Pandemic challenged FPT to do 'more with less': chairman

He said at the FPT annual general meeting Thursday that as businesses faced financial difficulties because of the pandemic last year, they had to "do more with less," and this created opportunities for his company.

"FPT can compete with anyone in this strategy," he said.

The company secured three contracts with a value of over $100 million each last year, something that had never happened before the pandemic.

One of the contracts was from a leading U.S. automaker which wanted to do a digital makeover of its company.

FPT won the contract, beating out competition from 193 leading tech companies including U.S.’s IBM and India’s Tata.

Binh said that in the past, companies that wanted to "do more with less" did not want to award big contracts to Vietnamese companies, but FPT has bucked that trend.

The tech giant is working to help companies transform digitally. One of its customers, a bank, has seen profits triple in the last three years without increasing the number of staff, he said.

This was done by using 75 FPT robots, each of them capable of replacing 45 employees. The bank plans to purchase another 135.

"FPT can provide A-to-Z solutions to corporations," he said, adding that he expects these examples to change people’s thoughts about the corporation, which is often described as a mere software developing company.

The corporation is now providing tools for companies to conduct digital transformation in various sectors including education, healthcare and transportation, Binh said.

Last year, FPT’s revenues rose 16.4 percent to VND34.7 trillion, while pre-tax profit surged 18 percent to VND6.2 trillion.

The company targets being a top 50 company in the world in providing digital transformation solutions by 2030.