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Dear Esteemed Shareholders, Customers, Partners, and all Employees,
In 2023, the global landscape presented an array of challenges: a decline in GDP growth, trade, and investment, alongside an increase in debt, consistently high levels of inflation, geopolitical conflict, supply chain disruptions, extreme weather events, and widespread epidemics. According to a report by the credit rating agency Fitch Ratings, GDP growth stagnated at approximately 2.5-3%, falling below the International Monetary Fund's earlier forecast of 3.3 – 3.5%. Despite these adversities, the technology industry has shown resilience, particularly in harnessing the potential of artificial intelligence (AI) with an estimated market value of 1.04 trillion USD.
In Vietnam, notwithstanding the adverse impact on the export market for goods, services, and products, the IT industry continued to experience growth. Revenue is projected to reach 3,744,214 billion VND, marking a 1.49% increase compared to 2022, while its contribution to GDP has risen to 887,398 billion VND, reflecting a 1.34% increase from the previous year. Vietnam has emerged as a notable player in national digital transformation, focusing on two key objectives: fostering the development of a Digital Government, Digital Economy, and Digital Society while also nurturing formidable digital technological enterprises that operate in the global arena.

2023 – FPT has "built a happier future, together"
FPT underscored its 35th year with numerous accomplishments. As a prominent global technology firm, FPT successfully navigated through a challenging year marked by reduced IT investments from customers. The entire corporation achieved a revenue of 52,618 billion VND, with a profit before tax of 9,203 billion VND, representing a remarkable growth of 19.6% and 20.1%, respectively, compared to the previous year.
NIn 2023, FPT attained IT service revenue from abroad, amounting to over 01 billion USD for the first time, showcasing Vietnamese businesses' competitiveness alongside global technology firms. Because of its effective strategic approach, FPT's stock value experienced consistent growth, with earnings per share (EPS) rising by 21.2% over the corresponding period.
We take pride in our collaborations with organizations and businesses of varying sizes, sectors, and industries, both domestically and internationally, making tangible contributions to their development. FPT has collaborated with Vietnam's leading enterprises and served as a partner to 100 of the world's largest corporations. Moreover, we have signed digital transformation cooperation agreements with 30 provinces and cities nationwide. Asiamoney has recognized FPT as an Outstanding Company in Asia, while Forrester has ranked us among the Top 08 Best IoT Consultancies in the Asia Pacific region.
In 2023, FPT unveiled its mission of "Building a Happier Future", being committed to fostering a culture of happiness among its employees. According to Great Place to Work®, 87% of surveyed employees affirmed that FPT fosters a happy working environment. FPT was recognized as one of Vietnam's Top 10 best large-scale workplaces. Notably, the Corporation's turnover rate decreased by four percentage points compared to 2022 and less than half compared to 2019. We prioritize building a cohesive, family-like atmosphere where both leaders and employees regard one another as family. In times of adversity, we stand together and never leave anyone behind.
During the 2023 Annual General Meeting of Shareholders, I described FPT as a joyful sanctuary. I delineated the concept wherein FPT assumed the role of building a happier future for shareholders, customers, and employees. This depiction has begun to manifest itself into reality.
Conquer new heights
In 2024, despite ongoing global economic crises and geopolitical tensions, the IT industry anticipates an upwards trajectory. Gartner reports an 8% growth in IT sector spending, with organizations and businesses directing investments toward Cloud computing, information security, AI, and automation. This optimistic forecast instills confidence in Vietnam's IT sector and FPT alike.
We believe that wherever the sun rises, FPT shines. Thus, FPT always stands ready to deliver top-tier managed services for global corporations.
We remain committed to our DC5-135 strategy, striving to deliver unparalleled products, solutions, and services to governments, individuals, and businesses while reaching 1 million digital employees by 2035.
The upcoming years will mark significant milestones for FPT in the realm of AI. In 2024, we are committed to substantial investments to acquire the state-of-the-art infrastructure for the AI era – NVIDIA's AI supercomputer system. Additionally, we aim to obtain tens of thousands of AI certificates and solidify our position as a global integration partner of NVIDIA. Furthermore, we will collaborate with Andrew Ng to establish a joint venture laboratory focused on automated driving. AI integration will become ubiquitous across all FPT’s products and services. Generative AI solutions (AI Mentor and ChatbotGPT), alongside visual AI technology (LandingLens), will be crafted with specialized industry focuses, offering significant advantages to both the Made-by-FPT products and all of our customers. 
With a target of achieving 50% annual growth and the aim to reach a milestone revenue of 01 billion USD by the end of 2030, FPT Automotive will mark a breakthrough in transitioning from software outsourcing to technical design for software-defined vehicles (SDV) in the upcoming year.

25 years ago, FPT dared to dream big with an aspiration that seemed impossible: for Vietnam to emerge as an international powerhouse in software exports. Today, Vietnam proudly stands as the second-largest software exporter globally, just behind India. FPT harbors an even more ambitious aspiration in 2024: fully integrating Vietnam into the global semiconductor ecosystem. We will collaborate with top universities, institutes, educational organizations, and semiconductor companies from the US, Japan, Korea, and Taiwan to train and supply the much-needed semiconductor talent pool, which is in severe shortage, for Vietnam and the global semiconductor ecosystem. We will also establish joint ventures for IC design and testing while partnering with local authorities to attract foreign investment in the semiconductor sector. FPT is making swift and steady progress on the journey to build a happier future.
Finally, I extend my heartfelt gratitude to the entire team for their unwavering dedication throughout the past year. I also want to express my sincere appreciation to our shareholders, partners, and customers for their trust, support, collaboration, and companionship.

Wishing you good health, happiness, and success always!

Yours faithfully,

FPT Chairman