The nation’s telecommunications heavyweights are 3G bound.

The Ministry of Information and Communications (MIC) picked the two banks to start receiving the deposits in early July from five mobile operators, including two in partnership to gain a three-year licence.

The two banks will receive up to VND8.1 trillion ($476.4 million) in deposits, including VND4.5 trillion ($264.7 million) from Viettel, three times higher than VNPT or VMS’ deposits.

“The two banks will act as regulators and though we have yet to receive a proposal of deposit usage from the operators, the time is approaching,” said Nguyen Minh Son, deputy director of MIC’s Planning and Finance Department.

Doan Tien Dung, deputy general director of BIDV, said the bank was waiting for operators to deposit their money. MIC will grant four licences for the development of 3G networks to five mobile operators, including two partnerships, in early July, three months after the operators won the licence contest.

Each operator must submit a proposal of how they plan to use the deposit. Half of the deposit will be returned to the operator once the MIC confirms that the operator will start offering 3G services. The remaining deposit and interest will be returned 24 months after operators provide services covering at least 10 per cent of the total population. Otherwise, the MIC will levy a fine against the company that will go into the State Treasury.

The capital mobilisation from those operators is also a good chance for local banks to provide loans since the committed investment capital is around VND33.8 trillion ($1.98 billion) for 3G deployment over the next three years.