Business

PM gives go ahead to rename Mobifone

The Prime Minister approved the proposal submitted by the Ministry of Information and Communication (MIC) to turn the Mobifone limited liability company into the Mobifone Telecommunication Corporation.
The Prime Minister approved the proposal submitted by the Ministry ofInformation and Communication (MIC) to turn the Mobifone limitedliability company into the Mobifone Telecommunication Corporation.

The Prime Minister asked the MIC to manage the transformation processand the implementation of the Mobifone equitisation process approved inJune this year in Decision 888/QD-TTg on the restructuring plan for theVietnam Post and Telecommunications Group (VNPT) for 2011-2015.

According to the national telecommunications development plan for2020, Mobifone is set to become a large telecommunications corporation,one of the three major mobile services providers Vinaphone, Viettel andMobifone, which together account for more than 90 percent of thedomestic market.

Founded in 1993 as a GSM launcher, MobiFonewas the first mobile service provider in Vietnam, followed by Vinaphonein 1996 and Viettel in 2003.

Mobifone andVinaphone used to be situated under the VNPT umbrella, but in June 2013Mobifone split from the State-owned Vietnam Post and Telecommunications(VNPT) and was placed under the management of MIC.

According to Vietnam’s White Book on Information CommunicationsTechnology, the company held a 21.4 percent market share last year,ahead of State-owned Vinaphone (19.8 percent). Mobifone came secondafter the military-run giant Viettel, which had the lion’s share of themarket at 40.5 percent.

Mobifone recorded 41trillion VND (1.95 billion USD) in turnover and 6 trillion VND (286million USD) in profits last year.

The Ho ChiMinh Securities Corporation (HSC) valued Mobifone at approximately 3.4billion USD, forecasting a possible increase to more than 4 billion USDif the company's revenues and profits continue to rise after itsofficial separation from VNPT.-VNA
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