FPT, Vietnam’s leading tech firm, announced the establishment of an automotive technology subsidiary in Texas, with a $100 million investment to expand globally to serve clients such as Hyundai and Honda.
The software division of FPT, the largest publicly traded tech company in Vietnam by market value, supports FPT Automotive and offers AI, cloud, and big data services to clients all over the world while also advancing in chip design and education.“We anticipate a total investment of $100 million in the next five years, at a minimum,” FPT Software CEO Pham Minh Tuan told Reuters.“The company will prioritize strategic markets, including the United States, Europe, Japan, South Korea, China, India, and Vietnam,” he added.Separately, the FPT chairman stated that the company would continue to expand globally but that there were no urgent plans to go public in another country to acquire capital.In recent years, there has been a shift in the automotive industry toward software-defined vehicles, which enable greater flexibility, increased safety, and a better user experience.According to Boston Consulting Group, the introduction of software-defined vehicles would generate more than $650 billion in value for the automotive sector by 2030, accounting for 15% to 20% of total automotive value.“The establishment in the U.S. will allow us to catch up with the latest technological advancements in software-defined vehicles and automotive in general here while still targeting a global customer base,” Tuan stated in a press release.According to Tuan, FPT Automotive’s clients include Hyundai, Honda, Volvo, and Vietnam’s electric vehicle manufacturer, VinFast. It aims to become a billion-dollar provider of automotive services and goods by 2030, with growth strategies that include acquisitions and alliances with industry titans.Source:
