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Mobi, VNPT Global to merge
The Viet Nam Posts and Telecommunications Group (VNPT) will merge VNPT Global into MobiFone to bolster investment resources for future overseas investment, said general director of VNPT Vu Tuan Hung.
MobiFone was now VNPT's largest company, achieving a return on equity of nearly 50 per cent and earning a profit of VND6.26 trillion (US$298 million) in 2011, said Hung.
Deputy Minister of Information and Communications Le Nam Thang said he highly appreciated MobiFone's strategic plan for investment abroad. The Deputy Minister said domestic telecommunications companies had invested abroad with the aim of expanding their markets and establish large-scale telecommunications groups with a global reach.
Mai Van Binh, General Director of MobiFone, said the company had struggled to pursue effective overseas investment plans. However, the merger would help MobiFone to improve its operations in the area and pursue plans to become one of the top 10 leading mobile operators in Asia. MobiFone had previously planned to invest abroad and expand its business in the regional Asian market of about 200 million people.
VNPT Global was established in January 1, 2008 by three shareholders: VNPT, MobiFone and VNPost. VNPT Global has headquarters in the US, Singapore, Hong Kong and the Czech Republic, according to Vu Phi Long, general director of VNPT Global.
Long said his company had already made overseas investments in Internet and VoIP services. When it is merged with MobiFone, the company will focus on seeking investment in the mobile communications sector. The merger between VNPT Global and MobiFone would begin this month. In the short term, the firm would seek investment opportunities in the field of mobile communications in Asia, said Long.
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