(Photo: Vietnamobile)

Hanoi (VNA) - The Prime Minister has approved local telecom provider Vietnamobile to transform from being a Business Corporation Contract (BCC) to a Joint Stock Company (JSC).

Accordingly, Vietnamobile will have a total adjusted capital of 1.28 billion USD with an implementation period of 50 years.

The new company will have three shareholders. Hanoi Telecom JSC will hold 50 percent of charter capital, Hutchison Telecommunications (Vietnam) S.A.R.L will hold 49 percent and Hanoi Telecom General Director Trinh Minh Chau will hold the remaining one percent.

Foreign investors will hold no more than 49 percent of Vietnamobile’s charter capital.

The company inherits all rights and legitimate interests, and will be responsible for all debts, including tax debts, labour contracts and foreign debt related to the BCC.

Vietnamobile JSC, established in 2009, is the fourth largest network provider in Vietnam.

According to statistics from the Ministry of Information and Communication, Vietnamobile has 11 million subscribers nationwide in 2015.-VNA