In the midst of a sluggish stock market where many sectors are struggling, FPT Group, led by Truong Gia Binh, has seen its shares soar, marking a stark contrast to the broader market’s challenges.

From a price of VND 75,000 per share in late October 2023, FPT shares surged to nearly VND 140,000 by July and are currently hovering around VND 135,000.

This meteoric rise in stock value has nearly doubled Binh’s wealth, positioning him among the top seven richest individuals on Vietnam’s stock exchange, with an estimated fortune of VND 12.1 trillion.

With continued growth driven by developments in artificial intelligence (AI) and other sectors, many believe that Truong Gia Binh could be Vietnam’s next USD billionaire.

FPT’s success is driven by a number of factors, including its technological ventures and strategic investments. On October 2, FPT Retail's Board of Directors announced the establishment of FPT Long Chau Investment Company, which will manage investments in FPT’s pharmaceutical chain, Long Chau.

The decision positions the company to potentially raise capital through private offerings for its pharmacy chain, a step that could eventually lead to an initial public offering (IPO).

Chairwoman of FPT Retail, Nguyen Bach Diep, outlined the company’s ambition to become a comprehensive healthcare provider, building an ecosystem encompassing prevention, diagnostics, treatment, pharmaceuticals, and home care services. This healthcare push adds another promising dimension to FPT’s growth prospects.

FPT Long Chau, established in 2017, now boasts nearly 2,000 pharmacies and 123 vaccination centers nationwide, serving over 20 million customers. In 2023, the chain generated VND 15.9 trillion in revenue, a 66% year-on-year increase. It is the only pharmacy chain present in all 63 provinces of Vietnam, contributing significantly to FPT Retail’s growth.

FPT's positive outlook is further supported by its advancements in the technology sector. According to SSI Research, FPT's post-tax profit is expected to exceed VND 9 trillion in 2024 and VND 11 trillion in 2025, with the company making significant strides in AI.

FPT’s collaboration with global tech leader Nvidia, for instance, is projected to bring in USD 100 million in revenue from AI services by 2027.

In the first half of 2024, FPT’s post-tax profit reached VND 4.4 trillion, a 21% increase. The company’s international IT services, particularly in Japan and Europe, saw growth rates of 35% and 54%, respectively, and its education sector is also showing strong momentum.

FPT’s collaborations with major tech companies, such as Nvidia, have drawn attention from major investors. Recently, LPBank expressed interest in acquiring a 5% stake in FPT, valued at approximately VND 10 trillion. The bank’s confidence in FPT stems from the company’s robust growth, focus on AI, and expansion into cloud computing and big data.

The global rise of AI, which has benefited companies like Nvidia and Amazon, has mirrored FPT’s own growth trajectory. FPT’s stock has experienced a similar uptick, making it one of the few Vietnamese stocks to show consistent growth.

On the policy front, Prime Minister Pham Minh Chinh recently signed a decision establishing a national steering committee to promote Vietnam’s semiconductor industry. The committee is tasked with coordinating efforts to develop the semiconductor sector, further enhancing Vietnam’s position in the global tech landscape.

FPT’s rising stock, driven by its advancements in AI and other technologies, could propel Truong Gia Binh into the ranks of USD billionaires, much like Nvidia’s CEO, Jensen Huang. As FPT continues to innovate and expand, the tech giant’s future looks brighter than ever.

Manh Ha