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Revenue and profit growth at FPT Telecom have remained in double digits, but the company is still under pressure to maintain its public-company status due to not meeting the minimum requirement for the proportion of voting shares held by non-institutional investors. This issue has also contributed to low liquidity for FOX shares for years.
In its Q1 2026 financial report, FPT Telecom reported revenue of VND 5,158 billion, up 12.6% year-on-year. Pretax profit reached VND 1,126 billion, up 12.9% year-on-year.
For 2026, the company targets revenue of VND 22,000 billion, up 12.8% from 2025, and pretax profit of about VND 5,100 billion, up nearly 17%. With three months of results, FPT Telecom has achieved nearly a quarter of its annual plan.
Alongside its performance update, FPT Telecom disclosed information related to maintaining its public-company status. Based on the shareholder list as of May 5, 2026, the company said it does not meet current regulations.
The company cited the requirement that at least 10% of voting shares must be held by at least 100 investors who are not large shareholders. FPT Telecom said it does not satisfy this criterion because its free-floating share percentage remains low, at about 4.1%.
FPT Telecom stated it would study and implement appropriate measures to address the issue and ensure compliance with public-company regulations within the legally prescribed timeframe.
FPT Telecom was established in January 1997, originating from the Online Services Center founded by four members, with Vietnam’s first internet product named “Trí tuệ Việt Nam - TTVN”. The company provides telecommunications and internet services.
Since July 2025, the Ministry of Public Security has taken over ownership representation of more than 50% of FPT Telecom’s state capital from SCIC. FPT Corporation remains the other major shareholder with a 45.7% stake.
In March 2026, the group announced that from January 1, 2026, it would change the accounting consolidation method for FPT Telecom from full consolidation to the equity method, in line with current accounting standards and laws.
In practice, FOX liquidity has been constrained for years, with the article noting that about 96% of shares are held by a single large shareholder, leaving limited free float for trading. While the company’s high cash dividend yields—often cited at 20–30% per year—have attracted dividend-oriented investors, liquidity remains low.
Investors have also been watching expectations around an IPO or increased public float, but the company has not announced a concrete plan. The shift in accounting consolidation method may not change intrinsic value, but it could influence investor sentiment.
Overall, despite strong operating results and healthy cash flow, the key question for investors remains whether FPT Telecom can expand free float and meet public-company requirements.
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