Who is the entity being analyzed

FPT meets three of five holding-company signals, so it must be valued as a sum of the parts rather than with a single industry metric set; and from 2026 the consolidation scope has changed, so every data series that crosses the 01/01/2026 boundary is not directly comparable.

The structural change that governs this entire document took place on 11/11/2025: the mandate to represent the State’s 50,16% equity stake in FPT Telecom was transferred from SCIC to the Ministry of Public Security. Under Official Letter No. 1906 dated 18/03/2026 from the Ministry of Public Security’s Department of Planning and Finance, FPT retained control and consolidation of FTEL through the end of 2025; from fiscal year 2026, the new owner assumes consolidation responsibility, and FPT switches FTEL to the equity method.

The effect on the balance sheet at 30/06/2026 versus 31/12/2025: total assets fell from 88.142 to 73.734 billion VND; fixed assets fell from 17.289 to 12.084 billion VND; non-controlling interest fell from 7.265 to 1.144 billion VND; the investment in associates rose from 3.581 to 9.995 billion VND, of which 5.158 billion VND came directly from the change in consolidation method at FTEL.

Timeline 2020–2026

Seven years fall into three phases: steady 19–23% annual growth through 2024, a valuation peak at end-2024, then a sharp re-rating from 2025 alongside foreign capital withdrawal and a change in group structure.

1. 2020 The comparison base for the whole period

   Revenue of about 29.839 billion VND, total assets of 41.734 billion VND, 30.651 employees. The stock rose 21,3% versus the VN-Index’s 14,9%.

2. 2021 Foreign room locked at 49%, market cap tops 84.000 billion for the first time

   Revenue of 35.657 billion VND (+19,5%). Foreign ownership stayed almost continuously at the 49% cap; at 31/12/2021 there was no remaining room for foreign investors to buy. The stock rose 84,8%. FPT Digital was founded.

3. 2022 Sharp deleveraging amid the monetary tightening cycle

   Outstanding debt fell 38,4%; the debt-to-total-assets ratio went from 37,4% to 24,0%. The stock rose 1,3% in a year the VN-Index fell 32,8% — outperforming the index by 34,1 percentage points.

4. 2023 Offshore IT services crosses the USD 1 billion mark

   The segment reached 24.288 billion VND (+28,4%); the Japan market grew 52,2% in yen terms. FPT Telecom hit 4 million internet subscribers. Acquired AOSIS (France), made a strategic investment in Landing AI (US).

5. 2024 Price peak and the turning point for foreign capital flows

   Revenue of 62.849 billion VND (+19,4%), parent-shareholder profit of 7.857 billion VND (+21,5%). The stock rose 85,0%, ranking 8th market-wide. But in the same year, foreign investors net-sold 6.096 billion VND — reversing three straight years of net buying. Foreign ownership fell from 48,99% to 45,87%.

6. 2025 Transfer of the State’s FPT Telecom stake to the Ministry of Public Security

   On 11/11/2025. This is the event that led to deconsolidating FTEL from 2026. Same year: the FPT Fornix HCM02 data center went live (nearly 10.000 m², 3.600 racks); FPT Play secured English Premier League broadcast rights in Vietnam from mid-season 2025-2026 through the end of the 2030-2031 season; newly signed offshore IT services revenue passed USD 1,5 billion. Revenue of 70.113 billion VND (+11,6%), pre-tax profit of 13.044 billion VND (+17,8%). The stock fell 26,4% in a year the VN-Index rose 40,9% — trailing the index by 67,3 percentage points, ranked 95th. Foreign investors net-sold 11.677 billion VND.

7. 2026 Consolidation method changes; valuation hits a multi-year low

   From 01/01/2026 FTEL switched to the equity method. H1/2026 revenue reached 26.269 billion VND — down 19,6% versus the same period as reported, but up 12,6% on a restated basis. As of 18/08, foreign investors had net-sold 16.117 billion VND and the stock had fallen 27,2%. P/E bottomed at 10,66x on 27/07.

Ownership structure has shifted from foreign institutions to domestic individuals

Over six years, the foreign-investor share fell from 49,00% to 27,32% while domestic individuals rose from 31,85% to over 43%; three anchor shareholders — Mr. Truong Gia Binh, SCIC, and QT Co., Ltd. — held roughly steady at about 16% combined throughout the period.

The 2021–2025 columns are as of the shareholder list at each annual-report date; the 08/2026 column is from Vietcap data dated 18/08/2026, so it only has the four summary rows — the detail rows are marked n/a. Δ ppt is calculated from 2021 to the nearest point with data. Red marks a decline, green marks an increase, applied to every row with a Δ. The “Internal shareholders” row for 2021 uses a broader definition than later years (1.595 shareholders versus 10–16), so most of the −7,35 percentage-point gap is a classification change rather than actual selling.

The most notable figure in the table isn’t a percentage but a headcount: from 47.629 at end-2023 to 127.488 at end-2025, a 2,7-fold increase in two years. The stock has shifted from the hands of a concentrated group of foreign institutions to a dispersed base of domestic individual shareholders. This shift has a direct effect on market microstructure: average monthly matched volume of 6,70 million shares, worth 455,98 billion VND per session — ample liquidity, but with higher sensitivity to short-term sentiment than the period when foreign institutions dominated.

Foreign room: from a locked 49% cap to 21,68 percentage points of headroom

Foreign investors have net-sold 33.890 billion VND over two and a half years, reversing the entire cumulative net buying of 2019–2023 and turning FPT from a fully-owned-out stock into one with headroom of more than 371 million shares.

Converted to USD at a reference rate of 26.200 VND as provided by the data source, applied uniformly across all years, so it does not reflect each year’s actual exchange rate. Red marks net selling and declines; green marks net buying and growth — applied to every marked cell. 2026 figures through 18/08.

The point worth reading carefully is the 2024 row: foreign investors net-sold 6.096 billion VND in the very year the stock rose 85%. That selling did not come from a negative view of business results — 2024 parent-shareholder profit rose 21,5%. It coincided with the stock reaching its highest-ever valuation zone: P/E exceeded 25x, the highest since listing. The reading consistent with the available evidence is profit-taking after a long holding cycle under a fully-owned-out condition, not a reaction to company information. Public data does not allow a more confident distinction between the two possibilities.

Moving into 2025 and 2026, selling accelerated even as the price fell — the opposite relationship. Total net selling across the three years 2024–2026 alone reached 33.890 billion VND, equivalent to 28,6% of the current market cap. The 32.907 billion figure in the cumulative column of Table 2 is smaller because it nets out the 984 billion in net buying from 2019–2023. This is a large enough scale to be considered dominant supply, and it explains why stock returns have decoupled from the profit series: in 2025 parent-shareholder profit rose 19,3% while the stock fell 26,4%.

Funds holding large positions

Two caveats. First, this list cannot be used to infer current positions. The most recent disclosure date is 31/12/2024, i.e. before the entire 27.794 billion VND of net selling in 2025 and 2026. The table only shows institutional ownership structure before the withdrawal wave, not who has sold. The DCVFMVN DIAMOND ETF once ranked fourth with 37,1 million shares (3,39%) at end-2022 but no longer appears in the latest disclosed list. Second, the ratio column is calculated by the source on the share count at the disclosure date, not the current share count. With a disclosure date of 31/12/2024, the denominator is 1.471.069.183 shares; on the current denominator of 1.714.326.422, every ratio in the table would be about 14% lower in relative terms — for example VinaCapital VOF would go from 1,55% to 1,33% if its holding were unchanged. This same mechanism causes the contradiction in the FTS record, see section 7.

Group structure after deconsolidating FPT Telecom

At 30/06/2026 FPT still has seven wholly-owned subsidiaries, all single-member limited liability companies; the equity stakes with independent market prices sit in three listed associates plus one listed financial investment.

Yellow marks a stake recognized under the equity method — meaning it contributes only a profit line, not revenue. Red marks a holding that is not an associate and has an undetermined ratio — see section 7. The coloring rule applies to every row. The FPT Online ratio is direct ownership; the full economic interest is 49,66% when adding the indirect stake through FPT Telecom, matching the 49,5% figure in prior years’ annual reports.

Compared with 2021, the structure has simplified considerably at the subsidiary tier and become more complex at the associate tier. In 2021 the group had 8 subsidiaries including FPT Telecom (45,65% ownership but with control) and FPT Online (49,52% ownership, 80,15% voting rights). Both have now left the consolidation scope. What’s new in 2025–2026 is FPT Digital Infrastructure — an entity dedicated to infrastructure investment, reflecting the separation of data-center construction from the operating companies.

Three listed associates, and one holding often mistaken for an associate

FPT Telecom and FPT Retail together contributed roughly 1.931 billion VND to 2025 parent-shareholder profit, equivalent to 20,6%; but these three holdings differ enough in nature that they should not be lumped into one line — one has the strongest operating base but is barely tradable, one carries 2,5 times the leverage of its industry peer, and one has three-quarters of its market cap sitting in bank deposits.

Unit: billion VND. FPT’s value is computed as the actual FPT-held share count multiplied by the 18/08/2026 matched price: FOX 65.200 VND, FRT 146.900 VND, FOC 60.900 VND, FTS 21.850 VND. Net profit is consolidated net profit after tax, not the portion belonging to parent shareholders — this distinction matters most for FRT, where non-controlling interests received 189,4 billion VND in 2025 (19,2%), leaving only 794,9 billion for parent shareholders; for FOX the parent-shareholder portion is 3.418,0 billion. Every ownership-ratio multiplication in this document uses the parent-shareholder portion, not the net-profit column. FTS revenue is operating revenue per the securities-company report format, not directly comparable to the three rows above. The FTS row sits in the table footer with a question mark because its ownership ratio cannot be determined — see the explanation immediately below.

FTS is not an associate, and its ownership ratio is undetermined

FPT Securities is often lumped together with FPT’s group of associates. The group’s own disclosures show that isn’t so — and the ownership-ratio record here is internally contradictory.

Four pieces of evidence all point the same way. First, the organizational chart in the 2024 annual report lists four associates — Synnex FPT 48,0%, FPT Retail 46,5%, FPT Telecom 45,7%, FPT Online 49,5% — and does not include FPT Securities. Second, Note 30 of the Q2/2026 report lists capital-contribution balances at five entities: FPT Capital, FPT Retail, Synnex FPT, FPT Telecom, FPT Online. No FTS. Third, the same note lists related-party sales and purchases of goods and services; FTS does not appear on either side. Fourth, FPT’s own accounting policy defines an associate as an entity where the group holds 20% to 50% of voting rights — the 17,58% level sits below that threshold.

Conclusion: the stake in FPT Securities is accounted for as an equity investment in another entity, i.e. a financial investment recorded at cost, not an equity-method investment. It does not contribute to the 1.423 billion VND associate-profit line in H1/2026. On the 30/06/2026 balance sheet, the “equity investments in other entities” line item carries a cost basis of 3.860 billion VND and a provision of 2.727 billion VND; this document cannot separate out the FTS portion of these two figures.

Red marks a figure that contradicts the ratio stated in the same record. FTS has increased its shares outstanding 1,744x since the disclosure date; if FPT received bonus shares proportionally then the 17,58% ratio would hold and the share count should be 67,0 million, but if the disclosed share count is correct then the ratio has been diluted to 10,08%. Public data cannot resolve which of the two is true.

The gap between the two scenarios is 625 billion VND, equivalent to 0,53% of FPT’s market cap — small, but large enough that it should not be presented as a certain figure. This document uses the lower estimate of 839 billion VND in the sum-of-the-parts calculation and marks it as undetermined.

Two more details on FTS are worth noting. FPT Investment Co., Ltd. — a wholly-owned subsidiary of the group — separately holds 2.910.083 shares, or 0,76%, per a disclosure dated 06/09/2022. And FTS’s largest shareholder is not FPT but SBI Financial Services with 88.820.459 shares, equivalent to 23,30%, per a disclosure dated 30/06/2026 — a record a year and a half newer than FPT’s.

On operating results, FTS is the only ticker in the group with declining profit: 2025 net profit after tax reached 396,8 billion VND, down 30,1% from 567,3 billion in 2024, even as operating revenue rose from 1.147,7 to 1.205,8 billion VND. The cause lies in operating expenses, which rose from 405,6 to 620,1 billion VND — a 52,9% increase — of which provisions for financial assets and borrowing costs rose from 179,0 to 368,5 billion VND.

Three holdings, three different natures

FPT Telecom has the group’s strongest operating base and its weakest tradability. Revenue grew at an 11,4% compound rate and pre-tax profit at 16,2% over 2021–2025; net profit after tax went from 1.664 billion VND (2020) to 3.486 billion (2025), a 15,9% compound rate. Return on equity stayed in the 29–34% range for six straight years, but its source has changed: asset leverage fell from 3,27x (2021) to 2,28x (2025), with the offset coming from net margin improving from 15,1% to 17,9%. At 30/06/2026 the company sat in a net-cash position of 4.965 billion VND.

The constraint lies in the ownership structure. The foreign ownership cap is 0% by law for enterprises that build telecom network infrastructure — this is not a fully-owned-out condition. The Ministry of Public Security holds 50,17%, FPT holds 45,66%, and the remaining 4,17% is spread among other shareholders. The two largest shareholders together hold 95,83%. Average monthly matched volume is 69.724 shares, worth 4,48 billion VND per session.

On 12/05/2026, FPT Telecom disclosed that it has not met the conditions to retain public-company status — specifically, it lacks a minimum of 10% of voting shares held by at least 100 investors who are not major shareholders, per the shareholder registry dated 05/05/2026. The company said it would implement a remedy within the prescribed period. Two possible directions pull in opposite ways: broadening the shareholder base through an offering or having large shareholders sell down, or delisting from public-company status and withdrawing from UPCoM. The second cannot be ruled out when the two largest shareholders already hold 95,83%, and it would completely erase the price reference for the single largest component in the sum-of-the-parts calculation in section 12.

FPT Retail has the group’s fastest growth and its most skewed profit structure. Revenue grew at a 22,8% compound rate to 51.083 billion VND in 2025; pre-tax profit went from 554 billion (2021) to a loss of 294 billion (2023) to 1.219 billion (2025). But the two chains within it split revenue roughly 32–68 and split profit roughly 7–93: in 2025 FPT Shop brought in 16.809 billion VND of revenue and only 82 billion VND of pre-tax profit (a 0,49% margin), while the Long Chau pharmacy chain reached 34.501 billion in revenue and about 1.137 billion in pre-tax profit.

This point has a direct consequence for FPT shareholders. The chain generating 93% of the profit is also the chain owned the least. FPT Retail holds only 75,97% of Long Chau Investment JSC, having sold down from 80,74% in 2025 to receive 2.037 billion VND booked directly to equity rather than through the income statement. Multiplied by the 46,54% FPT holds in FPT Retail, the FPT shareholders’ look-through economic interest in Long Chau is 35,36% — corresponding to roughly 402 billion VND of 2025 pre-tax profit, or 4,3% of the group’s parent-shareholder profit.

Two of FPT Retail’s metrics deserve monitoring, since they flow into FPT’s associate-profit line. Operating cash flow has just reversed for the third time in six years: negative a combined 4.669 billion VND in 2021–2023, positive a combined 3.374 billion in 2024–2025, then negative 2.602 billion in H1/2026. And inventory at 30/06/2026 rose 54,1% year-on-year while Q2 revenue rose 37,2% — two consecutive quarters of inventory outrunning revenue. Return on equity of 26,1% in 2025 is higher than Mobile World’s 23,3%, but comes from asset-to-equity leverage of 6,50x versus the rival’s 2,56x.

FPT Online is the smallest holding and also the easiest to read: at 30/06/2026, cash and term deposits of 821,5 billion VND equal 85,0% of total assets and 74,1% of market cap at the 60.200 VND price from the 17/08 session — at the 60.900 VND price on 18/08 used in this document, that ratio is 73,2%. Excluding cash, the market is paying only 287,3 billion VND for the operating business. The company has never carried debt. Gross margin dropped from 69,19% (2021) to 43,19% (2023) then recovered to 49,46% (2025) and 51,64% in H1/2026 — 2025 revenue surpassed the old 2022 peak, but net profit after tax is only 63,4% of that peak level.

A point worth stating clearly: associate profit in H1/2026 reached 1.423 billion VND, against parent-shareholder profit of 5.055 billion VND — a ratio of 28,2%. The holding-company warning threshold is when associate profit exceeds parent-shareholder profit; FPT remains far from that threshold. But the ratio has jumped from 7,0% (2025) to 28,2% purely because of the consolidation-method change, and it will stay in this range. In other words, nearly a third of FPT shareholders’ profit now comes from stakes that carry no accompanying revenue — but all four holdings have public market prices to cross-check against, so this does not trigger a kill-switch.

Cash flow confirms profit, except two years that need explaining

The ratio of operating cash flow to net profit after tax averaged 1,05x over five years and free cash flow was positive every year, but 2022 and 2025 both dropped below 1x and both have a traceable cause.

Yellow marks a CFO/NPAT ratio below 1x — a level that needs explaining, not a violation; green marks a ratio of 1x or above with positive free cash flow. The rule applies to the two corresponding rows.

FPT’s earnings quality ranks high among listed Vietnamese companies on two criteria. First, net other income has never exceeded 1,7% of pre-tax profit over five years — meaning nearly all profit comes from core operations, not asset disposals or provision reversals. The holding-company warning threshold starts at 20%; FPT sits an order of magnitude below that. Second, free cash flow was positive all five years, cumulating to 23.773 billion VND.

The two sub-1x years have different mechanisms. In 2022, the item that dragged down cash flow was working-capital change: receivables rose 1.949 billion VND and prepaid expenses rose 634 billion VND, coinciding with 23,4% revenue growth — fast growth absorbing working capital, a normal mechanism. In 2025, prepaid expenses rose 596 billion and receivables rose 2.875 billion VND; at the same time capex jumped to 5.098 billion VND (+55,6%) from data-center construction. Both are signs of expansion, not phantom profit.

In H1/2026, operating cash flow was negative 1.145 billion VND, versus positive 1.684 billion in the same period last year. Three items explain most of the gap: receivables rose 2.007 billion, deferred expenses rose 958 billion, and payables fell 752 billion. It should be added that this figure is not directly comparable with the same period last year because the consolidation scope has changed — FPT Telecom was itself a steady source of cash flow given its subscription-based advance-billing characteristics, and it has left the report. This is a data point to watch through Q3, not yet sufficient grounds to conclude anything about earnings quality.

Debt, assets, and asset-liability management

FPT has issued no bonds; the entire 18.448 billion VND of outstanding debt at 30/06/2026 is unsecured bank borrowing, and about a third of it is denominated in Japanese yen with a natural offset from revenue earned in that same currency.

Corporate bonds: none

There is no bond-issuance line anywhere in the capital structure throughout 2021–2026. On the form of security, Note 23 of the Q2/2026 report describes short-term borrowing from banks and other economic organizations as carried out mainly as unsecured loans and letters of credit, and states explicitly that these loans carry no collateral. The audited 2025 annual report goes further: both short-term and long-term borrowing are described as unsecured.

Three distinctions worth separating out so the figure isn’t overread. First, the quarterly report’s note only describes the unsecured status for the short-term portion; the 2.080 billion VND long-term borrowing line carries no accompanying note in the Q2/2026 report, and the conclusion for that portion is drawn from the 2025 annual report. Second, “letter of credit” is not synonymous with pure unsecured lending — it is a trade-finance instrument backed by an underlying goods transaction, safer for the lender than a blank unsecured facility, and the note does not break out the proportion between the two forms. Third, the lenders include economic organizations as well as banks.

This trait spans the whole group, not just the parent company. Per the dossiers for the three listed associates: FPT Telecom has no bond line anywhere in the 2021–2026 sequence and its loan note is titled “Bank loans”; FPT Retail’s entire loan balance is unsecured short-term bank credit and it has never issued bonds; FPT Online has never carried a single dong of debt or bonds throughout the period. Across four entities combined, this is group-level capital-structure discipline, not an isolated choice.

The background bar is scaled to each currency’s share of total borrowing at 30/06/2026. The “Natural hedge” chip is an analytical label this document applies, not a term used in the reports — it notes that the company has revenue in the same currency, not that there is a derivative hedging contract. The company has not entered into any currency-hedging contract for its JPY or GBP balances as of the reporting date. The total row’s underlying figure is 18.448,412 billion VND.

The JPY debt balance doubled in six months, from JPY 17.440 million to JPY 36.847 million. This is a deliberate choice, not a passive fluctuation, and the mechanism is clear: borrowing rates range 0,5%–6,9% per year depending on currency, with JPY at the low end of that range. The offset comes from revenue — in H1/2026 FPT earned JPY 53,91 billion, i.e. 1,46 times total JPY debt over the same period. This arrangement turns currency risk into a cash-flow-matched position: if the yen weakens, both revenue and the debt obligation lose translated value together.

The remaining risk sits in the unmatched portion. The 619 billion VND GBP loan is a new item that arose in 2026, and this document has no GBP-denominated revenue figure to cross-check against — this item must be left at not-enough-evidence-to-conclude. In addition, the foreign-exchange translation reserve within equity widened from negative 70,2 billion VND to negative 131,7 billion VND over the six months.

Repayment schedule and debt-servicing capacity

The table covers only long-term debt; the 16.368 billion VND short-term portion matures within 12 months and has no extended schedule. The “beyond five years” line at 31/12/2025 is 348.958.540 VND, i.e. 0,349 billion. This item drops to 0 over six months due to shifting into a shorter maturity bucket, not early repayment.

The liquidity structure raises no concerns. At 30/06/2026, cash and equivalents reached 9.065 billion VND, and net held-to-maturity short-term investments reached 19.870 billion VND — combined 28.936 billion VND against total borrowing of 18.448 billion. FPT sits in a net-cash position of 10.487 billion VND, not net debt. At end-2025 this position was even deeper: net cash of 19.080 billion VND, a debt-to-EBITDA ratio of 1,32x, and interest coverage of 16,0x.

The company-disclosed debt-to-equity ratio went from 93,8% (2021) down to 48,8% (2022) down further to 41,8% (2024) then back up to 48,2% (2025) as infrastructure investment accelerated; net debt to equity stayed in the negative 43% to negative 45% zone for the past two years. Current ratio of 1,40x and quick ratio of 1,35x at end-2025, both improved from 1,31 and 1,25 in 2024.

Inventory and turnover

Net inventory of 2.277 billion VND at end-2025, equivalent to 3,2% of revenue — a low level typical of a services business. Inventory turnover of 20,5x, improved from 12,5x in 2021. Receivables turnover held steady around 6,1–6,3x for five years; cash conversion cycle of 49,0 days at end-2025, 1,9 days longer than 2024. By 30/06/2026 inventory fell to 1.183 billion VND, largely because FPT Telecom left the consolidation scope.

Steady 15% annual capital increases, 20% cash dividend

Charter capital rose from 9.076 billion VND at end-2021 to 17.035 billion VND at end-2025 — a 1,88x increase — entirely through stock bonuses funded from equity and ESOP, with no cash-raising offering to outside shareholders.

Unit for charter capital and dividends: billion VND. A cell marked n/a is a figure not separable from the available source, not zero. The cash dividend in the table is the amount paid to FPT shareholders per the annual report; the figure on the consolidated cash flow statement is higher (2025: 4.574 billion VND) because it includes dividends paid to subsidiaries’ non-controlling shareholders.

The distribution policy has kept the same pattern for five straight years: 20% of par value in cash and 15% in stock each year. The mechanism for the stock portion is a transfer from retained earnings and other capital into contributed capital — in 2025, 2.221,8 billion VND was transferred per the General Meeting of Shareholders’ resolution dated 15/04/2025. Shareholders pay in no additional cash, and book value per share is diluted accordingly. The cash-dividend payout ratio has gradually declined from 39,1% to 34,0%, meaning a growing share of profit is retained to fund investment.

ESOP dilution is small in scale and time-restricted. In 2021, 3.919.468 shares were issued to staff (3-year transfer restriction) and 1.290.300 shares to senior leadership (10-year restriction, through 07/04/2031). At end-2025 there were still 31.584.406 transfer-restricted shares out of a total 1.703.507.121 — i.e. 1,85%. The current share count of 1.714.326.422 is higher than end-2025 by 10.819.301 shares, or 0,63%, consistent with an ESOP issuance in 2026.

Market share and competitive position

FPT holds a leading or runner-up position in four domestic markets, but its main growth source lies in the overseas market — where it competes against global IT service providers rather than domestic rivals.

The entire “Disclosed position” column is how the company describes itself in annual reports and company profiles, not a conclusion of this document, and comes with no independent measurement source. Only FPT Securities’ brokerage share and FPT Online’s advertising share have specific figures and are therefore verifiable; the other four rows are ranking claims with no stated methodology. 2025 scale is the corresponding segment’s revenue; blank cells are not separable from the available source.

The strongest evidence of competitiveness lies not in rankings but in the volume of newly signed contracts. Newly signed offshore IT services revenue reached 40.636 billion VND in 2025, exceeding recognized revenue of 35.382 billion VND — a ratio of 1,15x, meaning committed work is accumulating rather than being drawn down. The number of contracts over USD 10 million doubled in a single year. The client list includes more than 130 Fortune Global 500 companies and over 1.100 global clients.

In the domestic market, FPT’s advantage is more institutional than commercial. The company is involved in deploying two national databases — Electronic Civil Status and the National Financial Database — along with the National Digital Platform for Civil Judgment Enforcement and the National Legal Portal; it partners with the Ministry of Finance, Ministry of Justice, State Bank, and Ministry of Foreign Affairs on data-strategy development. The Made-by-FPT product ecosystem reached 2.672 billion VND (+19,1%). The transfer of the State’s FPT Telecom stake to the Ministry of Public Security reinforces this position further, while simultaneously removing that segment from FPT’s consolidated report.

One limitation must be stated clearly: there is no third-party-measured market-share data within the scope of this document. The “Top 3 internet provider” and “Top 40 Asian IT services company” rankings are both self-disclosed, without a ranking organization or measurement criteria attached. Any conclusion about competitiveness based on these rankings is bounded by that limitation.

Risks, governance, and kill-switches

No kill-switch condition is triggered at either the universal tier or the holding-company tier, so this document can state a conclusion; but four items must be flagged as not-enough-evidence-to-conclude, and they bound the scope of that conclusion.

Green marks an item reviewed and not triggered; yellow marks an item with observations but not enough evidence to conclude; red marks a triggered item. The rule applies to every row. The kill-switch in the last row only blocks the valuation conclusion for the FOX component, not the whole document — the rest still has enough data to reach a conclusion.

What the auditor says

PwC Vietnam issued an unqualified opinion for all five years from 2021 to 2025. The 2025 report specifically adds an emphasis-of-matter paragraph: the auditor directs the reader to Note 1, which presents the basis for consolidating FPT Telecom’s financial statements through 31/12/2025, and states clearly that the audit opinion is not affected by this matter. This is independent confirmation that the break in comparability is material enough for the auditor to proactively flag it — it is not a qualified opinion, but it is not a minor matter either.

One detail on the continuity of the data series: the 2020 financial statements were audited by a different audit firm, issuing an unqualified opinion dated 04/03/2021. The auditor change falls right at the start of this document’s survey period. There is no evidence that the change relates to any accounting disagreement, and no evidence to the contrary — the disclosures don’t explain the reason.

Insider transactions

A review of 273 disclosed transactions shows a picture skewed toward buying. On 24/06/2026, seven insiders received additional shares in a single batch: CEO Nguyen Van Khoa 428.368 shares, Deputy CEO Nguyen The Phuong 347.161, Deputy CEO Pham Minh Tuan 490.082, Chief Accountant Hoang Huu Chien 118.592, and three others — roughly 1,94 million shares in total. A similar batch occurred on 07/05/2025. The pattern — same day, same direction, volume proportional to existing holdings — makes it almost certainly a preferential share allocation to employees rather than an open-market purchase; the 10,82 million increase in shares outstanding since end-2025 is consistent with such an issuance. These transactions should not be read as a signal of management confidence.

Two sales are worth noting. On 11/02/2025, Vice Chairman Bui Quang Ngoc sold 2.000.000 shares, taking his holding from 23,96 million down to 21,96 million — equivalent to 8,3% of his position. This timing fell in the high-valuation zone of the period, before the stock fell 26,4% in 2025. On 13/02/2026, Supervisory Board member Nguyen Khai Hoan sold 300.000 shares. Assessment: these two transactions are personal portfolio rebalancing rather than selling ahead of bad news — both are small proportions of the holders’ positions, properly disclosed, and no adverse corporate event followed within three months. This thesis is wrong if additional sales by other board members turn up within the same window that this document hasn’t reviewed, or if an adverse event is disclosed later.

Non-controlling interest turns negative

In H1/2026, non-controlling interest recorded negative 7,8 billion VND, versus positive 904 billion VND in the same period in 2025. The direct cause is FPT Telecom leaving the consolidation scope — most of the previous non-controlling interest belonged to FTEL’s other shareholders. A notable technical consequence: net profit after tax attributable to parent-company shareholders (5.055 billion) is now nearly equal to consolidated net profit after tax (5.047 billion), and this confirms that deconsolidation has not changed the profit belonging to FPT shareholders. It only changes the number’s path: previously through revenue and expenses then minus NCI, now through a single associate-profit line.

Related-party transactions

In H1/2026, FPT sold goods and services to related parties totaling 451,1 billion VND and purchased 358,6 billion VND. The largest counterparty on both sides is FPT Telecom (sales 347,3 billion, purchases 223,2 billion) — these lines newly appear in the period because they were previously eliminated on consolidation. Related-party receivables balance 53,4 billion VND and payables 378,7 billion VND. There are no related-party loans in the disclosed list; the entrusted-investment balance at FPT Capital is 33,3 billion VND, down 6,0 billion during the period. The scale of these transactions is small relative to equity of 40.996 billion VND, so it does not raise concerns about value extraction from minority shareholders.

Four items with not enough evidence to conclude

1. Realizability of the FPT Telecom equity stake. This component makes up 18,6% of FPT’s market cap but rests on a price with a 4,17% free float. If FPT Telecom delists from public-company status, the price reference disappears entirely and there is no substitute method within the scope of public data.
2. Standalone parent-company-level debt. Only consolidated figures are available. After deconsolidating FPT Telecom, the question “how much does the parent company owe and what funds repayment” becomes more important than before, since dividends from associates are now a funding source independent of operating cash flow.
3. Receivables aging. No aging schedule is available. The provision-to-receivables proxy is 2,4% at 30/06/2026, but this proxy reflects management’s assessment rather than actual collection experience.
4. Third-party-measured market share. Every ranking in Table 15 is self-disclosed. No independent source exists within the scope of this document.

Appendix