State capital at FPT Telecom transferred to Vietnam's Ministry of Public Security

Vietnam's Ministry of Public Security has assumed the role of representing the state ownership at FPT Telecom, 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 Wednesday.

As FPT Telecom is one of Vietnam's pioneering enterprises in telecommunications and technology, Huy said he believes that the company will have more important and favorable conditions to develop even stronger in the coming time.

According to its consolidated financial report for Q1/2025, FPT Telecom recorded net revenue of more than VND4,582 billion ($175.22 million) , up 14.2% over the same period last year, while profit after tax reached over VND772.9 billion ($29.56 million), up 17%.

FPT Telecom was established in 1997, originating from the Online Service Center founded by four members, with the first Intranet network product in Vietnam called "Tri Tue Viet Nam - TTVN".

The product is considered to lay the foundation for the development of the Internet in Vietnam. Intranet is roughly translated as an internal computer network, used exclusively within an organization or enterprise to share information, documents, and other resources safely and effectively.

At the 2025 AGM, the company approved a business plan with revenue reaching VND19,900 billion ($761 million) and pre-tax profit VND4,200 billion ($160.6 million), up 13% and 17% respectively compared to the results in 2024.

With pre-tax profit in Q1 hitting approximately VND967 billion ($36.98 million), FPT Telecom has completed about 23% of the year's profit target.

Previously, in February, the Ministry of Public Security took over the management of MobiFone, Vietnam’s third-largest telecom company, from the State Capital Management Committee (SCMC). The transfer was approved by the government as part of its ongoing administrative streamlining drive.

Founded in 1993, MobiFone was Vietnam’s first telecommunications company. According to Vietnam’s ICT White Book 2023, the company held a 17.9% share of the domestic telecom market, behind Viettel (56.3%) and VNPT (21%), both of which are state-owned.

In 2024, MobiFone reported a pre-tax profit of VND2,048 billion ($80.2 million), exceeding its target by 20.6%.