Vietnam Posts and Telecommunications Group invests abroad to set up a JV in Myanmar
By Trung Ngoc
November 01, 2017 | 07:30 AM GMT+7
StreamNet Co., Ltd. which is the Joint-venture in Myanmar between Vietnam Posts and Telecommunications Group (VNPT) and Myanmar-based Elite Telecom Public Co., Ltd (Elite Telecom Public) was established to “boost VNPT’s international investment and business”.
The launching ceremony of StreamNet Co., Ltd. Photo: vietnamfinance.vn
The launching ceremony of StreamNet Co., Ltd. (StreamNet) has just been conducted in Myanmar. StreamNet was officially established in September, 2017 with the total initial investment capital of US$15 million. VNPT and Elite Telecom Public hold 67 and 33 per cent stake of StreamNet, respectively.
Once in operation, StreamNet will offer a number of telecommunication services including FTTx, leased line VPN, IP transit, satellite, domain, web hosting, and email.
StreamNet is a part in VNPT’s plan to become a leading telecommunication and IT supplier in Southeast Asia. Over a few years, VNPT has enhanced its regional investment and business, and it views Myanmar is a key market.
Tran Manh Hung, President of VNPT’s Board of Members said that VNPT opened its representative office in Myanmar in 2014 to form the foundation for VNPT’s subsequent investment and business. VNPT and Elite Telecom Public became partners in 2015.
Previously, VNPT’s competitor Viettel announced a joint-venture with Myanmar National Tele & Communications Co., Ltd, with investment capital of US$2 billion. The venture was granted the fundamental telecommunication service license with the duration of 15 years.
This is the joint-venture among Viettel Global (a subsidiary of Viettel), Myanmar National Telecom Holding Public Limited (MNTH) and Star High Public Company Limited (Star High), of which 49 per cent stake is held by Viettel Global.
It is the largest investment that a Vietnamese telecommunication supplier has invested in the foreign market.
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