Vietnam Strengthens Data Sovereignty with FPT Telecom Stake

Vietnam’s Ministry of Public Security is solidifying its grip on the nation’s digital realm by acquiring a majority stake in FPT Telecom, one of Vietnam’s leading internet providers. This strategic move, highlighted in a recent ministry announcement and covered by Reuters, sees the ownership transfer from the State Capital Investment Corporation (SCIC) to the ministry itself.

Previously, SCIC was the major shareholder with a 50.17% stake, while FPT Corp, a prominent private tech firm, held 45.66%, retaining operational control. The ministry’s acquisition aims squarely at bolstering cybersecurity and safeguarding network integrity, though it’s unclear if direct control will be exerted over FPT Telecom.

Enhancing National Infrastructure and Cybersecurity

The ministry has been steadily embedding itself deeper into Vietnam’s telecom sector, having taken charge of MobiFone—Vietnam’s third-largest telecom provider—last year. It’s also spearheading new data protection reforms that have caught the attention of global tech companies.

Experts forecast potential benefits for FPT Telecom, encompassing enhanced legal, financial, and strategic backing, particularly for initiatives aimed at strengthening digital infrastructure and improving cybersecurity in less developed areas.

Nguyen Quoc Huy, SCIC’s General Director, conveyed confidence in the ministry’s ability to drive FPT Telecom’s growth, tying it to Project 06. This national initiative aspires to build a digital government, encourage societal digitization, and streamline data platforms.

The Ministry emphasizes that acquiring telecom entities like FPT Telecom is crucial for protecting national interests and ensuring citizens’ digital rights, viewing cyberspace as a key national security and development frontier.

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