According to VnExpress, Jensen Huang arrived in Vietnam on the afternoon of December 4th and participated in several technology-related events. Nvidia’s CEO will also be making important signings related to AI. This is Huang’s second visit to Vietnam, following his first trip in December 2023, where he pledged to “make Vietnam Nvidia’s second home.”
Huang’s return to Vietnam comes as Nvidia’s partner, FPT, is making remarkable strides and setting unprecedented records. Since the beginning of 2024, FPT’s stock has peaked 38 times, with an increase of 80%. Market capitalization has also reached a record high of more than 218 trillion VND (8.7 billion USD), solidifying FPT’s position as the largest private corporation on the Vietnamese stock exchange.
AI is perhaps the most crucial link between Nvidia and FPT. In April, the world’s chip giant and FPT agreed to invest $200 million to establish the first AI Factory, equipped with a supercomputer system utilizing H100 GPUs. Last month, the two partners opened another AI factory in Japan and plan to establish more in the future.
Most recently, FPT established FPT Smart Cloud Japan, headquartered in Tokyo, Japan. The company aims to develop an ecosystem of products and solutions that apply AI and Cloud technology to serve customers in the Japanese and broader Asian markets. According to FPT, establishing an AI and Cloud-focused company in Japan is a step in their long-term plan.
As per IDC’s report, Japan’s AI market is expected to reach a value of $5.9 billion this year, growing at a rate of 31.2%. Therefore, the corporation believes there is room for FPT to collaborate with Japanese organizations to embrace advanced technology.
”Artificial intelligence will change the world,” said Truong Gia Binh, Chairman of FPT. “We are working closely with strategic partners to develop the essential cloud infrastructure for AI applications worldwide, especially in Japan, as part of Nvidia’s global initiative.”
In the first ten months of the year, FPT recorded revenue of VND 50,796 billion and pre-tax profits of VND 9,226 billion, up 19.6% and 20%, respectively, compared to the same period in 2023. After-tax profit for the parent company’s shareholders and EPS reached VND 6,566 billion and VND 4,494 per share, an increase of about 21% over the same period last year.
For 2024, FPT has set record-high business plans, with revenue of VND 61,850 billion (~USD 2.5 billion) and pre-tax profit of VND 10,875 billion, an increase of about 18% compared to the results of 2023. With the results achieved in the first ten months, the corporation has achieved 82% of the revenue plan and 85% of the profit target.
In a recent report, SSI Research assessed that FPT’s overseas IT segment would continue to be a growth driver for the corporation in the future. The analytics team forecasts that FPT’s net profit in 2025 could reach nearly VND 13,700 billion. They predict a 29% increase in revenue and a 31% rise in net profit for the overseas IT segment.
Regarding the domestic IT segment, SSI Research expects FPT’s revenue to grow by 33% due to the launch of FPT AI Factory, accounting for about 20-25% of domestic IT revenue. They also anticipate a significant improvement in net profit margin to 7% (up from 4% in 2024) due to the relatively high net profit margin of FPT AI Factory (around 20%).
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