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Many state-owned groups become limited liability companies
Prime Minister Nguyen Tan Dung has allowed the Vietnam Post and Telecommunications Group (VNPT) and the Army Telecommunication Group (Viettel) and 13 other corporations and groups to restructure as one-member limited liability companies owned by the state.
Under the Business Law that goes into effect on July 1, state enterprises that have not yet been equitized (I.e., have not issued shares) must become state-owned “one-member limited liability companies.”
After three years of equitisation, Viettel has just finalized the process at some subsidiaries. Viettel is the first that experimentally applied the model of a group operating in the areas of telecom, real estate, banking and finance without a management board.
VNPT will also change its model into a one-member limited liability company, working in the fields of telecom work construction, finance, banking, advertising, office leasing, postal and telecom services. Its chartered capital is more than 72 trillion dong (Nearly $3.79 billion).
VNPT and Viettel are the two biggest operators in the telecom markets. VNPT owns the two mobile networks, VinaPhone and MobiFone, while Viettel runs Viettel Telecom. Viettel has also expanded its operations to Cambodia, Laos and Haiti.
Other big state-owned economic groups and corporations are Electricity of Vietnam (EVN), Vietnam Cement Corporation (Vicem), Vietnam Railways Corporation, Vietnam Textile-garment Corporation (Vinatex), Vietnam Coal and Mineral Industry Group (Vinacomin) and Vietnam Shipbuilding Industry Group (Vinashin).
Previously, the Vietnam Oil and Gas Group (PetroVietnam) and MobiFone were allowed to become one-member limited liability companies.
vietnamnet
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