FPT Telecom sets sights on top spot in Vietnam’s internet TV market

By securing exclusive rights to broadcast the English Premier League (EPL), FPT Telecom has underscored its ambition to become Vietnam’s leading internet television and digital services provider.

After global football club Chelsea selected FPT Corporation as a technology partner, FPT Telecom (HNX: FOX) drew further attention by announcing it had acquired EPL broadcasting rights for its FPT Play platform starting in early 2026.

Despite ranking third by subscriber numbers in Vietnam’s internet TV market, FPT Telecom has committed about $26 million a year for the rights over the next 5.5 years.

The investment is not expected to materially affect the company’s strong financial position. Instead, the EPL deal places FPT Play alongside major football content distributors such as VTVcab, which holds Champions League and Serie A rights, SCTV with La Liga, and Viettel’s TV360, which broadcasts the Bundesliga.

The ambition has become clearer following the appointment of a representative from Global Telecommunications Corporation (Gtel) to FPT Telecom’s board of directors and supervisory board, reinforcing expectations that the company is positioning itself to lead Vietnam’s internet TV market.

Ecosystem and financial strength

Pay-TV operator K+ is set to exit the market on December 31, 2025, paving the way for FPT Telecom to take over EPL rights from January 1, 2026. While the market landscape remains largely unchanged, challenges previously faced by K+, particularly copyright infringement, will now fall to FPT.

FPT Telecom’s key advantage lies in its integrated ecosystem, including a nationwide broadband network, a widely used OTT platform in FPT Play, and a diversified content library. Combined with strong financial resources, the company is seen as well positioned to sustain EPL rights over the long term.

In the third quarter of 2025, FPT Telecom reported revenue of over VND4.93 trillion ($187.8 million) and operating profit of over VND1.13 trillion ($43.13 million), nearly double its estimated annual EPL rights cost.

Over the first nine months, revenue reached over VND14.29 trillion ($544.2 million) and net profit VND3.21 trillion ($122.4 million), up about 18% year on year. Cost of goods sold for the period was more than VND7.05 trillion, indicating the annual EPL rights fee, covering about 10 months, accounts for less than 10% of costs and does not alter the firm’s financial fundamentals.

Still, converting a large upfront rights fee into subscription revenue is not straightforward and requires sufficient scale to offset risks. The EPL is widely viewed as a “gold mine” due to its stable popularity and match times well suited to Vietnamese audiences. However, profitability depends on achieving and retaining a large base of paying subscribers over multiple seasons.

FPT Play’s lowest monthly package for EPL content is priced at VND59,000 ($2.25). With a season lasting nearly 10 months, FPT Telecom would need around 1.1 million new subscribers to cover the VND650 billion ($24.75 million) annual rights cost.

Including technical and operating expenses, the breakeven point could rise to roughly 1.5 million subscribers, implying minimum revenue of about VND900 billion ($34.28 million). After more than 12 years in the market, FPT Play currently has just over 5 million paying subscribers.

The target is challenging but not impossible to achieve. K+, the previous EPL rights holder, generated annual revenue of around VND1-1.2 trillion ($45.7 million) despite widespread piracy in Vietnam.

FPT Telecom is also aiming to boost broadband subscriptions by rolling out bundled internet and TV packages, viewed as a more stable revenue base that can support value-added services, including television. Advertising revenue before, during and after matches is also expected to provide a meaningful contribution.

Beyond core EPL fans, FPT Play could attract viewers from other leagues currently carried by SCTV, VTVcab or TV360. With competitive pricing, some viewers may opt to watch EPL matches while waiting for fixtures involving their preferred teams.

FPT Telecom chairman Hoang Viet Anh said the company is open to sharing EPL rights with domestic broadcasters to expand coverage and generate additional revenue.

Tackling piracy

Copyright infringement has long been the biggest obstacle to growth in Vietnam’s paid-content market, as illegal streaming remains easy to access and largely unimpeded.

Thomas Jayet, former CEO of K+, previously cited Similarweb data showing more than 100 piracy websites in Vietnam attracted up to 1.5 billion views during the 2022-2023 EPL season.

Hoang Viet Anh acknowledged piracy remains a major issue and said FPT Telecom is working closely with regulators to deploy more effective copyright protection measures, combining technical and legal solutions.

At an extraordinary shareholders’ meeting on December 24, 2025, FPT Telecom announced cooperation with Gtel, a state-owned firm responsible for building IT and communications systems for the public security forces. The partnership is expected to leverage FPT’s technology capabilities and Gtel’s cybersecurity expertise to curb piracy and help create a healthier business environment.

Stronger enforcement alone, however, does not guarantee a corresponding rise in users or revenue.

A company executive said FPT Telecom is not prioritizing direct revenue from EPL rights in the short term, but rather aims to maximize its user base. To claim market leadership in Vietnam’s internet TV sector, the company estimates it needs at least 8 million subscribers. It has also hinted at potential service upgrades, including owning dedicated internet infrastructure and expanding international bandwidth in the future.

In that context, pricing and service quality will be key tools to reduce incentives for illegal viewing before technical and legal barriers take full effect. “When prices are affordable and the quality of both the competition and the service is high, we believe fans will choose legitimate platforms,” Hoang Viet Anh said, “helping to push back copyright infringement in the market.”

Vietnam's Ministry of Public Security assumed the role of representing the state ownership at FPT Telecom in July this year, after taking over MobiFone in February.

At FPT Telecom, the ministry took over the role of the State Capital Investment Corporation (SCIC). Before the transfer, FPT Telecom had two major shareholders: SCIC with a 50.17% stake and FPT Corporation with 45.66%.

The FPT Telecom transfer was carried out in line with the Party and State's policy on arranging and managing state capital at enterprises, said Nguyen Quoc Huy, general director of SCIC.

"It is a strategic decision on security, data, and national digital transformation in the new era," Huy told a handover ceremony held by the ministry on July 16.