Merging Vinaphone into VNPT Group

According to information from the Government Electronic Newspaper, the Government has just agreed with the proposal of the Ministry of Finance on the establishment and rearrangement of subsidiaries of the Vietnam Posts and Telecommunications Group (VNPT Group) in the form of merging VNPT-Vinaphone and VNPT-Media into the parent company - VNPT Group.

Specifically, regarding authority, the Board of Members of VNPT Group decides on the merger of VNPT-Vinaphone and VNPT-Media into VNPT after the Prime Minister approves the merger policy at the request of the Ministry of Finance (the representative agency of the owner of VNPT Group).

Merging Telecommunication Services Corporation and Communications Corporation into VNPT Group. (Illustration photo)

After 3 days from the date of issuance of this Resolution, based on the Document submitted by VNPT Group and received from the State Capital Management Committee at the former enterprise, the Ministry of Finance shall complete the Submission to the Prime Minister for approval of the merger policy; be responsible for the documents and the Submission to the Prime Minister; supervise the implementation of the above merger to ensure the effective use of state capital invested in the enterprise.

The merger must comply with the documents and plans submitted to the Ministry of Finance, ensuring a streamlined, effective and efficient apparatus, continuous operation of the enterprise throughout the merger process, improving capital efficiency; taking responsibility for the proposal and effectiveness of the arrangement and merger.

The Prime Minister requested that the organization and implementation of enterprise merger procedures must comply with the provisions of the Enterprise Law, the Law on Management and Use of State Capital Invested in Production and Business at Enterprises, and related laws.

This Resolution takes effect from the date of signing and promulgation (June 25).

Established in 1996, by early 2024, Vinaphone served nearly 30 million mobile subscribers, more than 8 million fixed broadband subscribers (accounting for 40.73% market share) and 5.3 million MyTV subscribers nationwide.

VNPT VinaPhone also provides digital transformation solutions of VNPT Group to many agencies such as the Government Office, Ministry of Public Security, Ministry of Health, and telecommunications and information technology services to hundreds of thousands of businesses nationwide.

VNPT-Media was established in May 2015 on the basis of reorganizing VASC Company, Information & Public Relations Center and research and development departments of digital content and value-added services of VDC Company and Vinaphone Company.

Currently, VNPT-Media operates in the fields of research and development, television services, multimedia communications, value-added services and information technology. This enterprise has 4 affiliated units including Television Service Development Company, Value-added Service Development Company, Software Development Company, Digital Financial Services Center and functional departments and branches in the Central and Southern regions.

In addition to Vinaphone and VNPT-Media, VNPT Group also has other companies such as VNPT-Net, VNPT-Technology and VNPT-IT. In 2024, the total revenue of VNPT Group will reach VND 58,540 billion, of which the parent company will contribute VND 41,995 billion, up 7% compared to 2023. VNPT's consolidated pre-tax profit will reach VND 6,086 billion. The parent company's profit will be VND 4,565 billion, up slightly compared to the same period last year.

PHAM DUY

Source: https://vtcnews.vn/sap-nhap-vinaphone-vao-tap-doan-vnpt-ar950964.html