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/