The visit from NVIDIA’s leadership team – a “big tech” company valued at over $2 trillion – has given a significant boost to the value of Vietnam’s technology corporations. Following FPT, CMC Corp’s (CMG) stock also surged to record highs.
CMG stock just hit its daily limit-up on May 8, reaching 51,800 VND per share, the highest since its listing. Market capitalization also hit a record high of nearly VND 10 trillion, up 60% from a year earlier and nearly five times higher than when it first listed.
CMC Corp listed 63.5 million shares on HoSE in early 2010 at a reference price of 35,000 VND per share, equivalent to a valuation of about VND 2.2 trillion. Over the past 14 years of trading with its ups and downs, the stock’s overall trend has been upward.
CMG’s strong breakout is partly due to the partnership with the world’s technology giant. Earlier this May, Mr. Nguyen Trung Chinh, Chairman of CMC Corp, met with NVIDIA’s leaders to enhance the comprehensive strategic cooperation between the two companies, especially in the field of artificial intelligence (AI).
“Artificial intelligence AI will usher in a new era, an AI era that has a profound impact on human society in all aspects of life, economy, and society. AI is becoming an indispensable part of CMC’s business plan and development strategy, especially the workforce is expected to reach 15,000 IT engineers by 2028, including 6,000 AI engineers, accounting for 40% of the Group’s workforce.”, shared the Chairman of CMC Corp at the meeting.
Previously, CMC Corp announced plans to invest in 1,000 NVIDIA GH 200 GPUs worth $250 million in the 2024-25 period, contributing to the strong development of advanced applications and solutions, focusing on the ecosystem of interactive technology products in 6 main fields, including Chip Design, AI, Big Data (Bigdata), Social Network Data (Social data), Internet of Things – Smart Devices – Image Processing (IoT) and Blockchain Technology/Information Security (Blockchain)…
Standing on the shoulders of “giants”
CMC Corp is the second-largest information technology – telecommunications service provider in Vietnam. With over 25 years of establishment and development, the corporation has restructured its operations and focused on 4 main business areas: Digital Infrastructure, Technology & Solutions, International Business, and Research and Education.
Before partnering with NVIDIA, CMC Corp had been standing on the shoulders of another giant, Samsung SDS, for many years. The cooperation started in 2016, but it wasn’t until May 2019 that Samsung’s IT and logistics specialist and CMC Corp signed a strategic investment agreement to enhance comprehensive cooperation in all areas of strength of both sides, especially in the field of information technology potential. Up to now, Samsung SDS is still the largest shareholder of CMC Corp.
In fact, since Samsung SDS poured capital, CMC Corp’s business performance has improved significantly. After-tax profit has increased year after year since 2019 and reached VND 391 billion in the 2023-24 fiscal year (from April 1, 2023, to March 31, 2024), up nearly 10% over the previous year. This is the highest profit CMC Corp has ever achieved since its operation.
In the period of 2023-2025, CMC Corp aims to become a global enterprise with a revenue of $1 billion. The group pursues the orientation of being a leading digital transformation consultant and service provider in Vietnam, contributing to shaping the cloud computing and SaaS market and being at the top of the cybersecurity market. In the international market, CMC Corp aims to become a leading information technology service provider in Asia and further expand into other countries in America and Europe.
Regarding investment plans for the coming time, CMC plans to expand the AI DC in Ho Chi Minh City High-Tech Park with a large scale of 40MW, ensuring the readiness of AI Cloud infrastructure as well as dedicated Cloud infrastructure for each customer, thereby helping the AI community have infrastructure and environment to develop applications.
Regarding training solutions, CMC Corp commits to building an AI community with NVIDIA, including research, startups, and developing AI human resources to transform 1 million programmers with the ability to apply AI to create new values, of which Ho Chi Minh City accounts for more than 65% of human resources.
