S-Fone, set up as a business co-operation contract eight years ago by Saigon Post and Telecommunication Corp. and South Korea’s SK Telecom, is set to be converted into a JV.
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The two joined in 2001 with the Korean partner contributing US$218 million and the local partner, $11 million plus the frequency band, and the mobile network became operational more than six years ago. It now has 7.3 million active subscribers.
SPT general director Ho Hong Son told the media yesterday that procedures like international auditing, ending the business co-operation contract (BCC), and inking joint venture contracts would be completed before applying for a joint venture licence.
He expected to receive this no later than June next year.
The new status would help the network develop better by eliminating hurdles like the difficulty in accessing bank loans because BCC projects do not have a corporate status.
In 2010, S-Fone plans to upgrade its network in terms of both capacity and coverage and prepare for introducing 3G services and future 4G development.
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