The Hanoitimes - The Corporation for Financing and Promoting Technology (FPT) and its subsidiary FPT Telecom will become strategic partners of EVN Telecom.

A source from EVN Telecom confirmed the agreement with Viet Nam News yesterday, saying these two companies would hold more than 50 per cent stake in EVN Telecom after it equitised.

This acquisition followed the Government's approval of EVN Telecom selling stakes to domestic strategic partners, and these companies would work much before making the acquisition in practice, the source said.

A media source said the FPT Corporation would invest about VND400 billion (US$20.5 million) into EVN Telecom.

Phan Duc Trung, FPT's deputy director, told dautu.vn that the corporation would spend more than VND400 billion because the partnership with EVN Telecom would help FPT develop a new business angle in the mobile telecom sector.

EVN Telecom is an Electricity of Viet Nam subsidiary. The company became operational in 2006 and is the seventh largest mobile telecom provider nationwide.