The closing days of April 2024 witnessed a dramatic breakout in the stock price of FPT, the leading technology corporation in Vietnam. Since the beginning of the week, FPT’s market price has increased by 13% setting a new high of VND 123,200 per share (April 25). The market capitalization value also set a record of VND 156,500 billion (~USD 6.5 billion), an increase of USD 1.4 billion compared to the beginning of 2024.
FPT’s stock price surge brought joy to shareholders. The happiest of all are probably the founders of the group, such as Chairman of the Board of Directors Truong Gia Binh, along with two long-time associates Bui Quang Ngoc and Do Cao Bao, as most of their assets on the stock market are in FPT. According to FPT’s market price, the total assets of these three shareholders amount to nearly VND 15,000 billion, an increase of nearly VND 3,300 billion since the beginning of 2024.
Data as of April 25, 2024
As the “founding fathers” of FPT, the value of assets on the stock market is not necessarily what the founding shareholders of FPT are most concerned about. Sustainable and robust growth of the corporation is probably what brings greater joy to those who have dedicated themselves to the corporation since its early days, such as Mr. Truong Gia Binh, Mr. Bui Quang Ngoc, and Mr. Do Cao Bao.
Looking back into the history books, FPT was the predecessor of the Food Technology Company, established on September 13, 1988, by Professor and Doctor Vu Dinh Cu, the current Director of the National Institute for Technology Research, who signed the establishment decision. At that time, Mr. Truong Gia Binh assumed the position of Director of the company. The three letters FPT are an abbreviation of its original English name, The Food Processing Technology Company.
In fact, many people have made significant contributions to FPT since before its inception. Among them, one cannot fail to mention the 13 “pillars” who played a significant role in the establishment of the corporation. After 36 years of development, only three of them remain: Mr. Truong Gia Binh, Mr. Bui Quang Ngoc, and Mr. Do Cao Bao, who are still involved in FPT’s management.
FPT has also transformed itself into a leading technology company and one of the largest private corporations in Vietnam. With stable and consistent business growth maintained at an astounding rate over the quarters and years, FPT is often likened to a “growth machine.”
Since restructuring its business model in 2018, FPT has consistently maintained higher revenue and profits year after year. In 2023, the corporation recorded record revenue of VND 52,600 billion and the highest pre-tax profit since its establishment of VND 9,200 billion, both an increase of approximately 20% compared to 2022.
Entering 2024, FPT has set a target revenue of VND 61,850 billion (~USD 2.5 billion) and a pre-tax profit of VND 10,875 billion, which are both approximately 18% higher than the results achieved in 2023. If the set plan is successfully implemented, this technology corporation will continue to break last year’s record. After the first quarter of the year, FPT has completed about 23% of the projected plan.
Recently, FPT made another major step forward when it joined hands with the “giant” NVIDIA to build an artificial intelligence factory. Under the comprehensive strategic cooperation agreement to accelerate artificial intelligence (AI) research, the two parties plan to build an artificial intelligence factory (AI Factory), train a highly skilled workforce, and become a development partner in NVIDIA’s partner network.
FPT plans to invest USD 200 million to build an AI Factory that will provide a cloud computing platform for AI research and development in Vietnam. The factory will include supercomputing systems operating on the latest NVIDIA technology. The factory is expected to contribute to enhancing Vietnam’s ability to provide high-tech AI and cloud solutions on a global scale, while also elevating the technology workforce. “We are committed to making Vietnam a global AI development hub,” affirmed FPT Chairman Truong Gia Binh.
