Government calls for pace to be increased on VTV divestment drive

Vietnam’s Deputy Prime Minister, Vương Đình Huệ, has called for efforts to intensify in divesting public-service broadcaster VTV’s stake in VSTV, the service provider of pay-television broadcaster Kplus, according to local media reports.

VSTV is a joint venture between VTV and French pay-television operator Canal Plus, but has been reporting losses for a number of years. VTV currently holds a 51 per cent stake, but plans have been in the works since 2015 for it to divest a significant shareholding, along with interests in two other pay-television providers, SCTV and VTVcab.

The Vietnam Net website said Huệ has requested that the Ministry of Information and Communications work with the Ministry of Justice to review legal documents on VSTV’s charter and its establishment, to confirm divestment would ensure legal rights on the Vietnamese side.

Additionally, Huệ is said to have instructed VTV to permit the State Audit Office of Vietnam to clarify VSTV’s financial and business conditions, with a report on VSTV’s business performance as of 2018 requested this month.

Kplus currently holds rights to football’s English Premier League and Spanish LaLiga.