Vietnamese state-owned telecoms company Vietnam Posts and Telecommunications (VNPT) has sold a 10% stake in its international arm, VNPT Global, to Singapore's ST Telemedia, in a deal reportedly worth VND20 billion (USD1.04 million), the Straits Times reports.

'The strategic partnership will benefit ST Telemedia and VNPT Global's mutual goal of investing in growth companies in the telecommunications sector around the world to enhance shareholder value,’ the two firms announced in a joint statement.

ST Telemedia, which also holds stakes in Ireland’s Eircom and StarHub of Singapore, also has the option to raise its stake in VNPT Global in the future.