UPDATE 1-Vietnam's FPT eyes $1 bln sales in 2008

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HANOI, Oct 14 (Reuters) - Vietnam's top information technology and mobile phone distributor FPT reported a 12 percent profit rise for the first nine months of 2008 and said a jump in revenues put it on track for record full-year sales of $1 billion.

The Hanoi-based group said net earnings in the nine months to September rose 12.1 percent from a year ago to 508 billion ($31 million) and earnings per share averaged 5,457 dong ($0.33). Sales climbed nearly

FPT's FPT.HM main money spinners are computers and telephone handsets, which make up more than 70 percent of sales.

"With booming sales in the first three quarters of 2008, the group has been able to maintain the pace of growth with a prospect to achieve $1 billion in sales by the end of this year," FPT said in a statement.

It also said it had set up two software development subsidiaries FPT USA Corp in San Mateo, California and FPT Australia Ltd in Sydney to expand its software outsourcing business. The two units are expected to bring in $13 million in sales next year.

FPT shares closed down nearly 5 percent at 68,500 dong ($4.15) on Monday. The shares have lost more than two third of their value since the beginning of the year. ($1=16,517 dong) (Reporting by Nguyen Nhat Lam; Editing by Jan Dahinten)