Vietnamobile shareholders has decided to invest around US$450 million into Vietnamobile mobile network operator, a JSC invested by Hanoi Telecom and Hutchison Asia Telecom.
The investment aims to upgrade telecom infrastructure and expand coverage area, the investor revealed.
The decision was made after the Prime Minister approved to transfer the investment form between Hanoi Telecom and Hutchison from business cooperation contract into a joint stock company.
Yesterday, Vietnamobile released an announcement saying the Ministry of Information and Telecommunications has licensed it to establish a public telecom network, use the frequency band of the Vietnamese Government and officially develop the company under a joint stock model.
The mobile operator has signed a contract with two partners Ericsson and ZTE to widen its network. Through the agreement, the company has set at target to develop widespread 3G coverage to 90 percent of Vietnam’s population by 2017.