Viettel renamed Military Industry and Telecoms Group

Hanoi (VNA) - Military-run telecommunications group Viettel was officially renamed Viettel Military Industry and Telecoms Group and recognised as the national defence and security enterprise with 100 percent State-owned capital.

The Government has promulgated Decree No 05/2018/NĐ-CP on the organisational and operational charter of Viettel.

Accordingly, the group will operate under the management of the National Defence Ministry to implement all political, military and national defence duties as well as production and trading following laws and regulations.

Viettel includes the parent company, subsidiaries, member companies and associated companies which implement both military and business tasks.

Businesses under Viettel operate independently and take responsibilities under the law. Contracts, transactions and other relationships between Viettel and firms joining the group are required to be established and implemented independently and equally.

Viettel’s chartered capital on January 5, 2018, was 121.5 trillion VND (5.35 billion USD). The capital will be increased to 300 trillion VND during 2015-2020.

Viettel’s management organisational structure includes a chairman, a general director, deputy general directors, surveyors, chief accountant and internal control.

A chairman cum general director will be the State representative to Viettel to implement all rights and duties. The chairman will be nominated by the Prime Minister upon the National Defence Ministry’s proposal and agreement of the Party Central Committee.

According to the new organisational and operational charter, Viettel will have no more than five deputy general directors.

The company will be allowed to diversify ownership if the Prime Minister decides to implement its equitisation, transferring a part of the total State-owned capital to the group.

The national defence and security enterprise is a State-owned company which is established or restructured to implement regular and stable tasks in sectors and areas serving the cause of national defence or ensuring a national secret.-VNA