Vietnam’s second largest telecommunications group to divest stakes in 50 enterprises

By Ngoc Tuyen, Tuan Dam April 7, 2016 | 10:21 pm PT

Vietnam Posts and Telecommunications Group (VNPT) will lower its stakes in 50 companies, funds and banks in pursuance of a new decree issued by the government.

The state-run post and telecommunications giant has investments in various fields and needs to divest in enterprises such as the Vietnam Maritime Commercial Joint Stock Bank, VNPT Land JSC. and the Post and Telecommunication Finance Company Ltd.

The decree will become effective on May 21, 2016.

vietnams-second-largest-telecommunications-group-to-divest-stakes-in-50-enterprises

VNPT will decrease state ownership in 50 enterprises. Photo: VNPT

In 2014, the country's seventh largest enterprise (according to VNR500’s top enterprises in 2015) finished the first stage of restructuring by handing over Vietnam Mobile Telecom Services (Mobifone) and the Posts and Telecommunications Institute of Technology to the Ministry of Information and Communication.

VNPT has state owned charter capital of VND72.24 trillion (over $3.2 billion) with 71 subsidiaries, two wholly owned affiliates in VNPT Media and Vinaphone and 5 other affiliates.

VNPT also runs three hospitals as non-business units in Hanoi, Ho Chi Minh City and Hai Phong.