Illustrative image (Source: VNA)
Hanoi (VNA) - The Vietnam Post and Telecommunications Group (VNPT) will divest from 50 companies as a necessary step in its restructuring plan.

According to Decision 25/2016/NĐ-CP issued on April 6 on the group’s operation, VNPT draws capital from firms, funds and commercial banks including VNPT Land, Saigon Securities Investment fund A2 (SFA2), Vietnam Maritime Commercial Bank (MSB) and Post and Telecommunication Finance Company Ltd (PTF).

After the restructure, VNPT will have charter capital of 72.2 trillion VND (3.23 billion USD). The group will include 71 affiliated units, two wholly owned affiliates in VNPT Media and Vinaphone and five other subsidiaries, as well as and three hospitals as services units in Hanoi, HCM City and Hai Phong

VNPT’s board will have seven members that will be responsible for all activities of the group.

In 2014, VNPT transferred its ownerships in Vietnam Mobile Telecom Services Company (VMS) and Post and Telecommunication Institute of Technology (PTIT) to the Ministry of Information and Communication (MIC).

In 2015, VNPT earned 89.12 trillion VND of revenue, 7.5 percent higher than 2014.-VNA