Vietnam's Public Security Ministry Acquires Majority Stake in FPT Telecom to Enhance National Cybersecurity

Vietnam's Ministry of Public Security has acquired a majority stake in FPT Telecom, one of the country's largest internet providers, from the state-run investment corporation, State Capital Investment Corporation. The transfer aims to strengthen the ministry's cybersecurity capabilities and ensure national network and information security. FPT Telecom provides internet services and is involved in undersea fibre-optic cable development, which is a national priority for Vietnam.

Vietnam's Ministry of Public Security has acquired a majority stake in FPT Telecom, one of the country's largest internet providers. The transfer, which took place from the state-run investment corporation, State Capital Investment Corporation, aims to bolster the ministry's cybersecurity capabilities and ensure national network and information security [1].

Previously, State Capital Investment Corporation held 50.17% of FPT Telecom, while FPT Corp, Vietnam's largest private tech company, retained a 45.66% stake but maintained control of the unit [2]. The transfer is part of the ministry's broader strategy to enhance its involvement in the internet and telecoms sector, following its recent control of MobiFone and the implementation of stricter data protection rules [1].

FPT Telecom provides a range of internet services and is also engaged in the development of undersea fibre-optic cables, a national priority for Vietnam due to the aging and accident-prone nature of its existing cables [1]. The ministry's acquisition of a majority stake in FPT Telecom is expected to strengthen its ability to protect national security and ensure network integrity.

Shares in FPT Corp rose by 0.24% on Wednesday morning, while shares in FPT Telecom also experienced a slight increase, indicating investor confidence in the ministry's ability to manage the company effectively [1].

References:
[1] https://uk.finance.yahoo.com/news/vietnams-public-security-ministry-takes-032047880.html
[2] https://www.marketscreener.com/quote/stock/FPT-CORPORATION-6500753/company/