In the History of 35 years at FPT, a “rescue” story is retold, which is the rescue of Hoa Binh Hydroelectric Power Plant.
Commenced in 1979, Hoa Binh Hydropower Plant is the largest hydropower project in Vietnam and Southeast Asia until the end of the 20th century. With construction and operation support from the Soviet Union, the plant was expected to have 8 operational units, with a design capacity of 1,920 MW. However, the collapse of the Soviet Union in 1991 resulted in a complete cessation of equipment supply and installation for the plant. At that time, only 4 units had been completed. The massive construction site of Hoa Binh Hydropower Plant, with tens of thousands of employees, faced serious difficulties.
At that time, FPT boldly proposed to renegotiate the remaining contract by offering a barter payment method. Accordingly, FPT acted as the payment intermediary to the partner by providing textiles, agricultural products, electronics, leather goods, etc., so that they could continue to supply and install the remaining 4 units.
This campaign was directly commanded by FPT Director at that time, Mr. Truong Gia Binh. Eventually, the Company was designated as the partner to sign a three-party contract: Hoa Binh Hydropower Plant, the equipment supplier from Russia, and FPT.
Mr. Phan Ngo Tong Hung, FPT Co-founder and former Deputy General Director of FPT, shared:
“While large corporations under the Ministry of Commerce and the Ministry of Industry such as Tocontap, Textimex, Confectimex… with extensive production force, rich experience in exporting thick letterhead, and with dozens, even hundreds of displayed models and rich export product catalogs are ready to join the battlefield, FPT’s proposal to act as the payment intermediary for the Hoa Binh Hydropower contract was extremely daring.”
FPT was determined and successful in the Hoa Binh Hydropower project. This significant project marked the successful start of FPT’s very successful business relationship with Vietnam’s power sector from that time until now,”
On December 20, 1994, Hoa Binh Hydropower Plant was officially inaugurated after more than 15 years of construction.
According to Mr. Le Quang Tien, FPT Co-founder, following the model of Hoa Binh Hydropower Plant, in 1992, FPT continued to implement the Ialy Hydropower project. Specifically, the Power Company built the plant with technical support and equipment from Russia. FPT worked with the Russian partner to pay for the technical and equipment parts by exchanging goods.
Recently, at the conference on deploying the tasks of developing the stock market in 2024 on the morning of February 28, Mr. Truong Gia Binh, Chairman of FPT, also expressed his gratitude to the Government, the Ministry of Finance, and the State Securities Commission (SSC) for a 100-day “rescue” programme for HOSE congestion order. “Those 100 days of rescue have brought a new perspective on FPT. From that day, FPT’s stock has been continuously growing,”
In the current context of Vietnam’s position, FPT’s leadership believes that the Vietnamese stock market has performed well for many years but does not yet deserve its position. The Vietnamese stock market needs to rise to a level equivalent to all stock markets of major economies,” Mr. Truong Gia Binh emphasized.
With the role of a listed company, FPT’s representative believes that thanks to its listing on the market, FPT can work with large corporations worldwide more easily. FPT will continue to make efforts to develop the best technology to serve the development of the stock market, the economy, and businesses in general.
Sharing in the 35-year FPT History, Mr. Truong Gia Binh said, “With the shared aspiration of “For a prosperous Vietnam”, FPT aims to master and create technology, wishing to contribute to taking Vietnam out to the world. Then, after countless difficulties, Vietnam was listed on the global technology map with Make in Vietnam products recognized by the world. We have devoted ourselves to the country, to the pride of our nation. And we live with great enthusiasm.”
