Vietnam's FPT eyes US to increase global presence: report

Vietnamese top IT company FPT has identified the US as an important market to expand its overseas presence, according to a Nikkei Asian Review report.

FPT hopes to have some mergers and acquisitions worth US$50-100 million in the US, where its revenue growth is about 45% this year, chairman Truong Gia Binh was quoted as saying on November 19.

The projected growth rate is higher than that of Japan, currently FPT's biggest overseas market which accounts for about 50% of its annual revenue.

M&As will be the key way for FPT to accelerate its growth, he said, adding that it plans to invest about US$50 million in one or two M&As to capture new markets and build up expertise every year.

Besides big markets, FPT also targets developing countries such as Cambodia, Laos and Myanmar, mainly through World Bank projects, according to the chairman.

The Vietnamese government plans to sell its 6 percent stake in FPT, along with stakes in another nine companies including dairy giant Vinamilk and insurer Bao Minh.

The 50.17% state-owned stake in FPT Telecom, a subsidiary of FPT, is also expected to be sold.
Foreign investors now own nearly 49% in FPT, which posted a pre-tax profit of VND1.35 trillion (US$59.25 million) last year, up 10%.