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Small network Vietnamobile revamped amid harsh competition
By Thanh Nien News -
The Vietnamese unit of Hong Kong's Hutchison Telecommunications is set to hold a stake of 49 percent in Vietnamobile, the country's fourth largest mobile network which is being restructured into a new company, news website VnExpress reported on Friday.
Hutchison has been operating the network under a business partnership with Hanoi Telecom, but they will turn the network into a joint venture under a plan recently approved by the Prime Minister, according to the website.
The new company will have a registered capital of more than US$1.24 billion, of which Hanoi Telecom will own a 50 percent stake, it said.
Trinh Minh Chau, CEO of Hanoi Telecom, will own the remaining 1 percent.
Launched in 2009, Vietnamobile recorded nearly 11 million subscribers with revenue of VND9.95 trillion ($440.96 million) at the end of last year, according to figures from the Ministry of Information and Communications.
Its subscription was equivalent to around 9.1 percent of the local market, which boasted over 120.3 million subscribers at the end of last year.
Military-run Viettel together with state-owned MobiFone and Vinaphone controlled a majority of the market. The big three are testing high-speed 4G services.