FPT: First Vietnam-Based Tech Firm to Exceed $1 Billion USD in Revenue

Last Updated on: 27th December 2023, 03:36 am

Global technology leader FPT has reached a landmark achievement by crossing the one billion USD threshold in the global IT services market. This remarkable accomplishment, realised through its subsidiary FPT Software, marks FPT as the inaugural tech company from Vietnam to achieve such a feat. It reflects the company’s sustained growth, enduring dedication to innovation, and deep commitment to client satisfaction.

Throughout 2023, FPT significantly broadened its global footprint and strengthened its partnerships, essential for delivering successful digital transformation solutions to its clientele. This expansion is highlighted by its reinforced strategic alliances with several industry heavyweights, including SAP, Microsoft, AWS, Salesforce, and Adobe. Furthering its global expansion agenda, FPT has engaged in several investments and acquisitions, notably with Landing AIIntertec InternationalCardinal Peak, and AOSIS. These strategic moves have propelled FPT to double its revenue from global IT services within three years. The primary contributors to this growth have been its key markets in Japan, the Americas, and the Asia Pacific region, each accounting for about a third of the revenue.

Almost half of FPT’s total global revenue comes from digital transformation, a core aspect of its extensive range of services and solutions. The company excels in various areas, including ERP modernisation, cloud and data solutions, and software-defined vehicles. The introduction of FPT Automotive is a testament to FPT’s strategic investment in this area and its ten-year expertise in automotive product engineering services and solutions.

The foundation of FPT’s success lies in its human-centric approach to business, emphasising sustainable practices, diversity in the workplace, and the development of its workforce. It has achieved the EcoVadis Silver rating for its ESG efforts and has been named a ‘Great Place to Work’ in multiple countries, including Vietnam, Japan, Singapore, the US, among others.

As an enabler of complex business solutions on a global scale, FPT recognises the immense potential of the global market, foreseeing further billion-dollar revenue and profit milestones from individual markets, vertical industries, and contracts. The company remains committed to offering comprehensive services and solutions, infused with AI. FPT is set to bolster its global workforce with seasoned professionals and a robust influx of young, skilled IT talent from Vietnam and other nations such as India, China, the Philippines, and Latin America. FPT also aims to champion Vietnam’s emergence as a global digital hub, enhancing its clients’ business resilience and excellence.

FPT Corporation Founder and Chairman Dr. Truong Gia Binh stated: “FPT Corporation’s ambition is to showcase Vietnamese intelligence and technology to the global stage, and our subsidiary FPT Software was founded to realise that vision. As the world turns its attention to Vietnam as a prominent hub for business investment and digital innovation, we have proven our pivotal role in driving this movement. In the journey ahead, we will persist as a trusted partner, empowering global enterprises towards a more sustainable and happier future.”

FPT Software Chairwoman Chu Thi Thanh Ha commented: “People development is the foundation for our sustainable growth. This achievement is a testament to the collective efforts and wisdom accumulated across generations of FPT Software’s people. We will continue focusing on talent development and equip our people with a happy working environment and the necessary knowledge and skills to keep up with growing market demand and global standards.”

FPT Software CEO Pham Minh Tuan remarked: “​​With AI as an accelerator embedded in all services and solutions, we are committed to enabling agility and scalability and optimising quality and productivity for all projects. Looking forward, we have plans for new partnerships and M&As with leading companies worldwide to enhance our nearshore network expansion, delivery quality, core competencies, and operational excellence to provide end-to-end solutions and better serve our global clients.”

FPT is a front-runner in Vietnam’s digital transformation, with strategic emphases on AI and semiconductors. It is involved in several key initiatives, such as being a founding member of the AI ​​Alliance led by IBM and Meta, advancing its strategic partnership with Mila, inaugurating the Semiconductor Circuit Faculty, and pursuing collaborative ventures with top semiconductor companies like Nvidia. FPT has secured orders for nearly 70 million chips, with deliveries expected to continue until 2025.

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