Chairman of FPT IS: Vietnam’s finance, banking, and securities industry is having great advantages compared to the world

“Japan has been developing technologies for decades, those are now very difficult to replace. Vietnam starts behind, so there will be opportunities for us to adopt the latest technologies”, said Mr. Tran Dang Hoa, Chairman of FPT Information System Corporation (FPT IS).

Since the economy has been struggling after the pandemic, digital transformation is playing an important role for enterprises, especially the SMEs which account for the majority of the economy and the stock market. Specifically, digital transformation allows enterprises to cut costs and enhance performance, aiming towards comprehensive and sustainable growth.

Showing up at The Finance Street Talk Show recently on VTV8, Mr. Tran Dang Hoa – Chairman of FPT IS – emphasizes that digital transformation is a kind of accelerant, not a cost. That means, digital transformation will help develop all economic activities. According to actual statistical data, no matter if the economy goes up or down, expenditures on digital transformation remain stable.

“In Vietnam, the first quarter shows a slight decline in the GDP, however the target for the whole year is still 6.5%. The global economy has been badly affected, nevertheless, reduction in digital transformation activities has yet been seen. Thus it is expected that Vietnamese enterprises do the same thing and maintain investment in digital transformation, since it is literally the accelerant for business growth”, said Mr. Hoa.

Mr. Tran Dang Hoa – Chairman of FPT IS.

According to statistics, SME group accounts for nearly 40% of the GDP of Vietnam. Therefore, this group needs to be supported and promoted since they are the future of the country. Particularly at FPT IS, Mr. Hoa reveals that the company has been developing a number of solutions for SMEs, such as akaBot or Ubot. The result is:

“Observing approximately 10,000 customers who are using our systems, actual data shows that the more enterprises implement digital transformation and adopt technologies, the better the business performance becomes. There are even companies with growth rate of hundreds of percent. Besides, digital transformation also helps to cut down task execution time, waiting time, labor cost, etc. by several tens of percent”.

Although digital transformation delivers great outcomes, many enterprises are still concerned about digital transformation solutions provided by Vietnamese vendors compared to those of international vendors. Addressing such concern, Mr. Hoa says that is what it was 5 years ago.

FPT IS has been doing business in 30 countries worldwide. In fact, FPT IS’ akaBot solution was not initially launched in Vietnam, it was first launched abroad. The solution was later introduced to the Vietnamese market only after it gained success in international markets. The fact that FPT IS has done it that way has encouraged other digital solutions and helped Make-in-Vietnam products become more and more trustworthy.

“In fact, products provided by Vietnamese vendors have a huge advantage, namely indigenous characteristics, a huge advantage compared to those of foreign vendors”, added Mr. Hoa.

Over the past 3 years, FPT IS has been well-prepared in terms of human resources. With experts from all over the world combined with 4.0 technologies such as AI, Cloud, Big Data, Blockchain…, the company is more than ready to respond to any change in the future.

Regarding opportunities in the coming time, Mr. Hoa says Vietnam’s finance, banking, and securities industry has great advantages compared to the world. For example, Japan has been developing technologies for decades, and those are now very difficult to replace. Vietnam starts behind, so there will be opportunities for us to adopt the latest technologies. Together with the determination of the Government and ministries towards digital transformation, changes will take place very quickly.