In 2025, the Ministry of Public Security received a transfer of 50,2% of FPT Telecom's capital from the State Capital Investment Corporation (SCIC). Prior to this transaction, the telecommunications company was accounted for as a subsidiary of FPT Group, despite FPT's ownership stake being just over 45%.

However, since 1/1, FPT has changed its accounting method, no longer consolidating data from FPT Telecom, as its ownership percentage is now below 50%. FPT stated that this change could enhance FPT Telecom's operational efficiency and growth.

Following this adjustment, FPT's Q1 revenue decreased by 22% compared to the same period last year, reaching nearly 12,500 billion VND, due to the exclusion of FPT Telecom's sales. Nevertheless, if the telecommunications segment from the same period last year is excluded, FPT's revenue this year still saw an improvement of nearly 9%.

The information technology sector remains FPT's core business, contributing 87% to the group's revenue, totaling 10,842 billion VND, an 11% increase. In contrast, the education segment's sales decreased by 4% to 1,638 billion VND.

FPT's expenses, such as selling and administrative costs, decreased by hundreds of billions of VND. As a result, the company's pre-tax profit reached 2,804 billion VND, a 7,2% decrease compared to last year. However, pre-tax profit attributable to the parent company's shareholders increased by 14,4%, reaching nearly 2,487 billion VND.

As of 31/3, FPT's total assets had decreased by 19,552 billion VND compared to the beginning of the year, settling at 68,587 billion VND. Within this, cash and cash equivalents decreased by 13,800 billion to 26,800 billion VND. Conversely, long-term financial investments surged by 123% to 10,525 billion VND, a change attributed to FPT Telecom transitioning from a subsidiary to an associate.

FPT's headquarters building at 10 Pham Van Bach, Hanoi. Photo: FOX

During FPT's annual general meeting this year, Deputy General Director Nguyen The Phuong shared that deconsolidating FPT Telecom could make the group's financial statements "look better." Mr. Phuong explained, "This telecom company is a capital-intensive unit because it requires significant infrastructure investment, so its metrics are not as positive as the technology or education segments."

For example, FPT's financial debt has also decreased by approximately 24%, now standing at over 16,000 billion VND. This reduction could alleviate the pressure of debt repayment in subsequent quarters for the company. Meanwhile, undistributed post-tax profit continues to grow steadily quarter by quarter due to profitable business operations.

Despite the transfer to the Ministry of Public Security, FPT's leadership affirmed that FPT still plays a key role in managing FPT Telecom's daily operations. Additionally, FPT receives annual dividends of approximately 450-500 billion VND. Mr. Phuong believes FPT Telecom will have significant growth opportunities, particularly as the Government assigns it more tasks related to national infrastructure.