Letter from CEO

 

Dear Esteemed Shareholders, Customers, Partners, and all Employees,

 

Guided by the values of Solidarity – Discipline – Compassion – Creativity – and Dedication, FPT and our 50,000 employees have actively embraced opportunities and triumphed over challenges, bringing 2024 to a proud close. 

 

 

2024 has been a journey filled with pride.

 

We have steadily navigated through challenges, including geopolitical uncertainties, while swiftly adapting to seize opportunities arising from the global tech boom. Thanks to these efforts, FPT has maintained its competitive edge, continued to earn the trust of customers and partners, and achieved remarkable growth, including a 19.4% revenue growth and a 20.3% profit increase. Earnings per share (EPS) also grew by 22.0%.

All business sectors achieved double-digit growth. The Technology sector played a pivotal role with revenue growing by 24.4%, contributing 62.2% of total revenue and 47.2% of the Corporation's total pre-tax profit. Notably, FPT's market capitalization surpassed the 09 billion USD milestone.

 

Yet, what makes us most proud is not only these impressive figures but the unwavering spirit of Solidarity – Discipline – Compassion – Creativity – Dedication that lives in tens of thousands of employees. All have devoted themselves wholeheartedly to the organization. In every market, every domain, and through every challenge, I see in my teammates unyielding determination, a fighting spirit, and an unbreakable will to never give up.

 

All business sectors strongly leveraged their strengths and affirmed their position and capabilities in the market.

 

The Technology Sector made historic breakthroughs, setting new records with major international contracts, including 225 million USD in the US, 115 million USD in Germany, and 110 million USD in Singapore. FPT continues to use advanced technology to tackle key problems in the country of Vietnam. The Corporation has signed digital transformation cooperation agreements with 31 provinces and cities. It has been deeply involved in developing e-government models to contribute to the implementation of Project 06, the strategy on data applications for population, identification, and electronic authentication to serve national digital transformation (2022-2025, vision to 2030), as well as Resolution 57/NQ-TW of the Politburo. Moreover, FPT has been a vital bridge between citizens and the government, launching the HCMC Digital Citizen application and piloting the Hanoi Public Administration Service Center. 

Regarding the Telecommunications sector, FPT has pioneered the introduction of Wi-Fi 6 technology to households nationwide, enhancing customer experience and driving Internet subscriber growth to its highest level within the past five years. Additionally, the Data Center business achieved a growth rate of nearly 50%. 

 

In the Education segment, FPT has surpassed the milestone of 152,000 learners across its system while continuing to invest in new educational facilities in nearly 30 localities. The total accumulated construction floor area has now reached 600,000 m2.  

 

I believe it is the resonance of various factors. The foremost is a visionary outlook and a pioneering approach to emerging technology trends, fostering a strong competitive edge and sustained long-term growth. Rather than waiting for opportunities, we create them and turn them into reality through vision and determination. 

Second, it is FPT's robust and coherent management system, designed with straightforward, actionable tasks that are implemented daily, monthly, and quarterly.   

 

However, the third and perhaps most profound factor is the spirit of "Solidarity, Discipline, Compassion, Creativity, and Dedication." In the past year, we have significantly strengthened growth discipline and internal unity, especially among our leadership team. For the first time, we issued regulations on Democratic Centralized Leadership, clearly defining principles and action methods for leaders and managers at all levels. This sets the expectation that everyone must prioritize FPT's collective interests, set aside personal ego, and unite internal and external resources to accomplish greater goals together. Most importantly, throughout the year, FPT people have strongly embodied our core values, "Respect – Innovation – Teammate – Fairness – Exemplarity – Visionary." They have made FPT a unified and resilient force that no difficulty or obstacle can stop from moving forward at high speed.

 

Some may see it that way, but for me, happiness is an essential part of doing business.  

 Business is not only about numbers. It's about the people behind those numbers. Fulfilled employees will be more creative and produce their best work. Likewise, customers will stick with us for the long haul when they are happy. To us, nothing defines the success of a product or service more than the happiness and satisfaction it brings to our customers. We constantly push boundaries and break new ground to create innovative solutions and technologies, not only helping streamline operations and boost productivity but also bringing joyful experiences to every individual, whether in learning, working, or everyday life. 

There are three core principles.

 

First, as technology advances at breakneck speed, the only way forward for FPT is to keep learning relentlessly and strive to be the fastest and most pioneering player in this race.

Second, we need outstanding and competitive remuneration policies to attract and hold onto top talent. With large tech companies downsizing, we spotted a unique opportunity. We quickly set out with a bold goal: bringing senior experts from leading global corporations into the FPT family. This effort has paid off, as the number of foreign employees at FPT grew by 19.3% in 2024. 

Third, FPT is committed to tackling the most demanding challenges facing our industries, sectors, and the nation by establishing our role as one of Vietnam's pillar enterprises. Project 06, as I have mentioned, is a prime example of this effort. With the momentum created by Resolution 57/NQ-TW, which aims to drive breakthroughs in science, technology, innovation, and national digital transformation, we are ready to take on even greater challenges. These include building nationally shared digital platforms and developing intelligent monitoring and operating systems to enhance public administration.   

 

 

The world is entering an era of rapid technological transformation, geopolitical shifts, and the restructuring of global supply chains. In this context, standing still is not an option. We must move forward with more incredible determination than ever. 

 

For 2025, we have set targets of 20.0% revenue growth and a 21.0% increase in pre-tax profit, with all business units required to adopt new strategic approaches. 

 

In Technology, AI will be integrated into every service and product. We aim to develop AI-driven services and expand our AI Factory, advancing toward the goal of becoming the leading AI and Cloud infrastructure provider in the region. Alongside this, FPT will actively participate in large-scale government projects and focus on securing landmark contracts valued at hundreds of millions of USD with major global clients.

 

In Telecommunications, while continuing to invest in data centers and international transmission infrastructure, FPT will accelerate new services such as Esports, IoT systems, and energy management solutions. 

 

In Education, FPT will further expand its network of general education schools, vocational training, and universities to reach more provinces and cities nationwide.