{"id":962,"date":"2011-06-30T16:20:02","date_gmt":"2011-06-30T14:20:02","guid":{"rendered":"http:\/\/www.invest-aura.com\/?p=962"},"modified":"2017-01-17T12:23:15","modified_gmt":"2017-01-17T10:23:15","slug":"vietnams-failed-telecom-privatisation","status":"publish","type":"post","link":"https:\/\/www.investaura.co\/wordpress\/2011\/06\/vietnams-failed-telecom-privatisation\/","title":{"rendered":"Vietnam&#8217;s failed telecom privatisation"},"content":{"rendered":"<p>Vietnam is an interesting country for telecoms.\u00a0 In the mobile space, it counts seven (yes, 7!) operators:<\/p>\n<ul>\n<li>the three giants \u2018Viettel\u2019 (controlled by the Ministry of Defense), Mobifone and vinaphone (both controlled by incumbent fixed line operator VNPT);<\/li>\n<li>the four \u2018battling\u2019 challengers S-Fone (controlled by Saigon Postel, now that SK Telecom has pulled out of the market), EVN Telecom (controlled by the Electricity of Vietnam EVN), and Vietnamobile (majority controlled by Hanoi Telecom) and Beeline (majority controlled by GTel); the later two are joint ventures with foreign companies Hutchison and VimpelCom, and seem to be struggling.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/i0.wp.com\/www.invest-aura.com\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png\"><img data-attachment-id=\"2113\" data-permalink=\"https:\/\/www.investaura.co\/wordpress\/2011\/06\/vietnams-failed-telecom-privatisation\/vietnam_market_2010\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png?fit=1264%2C557&amp;ssl=1\" data-orig-size=\"1264,557\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"vietnam_market_2010\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png?fit=300%2C132&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png?fit=720%2C317&amp;ssl=1\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-large wp-image-2113\" title=\"vietnam_market_2010\" src=\"https:\/\/i0.wp.com\/www.invest-aura.com\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010-1024x451.png?resize=640%2C281\" alt=\"\" width=\"640\" height=\"281\" srcset=\"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png?resize=1024%2C451&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png?resize=300%2C132&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2011\/06\/vietnam_market_2010.png?w=1264&amp;ssl=1 1264w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><\/a><\/p>\n<p style=\"text-align: left;\"><em>Source: INVESTAURA, 2010<\/em><\/p>\n<p>So in short: 5 out of 7 operators are directly controlled by state companies.\u00a0 Does this have to be? \u00a0OK, private companies in Vietnam were only introduced in 2001, but still, does the government needs to control, directly or indirectly, 5 out of 7 mobile operators?<!--more--><\/p>\n<p>Back in the year 2007, when Vietnam joined the WTO, there was great expectation that the country would finally privatise many of its state-owned, not always well-managed companies.\u00a0 In recent years, two candidates were often mentioned in the telecom space: Mobifone and EVN Telecom.\u00a0 So what happened to both privatisations?<\/p>\n<p>In 2010, the government (sorry, the EVN management) invited interested parties to bid for EVN Telecom (well, only 30% of its equity).\u00a0 Not necessarily an easy case for interested parties, as the company only has a few percent market share, mostly on its CDMA 450 MHz WLL network (fixed or semi-mobile), it does not own GSM (2G) spectrum but only UMTS (3G) spectrum, which it shares with Hanoi Telecom (so no full ownership of the UMTS licence), in what is believed to be a difficult relationship.\u00a0 The press has reported that only two interested parties decided to bid in the end:\u00a0 STT from Singapore, and Axiata from Malaysia. \u00a0For both parties it would also have been very tough to gain management control.\u00a0 In the end, negotiations with those foreign groups must have failed: towards the end of 2010, the EVN management announced that it was in discussion with FPT Telecom, a Vietnamese fixed line operator, with a view of FPT acquiring up to 49% of the equity of the company.\u00a0 A price of about USD 20m was quoted in the press \u2013 which sounds dead cheap.<\/p>\n<p>In the spring of 2011, FPT announced that it was withdrawing its offer as it thought that the acquisition was too risky.\u00a0 Shortly afterwards, VTC, the TV and media company and would-be MVNO (it officially received its MVNO licence from the regulator MIC back in June 2010), announced that it was investing in EVN Telecom and becoming its strategic partner.\u00a0 A stake of 13% was mentioned in the press.<\/p>\n<p>Notwithstanding the quality of the VTC management, it is very sad for EVN Telecom, its parent EVN as well as the country as a whole that the privatisation to a foreign group \u2013 the original plan of the government \u2013 was not successful.\u00a0 It would have brought much needed capital injection, know-how transfer and last-but-not-least value creation for the remaining Vietnamese shareholders \u2013 the value of EVN Telecom under the management of its electricity company parents can\u2019t have been very high.\u00a0 Everybody would have benefited \u2013 including the state in the form of increased taxation revenues.\u00a0 And it would have been a clear sign that Vietnam is on target to open the country to the rest of the world, and on its way to a much-needed catch-up.<\/p>\n<p>As for Mobifone, the privatisation of the company by its parent VNPT (who owns 2 mobile operators!) has been a topic of discussion at least since 2005.\u00a0 \u00a0Six years later, in May 2011, VNPT announced that it had completed plans to divest its stake in Mobifone and Vinaphone.\u00a0 Well, that was about time!<\/p>\n<p>Based on the recent, failed privatisation of EVN Telecom, we have reason to believe that the privatisation of Mobifone is not going to be an easy one either:<\/p>\n<ul>\n<li>For a start, it comes rather late: the Vietnamese market is, at least for voice, fairly mature with more than 100% penetration (if you count SIMs) and about 70% human user penetration.<\/li>\n<li>Competition in the Vietnamese mobile market is intense due to the large number of players, and the track-record demonstrated by Viettel in Vietnam (they are also successful in Cambodia. \u00a0So is the lesson that army officers make good telecom managers?)<\/li>\n<li>The two mobile JVs with foreign groups have not been particularly successful in recent years \u2013 whatever the reasons might be<\/li>\n<li>Large, non-Asian telco groups including Vodafone, France Telecom, MTN, Etisalat and the likes, might not be interested, as they would have to project themselves into a part of the world and time zone where they have not been particularly active in the past, and they will be insisting on majority control \u2013 which is not given<\/li>\n<li>Large Asian telco groups like STT and Axiata would already be in Vietnam if they really wanted to be there.\u00a0 And they are not there today, probably because the market conditions are too tough and the perspective to make a profit are too low for them.<\/li>\n<\/ul>\n<p>So although we would not completely rule out that VNPT will be successful in the privatisation \/ de-merge of one of its mobile operators, it is unlikely to be an easy ride. It might end-up remaining in the hands of another Vietnamese group, as happened with EVN Telecom.<\/p>\n<p>Vietnam has a large, young, dynamic and motivated population.\u00a0 But its still have much to do to catch up with its Asian neighbours like China and Malaysia (who might be 30 years ahead), not to mention its other even more developed neighbours like South Korea.\u00a0 To achieve this goal, the country needs to demonstrate that it is doing what it takes to attract foreign investors, implement best international business practice and raise the standard of living for all.<\/p>\n<p>Based on recent development in Vietnam in the telecom space, we are not convinced (yet).<\/p>\n<p>Vietnam, wake up! The world is waiting for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vietnam is an interesting country for telecoms.\u00a0 In the mobile space, it counts seven (yes, 7!) operators: the three giants \u2018Viettel\u2019 (controlled by the Ministry of Defense), Mobifone and vinaphone (both controlled by incumbent fixed line operator VNPT); the four&#8230; <\/p>\n<div class=\"more-link-container\"><a class=\"more-link\" href=\"https:\/\/www.investaura.co\/wordpress\/2011\/06\/vietnams-failed-telecom-privatisation\/\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":[]},"categories":[82],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vietnam&#039;s failed telecom privatisation | Investaura<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investaura.co\/wordpress\/2011\/06\/vietnams-failed-telecom-privatisation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vietnam&#039;s failed telecom privatisation | Investaura\" \/>\n<meta property=\"og:description\" content=\"Vietnam is an interesting country for telecoms.\u00a0 In the mobile space, it counts seven (yes, 7!) operators: the three giants \u2018Viettel\u2019 (controlled by the Ministry of Defense), Mobifone and vinaphone (both controlled by incumbent fixed line operator VNPT); the four... 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But if you are honest with yourself, you know that the truth often hurts. Check a couple of big European service provider stocks on Yahoo Finance or your preferred financial web site. Look at the last 2 years, 5 and 7 years \u2013 take 7\u2026","rel":"","context":"In &quot;Stock valuation&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2024\/07\/Business_Planning2.jpg?fit=1024%2C631&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":858,"url":"https:\/\/www.investaura.co\/wordpress\/2011\/03\/are-vodafone-france-telecom-and-deutsche-telekom-stocks-underpriced\/","url_meta":{"origin":962,"position":1},"title":"Are Vodafone, France Telecom and Deutsche Telekom stocks underpriced?","date":"March 31, 2011","format":false,"excerpt":"This article is the follow-up to a previous article entitled \u201eTime to dump your European service provider stocks?\u201c Over the period 2004-2010, we have seen that a number of big European stocks have been down a bit or a lot. This includes three big names in the market:\u00a0 Vodafone, France\u2026","rel":"","context":"In &quot;Stock valuation&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2024\/07\/Business_Planning2.jpg?fit=1024%2C631&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2518,"url":"https:\/\/www.investaura.co\/wordpress\/2014\/05\/ten-years-holding-shares-in-france-telecom-i-cant-see-the-orange-i-can-only-see-red\/","url_meta":{"origin":962,"position":2},"title":"Ten years holding shares in France Telecom: I can&#8217;t see the &#8216;Orange&#8217;, I can only see &#8216;red&#8217;","date":"May 2, 2014","format":false,"excerpt":"Ten years ago, I bought shares in Orange (the mobile business) and France Telecom (the parent of Orange), which are now one and the same company. 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(Part 2 of 2)","date":"November 12, 2010","format":false,"excerpt":"Translated from an original article written by Thomas Bez, TEDESCA Consulting, www.tedesca.com \u00a0 The TeleManagement Forum (TMF) Framework Unlike the ITU-T, the TMF is not a traditional standardisation organization but an independent industry consortium of telecom network operators, manufacturers and service providers. This is probably one of its greatest advantages,\u2026","rel":"","context":"In &quot;Insights&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2024\/07\/Business_Planning2.jpg?fit=1024%2C631&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":768,"url":"https:\/\/www.investaura.co\/wordpress\/2011\/02\/what-does-service-costing-bring-to-pricing\/","url_meta":{"origin":962,"position":5},"title":"What does service costing bring to pricing?","date":"February 7, 2011","format":false,"excerpt":"Comparing prices with costs is a most enlightening exercice.\u00a0 Unfortunately, service costing being as much an art as a science, many telecom service providers don't do much service costing; and as a result, they don't understand their service costs and their sources of profitability well enough. In many cases, prices\u2026","rel":"","context":"In &quot;Investaura Analysis&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.investaura.co\/wordpress\/wp-content\/uploads\/2024\/07\/Business_Planning2.jpg?fit=1024%2C631&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/posts\/962"}],"collection":[{"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/comments?post=962"}],"version-history":[{"count":13,"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/posts\/962\/revisions"}],"predecessor-version":[{"id":4241,"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/posts\/962\/revisions\/4241"}],"wp:attachment":[{"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/media?parent=962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/categories?post=962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investaura.co\/wordpress\/wp-json\/wp\/v2\/tags?post=962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}