12/09/2023
[VIISA’s LP tech giant FPT announces US investment amid Biden's Vietnam Visit]
Vietnam’s tech giant FPT, a VIISA’s limited partner, has announced a plan to invest US$100 million into the US market by the end of this year.
This investment, which is on the occasion of US President Joe Biden’s State Visit to Vietnam, aims to nurture Vietnam's growth as a semiconductor ecosystem.
At the Vietnam – US Innovation & Investment Summit held on September 11 in Hanoi, FPT Corporation Chairman Truong Gia Binh called for collaboration and state support from Vietnam and US governments in workforce development, artificial intelligence (AI), and semiconductor industry.
The corporation expects to create more than 3,000 jobs by 2028 and generated revenues of $1 billion in the US market by 2030.
In addition, FPT also announced the comprehensive strategic partnership with Landing AI, one of the US's leading Computer Vision Platform and AI Software companies, to accelerate AI integration across its comprehensive educational system, FPT Education.
FPT entered the American market in 2008 and has become a trusted partner of over 300 clients. United States stands as one of FPT's most important overseas markets, boasting the highest profit contribution with a 50% growth rate in 2022.
With continuous investments, FPT expects to create 3,000 more jobs by 2028 and reach USD 1 billion in revenue from the US market by 2030.
VIISA is very proud to have FPT as an LP with numerous supports since its inception.
VIISA is one of the most active local investors in Vietnam’s venture capital space. The firm has invested in more than 40 startups across Vietnam, Indonesia, Singapore and Korea. VIISA’s notable investments include Urbox, Medigo, The Bank, Algo, Casso, Shub, MGi Proptech, PrimeData.
Leveraging the experiences of a local investor, VIISA believes it will be a strong and solid partner for investors who are seeking investment opportunities in the Vietnam market.
US investment boom
US investors are increasingly stepping up their focus on Vietnam as they gear up to grab a slice of the country’s booming startup ecosystem.
Top fintech companies including VNLIFE Corporation and MoMo received investments from US investors along with wealthtech startup Infina, B2B SaaS KiotViet, blockchain-based game developer Sky Mavis and healthtech company Buymed.
Meanwhile, electric car maker VinFast listed in Nasdaq and internet giant VNG filed in August for a US IPO.
Vietnam is becoming a major hub for high-tech production. Intel has already chosen the country to house its largest chip assembly plant in the world. In addition, the US is currently one of Vietnam’s largest trading partners.
With bright spots in the trade and investment relationship between the two countries, experts believe that the Vietnamese market continues to open up many opportunities for American investors.
Photo: Internet Archive