VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT
Telecommunication Services Corporation (VNPT-VinaPhone) and Communications Corporation (VNPT-Media) will be merged into their parent company, Vietnam Posts and Telecommunications Group (VNPT).
A document signed by Deputy Prime Minister Ho Duc Phoc on Friday approved the Ministry of Finance's proposal on the move, based on the government's Decree 23/2022/ND-CP which governs the organization and restructuring of 100% state-owned enterprises.
The merger aims to streamline operations, enhance management efficiency, and optimize the use of public investment.
Headquarters of VNPT in Hanoi. Photo courtesy of the group.
In 2024, VNPT recorded total revenue of VND58.54 trillion ($2.24 billion), with the parent company contributing nearly VND42 trillion ($1.6 billion), equivalent to 100.1% of the year's target and a 7% increase over 2023.
The group's consolidated pre-tax profit reached nearly VND6.09 trillion ($233 million) in 2024, with the parent company earning nearly VND4.57 trillion ($174.8 million), equivalent to 103.3% of the plan and reflecting a 3% year-over-year rise.
The group contributed over VND5.48 trillion ($210 million) to the state budget in 2024.
According to a VNPT executive, although the 7% revenue growth may appear modest, it is particularly significant given the increasingly challenging market conditions.
These include shifting regulatory policies, restrictions on issuing new SIM cards through agents, and a noticeable slowdown in public investment in digital transformation projects.
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