FPT Corp Equity Report

We issue an Overweight rating for FPT Corporation (FPT, FPT.HM) with a target price of VND115,000, with a 24.9% upside from the current price. FPT’s digital transformation and global IT services continue to grow, supported by government initiatives.

Vietnam’s digital transformation is no longer theoretical — it’s accelerating. With the domestic IT market projected to grow at a 9.34% CAGR from 2024–2029, and supported by the “four horsemen” of government initiatives — 57-NQ/TW, 59-NQ/TW, 66-NQ/TW, and 68-NQ/TW — the stage is set for a decade of high-tech expansion. FPT Corporation is positioned at the centre of this shift. As Vietnam pushes into AI, semiconductors, and data centres, FPT continues to scale beyond its traditional IT services base, supported by a projected revenue growth of 13.1% in 2025 and 16.3% in 2026.