Vietnam’s FPT Telecom posts record net profit in Q2

FPT Telecom reported its highest-ever quarterly net profit in Q2/2025, accompanied by a massive cash and bank deposit balance of over VND13 trillion ($497 million).

According to the company’s consolidated financial statements, its net revenue for Q2 rose 12.8% year-over-year to VND4,775 billion ($182 million). With the cost of goods sold increasing by only 7.6%, gross profit surged 21.5%.

Financial income also rose 21.5% to VND215.3 billion ($8.2 million). However, expenses increased across the board: financial expenses reached VND106.2 billion (up 9.6%), selling expenses hit VND820.4 billion (up 23.5%), and general and administrative expenses totaled VND573.6 billion (up 11.2%).

Net profit for the quarter reached VND903.2 billion ($34.5 million) - up nearly 21% year-over-year - marking FPT Telecom’s most profitable quarter since its registering on the unlisted public companies market (UPCoM) as FOX in 2017.

Strong first-half performance

In the first six months of 2025, the company reported net revenue of VND9,357 billion ($357.8 million) and net profit of nearly VND1,676 billion ($64.1 million), representing year-over-year increases of 13.5% and 19%, respectively. These results fulfilled 47% of the company’s full-year revenue target and 50% of its profit goal.

As of the end of Q2, FPT Telecom’s total assets stood at VND25,246 billion ($965.6 million), up more than 6.2% from the beginning of the year. Notably, cash, cash equivalents, and bank deposits totaled VND13,225 billion ($505 million) - an increase of nearly 10% - and accounted for over 52.3% of total assets.

Capital structure and debt

The company’s total liabilities increased by more than VND2.3 trillion ($87.9 million), or 18%, reaching VND15,467 billion ($591 million). Of this, short-term financial lease liabilities - primarily bank loans - rose by 40% to nearly VND9,173 billion ($350.8 million).

Founded in 1997, FPT Telecom traces its roots to the Online Services Center, established by four founders. Its first product, Vietnamese Intelligence – TTVN, was Vietnam’s inaugural intranet network, laying the groundwork for internet development in the country.

An intranet refers to a private network within an organization, used to securely share information, documents, and resources among employees.

FOX shares surge following capital transfer

On July 16, the Ministry of Public Security officially received the right to represent state capital ownership in FPT Telecom from the State Capital Investment Corporation (SCIC).

Prior to the transfer, FPT Telecom had two major shareholders: SCIC with a 50.17% stake and FPT Corporation with 45.66%.

Following the handover, three senior leaders submitted their resignations on the same day: board members Tran Thi Hong Linh and Phan The Thanh, along with board of supervisors member Do Xuan Phuc. In their resignation letters, they cited the capital transfer as the reason, noting they no longer represented SCIC's interests.

FOX shares closed Tuesday morning at VND66,500 ($2.52) apiece.