Vietnam Approves Setting up Viettel Group
Prime Minister Nguyen Tan Dung approved Vietnam Military Telecom Corporation (Viettel) Dec. 14 to develop into an economic group with a registered capital of VND50 trillion (US$2.7 billion).
Besides telecom and information technology sector, the group is permitted to expand its business into financial investment, banking services, communication and information content, and property trading.
Colonel Nguyen Manh Hung, deputy chief executive officer of Viettel, said the group will not have a board of directors, but the Ministry of Nation Defense, party committee and the directorate will run the group.
Viettel estimates it will have revenues of VND60 trillion in 2009, an on-year growth of 80%, Hung said on Viettel’s website.
The group plans to join hands with foreign hi-tech companies to produce medium-cost 3G mobile phones for the local market in 2010.
Currently, Viettel is operating mobile networks in Cambodia and Laos. It aims to expand business in three key markets of Asia, Africa and Latin America. (Viettel)
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