Indian tech legend inspires Vietnamese IT industry

May 22, 2024 | 12:02
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Narayana Murthy, known as "India's Bill Gates", is visiting Vietnam from May 19-23 for the first time to share his experience and inspirational stories with government leaders, IT managers, experts, and business leaders.

On May 20, he joined a discussion with the Vietnamese IT community led by Truong Gia Binh, chairman of FPT, at Hoa Lac Hi-Tech Park. The event significantly reinforced the cooperative relationship between Vietnamese and Indian IT businesses, while affirming Vietnam's prominent position on the global technology map.

Murthy spoke about practical business insights, management strategies, and techniques with participants.

Indian tech legend inspires Vietnamese IT industry
Narayana Murthy imparted practical business insights, management strategies, and techniques with the Vietnamese IT community

Murthy is the founder of Infosys – one of the top three IT service companies globally, with a market capitalisation exceeding $70 billion and over 320,000 employees.

The discussion was attended by Deputy Minister of Information and Communications Bui Hoang Phuong, representatives of Vietnamese IT businesses, and technology experts and engineers. This gathering was organised by FPT in collaboration with the Vietnam Software and IT Services Association (VINASA).

During the event, Murthy engaged in discussions with the Vietnamese IT community regarding strategies for fostering innovation in businesses, navigating emerging technology trends, and identifying opportunities within the Vietnamese IT industry.

Murthy also underscored Vietnam's recent ascent as a global technology hub, citing the nation's dedication and investment in this sector. He commended the courage, hard work, discipline, creativity, and ambition of countless generations of Vietnamese individuals. With these attributes, Murthy envisioned Vietnam becoming one of Asia's premier developed nations and among the world's fastest-growing economies within the next 20 years.

"Vietnam's GDP has now soared to $4,300 per capita and is poised to outpace the growth of most economies globally. I firmly believe that Vietnam will bring prosperity to its people at a swifter pace than many other nations," he said.

He also emphasised that enterprises like FPT will be crucial in unlocking Vietnam's national potential. "After 24 years of globalisation, FPT achieved $1 billion in IT service revenue from foreign markets in 2023, a milestone Infosys reached within a similar timeframe. With its unwavering determination, courage, and relentless effort, I have full confidence that FPT will swiftly reach the next milestone of $2 billion in IT services from foreign markets. FPT is and will continue to contribute significantly to Vietnam's future growth," he added.

According to the Infosys founder, along with jumping into high-demand fields, successful businesses must ensure three crucial factors: sales, financial control, and human resources. "If we cannot sell products, the company will generate no revenue, and without revenue, the company cannot operate. Once revenue is generated, it is imperative to ensure stringent cost control measures. The aim should be to spend less than what the company earns. Additionally, it is crucial to ensure the smooth operation of all departments by maintaining a competent and efficient staff," he emphasised.

Indian tech legend inspires Vietnamese IT industry
Narayana Murthy and Dr. Truong Gia Binh in the May 20 conversation

He added that a company's paramount objective is not solely about making profits, but rather about creating jobs. He asserted that by creating numerous job opportunities, sales and profits will naturally follow, as job creation forms the foundation of a business, with sales and profits being mere consequences.

Talking about the inspiring tale of Infosys, Murthy said that with just $250 to kickstart his venture, he has transformed Infosys from obscurity into a cornerstone of the Indian IT sector, wielding global influence. In a monumental milestone, Infosys became the first Indian company listed on Nasdaq's US stock exchange in 1999. In 2023, the company achieved revenue surpassing $18 billion, boasted a workforce of 320,000 employees, operated in 50 countries worldwide, and commanded a market cap exceeding $70 billion.

One of Murthy's most influential achievements was pioneering a global IT services delivery model that empowered companies to operate in locations with the most skilled workforces, optimal economic viability, and minimal risks. This groundbreaking model has transformed the global IT service industry by streamlining organisational structure, resource utilisation, workload allocation, and enhancing service efficiency and quality.

Another pivotal factor contributing to Infosys's growth is its human resources strategy. With the steadfast backing of Murthy, Infosys established a Global Education Centre in Mysore in 2022, pioneering an in-house training model aimed at fostering continuous learning and skill development opportunities for its workforce. This centre has rapidly emerged as one of the largest corporate universities worldwide.

In response, Truong Gia Binh remarked, "India and Infosys have been a source of inspiration for FPT and Vietnam. Twenty-four years ago, FPT ventured to India to glean insights on transforming Vietnam into a software powerhouse. It was Narayana Murthy who instilled in us unwavering confidence that Vietnam, as a 'one of a kind' nation, possessed the capability to develop software solutions for the global stage."

The chairman of FPT affirmed that FPT shares the same vision. FPT is committed to generating more job opportunities to positively impact young people's lives, aiming to reach one million employees by 2035.

Infosys' narrative has ignited inspiration within FPT, a pioneering enterprise in Vietnam's software export domain. In 1998, after attaining the status of Vietnam's premier IT company, FPT embarked on a journey beyond its familiar confines, embracing the strategic vision of software exportation, epitomised by the rallying cry "If Indians can do it, Vietnamese people can do it too."

After over two decades, FPT has achieved the milestone of generating $1 billion in revenue from IT services in foreign markets. It has also established global resource centres across Asia, Europe, and Latin America, attracting over 70,000 employees from over 70 nationalities. Moreover, FPT has made history as the first Vietnamese enterprise to establish a corporate university: FPT University. This institution not only caters to the needs of FPT, but also contributes to a high-quality workforce in both the Vietnamese and global labour markets.

Narayana Murthy is widely acclaimed as India's "Bill Gates" and significantly influences the global IT arena. With Infosys, he has made substantial contributions to elevating India into a prominent IT powerhouse on the world stage.

Presently, India is continuing to reinforce its position by playing a pivotal role in providing resources for technical research and development worldwide. According to a recent study by the Indian Software Association and Boston Consulting Group, India is poised to become a frontrunner in the global Engineering Research and Development market. The study projects that India will capture a substantial 22 per cent market share, particularly in the software, automotive technology, and semiconductor sectors, by 2030.

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