The Hanoitimes - Army-run telecommunication company Viettel Group has been renamed as Viettel Military Industry & Telecom Group, stated in the recently-issued decree by the government amending the Group’s operation and organization charters.
Brand Finance, an independent branded business valuation consultancy has released the top 50 Vietnamese Brands 2017 last December, revealing Viettel as the best brand value with 2.5 billion USD. In 2017, Viettel’s brand value has been triple compared to the Brand Finance’s release on 2016. As such, Viettel contributed 22.8% the total value of top 50 Vietnamese Brands ranked by Brand Finance. The telecommunication sector (including Viettel) also has 35% of total value in the top 50 Vietnamese Brands of Vietnam.
On this occasion, Viettel Military Industry & Telecom Group has been officially declared as a national defence and security enterprise, for which 100% of its chartered capital is owned by the government.
Viettel is named as best brand value of Vietnam in 2017 by Brand Finance.
The reshaping of Viettel Group started a week ago, when Vice General Director of Viettel, Colonel Tong Viet Trung had been appointed as the second in command of the newly established military cyber command. The institution, which was officially announced on last Monday, is the latest move by the government to respond to growing challenges in the cyber realm.
Based on new organization structure, Viettel Group will include the parent company, subsidiaries, member companies and associated companies, coordinating and implementing both military and business responsiblities.
Viettel Group is under the direct management of the Ministry of Defense, undertaking political, military and national defence duties assigned by the government and the Ministry of Defence, while doing business and production in compliance with Vietnam’s laws and regulations.
Member companies of Viettel Group will operate independently and are fully responsible under the law. Therefore, the working relationship between Viettel and member companies must be established and implemented fairly and equally.
Current chartered capital of Viettel as of January 5 is VND121 trillion (roughly US$5.35 billion), which will be gradually increased to VND300 trillion (US$13.2 billion) by 2020.
At Viettel Group, the position of Chairman cum General Director will be the state representative, implementing all designated rights and responsiblities. The position must be appointed by the Prime Minister under recommendation from the Minstry of Defence.
The management board includes one chairman, one general director, and deputy general directors, surveyors, one chief accountant, as well as the advisory staff and internal control group. As regulated in the charter, the number of Vice General Directors in Viettel Group will not exceed 5, for which in special case, the Ministry of Defense will have to receive the Prime Minister’s approval.
In future, when the Prime Minister decide to start the equitization process, Viettel Group will be then allowed to diversify its ownership.