The new office in the largest city in the state of Colorado, with a staff of 40, will target support for aviation companies, and comes on the heels of openings of offices in Richardson, Texas; Renton, Washington; Los Angeles, California; and Silicon Valley, California.
FPT USA was fist established about a decade ago and now has a total of 150 staff providing services to more than 20 clients in the aircraft manufacturing, elevator control system design, satellite television and banking segments.
FPT also now anticipates the provision of IT solutions for global logistics leader UPS, having signed a memorandum of understanding to explore that possibility further during a visit by Vietnam Prime Minister Nguyen Xuan Phuc to the US last May.
FPT Chair Truong Gia Binh recently told reporters that doing business with partners in the US benefits the company and greatly enhances the global competitiveness of the company.
However, he acknowledged that sales remain modest at best – just US$44 million – for all of calendar year 2016, which puts them in the classification of a small business enterprise in the US.
In the US, businesses are classified as SMEs based on their relative size in relation to other businesses within the industry in which they operate.
The company’s overarching objective, said Mr Binh, is to expand it footprint into the US high-value IT services market, which was estimated at slightly more than US$1 trillion market last year, and not just perform outsourcing work as is currently its mainstay.
According to a forecast by International Data Corporation, worldwide IT spending is expected to grow at a compound annual growth rate of more than 3% in terms of sales through 2020 to US$2.64 trillion.
FPT is striving to provide a whole package of IT services for its clients, said Mr Binh, from advising, to design, installation and maintenance, rather than simply concentrating on outsourcing and other lower-value services.
Last year, the company reported worldwide sales of roughly US$270 million, still relatively small in relation to the industry— with earnings of just nine cents per share, which explains Mr Binh’s emphasis on the need to focus on higher added value.
Meanwhile the company said in a filing with the Ho Chi Minh Stock Exchange on Monday, September 11, that it is seeking to sell 47% of its trading unit to a strategic investor later this year.
FPT said in the statement that it plans to sell 47% of FPT Trading, whose valuation is at least US$80 million, to an undisclosed strategic investor that is a global distribution group in information technology, telecoms and components.
In addition, according to the statement, FPT plans to sell up to 5% of FPT Trading to the unit's employees.