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FPT promotes DX for 2020 AGM implementation to respond to COVID-19

08/04/2020

FPT promotes digital transformation for 2020 AGM implementation to respond to COVID-19

In the context of the complicated development and rapid spread of the Covid-19 epidemic, FPT is the first VN30 companies to successfully hold Annual General Meeting of Shareholders both online and online thanks to the application of artificial intelligence and web conferencing system.

This move aims at ensuring its shareholders' rights and safety with its technological strength. It shows the determination to overcome all challenges in the "wartime". In 2019, FPT paid a dividend of 35%, including 20% is in cash and 15% in stock. It is expected to pay cash dividend at 20% for 2020.

Invoking a 'wartime spirit', FPT is well-prepared for the scenarios to fight against COVID-19

AGM approved FPT's 2020 business plan. Revenue and profit are expected to increase by 17% and 18% respectively yoy and authorized the BOD to implement business scenarios according to the actual situation.

In order to ensure continuity of business operations, maximize the benefits of customers, shareholders and stakeholders, FPT focuses on three key directions:

  • Implement financial measures to optimize costs, investment and cash flow.
  • Invest and carry out internal digital transformation projects to enhance competitiveness.
  • Ensure business continuity by moving to work from home, applying measurements to ensure safety for people as well as production and business safety.

According to FPT Chairman Truong Gia Binh, the coronavirus outbreak launches a push to accelerate Industry 4.0. This begins a new battle and poses a new challenge. In danger lies opportunity. FPT is ready to handle this challenge. FPT transitions from peacetime to wartime. Each has got to work twice as hard. Each employees is a soldier, each unit is a strong fort on 3 fronts: fighting against the coronavirus outbreak, ensure business operation to protect jobs, and seek new business opportunities at home and abroad. Applying technological advances to this year's AGM amid the coronavirus outbreak showed FPT's efforts to "live with floods", ensure all normal activities. In addition, FPT will focus on strengthening its internal resources, gathers the powers of its subsidiaries, strengthening its status and power to rise stronger after coronavirus.

FPT Chairman Truong Gia Binh spoke at the event.

With the determination to overcome all difficulties, quickly seek new opportunities and dig new ways, FPT won large digital transformation contracts from the global markets during the Covid-19 outbreak.

FPT has just become a service provider for the largest car company in the United States, signed many contracts with medical equipment manufacturers in Japan, the United States and Italy and been in charge of digital transformation for the largest motorbike manufacturers in Vietnam.

Continue to pursue the goal of the world's top 50 digital transformation service providers

Potentialities and opportunities from the digital transformation market are unlimited. IDC expected 2021 to be the year of multi-cloud as global COVID-19 pandemic reaffirmed critical need for business agility. By 2022, over 90% of enterprises worldwide will be relying on a mix of on-premises/dedicated private clouds, multiple public clouds, and legacy platforms to meet their infrastructure needs. The digital transformation demand has grown rapidly in recent years and will become increasingly high after the pandemic ends, and this is a good opportunity for FPT.

Pioneering digital transformation and gaining positive results in 2019, FPT affirmed that digital transformation would continue helping FPT to achieve breakthroughs in terms of position, capacity and scale of growth, improving its competitiveness.

The company will continue to pursue the goal of the world's top 50 digital transformation service providers by 2030, increasing digital transformation revenue by 40 -50% in the period of 2020-2022.

In 2019, FPT strengthened its position and global competitiveness

In 2019, FPT’s revenue reached VND 27,717 billion, up 19.4% YoY, exceeded 4% of the 2019 target. Profit before tax (PBT) was VND 4,665 billion, up 20.9% YoY, exceeded 5% of the 2019 target.

The overseas markets brought FPT with revenue of VND 11,452 billion, up 25.7% YoY, accounting for 41% of FPT’s revenue. The overseas market recorded a PBT growth of VND of 27% YoY to VND 1,894 billion. Moreover, the PBT margin was improved to 16.8% (16.6% in 2018).

Digital transformation grew strongly and helped FPT strengthen its position in the international market. In 2019, digital transformation revenue increased by 35.4% yoy, accounting for 20% of total IT service revenue. Currently, FPT has provided services for more than 700 large corporations in the world, more than 100 enterprises of which are on the Fortune Global 500 list. FPT became an important partner of the leading corporations such as Ford, Toyota and got involved in digital transformation consulting for DPD Group - Europe's leading parcels group, Minh Phu Group -Vietnam's shrimp processor.

Attending the 2020 AGM, the shareholders exercise their voting rights at the event or vote online in accordance with the regulation on procedures for convening and voting at the 2020 annual general meeting off shareholders, the Company's Charter and related laws.

FPT applied AI technology to shareholder authentication and identity. The identity verification process includes 03 steps: Information verification; Personal information and Face and email verification. It takes about 2 seconds to complete the online identification process, including automatic image recognition, information analysis, extraction, verification and feedback to shareholders.

The identification process was developed based on FPT.AI Vision. These applications are being deployed by FPT for many domestic and foreign financial institutions, increasing their operational efficiency namely MB Military Bank, NCB National Bank etc.

The AGM also approved  the report of the Board of Directors; the report of the Supervisory Board; the remuneration for members of the BoD and the Supervisory Board; list of independent auditing firms to audit financial statements in 2020 and stock ownership plan for employees and senior leaders.