財務実績だけでなく、2025年は戦略的にも重要な年でした。FPTはベトナムと日本の両国でAIファクトリーを稼働させ、AI主導の成長への取り組みを強化しました。[3]. In parallel, Reuters reported that Vietnam’s Ministry of Public Security took over the state’s majority stake in FPT Telecom during 2025, highlighting the rising strategic importance of digital infrastructure and cybersecurity-related assets within the broader FPT ecosystem.[4]

Industry analysis and business situation of FPT’s subsidiaries and affiliates

FPTのエコシステム全体を評価する上で最も明確な方法は、ソフトウェアおよびITサービス、通信、教育という3つの主要な事業柱を通して見ることです。これらの事業を総合的に見れば、FPTが従来のアウトソーシング企業の枠を超えて成長してきた理由が分かります。ソフトウェアは依然として主要な成長エンジンであり、通信は継続的な収益とインフラの充実をもたらし、教育は長期的な人材育成を通じてエコシステムを支えています。

ソフトウェアおよびグローバルITサービス

FPT’s software ecosystem is anchored by FPT Software, the group’s flagship global delivery arm, and supported by adjacent technology units such as FPT IS. Together, these businesses allow FPT to address a broad value chain, from software outsourcing and systems integration to large-scale digital transformation programs. This structure matters because it gives FPT a wider market position than a pure offshore coding provider, with stronger exposure to enterprise, public-sector, and platform-led work.[5]

Software and IT services have become the clear center of gravity in the FPT ecosystem. The technology segment accounted for 60% of group revenue and 45% of pre-tax profit in 2023, rose to 62% and 47% in 2024, and reached 63% and 45% in 2025. Within that, global IT services revenue increased from VND 24,288 billion in 2023 to VND 35,382 billion in 2025, while pre-tax profit rose from VND 3,782 billion to VND 5,467 billion. This trajectory shows that FPT’s software business is not only expanding in scale but also sustaining profitability as it moves further into higher-value contracts and transformation work.

Revenue and profit before tax of FPT’s technology sector, 2022-2025

単位：兆VND

出典：B&CompanyによるFPTからの分析

Revenue of FPT’s technology sector from domestic and global IT services

単位：兆VND

出典：B&CompanyによるFPTからの分析

同様に重要なのは、FPTが単に契約件数を増やすだけでなく、より大規模で戦略的な案件を獲得していることです。2025年には、グローバルITサービスにおける契約済み収益が15億米ドルを超え、1件あたり1,000万米ドル以上の契約を26件獲得しました。また、米国顧客との1億米ドルのデジタル変革契約を発表し、ベトナムと日本でAIファクトリーを稼働させ、2025年半ばには、ガートナーの市場シェアデータでアジアのITサービス企業上位40社にランクインしました。同時に、FPTはFPTセミコンダクターを通じて、この技術推進を半導体分野にも拡大し始めました。これには、ダナンにハイテク半導体研究開発センターを開設し、2025年にはより包括的なチップエコシステムをより広く披露することが含まれます。これらの展開は、FPTのソフトウェア事業がバリューチェーンをさらに上回っており、AI、クラウド、半導体、そして変革事業が成長の中心になりつつあることを示唆しています。[6] [7] [8] [9]

電気通信

If software is FPT’s growth engine, telecommunications is its stabilizing core. The telecom pillar is centered on FPT Telecom and supported by a broader digital services layer that includes broadband, enterprise connectivity, data-center capacity, pay TV, and content distribution through FPT Play. This matters strategically because it gives the group not only a steady domestic cash flow but also direct exposure to the infrastructure side of Vietnam’s digital economy. In contrast with software, which is more export-oriented and project-driven, telecom provides a more predictable revenue base and a largely installed customer base in the home market.[10]

近年、この事業分野は堅調に推移し、戦略的な重要性を増していることが明らかになっています。公式発表によると、通信サービス事業の売上高は2023年の15兆1860億ベトナムドンから2025年には18兆7020億ベトナムドンに増加し、税引前利益も同時期に2兆8950億ベトナムドンから4兆1670億ベトナムドンに増加しました。つまり、通信事業はFPTの中で最も成長率の高い事業ではありませんが、収益性の向上とともに安定した収益源であり続けています。

Revenue and profit before tax of FPT’s telecommunications sector, 2022-2025

単位：兆VND

出典：B&CompanyによるFPTからの分析

At the same time, the business has become more strategically visible. In July 2025, Reuters reported that Vietnam’s Ministry of Public Security took over the state’s majority stake in FPT Telecom from SCIC, underscoring the company’s growing importance in network security and critical digital infrastructure. Separately, FPT Play secured exclusive Premier League distribution rights in Vietnam from January 2026, pointing to a further push into premium content monetization and suggesting that FPT’s telecom arm is evolving into a broader digital services platform rather than remaining a pure connectivity provider.[11]

教育

Education is the smallest of FPT’s three core pillars by revenue, but arguably the most distinctive in strategic terms. The system spans university, vocational, international, executive, and school-level education through brands such as FPT University, FPT Polytechnic, FUNiX, FPT School, FSB, Greenwich Vietnam, and Swinburne Vietnam. That breadth gives FPT a presence across multiple stages of workforce development and sets it apart from many regional technology groups, which typically rely on the labor market rather than building talent pipelines internally. In FPT’s case, education is not simply a diversification move; it is part of the operating logic of the ecosystem, designed to reinforce the group’s long-term position in software, AI, semiconductors, and digital transformation.[12] [13]

FPT University Campus in Ho Chi Minh City

（ソース： FPT大学)

The numbers confirm that education has become a meaningful supporting pillar, even if it remains much smaller than software or telecom. Revenue rose from VND 6,159 billion in 2023 to VND 7,088 billion in 2024, before easing slightly to VND 7,009 billion in 2025. More important than the modest adjustment in 2025 was the segment’s strategic direction. FPT said its education network expanded to 19 provinces and cities in 2025, while more than 3,700 students were trained in AI and semiconductor design and all students from grades 1 to 12 were introduced to AI. The group also continued to expand its physical footprint, including the start of a new integrated school project in Nghe An.[14]

Revenue of FPT’s education sector, 2022-2025

単位：兆VND

出典：B&CompanyによるFPTからの分析

Number of students across FPT’s education system, 2020-2024

単位：人

出典：B&CompanyによるFPTからの分析

As a result, FPT Education is best understood not as a stand-alone education business, but as a long-cycle capability builder for the wider group. From a market research perspective, this is what makes the segment relevant to the investment story: it strengthens FPT’s control over talent formation in exactly the fields where future demand is expected to concentrate.

その他の分野：メディア、投資、小売、および関連事業

Outside its three main pillars, FPT’s remaining businesses are concentrated in media, investment, retail, and distribution, where they play a supporting rather than defining role in the group’s earnings profile. FPT Online is the clearest media asset in this layer, operating a premium digital publishing and advertising network that reaches more than 50 million users per month and giving group scale in audience access and digital brand visibility.[15]

On the commercial side, associate companies FPT Retail and Synnex FPT extend FPT’s reach into consumer and enterprise channels. FPT Retail, which operates FPT Shop and the Long Chau pharmacy chain, recorded VND 51.08 trillion in revenue and VND 1.22 trillion in pre-tax profit in 2025, with Long Chau remaining the main growth driver.[16]一方、Synnex FPTは、3,800社以上の代理店と8,000か所の販売拠点からなるネットワークを通じて、全国的なICT流通を引き続き支えています。[17]

Investment activity has also become more visible, as shown by FPT’s 2025 strategic investment in Malaysia’s Daythree to expand business process services across APAC[18]. Together, these businesses are smaller than software or telecom, but they broaden FPT’s market access, deepen customer touchpoints, and add flexibility to the wider ecosystem.

結論

Overall, FPT’s subsidiaries and affiliates form an ecosystem in which each pillar plays a distinct but mutually reinforcing role. Software and global IT services remain the principal growth engine, telecommunications provide a stable earnings and infrastructure backbone, and education strengthens the group’s long-term control over talent development. The remaining businesses in media, retail, distribution, and investment are smaller in scale, but they expand FPT’s market reach and add flexibility to its operating model.

Viewed together, recent developments suggest that FPT is no longer simply a leading Vietnamese outsourcing company. It is increasingly operating as an integrated technology group, combining export-oriented digital services with domestic infrastructure, content, distribution, and human-capital platforms. That combination should help the group remain resilient through changing technology cycles while positioning it to capture rising demand for AI, cloud, cybersecurity, and digital transformation in both Vietnam and overseas markets. For investors and market observers, this integrated model remains one of FPT’s clearest competitive advantages.

続きを読む

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* この記事の情報を引用する場合は、著作権を尊重するため、出典と元の記事へのリンクを明記してください。.

[1] FPTのウェブサイトアクセス>

[2] FPTのウェブサイトアクセス>

[3] FPTのウェブサイトアクセス>

[4] Reuters (2025): Vietnam’s public security ministry takes stake in internet firm FPT Telecom <アクセス>

[5] FPTのウェブサイト

[6] FPTのウェブサイトアクセス>

[7] FPTのウェブサイトアクセス>

[8] FPTのウェブサイトアクセス>

[9] FPTのウェブサイトアクセス>

[10] FPTのウェブサイトアクセス>

[11] FPTのウェブサイトアクセス>

[12] FPTのウェブサイトアクセス>

[13] FPT Eduアクセス>

[14] FPTのウェブサイトアクセス>

[15] FPTのウェブサイトアクセス>

[16] 投資家向け情報（2026年）：FPTリテールは記録的な利益を上げた後、力強い成長を目指すアクセス>

[17] Synnex FPTアクセス>

[18] FPTのウェブサイトアクセス>