Viettel renamed Military Industry and Telecoms Group
Saturday, 2018-01-13 11:19:13
NDO/VNA - Military-run telecommunications group Viettel has been renamed Viettel Military Industry and Telecoms Group and is now recognised as the national defence and security enterprise with 100% state-owned capital pursuant to the recently issued Government Decree No.05.
The group will operate under the management of the National Defence Ministry to implement all political, military and national defence duties, as well as production and trading in accordance with the laws and regulations.
Viettel includes the parent company, subsidiaries, member companies and associated companies which implement both military and business tasks.
Businesses under Viettel operate independently and take responsibilities under the law. Contracts, transactions and other relationships between Viettel and firms joining the group are required to be established and implemented independently and equally.
Viettel’s chartered capital on January 5, 2018, was VND121.5 trillion (US$5.35 billion). The capital will be increased to VND300 trillion (US$13.2 billion) during 2015-2020.
The company will be allowed to diversify its ownership if the Prime Minister decides to implement its equitisation, transferring a part of the total State-owned capital to the group.