The State Capital Investment Corporation (SCIC) will transfer its entire 370.7 million shares in FPT Telecom JSC (UPCoM: FOX) to the Ministry of Public Security, officially handing over state capital management rights.

According to SCIC, the off-system transaction will take place between October 31 and November 28, following the transfer agreement signed on July 16, 2025.

This marks the final procedural step in the ministry’s takeover of the state ownership representative role at FPT Telecom.

The transfer follows the Party and State’s directive on restructuring and managing state capital in enterprises, carrying strategic significance for national security, data protection and digital transformation, according to SCIC General Director Nguyen Quoc Huy.

After the transfer, all state capital in FPT Telecom will be under the Ministry of Public Security’s management. The remaining major shareholder, FPT Corporation (HOSE: FPT), now holds 45.66% of the company’s capital.

Founded in January 1997 as the Online Services Center with the product “Tri tue Vietnam” (Vietnam Intelligence), FPT Telecom pioneered Vietnam’s first internet network. For nearly three decades, it has grown into one of the country’s largest telecommunications and Internet service providers.

In Q3/2025, FPT Telecom’s revenue gained 8% on-year to nearly VND4.9 trillion (US186 million) and its net profit soared 27% on-year to a record high of VND885 billion ($33.6 million). Its gross profit margin exceeded 51%, the highest since 2021.

During January and September, the company’s revenue reached nearly VND14.3 trillion ($543 million) and net profit surpassed VND2.5 trillion ($95 million), rising 12% and 22% year-on-year, respectively.

The company has fulfilled 72% of its revenue target and 77% of its annual profit goal, marking its highest-ever nine-month profit.

FPT Telecom aims to earn nearly VND20 trillion ($755 million) in total revenue this year, up 13% from 2024, with telecommunications services contributing VND19 trillion ($725.4 million).

The company’s pre-tax profit target for 2025 is VND4.2 trillion ($159.5 million), an annual increase of 17%. If achieved, this would set new records for both revenue and profit in its history.