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Vietnam's FPT pioneers as first billion-dollar revenue tech firm
Thu, 11th Jan 2024

FPT, an international technology corporation headquartered in Vietnam, has blazed a new trail. It is reported to be the first technology company in the nation to surpass one billion USD in revenue generated from global IT services, specifically their subsidiary FPT Software. The company puts this landmark achievement down to a year of successful acquisitions, which include AI specialist Landing AI, Intertec International, Cardinal Peak, and AOSIS, among others. FPT's ambitions do not stop there, as the firm targets doubling its revenue from global IT services over the next three years.

In 2023, FPT launched its automotive technology subsidiary, FPT Automotive, presenting an evident need in the market for advancement in software-defined vehicles (SDV). The new initiative is designed to shape the mobility era, lay down new standards of safety, and deliver enhanced experiences to customers. Moreover, though extending its global automotive capabilities, FPT has also made its mark with a Nearshore Development Center in Nanning, Guangxi Province, adding a 65th office to its worldwide reach.

As Vietnam is perceived as an alternative to Chinese manufacturers, the country has plans in the pipeline to train 50,000 engineers to work in its semiconductor industry over the decade. The up-and-coming digital nation's ambitions include securing a deeper embedding in the global chip supply chain. FPT hopes that, through the support of the government, the digital economy will constitute 30% of the entire economy within a decade. These plans highlight Vietnam's growing reputation as a rising technology hub, with FPT playing a pivotal role.

In partnership with the AI Mila Institute, headed by one of the three "godfathers" of AI, Yoshua Bengio, FPT has inaugurated its first and largest AI Research Hub in Quy Nhon, Vietnam. With a staggering investment exceeding $85 million, the complex will serve as a facility for research, development, and learning for 20,000 tech personnel. Now, FPT boasts an ecosystem of AI-enabled products and services, complete with over 200 million monthly end-users, and aims to incorporate AI into all its offerings to deliver an unsurpassable customer experience.

Skirting poverty in the 80s, Vietnam's economic recovery and subsequent flourishing to the point of selling hi-tech services globally is indeed remarkable. "This is not simply about riding various technology trends," a company source said, "but fundamentally about preparing our people for a new economy. Vietnam is preparing its population for the 21st Century". This initiative indicates FPT's recognition of the potential of the Vietnamese population and its commitment to harness this for the future of the global technology industry.

FPT Corporation Founder and Chairman, Dr. Truong Gia Binh, envisioned exhibiting Vietnamese capabilities on the global technology landscape. "As the attention of the world swivels towards Vietnam as a major hub for business investment and digital innovation, we have demonstrated our essential role in driving this motion", he said. His sentiment of optimism for the future is mirrored by FPT Software Chairwoman, Chu Thi Thanh Ha, who confirms that the focus will remain on talent development. She sees FPT’s billion-dollar revenue breakthrough as a testament to the combined efforts and knowledge accumulation across generations at the company.