FPT overtakes Hòa Phát as Việt Nam's top private conglomerate

June 16, 2024 - 16:12
FPT's breakthrough has elevated it to the third position among the most valuable listed companies in Việt Nam, surpassed only by Vietcombank and BIDV.
FPT's head office in Hà Nội. Photo courtesy of FPT

HÀ NỘI — The recent return of the market's benchmark VN-Index to the 1,300 point-level after two years has also witnessed the strong performance of FPT Corporation, making its the third most valuable company on the stock market.

On Wednesday, FPT shares soared 4.33 per cent to the new peak of VNĐ132,000 (US$5.19). This was its fourth consecutive session of gains and its 30th time this year that FPT hit new heights.

The surge coincided with the group finalising the shareholders to receive a 10 per cent cash dividend and 15 per cent stock dividend. During the trading day, the volume exceeded 11 million shares, reaching a value of nearly VNĐ1.5 trillion - the highest on the exchange.

FPT share price has risen 59 per cent from the beginning of the year, pushing its market capitalisation to a record high and making it Việt Nam's largest private conglomerate, ranking third among the most valuable listed companies after Vietcombank and BIDV.

Previously, Hòa Phát Group was the top private company.

Across the entire stock market, there are just two other giants - Viettel Global and Airports Corporation of VietNam (ACV) - that have a higher market capitalisation than FPT, and these two companies are state-controlled. These giants are unlisted but have seen strong growth this year.

FPT's share rise is backed by consistently high annual business performance. This year, the company targets around 18 per cent growth in revenue and profit from 2023, which would set new records for the tech group.

In the first four months of 2024, it estimated revenue of nearly VNĐ19 trillion and profit before tax of VNĐ3.4 trillion, up 20.6 per cent and 19.7 per cent year-on-year, respectively.

FPT's IT services business in overseas markets continued its strong growth, reaching VND9.45 trillion in revenue, a 29.2 per cent increase. The growth was driven across all four of FPT's international markets.

On Friday, FPT shares were traded at VNĐ130,600 a share at 1.40pm. — VNS