Pay TV firm AVG appoints new CEO
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Vu Minh Tri, former CEO of Microsoft Vietnam, is the new CEO of pay TV firm AVG. Tri, 49, replaces Mai Duy Long, also 49, who helmed AVG for nearly two years. Tri, who became the CEO of Sony Ericsson Vietnam in 2006, has since taking top positions in the Vietnam operations of Yahoo, Qualcomm and Microsoft.
He is now the CEO of telecom firm Asim Group and two other companies.
State-owned MobiFone, the country’s third largest telecommunications firm, had made headlines early in 2016 when it announced it was breaking into the pay TV market with the acquisition of a 95 percent stake in AVG.
But government inspectors concluded that the deal had violated public investment laws and caused an estimated loss of about VND7 trillion ($307 million) to the state budget.
In 2019, several senior officials implicated in the MobiFone case were arrested and sentenced to varying jail terms.
Questions & Answers
Q.What is Vu Minh Tri's prior professional background?
What is Vu Minh Tri's prior professional background?
Tri was previously the CEO of Microsoft Vietnam. He also held top positions at Sony Ericsson Vietnam, Yahoo, and Qualcomm in Vietnam. Currently, he is the CEO of Asim Group and two other companies.
Q.What happened with MobiFone's acquisition of AVG?
What happened with MobiFone's acquisition of AVG?
MobiFone acquired a 95 percent stake in AVG in 2016 to enter the pay TV market. However, government inspectors found the deal violated public investment laws and led to a significant loss for the state budget.
Q.What were the consequences of the MobiFone AVG acquisition deal?
What were the consequences of the MobiFone AVG acquisition deal?
The deal resulted in an estimated loss of VND7 trillion ($307 million) to the state budget. In 2019, several senior officials involved in the MobiFone case were arrested and received jail sentences.
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