Brian Jeffrey
FPT’s Journey to Success
In 2008, FPT achieved a significant milestone, reaching $1 billion in revenue. Fast forward to 2023, and it became the first tech company in Vietnam to generate that same amount from software exports.
Hoang Nam Tien, vice president of FPT University and former president of FPT Software, remarked, “Our successes stemmed from our failures.”
The story began in 1999 when FPT established its office in the United States. However, after a year with no clients and all funds exhausted, they faced a challenging reality.
The leadership decided to study prominent software exporters, particularly during India’s boom in the sector. Their daring choice led them to Bangalore, a global software hub, yet they struggled to secure projects despite hiring 30 Indian employees for crucial roles.
“We faced financial losses in our initial years abroad. Many would have given up, but FPT thrived under the leadership of Truong Gia Binh,” Tien shared.
Binh, during a television interview in 1999, passionately advocated for Vietnam’s capability in software exports, emphasizing the urgency even if it meant significant sacrifices.
Challenges and Persistence
Initially, FPT encountered numerous obstacles. Advice swirled around diversifying into real estate or securities, but the leadership remained committed to software export.
Despite lacking resources, connections, and experience, the determination of FPT’s team was unwavering. They recognized that courage was essential for entering the global market.
To compete with dominant international firms, FPT relied on intelligence and innovative technologies to keep pace with the global players.
Emphasizing a unique business culture was another key to FPT’s triumph in globalization.
“When I asked for someone to lead a team to Houston for client relations, one staff member stepped up immediately,” Tien recalled. “He worked tirelessly, often over 15 hours a day, eager to take on the challenge.”
Today, most of FPT’s projects are sourced from international partners, who often present formidable challenges—but FPT embraces them, confident in its capabilities.
Additionally, FPT has ventured beyond outsourcing; it now develops products and solutions targeting global technology giants.
“Currently, our workforce includes 76,000 employees representing 63 nationalities, with 4,000 international staff. In 2023, approximately 30% of our $1 billion software export revenue came from products developed by FPT,” Tien indicated.
Previously, FPT sought jobs overseas, but now they introduce their innovations to the international market,” Tien noted.
Of the world’s 500 largest economic entities, FPT counts 102 as clients. The company ranks among the top 500 global software firms and within the top 100 service providers.
When asked about the keys to FPT’s success, Tien pointed to their steadfastness.
“Over 25 years in software export, our persistence and discipline have been essential to our resilience and growth, even when others have faltered,” Tien explained.
Celebrating its 35th anniversary in 2023, FPT’s president, Truong Gia Binh, expressed the firm’s vision: “creating happiness for our employees, clients, the country, and the world.”
Looking towards 2023-2025, FPT aims to expand its presence in Latin America, North America, the Middle East, and Eastern Europe, enhancing its capabilities to serve global clients around the clock.
