer capital to VNPT Global after its establishment).

Associated companies include the COKYVINA JSC, Vietnam Technology & Telecommunications (VNTT), the VNPT Property and Management JSC (VNPT PMC), the Vietnam Yellow Pages JSC (VNYP), the Post Printing and Telecommunication Services JSC (PTP), the Technology and Media Investment Development JSC (NEO), the Global Data Service Corporation (GDS), and ATH Malaysia and ACASIA Malaysia (which are expected to transfer capital to VNPT Global after its establishment).

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