Yahoo Finance Vietnam’s FPT Sees Overseas Sales Jumping to $5 Billion by 2030
(Bloomberg) -- FPT Corp., Vietnam’s biggest publicly traded technology company, expects total revenue from overseas markets to multiply in the coming years and hit $5 billion by 2030, according to Chairman Truong Gia Binh.
Most Read from Bloomberg
Bonds Slide as Fed’s Waller Downplays Need to Rush: Markets Wrap
Musk Pressures Tesla’s Board for Another Massive Stock Award
Trump Scores Easy Win in Iowa With DeSantis a Distant Second
The IT services provider will continue its global expansion with a focus on markets including Japan and the US, Binh said in an interview with Bloomberg TV’s David Ingles Thursday. FPT last month said annual overseas revenue topped $1 billion for the first time.
The Hanoi-based company has been making strides in expanding its global presence, announcing in November the acquisition of US-based product engineering services firm Cardinal Peak. It’s also targeting more business with global firms expanding in Vietnam, including artificial-intelligence chip titan Nvidia Corp.
Binh said Nvidia and FPT “are going to set up a strong partnership,” with the Vietnamese company investing “to be Nvidia’s elite AI computing service provider.”
Read more: Nvidia Sees Vietnam as Potential Second Home, Reports Say
Shares of FPT have more than tripled over the past four years and were little changed in early Ho Chi Minh City trading on Thursday.
Last month, FPT launched an automotive technology subsidiary in the US with brands such as Ford, Volvo, Hyundai and Honda as its customers. The Texas-based automotive arm targets markets including the US, Europe, Japan, South Korea, China and Vietnam.
--With assistance from Linh Vu Nguyen, Joanne Wong and David Ingles.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
