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Dear Esteemed Shareholders, Customers, Partners, and all Employees,
In parallel with the experiences of numerous other businesses, we encountered and navigated through a myriad of challenges throughout 2023. However, we did not falter. FPT marked a significant milestone, celebrating its 35th anniversary. With a shared commitment to ignite the spirit of emulation, we strived to leave a business legacy to commemorate this remarkable year. Our collective efforts were driven by our deep affection for FPT and our commitment to its lasting growth. FPT not only surpassed its peak to reach new heights but also elevated its stature and technological prowess on a global scale.

2023 – Conquer challenges, embrace opportunities
We take great pride in surpassing the growth target set forth for our Shareholders.

For the first time, FPT surpassed 1 billion USD in revenue from IT services in foreign markets. FPT made this milestone by harnessing the intellectual prowess of the Vietnamese people, propelling it to a new echelon, and positioning it among the elite group of global billion-dollar IT service businesses. At the same time, FPT accelerates the process of penetrating into very large supply chains, such as the automotive technology sector. FPT may not manufacture vehicles, however, it specializes in software development, which forms the "core" of automobiles. Supported by our global team of more than 4,000 engineers and experts, we collaborate with over 150 renowned car manufacturers and automotive parts suppliers worldwide in the vast and promising future of the software market for electric vehicles.
FPT is progressively ascending to a higher echelon in the technology value chain by prioritizing the development of AI, Cloud, Big Data, and specialized domains with promising growth prospects, such as healthcare, banking and finance, insurance, delivery services… The revenue generated from digital transformation services, comprising almost half of the total revenue from foreign markets, was evidence of this strategic shift.

 In 2023, our collaboration with NVIDIA and investment in Landing AI solidified our investment strategy, positioning AI as FPT's new growth engine. Revenue from AI and Cloud platform services surged by 70% compared to the previous period.
On the domestic front, FPT continues to affirm its role as a prominent consulting partner for end-to-end digital transformation and green transformation for a multitude of VNR 500 enterprises; 30 provinces and cities, and has changed the perception of digital transformation for 35 million people.
The Telecommunications Service sector remained steadfast, diligently tracking the markets, maintaining customer loyalty, and enhancing operational efficiency, proven by making remarkable milestones in business performance. The sector achieved 04 million Internet subscribers. Data Center services experienced an impressive growth rate of over 30%. Additionally, sports and music content generated copyright revenue that exceeded expectations.
The Education sector maintained its nationwide expansion and international collaboration efforts, prioritizing the delivery of superior learning experiences to students. We have extended our reach to an additional ten localities, including Bac Giang, Binh Phuoc, Ha Nam, Khanh Hoa, Nam Dinh, Nghe An, Quang Nam, Thanh Hoa, Vinh Phuc, and Vung Tau. This expansion has been accompanied by rapid infrastructure development to ensure adequate learning facilities, with a total construction floor area spanning 170,000 square meters.
How did FPT maintain its steady progress? We possess ambitious goals and aspirations that a good deal of people might doubt the plausibility of, but we achieved them. We navigated through all challenges with minimal reliance on luck but instead depended on solid pillars: management, discipline, technology, human resources, and culture.
Vertical functional management and centralized data management serve as the "backbone" of FPT's efforts to optimize its management and operations, improve operational efficiency, enhance employee and customer experiences, and foster sustainable growth. In 2023, we launched 42 internal digital transformation projects, resulting in cost savings of 617 billion VND.
In addition, discipline in plan implementation is crucial. Discipline has been introduced methodically and skillfully, ensuring that each leader/manager has a sense of duty and pride in their achievements. This approach has facilitated our ability to conquer most challenges.
FPT's unwavering commitment to fostering a positive and engaging work environment has proven instrumental in attracting and nurturing a top-tier workforce and technological talent from diverse continents, which resulted in our intrinsic power to enable the Corporation to conquer all its goals.
Another essential determinant lies in the preservation of traditional values alongside a culture of perpetual learning and innovation. This cornerstone serves as the foundation for empowering FPT's robust growth and sustained expansion over 35 years.

2024 – Maintain growth amidst challenging circumstances
Despite the prevailing global turmoil, including military conflicts, economic downturns, and uncertainties, our perspective remains optimistic. Vietnam's geopolitical position and the opportunities presented in digital technology, semiconductors, and electronic circuits have never been more evident than they are today.
In the long run, there will be a considerable shortage of IT and semiconductor engineers worldwide. Vietnam must capitalize on this opportunity and emerge as a leading global labor provider in these fields. FPT is committed to pioneering this effort and making substantial investments to supply the global market with hundreds to millions of engineers. We are determined to capture and leverage the significant opportunities presented in the competition for semiconductors, AI, and automotive technology. Our objective is to generate enduring, sustainable value and benefits for our stakeholders and ensure the Corporation's long-term viability.
We persist in setting ambitious objectives: Revenue and profit before tax will maintain steady growth rates of 17.5% and 18.2%, respectively.
The Technology sector, aiming for revenue and profit before tax growth rate exceeding 20%, remains committed to significant investments, even being "all in" in fundamental technologies like AI and semiconductors. Additionally, it will explore opportunities in high-growth potential sectors, including automotive software, healthcare, finance, banking, green energy…. Simultaneously, there will be a transition from a project-oriented business model to a platform-based approach.
In the Telecommunications sector, as household bandwidth consumption trends upwards, we are actively trialing cutting-edge technologies and ultra-fast speeds to cater to customers utilizing next-generation internet and television services. Concurrently, we are investing in distinctive information, entertainment, and educational content tailored to evolving preferences and personalized for each family member. Moreover, we are committed to further investments in expanding data centers to meet the growing demands of AI and big data development requirements.
In the realm of Education, the Corporation will steadfastly extend the reach of the multi-level educational facilities to foster a "happy school" experience for students. The objective is for each locality to feature at least one inter-level high school. Simultaneously, we will actively promote the expansion of vocational training and career guidance for high school students (9+) across most localities. This initiative aims to address the diverse needs of learners and foster vocational competitiveness aligned with the socio-economic development strategies of each province. Additionally, we will collaborate with partner universities and businesses specializing in semiconductors from Taiwan, Korea, and the US, implementing innovative and accelerated learning techniques to train human resources in this domain.

Once again, on behalf of the Board of Management, I extend sincere gratitude to the shareholders, investors, partners, customers, and employees who have contributed to and will continue to seize the significant opportunities ahead for the good of both FPT and Vietnam. Your dedication ensures FPT's continued rapid, sufficient growth and sustainable development.

Best regards,