​Vietnam's FPT sells 30 pct of subsidiary to investment funds

Vietnamese telecoms firm FPT Corp on Friday said it has sold 30 percent of a subsidiary to funds of or associated with funds managers VinaCapital and Dragon Capital.

FPT said in a statement it sold 6 million shares of FPT Digital Retail JSC for an undisclosed amount to investment funds related to the two biggest fund managers in Vietnam, with combined assets under management of US$4 billion.

FPT Digital Retail's profit before tax in the first half of 2017 rose 44 percent from the same period last year to VND141 billion ($6.2 million), FPT said.

"The consumer sector is one of our favourites, and Vietnamese people have shown a huge appetite for mobile phones and accessories, which is their primary tool to communicate and access the internet," said Andy Ho, chief investment officer at VinaCapital.