FPT Chairman: Vietnam's Potential Lies in Digital - Green – AI

At the Conference to Deploy the Task of Developing the Stock Market in 2024, FPT Chairman Truong Gia Binh expressed gratitude to the Government, the Ministry of Finance, and the State Securities Commission for granting FPT 100 days to address the order congestion on HOSE. This has given FPT a new perspective. Since then, FPT stocks have experienced continuous growth.

He extended his appreciation to the Party and State for the successes achieved through "bamboo" diplomacy. Vietnam stands out as the only country with the highest diplomatic relations with China, Russia, the US, Japan, and India. Moreover, perhaps uniquely, Vietnam is afforded the freedom to conduct business with preferences and incentives. This presents a significant opportunity for both domestic and foreign business communities to collaborate and thrive.

"100 days to address the order congestion have given FPT a new perspective. Since then, FPT stocks have experienced continuous growth", he said. Photo: VGP/Nhat Bac

Given Vietnam's strategic diplomatic relationships, the stock market has shown robust performance over the years but has yet to match its stature. It's imperative for Vietnam's stock market to ascend to a higher echelon comparable to those of major economies. The Vietnamese stock market should be equipped with all the functionalities and capabilities of leading global markets, such as the ability for short selling, clearing payments, and other operations.

We must elevate our market to the status of an emerging market.

What can technology do? Technology is encapsulated in three major terms - D, G, and I. D represents Digital. For instance, in Thailand, the Ministry of Finance meticulously tracks the investment relationships among companies, fostering transparency and facilitating development. Leveraging available data, we aim to emulate such transparency and sophistication.

Project 06, abundant with data, prompts us to ensure that our D initiatives are on par with global standards regarding transparency and efficiency.

G stands for Green. The global landscape is evolving to a point where specific actions are becoming imperative. Without adhering to environmental standards, exporting becomes difficult, and lacking carbon accounting may lead to taxation. Green and digital transformations are intertwined. By embracing these transformations, we unlock green capital, green bonds, and finance opportunities essential for our economic growth and Vietnam's integration into the global community.

The final piece of the puzzle is I (Artificial Intelligence - AI). It represents the future, with profound economic and stock market implications. Nasdaq has been leveraging AI since 2016 to identify fraudulent activities, while Japan has utilized AI to detect unusual transactions on the Nikkei since 2018. Thailand has also employed AI since 2023 to uncover errors and fraud in financial reports. By harnessing the power of AI, we can significantly enhance asset protection for the State, businesses, and individuals by combating fraud effectively.

Vietnam indeed possesses significant potential in all D, G, and I. However, the crucial question remains as whether we can effectively leverage the country's technological capabilities to drive economic development.

As a publicly listed company, FPT expresses its gratitude to the stock market. Being listed has facilitated FPT's collaborations with major global corporations. FPT pledges to continue its efforts and deploy cutting-edge technology to contribute to the advancement of the stock market, economic development, and overall business growth.

(Original speech of Mr. Truong Gia Binh, Chairman of FPT at the Conference to deploy the task of developing the stock market in 2024, February 28, 2024)