Approving the restructuring plan of Vietnam Post and Telecommunications Group

Approving the restructuring plan of Vietnam Post and Telecommunications Group

Deputy Prime Minister Vuong Dinh Hue signed Decision 2129 / QD-TTg approving the plan to restructure Vietnam Posts and Telecommunications Group (VNPT) in 2018-2020 to build and develop VNPT into an economic group. strong state; the leading digital service provider in Vietnam and digital trading center in East Asia and Asia markets.

Customers to trade at VNPT Hanoi Business Center. Photo: Minh Dinh / VNA

VNPT's goal to 2020, average revenue growth rate of 6.5% per year, average profit growth rate of 10.8% per year. In the period 2021 - 2025, the average revenue growth rate of 7.7% / year, the average profit growth rate of 11% / year; By 2022, the return on equity is equivalent to that of the same industry.

Under the restructuring plan, VNPT's main business lines are telecommunication products, services, information technology, multimedia and other digital services; consultancy, survey, design, installation, exploitation, maintenance, repair, lease of works, telecommunications equipment, information technology; To research, develop, manufacture, produce, trade, export and import telecommunications equipment, products, information technology and multimedia.

Regarding the plan to rearrange and rearrange VNPT, the Decision stated that in the 2018-2020 period the establishment of VNPT-IT Information Technology Company; Rehabilitated Post Office (in Hai Phong city) into Postal Hospital (in Hanoi city). Restructure International Business of International Telecom Company (VNPT - I); To study the establishment of VNPT Global Investment One Member Limited Company (VNPT Global), which is 100% chartered by VNPT when fully qualified; continue to maintain the Telecommunications Services Corporation (VNPT-Vinaphone) according to the model of independent accounting; improved efficiency and rearrangement of the businesses contributing capital of VNPT (merger of Post and Telecommunications Materials Joint Stock Company (Potmasco) into Cokyvina Joint Stock Company, merger of KASATI Joint Stock Company into Joint Stock Company Telecommunication - Informatics CT-IN post office and increase the proportion of capital contribution of VNPT in CT-IN reached over 35% of charter capital ...); To dissolve the VNPT Representative Office in Ho Chi Minh City according to regulations. After the reorganization, the holding company - VNPT is a one member limited liability company with 100% of charter capital held by the State.

Dependent cost-accounting units include: Network Infrastructure Corporation (VNPT-Net); VNPT Information Technology Company (VNPT - IT); 63 Telecommunication provinces and cities (VNPT province, city); Development Research Center (VNPT - RD); Training Center I, II, III. Non-productive units include Post Hospital and General Post Hospital.

Subsidiaries include: Telecommunications Corporation (VNPT - Vinaphone); Media Corporation (VNPT Media); VNPT Global Investment Company (research established after equitization of parent company - Group); Post and Telecommunication Technology Industry Corporation (VNPT Technology); Post Telecommunication and Informatics Corporation (CT-IN); Post Equipment and Equipment Corporation (POSTEF); VNPT GLOBAL HK (expected to transfer capital to VNPT Global after its establishment).

Associated companies include: COKYVINA Joint Stock Company; Technology and Communications Development Joint Stock Company (VNTT); VNPT Building Management Joint Stock Company (VNPT PMC); Vietnam Yellow Pages Joint Stock Company (VNYP); Post and Telecommunication Services (PTP); NEO Technology Development and Communication Investment Joint Stock Company; Global Data Services Corporation (GDS); ATH Malaysia and ACASIA Malaysia (expected to transfer capital to VNPT Global after its establishment).

Besides arranging and reorganizing, VNPT continues to accelerate the implementation of solutions to improve corporate governance, focusing on the following areas: perfecting the management mechanism; To consolidate the organization of the managerial and executive apparatus. Along with that, innovation, improve the efficiency of financial management, accounting; asset management, capital sources and cash flow balancing; to increase the thrift practice, strictly manage costs, strive to reduce the cost of products and services; effective labor management, wage reform; development and training to improve the quality of human resources; To promote the application of modern technologies and new techniques in order to raise the efficiency of production and business as well as labor productivity in the entire Group.