December 21, 2012 / 5:25 AM / 6 years ago

Vietnam to cut loss-making postal service from telecom unit

HANOI, Dec 21 (Reuters) - State-run Vietnam Posts and Telecommunications Group (VNPT) will fully separate the loss-making postal service from its operations early next year to focus on its telecommunications business as part of Vietnam’s reform of state-owned enterprises.

The new entity, Vietnam Post, gained its partial accounting independence from VNPT in 2008. It has made losses every year through 2010, VNPT said in a statement on its website.

Vietnam Post, which unveiled its trademark on Thursday and will focus on postal services, has projected its 2013 gross profit to rise 7 percent from this year to 45.5 billion dong ($2.2 million), VNPT said.

Next year will be the last year that Vietnam Post receives a state subsidiary in cash, the VNPT statement said.

The government has yet to decide the date for fully privatising VNPT, which has sought approval to issue shares to the public in 2015 itself instead of listing its operating companies MobiFone and Vinaphone, which together control nearly 60 percent of Vietnam’s mobile phone market.

($1=20,830 dong)

Reporting by Hanoi Newsroom; Editing by Matt Driskill

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