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Total assets, revenue and pretax profit at FPT declined after it stopped consolidating data with FPT Telecom, but net profit rose.
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). Before this transaction, the telecom company was accounted for as a subsidiary within the FPT group, even though ownership was just over 45%.
Since January 1, FPT has changed its accounting method and no longer consolidated FPT Telecom’s numbers because its ownership is below 50%. FPT said the change could help FPT Telecom improve operational efficiency and growth.
With the adjustment, FPT’s revenue fell 22% year-on-year to nearly 12.5 trillion VND in Q1, mainly because it no longer included FPT Telecom’s sales. However, excluding the telecommunications segment from the previous year’s comparable period, the group’s revenue this year rose nearly 9%.
The information technology segment remained the main business line, contributing 87% of the group’s revenue, equivalent to 10.842 trillion VND, up 11%. Revenue from the education segment fell 4% to 1.638 trillion VND.
Selling and administrative expenses declined by hundreds of billions of VND. As a result, FPT posted pretax profit of 2.804 trillion VND, down 7.2% year-on-year. Pretax profit attributable to the parent company’s shareholders rose 14.4% to nearly 2.487 trillion VND.
As of March 31, total assets decreased by 19.552 trillion VND from the start of the year to 68.587 trillion VND. Cash and cash equivalents fell by 13.8 trillion VND to 26.8 trillion VND.
Long-term financial investments rose 123% to 10.525 trillion VND, helped by FPT Telecom moving from a subsidiary to an associate.
At this year’s annual general meeting, Deputy CEO Nguyen The Phuong said that not consolidating FPT Telecom could make the group’s books look “better.” He noted that FPT Telecom is capital-intensive due to heavy infrastructure investments, so its metrics are not as positive as those of the IT or education segments.
He also cited that the company’s net debt declined by about 24% to over 16 trillion VND, which could ease debt-servicing pressure in future quarters. Retained earnings continued to grow quarter by quarter due to profitable operations.
Despite the transfer to the Ministry of Public Security, leaders said FPT still runs day-to-day operations at FPT Telecom, and annual dividends received are about 450–500 billion VND. Mr. Phuong added that FPT Telecom is expected to have significant growth opportunities as the government assigns it more tasks related to national infrastructure.
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