The Viet Nam Post and Telecommunications Group (VNPT) has successfully divested capital from its finance subsidiary, the Post and Telecommunication Finance Company Ltd (PTF).

VNPT has earned over VND1 trillion (US$43.67 million) from the divestment.

Founded in 1998, PTF is Viet Nam’s first finance company. It is fully owned by VNPT and has a charter capital of VND500 billion.

Financial statements from PTF show profits of VND21 trillion and VND19 trillion in 2015 and 2016, respectively.

Withdrawal from PTF is part of VNPT’s plan to divest from its non-core businesses.

According to VNPT chairman Tran Manh Hung, the outlook for VNPT’s divestment process is quite favourable as three of its companies – the Telecommunication Technical Service Joint Stock Company (TST), Viteco Viet Nam Telecommunications Technology Joint Stock Company and Nha Trang Post Hotel Joint Stock Company – are attracting investors. The companies have also completed the valuation procedure at the beginning of June, he said.

The group’s mobile revenue, especially in terms of card sales, has stood at only 96.1 per cent in the past few months, thanks to changes in management policies on subscriber information, scratch cards, and the reduction of promotions for pre-paid subscribers from 50 per cent to 20 per cent, Hung said.

VNPT’s equitisation plans also face a challenge in the form of a land use plan. VNPT said it hopes the Ministry of Information and Communications (MIC) can clarify the matter soon to allow VNPT to equitise on schedule. The company has also asked the MIC to allow it to actively select and lease privatisation consultancy services in accordance with the law. — VNS