Deputy PM urges Agribank, VNPT to launch IPO by end-2019
State-run Vietnam Bank for Agriculture and Rural Development (Agribank) and Vietnam Posts and Telecommunications Group (VNPT) have been essential in the government’s initiatives for sustainable development.
Deputy Prime Minister Vuong Dinh Hue has urged Agribank and telecom group Vietnam Posts and Telecommunications Group (VNPT) to launch their respective initial public offering (IPO) by the end of this year, the governmental portal reported.
Deputy Prime Minister Vuong Dinh Hue at the meeting with Agribank's executives on February 11. Source: VGP.
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Agribank is currently the largest lender for the agribusiness sector, with 70% of its over VND1,000 trillion (US$43 billion) in outstanding creidt by the end of 2017 loaned back to the agriculture – fishery - forestry sector, a government’s priority for development, Hue stressed.
In the coming time, Hue requested Agribank to ensure providing sufficient capital for the economy, while continuing the restructuring process. Following the rapid development of technology, especially fintech, Agribank is under huge pressure to improve its corporate governance and technologies application, Hue continued.
With regard to VNPT, one of Vietnam’s three leading telecom groups, Hue stressed the company has undergone a successful restructuring process, posting revenue of nearly VND155 trillion (US$6.66 billion) in 2018, an increase of 25% year-on-year in profit.
VNPT has played a key role in the government’s initiative of establishing an e-government and national Industry 4.0 strategy through the facilitation of digital transformation in health and education sectors, among others, according to Hue.
Hue expected VNPT to become a leading digital service provider by 2025 in Vietnam and a digital trading center of Asia by 2030.
Another leading state-owned telecom group, namely Vietnam Mobile Telecom Service Company (Mobifone), which was separated from VNPT in 2014, is also expected to complete the equitization process in 2019 after several hurdles, including the scandal involving its controversial acquisition of TV pay service provider Audio Visual Global (AVG).
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