In keeping with Vietnam Post and Telecom Group (VNPT)' June-approvedgrandscale restructuring plan, a recent proposal to establish three newfirms was submitted to the Ministry of Information and Communications(MIC) and the Prime Minister.
The three firms, VNPT- Net,specialising in network infrastructure; VNPT- Vinaphone, operating intelecommunications; and VNPT- Media, operating in multi-media services,will divide VNPT's core businesses into specialised firms, similar to asplit-up.
The restructuring of VNPT will need to reallocate humanand financial resources to avoid overlap, said the group's generaldirector, Tran Manh Hung.
The three new firms will operate independently and will be vigorously evaluated for efficiency by the VNPT group.
Accordingto Hung, restructuring will help tighten the budget, simplifyorganisation, and reduce corporate red-tape. Siphoning off the group'score businesses into specialised firms is a move to enhancecompetitiveness and efficiency, he added.
Deputy director ofVNPT, Pham Duc Long, said the division of operations would not createdifficulties for the reallocation of VNPT's profits, nor the group'scapacity to oversee the management of day-to-day operations.
Hesaid that new accounting departments would be set up to monitor theallocation of profits and a new management model would be put in place.
TheGovernment's decision 888/QD-TTg, made back in June, approved VNPT'srestructuring plan which promised to divest capital from 63 non-corecompanies.
The group has successfully divested 400 billion VND(18.8 million USD) from Sacom Investment and Development Corporation(SAM) and will continue withdrawing its 700 billion VND (32.9 millionUSD) from Maritime Bank.
The divestment strategy takes on itslargest investments first before rounding up the process with smallerones. Divestment from the 63 companies will be completed next year, saida VNPT representative.
So far the communications and media grouphas maintained stable growth despite the restructuring process startedthis summer. The group's revenue in the first nine months of this yearhas remained healthy at 77 trillion VND (3.6 billion USD).
Hungsaid that the group set a growth target of 10 percent for the 2014 year.However, for the next year the target growth rate was set at 25 percentas things hopefully become more stable and restructuring is well underway.-VNA
The three firms, VNPT- Net,specialising in network infrastructure; VNPT- Vinaphone, operating intelecommunications; and VNPT- Media, operating in multi-media services,will divide VNPT's core businesses into specialised firms, similar to asplit-up.
The restructuring of VNPT will need to reallocate humanand financial resources to avoid overlap, said the group's generaldirector, Tran Manh Hung.
The three new firms will operate independently and will be vigorously evaluated for efficiency by the VNPT group.
Accordingto Hung, restructuring will help tighten the budget, simplifyorganisation, and reduce corporate red-tape. Siphoning off the group'score businesses into specialised firms is a move to enhancecompetitiveness and efficiency, he added.
Deputy director ofVNPT, Pham Duc Long, said the division of operations would not createdifficulties for the reallocation of VNPT's profits, nor the group'scapacity to oversee the management of day-to-day operations.
Hesaid that new accounting departments would be set up to monitor theallocation of profits and a new management model would be put in place.
TheGovernment's decision 888/QD-TTg, made back in June, approved VNPT'srestructuring plan which promised to divest capital from 63 non-corecompanies.
The group has successfully divested 400 billion VND(18.8 million USD) from Sacom Investment and Development Corporation(SAM) and will continue withdrawing its 700 billion VND (32.9 millionUSD) from Maritime Bank.
The divestment strategy takes on itslargest investments first before rounding up the process with smallerones. Divestment from the 63 companies will be completed next year, saida VNPT representative.
So far the communications and media grouphas maintained stable growth despite the restructuring process startedthis summer. The group's revenue in the first nine months of this yearhas remained healthy at 77 trillion VND (3.6 billion USD).
Hungsaid that the group set a growth target of 10 percent for the 2014 year.However, for the next year the target growth rate was set at 25 percentas things hopefully become more stable and restructuring is well underway.-VNA
