Myanmar has formally awarded its fourth and final nationwide telecoms license to a joint venture consisting of Vietnamese military-run operator Viettel and local ICT companies.
The consortium has been awarded a 15-year license to offer nationwide services in a move sure to heat up competition in the burgeoning market, Reuters reported.
The joint venture will be named Myanmar National Tele & Communications, and will compete against existing operators Telenor Myanmar, Ooredoo Myanmar and the joint venture between Myanmar Post and Telecom and Japan's KDDI.
Viettel was selected as the foreign partner for the new telecoms consortium in March last year, but the license has only now been allocated.
Under the terms of the consortium agreement, Viettel will hold a 49% stake, while local companies Myanmar National Telecom Holding Public and Star High Public Company will own 23% and 28% respectively. Viettel has committing to investing around $1.5 billion in Myanmar's telecoms sector.
The report cites Myanmar's Minister for Transport and Communications Thant Sin Maung as stating that the new operator "will help advance telecommunication in townships, rural mountain towns and will contribute to improving transportation, healthcare and education necessary for the people living in rural areas.”