MobiFone to hasten equitisation process

The Ministry of Information and Communications has called on Viet Nam Mobile Telecom Services Company (MobiFone) to speed up its equitisation.

Minister of Information and Communications Le Doan Hop told Vneconomy on Wednesday that the mandatory equitisation would improve the competitiveness of the telecoms industry and attract more foreign investment, thereby boosting the country's economy.

He said additional investment in the sector would boost technological advances and improve IT management.

The minister said equitising MobiFone was also part of the Government's core plan for 2011.

Hop said further meetings would be held this year to discuss MobiFone's equitisation.

Mobifone refused to comment when approached by Viet Nam News yesterday.

A report on Mobifone's business results in 2010, said the company's revenue reached VND36 trillion (US$1.7 billion), 35 per cent of the Post and Telecommunications Corporation of Viet Nam (VNPT)'s total revenue of VND5.8 trillion ($276 million) in pre-tax profit.

Mobifone was scheduled to equitise by the end of 2007 and hold its first initial public offering. It has now missed its equitisation deadline twice.

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