FPT Wins 14 Projects Worth VND 3,600B in H1 2026, Revenue Up 12.6%

Overview

FPT Corporation (HOSE: FPT) announced it secured 14 projects each valued at over USD 10 million in the first half of 2026, with a combined minimum value of VND 3,600 billion. The company reported consolidated revenue of VND 26,269 billion (+12.6% YoY) and pretax profit of VND 5,714 billion (+18.1% YoY). The technology segment contributed 88% of revenue and 58% of pretax profit, driven by strong growth in both overseas and domestic IT services.

Key Facts

• FPT won 14 projects each worth more than USD 10 million in H1 2026, totaling at least VND 3,600 billion.
• Consolidated revenue reached VND 26,269 billion in H1 2026, up 12.6% year-on-year.
• Pretax profit was VND 5,714 billion, up 18.1% year-on-year.
• The technology segment (IT services domestic and overseas) contributed VND 23,138 billion in revenue (+15.0%) and VND 3,314 billion in pretax profit (+16.9%).
• Overseas IT services revenue grew 13.4% to VND 18,902 billion, led by Japan (up 24.4%).
• Domestic IT services revenue rose 22.5% to VND 4,236 billion, with pretax profit surging 100.5% to VND 308 billion.
• FPT signed a multi-million-dollar AI contract with a global materials conglomerate to deploy its FleziPT platform for Agentic AI transformation.
• Both AI Factory clusters in Vietnam and Japan operated at over 90% utilization and turned profitable in Q2 2026.

What Happened

FPT disclosed the results in a press release, highlighting strong performance across all business lines. The company’s technology segment remained the primary growth engine, with overseas IT services benefiting from robust demand in Japan (up 24.4%) and other markets. Domestic IT services saw a sharp profit increase due to a shift toward higher-margin software and services.

Notably, FPT secured 14 large-scale projects (each over USD 10 million) in the first half, underscoring its ability to win major contracts. The company also highlighted a significant AI contract with a leading global materials firm to implement its FleziPT platform, supporting the client’s transition to Agentic AI and enterprise-wide operational optimization. Additionally, FPT’s AI Factory clusters in Vietnam and Japan achieved over 90% utilization and became profitable in Q2 2026, reflecting rising demand for dedicated AI infrastructure.

Market Context

Despite the positive earnings, FPT shares fell 5% on July 15 to VND 66,800, the lowest level in nearly 32 months (since December 2023). Trading volume surged to over 21 million shares, well above recent averages. Foreign investors were net sellers of 5 million shares worth approximately VND 350 billion on that day. Year-to-date, FPT has been the most heavily sold stock by foreign investors on HOSE, with total net selling of VND 16,500 billion. The stock closed at VND 68,000 on July 16, 2026.

Strategic Significance

FPT’s strong contract wins and earnings growth demonstrate its competitive positioning in both domestic and global IT services, particularly in AI and digital transformation. The company’s ability to secure large-scale projects and expand its AI infrastructure suggests a long-term growth trajectory supported by structural demand for technology services. However, persistent foreign selling pressure and the stock’s sharp decline indicate that market sentiment may be influenced by broader macro factors or sector rotation, rather than company fundamentals.

What to Watch

• Q3 2026 earnings release for continued revenue and profit momentum, especially in the technology segment.
• Updates on the AI contract with the global materials conglomerate and potential follow-on orders.
• Utilization rates and profitability of AI Factory clusters in Vietnam and Japan.
• Foreign ownership trends and any changes in selling pressure from offshore investors.
• New project wins in the second half of 2026, particularly those exceeding USD 10 million.