Viettel determined to take over EVN Telecom
While the prime minister has yet to decide on whether to transfer EVN Telecom to Viettel, this military-run telecom company has fully prepared itself to take over the money-losing mobile service provider.
Viettel's management has issued an internal resolution on the date and plan of acquiring EVN Telecom, making Viettel's takeover of EVN Telecom more likely.
The resolution also states that the takeover of EVN Telecom is a duty assigned by the government and a chance for Viettel to become Vietnam's leading information technology and telecom group.
Viettel will take over all capital sources, assets, and telecom infrastructure facilities to be transferred from Vietnam Electricity Group legally and on schedule.
Viettel also mentions in the resolution the roadmap for its acquisition, including forming a board in charge of taking over assets, manpower, lands, telecom system, as well as evaluating EVN Telecom's debts. Viettel's general director will be head of this board.
Viettel will present to the government the plan of acquiring EVN Telecom this month.
The resolution sounds like that the Electricity of Vietnam Group (EVN) as the parent firm of the indebted EVN Telecom will soon transfer all assets and obligations to Viettel.
Therefore, Hanoi Telecom Corporation may be unable to buy the firm, although this player has shown keen interest in taking over EVN Telecom, as covered on the Daily in on Tuesday's issue.
Mai Liem Truc, former deputy minister of information and telecommunications, told the Daily that he expected ENV Telecom would be taken over as soon as possible to avoid more losses.
However, Truc also said that instead of merging EVN Telecom to other State-owned firms, the government could also sell the firm to private ones. Mergers among telcos will make them stronger, Truc said, adding the local telecom market should have only four players.
Vietnam currently has eight mobile network providers, including Dong Duong Telecom who has yet to launch any services after obtaining a license lately.
The Saigon Times Daily _ October 27, 2011