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Top outsourcing companies in Vietnam

Top outsourcing companies in Vietnam

Thursday 23, 09 2021
Coming out top in the list of largest outsourcing companies in Vietnam is FPT software, which is a subsidiary of FPT Group, the leading technology company in Vietnam. Following are CMC, Tinh Van Outsourcing, TMA Solutions and Glass Egg Digital Media, which are all well-established enterprises in this field.

Vietnam – a promising land of outsourcing services

Vietnam is trying to promote the development of high-tech industry and attract global outsourcing service companies.

Since the open-door policy was introduced in the 1980s, Vietnam's economic growth has been mainly based on the export of agricultural products and low-wage manufacturing industries. However, many visionary investors believe that Vietnam can do more than that.

Land for industrial production in Vietnam is cheaper than in China, and the average wage here is less than a third of that in China's coastal industrial zones. Nearly half of Vietnam's population are under the age of 30, and Vietnam's well-trained human resources are plentiful. Vietnam is also stepping up administrative reform in an effort to combat corruption. In addition, Vietnam also offers many incentives for foreign investors

While foreign investors increasingly appreciate Vietnam, many domestic high-tech companies are also developing strongly to provide outsourcing services to large corporations in the world such as Microsoft, Sony and Electronic Arts.

The global outsourcing service industry depends not only on human resources but also on the quality of telecommunications infrastructure, which is still a drawback of Vietnam. On the other hand, Vietnamese employees cannot speak English fluently like Indian or Filipino ones. However, improving telecommunications infrastructure can be done much more quickly than improving human resources.

Below is the list of the top 5 outsourcing enterprises in Vietnam made by VietnamCredit based on their financial and non-financial factors.

Top outsourcing companies in Vietnam

1. FPT software

FPT Software was established in 1999. It is a member company of FPT, the leading technology group in Vietnam. After more than 20 years of establishment, FPT Software is currently the largest software company in Vietnam and ranked in the Top 100 Global Outsourcing Service Providers by the International Association of Outsourcing Professionals (IAOP).

As an outsourcing company, FPT Software provides software development and maintenance services, ERP implementation, QA, application transformation, embedded systems, mobile computing, and cloud computing in many fields including Banking and Finance, Telecommunications, Healthcare, Manufacturing, Automotive Industry, Public Services, etc.

FPT

The company has been providing services to about 450 customers who are large corporations in the world, including 43 customers on the list of Fortune Global 500.

FPT Software has 23 offices in 14 countries including Vietnam, Japan, Singapore, USA, France, Germany, Slovakia, Malaysia, Australia, China, Korea, Myanmar, Philippines, Thailand.

The company officially hit the revenue milestone of 500 million USD on December 28, 2020, after successfully signing a contract with a Japanese customer. Compared to 2019, FPT Software achieved a growth of 10% in revenue and 13.5% in profit.

2. CMC

CMC Technology Corporation Joint Stock Company, formerly known as ADCOM Center of Microelectronics Technology Institute, National Institute of Technology, was established in 1991.

CMC is one of the leading technology corporations in Vietnam. Operating under the model of parent-subsidiary company with 10 member companies, joint ventures and research institutes operating in Vietnam and many countries around the world, CMC has been affirming its position in the domestic market. In Vietnam, CMC Technology Group is known as a reliable and reputable partner in medium and large IT projects in the fields of: government, education, tax, treasury, customs, etc. insurance, electricity, banking, and finance.

CMC

In the fiscal year 2020 (ends on March 31, 2021), the Group's accumulated revenue was estimated to reach more than 6,065 billion VND, an increase of 13% compared to 2019 while profit before tax was 359.6 billion VND, an increase of 4% compared to 2019.

3. Tinhvan Outsourcing

As a member unit of Tinhvan Group, Tinhvan Outsourcing was established in 2006. Tinhvan Outsourcing provides customers with perfect software outsourcing and development services from support, consulting, maintenance to comprehensive software and applications development. Products and solutions deployed by Tinh Van are guaranteed to have a high level of safety, are scalable, bring satisfaction in quality and satisfaction in cost savings.

Tinhvan Outsourcing

Inheriting the strength of human resources as well as the technology foundation of Tinhvan Group, Tinhvan Outsourcing is affirmed to be the optimal choice for international customers who need to develop and outsource software and IT projects in Viet Nam.

 4.TMA Solutions

TMA Solutions was established in 1997 by Ms. Bui Ngoc Anh and 6 young engineers to provide outsourcing services for large enterprises. After only 1 year of establishment, this company had its first customers from the US and Canada.

In 2001, the leadership structure of TMA Solutions was strongly improved when the role of Chairman of the Board was taken over by Dr. Nguyen Huu Le, who is known as a pioneer in developing the software industry in Vietnam.

TMA Solutions

After more than 20 years of development, TMA Solutions is now a partner of many domestic and foreign customers, providing services and software solutions in many fields such as telecommunications, finance, e-commerce, logistics, etc.

In addition to the headquarters located in Ho Chi Minh City, TMA Solutions has also established more overseas branches in Canada, Japan, USA, Europe, and Australia. In 2018, the company also started construction of the TMA Creative Park, which is 15.7 hectares in Binh Dinh.

In the period of 2017 - 2019, the net revenue of the company experienced rapid growth while its profitability ratios were also at a high level.

Accordingly, in 2017 and 2018, TMA Solutions (parent company) recorded net revenue of 667.8 billion VND and 762.5 billion VND, respectively. Its net profit was at 30.8 billion VND and 33.7 billion VND, respectively.

As of December 31, 2019, total assets of TMA Solutions reached 411.1 billion VND, and its equity was at 278.2 billion VND, up 6.2% and 14% respectively compared to the beginning of the year.

5. Glass Egg Digital Media

Located in the heart of Ho Chi Minh City, Glass Egg Digital Media is a company specializing in graphic design and a professional game producer/publisher. After more than 20 years of establishment, the company has become one of the oldest studios in the world in this field.

Glass Egg's customers are the world's leading game production companies including Microsoft, Simbin, BandaiNamco, EA, Pipeworks, KLAB, Foundation 9, Rebellion, Codemasters, Ubisoft.

Glass Egg Digital Media

Currently, GlassEgg is expanding and conquering new challenges such as developing games, applications for mobile devices, software and Internet products.

Alice Hoang Thao - VietnamCredit

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