Ministry makes MobiFone transformation official

Wednesday, Dec 03, 2014 16:10

MobiFone is officially transformed into a corporation, according to a decision of Information and Communications Minister Nguyen Bac Son. — Photo

HA NOI (Biz Hub) — Information and Communications Minister Nguyen Bac Son has signed Decision No. 1798/QD-BTTTT, establishing MobiFone Telecommunications Corporation.

The Ministry of Information and Communications (MoIC) made the announcement last December 2. The move actually transforms the Vietnam Mobile Telecom Services Company (VMS), which operates MobiFone, the country's second largest mobile operator, into MobiFone Telecommunications Corporation.

According to the decision, MobiFone's charter capital will be VND15 trillion (US$714 million), and the new corporation will be organised under the parent-subsidiary company model with 100 per cent of its charter capital owned by the government.

Its major businesses include investment, construction, operation, exploitation and provision of telecommunications, information technology, broadcasting and multimedia services.

MobiFone is allowed to manufacture, assemble, import and export, and do business in the fields of telecommunications (telecom), information technology (IT) and electronic equipment. It will also be permitted to offer consulting, design, maintenance and repair of telecom, IT and electronic equipment.

The corporation may also do business in related fields such as the export and import of telecom equipment for its operations and financial investment in the telecom and IT sectors.

Last November 18, Prime Minister Nguyen Tan Dung approved the MoIC proposal to transform MobiFone into a corporation. It was detached from the State-run Viet Nam Posts and Telecommunications Group (VNPT) and placed under MoIC management last July following the implementation of a restructuring plan for VNPT. — VNS

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