The Ministry of Public Security took over the authority to represent the state's ownership stake in MobiFone from the State Capital Management Committee, effective February 27th.
On February 27, the Government approved the policy of transferring the right to represent the state's ownership of capital in MobiFone Telecommunications Corporation to the Ministry of Public Security.
The Government leaders have instructed the State Capital Management Committee at enterprises and the Ministry of Public Security to transfer the right to represent the state's ownership of capital in MobiFone in accordance with regulations, ensuring that no corruption, vested interests, or violations of the law occur.
Previously, MobiFone was under the management of the State Capital Management Committee at Enterprises. However, according to the Government's plan for restructuring and streamlining the organizational apparatus, this Committee ceased operations and transferred the rights and responsibilities of representing the State as the owner to... Eighteen corporations and general companies are now under the management of the Ministry of Finance.
Regarding MobiFone specifically, in a report to the Government's Steering Committee on the plan for restructuring and streamlining the organizational apparatus in early January, the Ministry of Interior proposed transferring this corporation to the management of the Ministry of Public Security. The Party organization of this corporation would also be transferred to be directly under the Party Committee of the Central Public Security Ministry.
MobiFone's predecessor was the Vietnam Mobile Communications Company (VMS), established in 1993. It was also Vietnam's first mobile telecommunications network. In December 2014, this enterprise was transformed into MobiFone Telecommunications Corporation.
Over its 32 years of operation, MobiFone has experienced many ups and downs, from being the number one brand in the mobile telecommunications industry to gradually falling behind its two main competitors - VNPT and Viettel. By 2023, according to the Information and Communication Technology White Paper, this corporation held approximately 17.9% of the terrestrial mobile telecommunications market share, ranking third in the market, after Viettel (56.3%) and VNPT (nearly 21%).
Last year, MobiFone's business operations saw many positive developments. The corporation estimated a profit of over 2,000 billion VND and exceeded its tax contribution target by 56.7%.
During its transformation from a mobile network operator into a technology company, many of MobiFone's products and services also recorded high growth rates last year, such as MobiFone Meet (up 1,050%), Cloud (312%), mobiAgri (49%), and MobiFone invoice (58%).
MobiFone currently has 21 member units with approximately 4,000 employees. By the end of 2023, the company's total assets reached VND 31,630 billion and equity was approximately VND 23,144 billion.
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