Vietnam’s public security ministry takes over state stake in FPT Telecom

The State Capital Investment Corporation (SCIC) on Wednesday transferred the state capital ownership rights to the ministry, in accordance with a directive from the Party and the state about state capital management in enterprises.

The transfer was aimed at strengthening the ministry’s capacity to fulfil its tasks related to national security protection and maintaining social order and safety, especially in the areas of cybersecurity, information security, and specialized telecommunications.

Nguyen Quoc Huy, general director of SCIC, said that FPT Telecom is one of the pioneers in Vietnam’s telecommunications and technology landscape.

He believed that under the new management structure, FPT Telecom would benefit from greater support and conditions to scale new heights in the coming time.

Major General Pham Truong Giang, director of the ministry’s Financial Planning Department, reaffirmed that the transfer adheres to the Party and state's guidelines to enhance the operational efficiency of state-owned enterprises and to better meet the evolving demands of the ministry in the future.

Founded in January 1997, FPT Telecom originated as the Online Services Center, which launched Vietnam’s first Internet product, ‘Tri Tue Viet Nam’ (Vietnamese Intelligence).

The product laid the foundation for Internet development in the country.