But more than three years of AI explosion in the world has posed big challenges to the corporation, along with the pressure of stock plunging for multiple months.

On October 9, FPT shares fell another VND1,800 to VND57,900 apiece, following a session of stabilization. Before that, the stock had declined for 11 consecutive trading sessions.

From VND66,600 per share on September 23, FPT shares lost 13 percent of their value, wiping nearly VND16.6 trillion off the company's market capitalization. Since the beginning of 2026, the stock has fallen more than 38 percent. Compared with its peak of nearly VND120,000 per share in late January 2025, the share price has dropped by more than half, reducing the company's market capitalization by VND117 trillion, or $4.5 billion.

Substantial pressure stemmed from foreign transactions. Foreign investors executed net sales of VND14.8 trillion in FPT stock since early 2026, equivalent to roughly 180 million shares. FPT was previously one of the growth stocks favored by many foreign investment funds.

Another risk is that FPT may no longer meet the requirements for remaining in the VN-Diamond index as its average foreign ownership ratio declines. If it fails to qualify, FPT could be removed from the index. 

Notably, the share price decline occurred amid positive operational growth.

During the first eight months of 2026, FPT recorded revenues of VND35.41 trillion, up 13.5 percent year-on-year; pre-tax profit reached VND7.65 trillion, up 17.5 percent. The technology sector generated over VND31 trillion in revenue, up 16 percent, contributing 58 percent of total pre-tax profit.

Revenue from information technology services in overseas markets reached VND25.529 trillion, up 13.8 percent. Japan remained a bright spot, with revenue rising 20.8 percent to VND11.946 trillion. The value of newly signed contracts in overseas markets reached VND33.285 trillion, up 28.2 percent.

In the first six months of 2026, FPT reported net profit attributable to parent-company shareholders of more than VND5.055 trillion, sharply higher than nearly VND4.432 trillion in the same period last year.

The divergence between business performance and share-price movements suggests that investors may be reassessing not only FPT's current earnings but also its growth prospects and ability to sustain profit margins in the years ahead.

For a company like FPT, which has long specialized in software outsourcing and technology services, the question is not simply how much work AI could replace, but what value the group can create to maintain its competitive advantage and sustain growth.

Pressure on FPT's business model

Over more than three decades, FPT has established itself as a leading technology company by leveraging its technical workforce, competitive costs, ability to deliver large-scale projects and international customer network. From software outsourcing, the group has expanded into digital transformation, cloud computing, data and enterprise technology solutions.

FPT's strengths lie not only in software development but also in its ability to organize engineering teams, manage projects, integrate systems and provide support after delilvery.

However, AI is changing the way software is developed. AI tools can assist with coding, testing, requirements analysis and documentation. Tasks that previously required many hours of engineering work can now be completed more quickly and at lower cost. This does not mean software engineers will disappear, but it could make customers less willing to pay traditional prices for routine work.

The biggest risk, therefore, is not simply that AI will replace people, but that rising productivity will put pressure on prices for traditional services.

Globally, FPT must compete with groups that own major cloud computing platforms, AI models and software ecosystems, as well as technology service providers and companies developing AI-based products. The pressure extends beyond pricing to productivity and the pace of innovation.

FPT also faces the challenge of making long-term investments. To capture more value across the technology value chain, the group must expand its capabilities in AI, data, semiconductors, cloud computing and cybersecurity. This process requires capital and highly skilled personnel, while its existing service businesses must continue generating revenue and profit.

FPT is pursuing the AI-First strategy, including its FleziPT platform, to apply AI to software development processes and service delivery. The group also has experience implementing complex projects and an international customer network, providing a foundation for expanding beyond service provision into technology research, development and commercialization.

As AI advances rapidly, FPT's challenge is to increase the value of its services and maintain its competitive edge. Its workforce scale and project-delivery experience remain advantages, but the effectiveness of its growth will depend on how successfully it applies AI and transforms its business operations.

Manh Ha