VNPT Ready to Privatize Telecom Subsidiaries
State-run Vietnam Post and Telecommunications Group (VNPT), the country's largest post and telecom firm, is speeding up the necessary preparations to sell shares in all telecom subsidiaries, a senior group official said.
Vietnam Mobile Telecom Services Company (VMS), which operates Vietnam's second largest mobile phone network, MobiFone, is holding tender to choose privatization consultants, said Pham Long Tran, VNPT acting president.
The IPO of MobiFone is expected to take place this year after several delays, he said.
However, it would be difficult for VNPT to fulfill the equitization of MobiFone in 2008 due to the slow progress, said Deputy Minister of Information and Communications Tran Duc Lai.
VNPT is seeking approval from the government to sell stakes in VDC Data Tranmission and Computing Co and VASC software and communication firm. It also boosts the plans in Post Financial Co, Focal Cable Co and Post Stamp Printing Co.
The VNPT deputy general director emphasized that the privatization mechanism will help solve the paradox in its current salary policy, which fails to keep talents in the group.
So far, VNPT has sold shares in over 40 affiliates, most of them are small companies, Lai noted. (Vneconomy, VNA)
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