Over two decades ago, FPT’s roots had firmly taken hold in Vietnamese soil, yet a restlessness flickered amongst their members. The domestic market, once a nurturing pond, now felt confining. Expansion was not just a desire, but a necessity.

In 1998, at the 10-year technology conference, FPT Chairman Truong Gia Binh announced the end of the first development phase. FPT would transition to the second phase, focusing on globalization and shifting the center to the software export industry. This task was assigned to the unit FSU1 (FPT Strategic Unit No.1) – the predecessor of FSOFT.

Through a quarter-century’s journey, FSOFT have marched at the vanguard of three distinct globalization waves within FPT. From the fledgling steps of 1999-2002 to the consolidation of 2006-2015, and finally, the ongoing growth of 2015 to the present, FSOFT has etched their name in the map of the corporation’s global odyssey.

By the end of 2023, FSOFT have their presence across 30 countries with nearly 30,000 employees, including 5,000 working day and night around the world.

In 1994, amidst the nascent dream of Vietnam’s own Silicon Valley, FPT Chairman Truong Gia Binh, a visionary architect of the Hoa Lac High-Tech Park, embarked on a quest for inspiration. His compass pointed him to Bangalore’s Electronic City, a beacon of India’s burgeoning tech scene, alongside established giants like Silicon Valley, Hsinchu, Ishikawa, and Daegu. Binh, fueled by a burning desire to “illuminate Vietnam on the world intellectual map,” sought wisdom from India’s model, hoping it would pave the way for national prosperity. However, it wasn’t until the pivotal Do Son Conference of 1998, etched in FPT history as the Dien Hong Conference – a crucible where FPT’s ambitious software export project was forged, that India truly entered the picture.

On January 13, 1999, FSS (FPT Software Solution) merged into FSU1 to become FSOFT to implement the software export resolution with the goal of 528 – achieving 5,000 programmers, $200 million in revenue, and a market value of $8 billion on the New York Stock Exchange.

FSOFT poured their heart and soul into nurturing manpower and finances, and by the end of 1999, the company was ready to embark on the software export journey.

On November 23rd, 1999, FPT held a press conference announcing the establishment of the India Branch (FPT India), the first overseas branch (OB – Oversea Branch) of FSOFT. Khuc Trung Kien, entrusted with the mantle of Director, embarked on a mission to bridge the gap between Vietnam’s burgeoning software talent and the world’s advanced tech frontiers.

Yet the dream of India proved fleeting. The harsh realities of a nascent market and the financial burden of hiring local talent forced FPT India to close its doors after a year of struggle.

But amidst the echoes of India’s closure, another chapter unfolded. In late 1999, on the grounds of 89 Lang Ha street, FPT organized another Deployment Ceremony. This time, the chosen destination was North America. On January 8th, 2000, in a press conference, FPT USA rose from the ashes of ambition with Henry Tran Van Hung as its fearless leader.

The first contract, a modest $80,000, sparked a joyous victory for the entire FPT. Soon, contracts worth $300,000 blossomed in the forms of internet programs for schools, restaurants, coffee-fueled online marketplaces, advertisements… Success, it seemed, had unveiled America as a technological El Dorado, overflowing with opportunity. The “Japanese granary,” as Binh fondly referred to the US, seemed to be overflowing with riches. From afar, he urged for reinforcements, launching the “Astronaut” program to handpick Vietnam’s brightest minds and bolster the American front.

Unfortunately, the dot-com bubble burst, casting a long shadow over FPT USA. New contracts dried up, dreams unfurled. The influx of troops, once a testament to ambition, now strained FSOFT’s resources. In 2002, FPT USA closed its doors, the American Dream unfinished.

The setbacks from India and America forced FPT to rethink their software export strategy. Binh turned to Nguyen Thanh Nam, then CEO of FSOFT: “Let’s go to Japan”.

The initial plan of FPT’s leaders was to move to Japan after success in the United States, India, and Europe, as it was the “Mount Fuji” of IT landscapes, renowned for its unforgiving standards and impenetrable language barrier. Back then, the entire FSOFT team spoke not a word of Japanese, which only added to the seemingly insurmountable challenges.
The fate of the Japanese market also began from the High-Tech Park (HTP) in Hanoi, a project FPT was entrusted with funding. The project caught the eye of Japanese dignitaries, igniting a spark of interest in the Vietnamese tech pioneer. As a result, many Japanese businesses, including the Sumitomo Group, caught wind of FPT.

Mr. Nishida, at that time a Senior Advisor of Sumitomo and a person with great affection for Vietnam, played a pivotal role in FPT’s unexpected detour to Japan. In 2000, Mr. Nishida paid a visit to Binh and declared: “To conquer Japan, you must walk its soil. Let me be your guide”.

The trip to Japan took place in December 2000, thanks to Mr. Nishida’s arrangements. Binh and Nam embarked on their mission fueled by a sliver of hope and a lot of determination. Having learnt from past setbacks, they kept their expectations low. Their sole weapon was Binh’s presentation on “Digital Waterfall” and his passionate explanation in English. While most may not have understood his words, his enthusiasm resonated, striking a chord with potential clients.

Luck smiled upon FPT. In a meeting with NTT-IT, a team of seven PhD graduates, Mr. Binh’s presentation found an audience. Impressed by both the content and the fervor of his delivery, Mr. Ichinose of NTT-IT extended a hand of collaboration to Nam just days after their return to Vietnam.

Facing an audacious challenge, FPT accepted the offer. In a whirlwind two weeks, they delivered a project exceeding NTT-IT’s expectations. This triumph, though with a smaller firm, bore immense significance. It etched FPT’s name onto the map of Japan, the land of meticulous quality standards.

This unexpected success reshaped FPT’s trajectory. Binh, with newfound conviction, declared Japan as their future battleground. The rigorous demands of the Japanese market, he believed, would be FPT’s top market for software export.

As the world’s most demanding market in terms of quality, succeeding in Japan would mean FSOFT could succeed in any market. As fate would have it, a fortuitous alignment played into FPT’s hand. In 2002, Japan’s “China+1” strategy, seeking alternatives to China, opened doors for Vietnam. With its inherent advantages, the country found itself squarely in the spotlight, ready to embrace the opportunities that lay ahead.

FSOFT could be proud of their programming proficiency, but there was not a single person who knew Japanese in the entire company. Determining that language was a significant issue for entering this market, FSOFT’s leadership approached the challenge with a well-defined plan, taking deliberate steps – short, medium, and long-term – to conquer the language barrier and unlock the potential of this demanding market.

By mid-2004, the language bridge stood sturdy, paving the way for FSOFT’s triumphant first office in Japan. Clients, impressed by their unwavering pursuit, echoed the call, their desires aligning with FSOFT’s own aspirations for expansion. They also wanted FPT to be present in the country for ease of business expansion.

Drawing on lessons from previous failures in overseas expansion, FSOFT leaders realized the importance of sending key personnel to take root in new markets. Japan was where FSOFT succeeded in overcoming its early shortcomings. On November 13th, 2005, FPT established FPT Software Japan Co., Ltd. (FJP), headquartered in Tokyo, with a representative office in Osaka.

In February 2006, FJP signed its first contract with NSSOL and became self-sufficient. On January 1st, 2007, with its first million-dollar customer, FJP became an independent Japanese company with the ability to negotiate, persuade, and take responsibility for project execution like any other Japanese company.

With the global company criterion of having offices all over the world, FSOFT paid special attention to developing branches from South to North in the Land of the Rising Sun in order to firmly “grasp the enemy’s waist and strike.”

In 2011, the Japanese people suffered heavy consequences from the natural disasters. The 9-magnitude earthquake and 15-meter tsunami claimed the lives of more than 19,000 people, and quickly became a double disaster when it led to the radiation leak at the Fukushima I nuclear power plant. Staying in Japan was a risky decision.

At that time, when a number of foreign partners and customers left Japan, FSOFTers still resolutely stayed, accompanying the Japanese people in overcoming difficulties. Along with many shipments of aid including food, medicine, masks, and essential items, each FPT employee at the time contributed one day’s salary to FPT people in Japan as well as to Japanese partners, customers, and the people of the country to overcome difficulties after the disaster.

With strengthened trust, from 2012, Japan began transferring manufacturing orders from China to ASEAN countries. Many Japanese companies began to see Vietnam as a long-term strategic partner to balance their dependence on China.

With the efforts of the FPT people in Japan, the development of FJP did not stop at a sales office but also rose to become the number 1 SI (System Integrator) company in the Land of the Rising Sun. In 18 years of presence here, FJP has always been the largest foreign technology company with a workforce of nearly 3,000 employees working at 15 offices throughout the country.

FSOFT’s vision extended beyond Japan. Anticipating future trends, the company embarked on a period of aggressive global expansion between 2006 and 2008. In Asia, securing a significant $6.42 million contract with the Petronas oil and gas group in Malaysia in March 2006, FSOFT established their presence in this burgeoning market, planting the seeds for a legal entity in the region.

This strategic move culminated in the creation of FPT Software Asia-Pacific Co., Ltd. (FAP) in Singapore on March 13th, 2007, with 100% capital in the country. Subsequently, FSOFT cemented its European foothold with the opening of an office in France (FPT Euro) in 2008.

By 2008, FSOFT had solidified their position as a true multinational powerhouse, boasting offices in France, Japan, Australia, Singapore, and Malaysia, and generating revenues nearing $40 million. While the Japanese market, with their commanding 61% market share, presented a tempting lure for further exploitation, FSOFT, in a bold display of ambition, set their sights on a new challenge: reigniting the “American dream” at the end of 2008.

In October 2008, despite the difficulties stemming from the global economic crisis, with determination, FPT USA was established.

Building on its success in Japan, FPT USA also sought out mentors to help and learn from. From its launch to its first customer was a long and challenging journey. The journey from its inception to acquiring the first customer was a long and dedicated one. Freescale is a name that left a mark in the history of FPT USA by quenching the “thirst for customers” of FPT people in the US at that time. The initial contract value was approximately $500,000.

Subsequently, thanks to the addition of a global team of employees who understand customers and local culture, FPT USA has achieved many other successes.

After 10 years, by 2018, FPT USA had nearly 300 employees stationed in 10 different cities in the United States, serving hundreds of customers, including nearly 50 customers in the Fortune 500 of the United States.

In this market, FPT has had an M&A deal with Intellinet in 2018. This is the second M&A deal of FPT after acquiring RWE IT of Slovakia.

In 2015, a pivotal shift reverberated through the global landscape. The terms “Fourth Industrial Revolution” and “Digital Transformation” echoed at the World Economic Forum in Davos, igniting a spark in the mind of Binh.

He tirelessly championed these concepts in Vietnam, planting the seeds for a remarkable transformation. By June 2016, these notions resonated with the Vietnamese government, finding their way into crucial national documents. This confluence of vision and policy presented FSOFT with an extraordinary opportunity: to become a leading Digital Provider, aligning themselves with the nation’s digital revolution.

Fueled by ambition, in 2017, FSOFT emphasized the Digitalization field to help customers transform their business models in the fourth industrial revolution. The bold “Whale-hunting/Whale Farming” strategy emerged, targeting “Whales” – businesses with a colossal $5 billion in revenue. This strategic harpoon struck gold, reeling in a vast clientele across the globe.
Emboldened by this triumph, FSOFT unveiled the “Follow the Sun” strategy in 2020. Guided by the mantra “go with the giants,” the company embarked on a relentless expansion in developed nations, aligning themselves with industry titans.

Even the turbulent waters of the Covid-19 pandemic could not hinder FSOFT’s steady course. The surging Asia-Pacific market, anchored by key regions like Japan and the USA, provided a bedrock of stability. Meanwhile, strategic collaborations with international powerhouses cemented FSOFT’s brand in Europe and Northeast Asia.

In 2023, driven by an insatiable hunger for global dominance, FSOFT launched the geography expansion strategy, spearheaded by the groundbreaking MILAR program to become a truly Global company: diverse in resources, global in production models, and global in operational activities.

This ambitious initiative, an acronym for Morocco (serving the European market), India & Latin America (serving the American market), and Romania (serving the Middle East), aimed to establish FSOFT as a truly global entity. By setting up additional headquarters, offices, and production centers in these strategic locations, FSOFT envisioned delivering seamless 24/7 service to clients worldwide. Simultaneously, leveraging global resources and talent would propel FSOFT into the pantheon of world-class, multi-national, and multicultural corporations.

By the end of 2023, FSOFT had a presence in 30 countries, with nearly 30,000 employees, including 5,000 working day and night worldwide. Approaching the dawn of a new era, FSOFT’s revenue reached $1 billion, placing the company among the top global IT service providers, alongside names like Globant, Mindtree, Unisys…

With that, FSOFT Chairwoman Chu Thi Thanh Ha announced that the company are entering their third decade as a global technology powerhouse. The company’s goal for this phase is to “collaborate and grow within sustainable international ecosystems, and be among the top 50 global IT services companies by 2030”.

In the first two waves, FSOFT started by spending 10 years focused on “being presence” and achieving the goals of “finding” and “entering the market”. The next decade was for “growth,” striving towards “domination” and “expanding the global customer network”.

In this third decade, FSOFT will continue to focus on human development. The company will continue to develop talent and equip employees with the knowledge and skills they need to meet the growing demands of the market and global standards.

“Over two decades ago, FPT, fueled by a bold vision to showcase Vietnamese talents and technology on the global stage, established FSOFT as their champion. Today, this vision has materialized spectacularly. Vietnam now stands tall as the world’s second-ranked destination for IT services, recognized as a hub for both business investment and the digital transformation revolution. FSOFT, a true pioneer in this remarkable journey, have illuminated Vietnamese ingenuity across continents. As we embark on the path ahead, FPT/FSOFT remains steadfast in their pursuit of a dream: to propel Vietnam to the forefront of technology, paving the way for a future brimming with sustainability and happiness,” said FPT Chairman Truong Gia Binh.

Author: Tô Ngà

Designer: Hà Duyên