Chairman Truong Gia Binh: "Mr. Narayana Murthy shows FPT and Vietnamese enterprises how to become billion-dollar and multi-billion-dollar companies"

Mr. Truong Gia Binh stated that India and Infosys have been significant sources of inspiration for FPT and Vietnam. Twenty-four years ago, FPT visited India to learn how to become a software powerhouse. Mr. Narayana Murthy instilled in Vietnam the confidence that it could develop software for the global market.

FPT Chairman Truong Gia Binh gave an interview to Vietnam Economic Magazine/VnEconomy

Technology billionaire N. R. Narayana Murthy, often referred to as "India's Bill Gates," engaged in a dialogue with Vietnamese IT experts at FPT F-Ville 3, Hoa Lac Hi-Tech Park. Mr. Murthy also had an in-depth conversation with FPT Chairman Truong Gia Binh, covering various topics, from developing their respective corporations to significant milestones and leadership experiences. On this occasion, Vietnam Economic Magazine/VnEconomy conducted an exclusive interview with Chairman Truong Gia Binh, discussing FPT's international journey and the inspiration drawn from India, Infosys, and Mr. Narayana Murthy.

AN ENDLESS SOURCE OF INSPIRATION FOR VIETNAMESE YOUTH

Please elaborate on FPT's international expansion and its inspiration from India?

In 1999, we visited Bangalore and were astounded by its transformation into the world's software hub. Mr. Narayana Murthy told me, "I will show you where the world's largest number of programmers are working." It was incredibly inspiring!

The second source of inspiration came when I doubted our decision to put Vietnam on the global digital map. I asked Mr. Murthy a simple question: "Do you believe Vietnamese people can develop software for the world?"

"Absolutely," Mr. Murthy concisely affirmed. And I wholeheartedly agreed. This sentiment fueled our drive in Vietnam to expand internationally. It's worth noting that on that particular day, not just FPT but all leading Vietnamese enterprises diligently examined how India became a global software powerhouse. The initial stride involved importing India's educational and training system, such as Aptech, to Vietnam for international programmers. This center has since equipped tens of thousands of individuals to meet evolving demands, paving the path for future growth as we progress.

At the dialogue event held by Mr. Narayana Murthy with Vietnamese IT experts at Hoa Lac Hi-Tech Park, he extensively discussed the diligence and ingenuity of the Vietnamese workforce, underscoring the significance of human resources. This prompts the question: what insights can we glean from Vietnam's strategies for nurturing human capital?

Indeed, as Uncle Ho once emphasized, Vietnam's ascent to greatness hinges on its commitment to learning. In the past 24 years alone, our nation has demonstrated this truth by cultivating a workforce of one million in information technology and half a million in software—a remarkable feat not matched by every nation. Our path to success remains clear: continue our dedication to learning, and our goals will undoubtedly be within reach.

NVIDIA CEO Jensen Huang expressed confidence that Vietnam's embrace of cutting-edge technologies like AI and semiconductors will propel it onto the roster of the world's most advanced nations. These predictions have been made by global tech leaders.

Mr. Narayana Murthy and Mr. Truong Gia Binh exchanged numerous inspiring insights regarding Vietnam's ventures abroad

Could you share more about Mr. Narayana Murthy's recent visit to Vietnam?

Mr. Narayana Murthy, a global icon, graced Vietnam with his presence. He recounted his remarkable journey from a humble house cleaner and dishwasher to a billionaire entrepreneur revered for creating admired companies. His narrative serves as an enduring wellspring of inspiration for the youth of Vietnam.

Furthermore, it reiterates the undeniable truth that technology is the ultimate solution to poverty and hardship. As we emphasize today, the path forward lies in the realm of AI, semiconductors, automotive software, digital transformation, and green transformation. We reiterate this affirmation to propel us forward. Mr. Narayana Murthy's guidance not only showcased FPT but also illuminated the trajectory for other enterprises to ascend to billion-dollar and multi-billion-dollar statuses.

What specific guidance did Mr. Narayana Murthy provide to FPT and other businesses?

In fact, Mr. Narayana Murthy has emphasized that "sales is a must." Therefore, as FPT aims to sustain its growth trajectory, it's imperative to seek out sales talent globally. While nurturing and employing Vietnamese talent remains valuable, we must also prioritize recruiting the foremost professionals in the sales domain. It stands as our foremost priority.

Secondly, effective financial management is crucial. As Mr. Narayana Murthy advised, spending within the confines of our resources is vital. He emphasized that for every dollar we possess, we should ensure that expenditure remains within that dollar's limit. Achieving a profit margin of around 25% is deemed favorable, rather than solely focusing on skyrocketing sales figures, only to find that costs outweigh the gains.

In terms of human resources, Infosys stands out as a prime example of internal training excellence. Every member of their staff is encouraged to consistently pursue ongoing education. FPT is taking a page from Infosys' playbook in this regard. Mr. Narayana Murthy shared numerous anecdotes emphasizing the significance of this approach. Even without his influence, individuals from FPT might have traveled to India for further studies.

FPT IS UNDERGOING A TRANSFORMATIVE SHIFT FROM "JOB BIDDING" TO "THE WORLD NEEDS US"

FPT recently made a significant announcement marking the achievement of its first 1 billion USD in revenue. What lies ahead on FPT's path to garnering the next 1 billion USD?

Mr. Murthy delivered a surprising revelation that resonated with me. Drawing from India's Infosys experience, he highlighted that after 23 years, in 2004, the company achieved its first 1 billion USD milestone, followed by another 1 billion USD just 23 months later. This underscores that while it took us 24 years to reach our "first billion," the subsequent milestone of another billion will likely be attained within the next 24 months, signaling a projection toward 2025.

The pace of growth post the "first billion" was remarkable, and Mr. Murthy shared a startling fact: only India and Vietnam, among all nations globally, boast software export companies that have surpassed the 1 billion USD mark.

FPT has ventured overseas, and numerous Vietnamese technology enterprises are diligently striving to expand internationally. From your perspective, what are the challenges and benefits encountered in Vietnamese businesses' global expansion journeys?

Undoubtedly, venturing abroad poses significant challenges, even formidable ones. However, at its core, it's about overcoming fear, daring to take the leap, and boldly expanding internationally. Take Japan, for instance—despite the hurdles, we've established a dozen thriving companies there, experiencing rapid growth.

Therefore, establishing a presence abroad, with offices and companies, is pivotal in driving the nation's growth trajectory.

Having reached the milestone of 1 billion USD, FPT is now redefining its role—the world needs FPT. We must articulate the distinct products and services we offer that set us apart on a global scale.

What are the upcoming foreign markets on FPT's radar for expansion?

The upcoming market targets include countries where English is not their native language. Penetrating markets where English prevails has become challenging due to existing competition. However, in countries where English isn't dominant, we're akin to "mice fell into a bucket of cream."

For instance, in Japan, we achieved several hundred million USD in revenue, with a staggering growth rate of 51% last year—an unprecedented feat. This pattern is likely to replicate in all non-English-speaking countries.

What strengths do you leverage to conquer those countries?

Vietnam is currently gaining immense recognition, and for good reason. Firstly, Vietnamese individuals exhibit an exceptional dedication to fulfilling their promises. When the Vietnamese commit to something, they pull out all the stops to deliver. This commitment is held in extremely high regard. Additionally, Vietnamese people are renowned for their rapid learning abilities. Even when faced with brand-new technologies, they adeptly combine work with study, effortlessly mastering the necessary skills.

Lastly, Vietnam possesses three key strengths: a steadfast commitment to promises, a remarkable capacity for rapid learning, and proficiency in the local languages.

Does it entail fluency in the native language of the respective local market?

Right.

Lately, FPT has welcomed numerous esteemed guests, including experts and leaders from top-tier technology businesses worldwide. Does the concerted effort convey FPT's role as a trailblazing enterprise and a gateway for the world's finest technologies to enter Vietnam?

Actually, FPT is undergoing a transition phase. Prior to attaining 1 billion USD, our approach to businesses was akin to saying, "We excel at fulfilling the tasks you assign to us," essentially positioning ourselves as job applicants.

Having reached the milestone of 1 billion USD, FPT is now redefining its role—the world needs FPT. We must articulate the distinct products and services we offer that set us apart on a global scale. For instance, we boast the most extensive AI capabilities among businesses worldwide. Through strategic investments in NVIDIA's infrastructure and AI facilities, we are in discussions with NVIDIA to establish a substantial resource base to cater to global needs.

Our trajectory involves pioneering advancements across various industries—from semiconductors and automotive to green and digital transformations. As we embark on this transformative journey, we are poised to collaborate with world leaders in these fields.

So, the first billion USD represents our phase of "job bidding." In contrast, the second billion USD signifies our opportunity to showcase our utmost capabilities to the world, thus attracting global attention and engagement, doesn't it?

Absolutely!

Source: https://vneconomy.vn/chu-tich-truong-gia-binh-ong-narayana-murthy-da-cho-fpt-va-cac-doanh-nghiep-viet-cach-tro-thanh-cong-ty-ti-do-va-nhieu-ty-do.htm