FPT’s global expansion journey with HSBC

1 October 2024

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Vietnam’s leading digital technology company partners with HSBC to leverage international banking solutions that support its global growth ambitions and billion-dollar milestones.

Background

Established in 1988 during Vietnam’s “Doi Moi” reforms, FPT Corporation (FPT) is a pioneer in the country’s Information and Communication Technology (ICT) sector. Today, FPT is the largest IT services company and the seventh largest company in the technology sector¹ — with over 80,000 employees and operations in 30 countries. In 2023, FPT became the first Vietnamese company to achieve USD1 billion in revenue from global IT services².

To global enterprises, FPT provides a wide range of services in areas such as advanced analytics, artificial intelligence (AI), cloud computing, and the Internet of Things (IoT). The company’s dedication to innovation and its global client base of over 1,000 companies — including those in automotive, healthcare, banking, and energy — has positioned it as a global technology powerhouse.

International Growth Journey

FPT’s international journey began in 1999 and the company experienced its first breakthrough upon entering the Japanese market. This marked the beginning of its rapid global expansion and Vietnam’s emergence as a digital hub has helped add fuel to the company’s success. Its growth strategy has focused on Industry 4.0 technologies and meeting global demand for digital transformation, especially in key markets such as Japan, Asia-Pacific, and the US.

During the Covid-19 pandemic, FPT demonstrated its digital agility by scaling its global delivery team from zero to 1,000 within six months to support international clients. The rapid expansion demanded substantial working capital and HSBC helped tailor access to FPT’s needs.

We need a lot of investment for our new solutions, opening to new markets and doing M&A. We need a bank partner like HSBC to support us on working capitals, international trade, payment with their local expertise and global connectivity.
Pham Minh Tuan | EVP of FPT Corporation and CEO of FPT Software, FPT Corporation

Challenges

As FPT has sought to expand globally, it has faced common challenges. Rising inflation, geopolitical tensions, and supply chain disruptions can create obstacles for any business. For FPT, those uncertainties can translate into difficulties around business visibility and managing liquidity.

To ensure financial stability across its subsidiaries in 10 countries, FPT needs reliable banking solutions. HSBC’s global network and expertise in international trade, payments, and foreign exchange help the company manage working capital, mitigate risks, and streamline treasury operations.

Partnership for Success

A nearly two-decade relationship with HSBC
FPT has partnered with HSBC since 2005, leveraging the bank’s international connectivity and financial expertise to fuel its growth. HSBC has supported FPT’s expansion across borders by providing international banking solutions tailored to the company’s evolving needs.

Cash and liquidity management solutions
HSBC’s digital banking services, including its global cash management platform, have given FPT greater visibility and control over its financial operations. These solutions enable the firm to monitor liquidity positions across subsidiaries in multiple countries all in one place, ensuring efficient fund flows and risk management in an increasingly complex global environment.

Driving innovation and resilience
During challenging periods, such as the pandemic, HSBC’s digital banking solutions have helped FPT maintain business continuity. With HSBC’s support, the company has been able to focus on its core value proposition, delivering cutting-edge technology services to clients worldwide.

Looking Ahead

FPT’s ambitions for the future align with Vietnam’s aspirations to become a digital economy. The company aims to achieve USD5 billion in revenue from global IT services by 2030³, with a focus on high-value technologies such as AI, semiconductors, legacy modernisation, and digital automation.

FPT continues to rely on HSBC’s international banking solutions and advisory services. HSBC’s global network and deep understanding of the digital economy make it an ideal growth partner for FPT as it pursues its next phase of growth.

“HSBC is one of our very trusted partners for our journey.” says Mr Pham Minh Tuan, EVP of FPT Corporation. “HSBC supports us not only providing capital for our business needs but also supports us reaching our clients through their global network.”