Telecom giants must develop equitisation plans: MIC
The three telecommunication groups under direct management of the Information and Communications Ministry (MIC) will have to develop their equitisation plans in 2017, according to Minister Truong Minh Tuan.
The three telecommunication groups under direct management of the Information and Communications Ministry will have to develop their equitisation plans in 2017 (Photo: vfpress.vn)
Hanoi (VNA) - The three telecommunication groups under direct managementof the Information and Communications Ministry (MIC) will have to develop theirequitisation plans in 2017, according to Minister Truong Minh Tuan.
The three groups are the Vietnam Post and Telecommunications Group (VNPT), VietnamMultimedia Corporation (VTC) and MobiFone TelecommunicationsCorporation (MobiFone).
The equitisation of the three telecom giants has to be speeded up in accordancewith a December 2016 decision by the Prime Minister on criteria todifferentiate State-owned enterprises (SOEs) and State-invested companies, headded, speaking at a meeting on January 23.
Along with the decision, the PM also published the list of 240 SOEs that haveto be equitised by 2020. On the list of 240 SOEs to be equitised, VNPT andMobiFone are the two among 27 firms in which the Government will hold 50-65 percentownership. VTC is among 106 SOEs in which the State’s stake will be reduced tobelow 50 percent.
Among the rest of the 240 SOEs, the State’s ownership will remain 100 percentin 103 SOEs while its stake will stay over 65 percent in four others.
VNPT in 2016 recorded revenues of 135 trillion VND (6.09 billion USD), up 7 percentfrom 2015, whereas income rose by 20 percent to 4.16 trillion VND.
MobiFonereported revenues of 38.4 trillion VND, up 14.5 percent from 2015 with 19million subscriptions. VTC surpassed their goal for 2016, with total revenuesreaching 5.2 trillion VND, up 39 percent compared to 2015.
The Government has enhanced divestment from SOEs, ranging from breweries todairy producers. Those deals have attracted intense attention from foreigninvestors given that Vietnam is one of the fastest growing economies due to itsyoung population and rapidly increasing export turnover, the Wall StreetJournal reported last week.
In the past 15 years the number of SOEs has fallen from around 6,000 to over700. Between 2011 and 2015, almost 600 SOEs were equitised, 96 percent of thetargeted number. -VNA
Speeding the equitisation of State-owned enterprises (SOEs) and development of the stock market is important to secure a Government policy to restructure businesses over the next five years.
In a new move, the Government has announced the rate of State-ownership in firms that are set to be equitised, instead of fixing the rates by sectors as usual.
Two giants mobile network operators MobiFone Telecommunications Corporation (MobiFone) and Vietnam Post and Telecommunications Group (VNPT) are aiming to conduct their equitisation in the 2016-2020 period.
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The three telecommunication groups under direct management of the Information and Communications Ministry will have to develop their equitisation plans in 2017 (Photo: vfpress.vn) 
