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FPT has harnessed education to drive Vietnam’s digital transformation and human-capital development. Since founding FPT University in 2006, its education arm now serves over 152,000 students—from vocational training to postgraduate degrees—at tuition levels one-fifth those of peers. By aligning curricula with industry needs, FPT cultivates a robust talent pipeline poised to expand threefold by 2029.
FPT has harnessed education as a strategic lever for both national development and corporate growth, transforming Vietnam’s talent landscape while seeking to deliver attractive financial returns. By embedding a full-spectrum education business into its technology and telecommunications operations, FPT has created a virtuous cycle: it cultivates the very professionals its services require, broadens access to high-quality learning, and has captured meaningful revenue and profit in the process.
Building Vietnam’s IT workforce
In the late 1990s, facing a nascent tech market hungry for skilled developers, FPT launched a series of IT training centers. What began as targeted up-skilling courses evolved into FPT Education in 1999 and culminated in the founding of FPT University in 2006—one of the country’s first fully accredited private universities. Today, FPT’s education arm spans primary schools, vocational institutes (FPT Polytechnic), undergraduate and graduate programs, and extensive online learning platforms. It serves more than 152,000 full-time students across 28 provinces, positioning FPT at the heart of Vietnam’s ambition to become a leading exporter of IT services.1
Raising standards, widening access
FPT’s model addresses two critical challenges: quality and affordability. Public universities in Vietnam have long struggled to keep pace with rising demand, while private alternatives often carry steep tuition fees. FPT University charges roughly $2,000 per year—about one-fifth the cost of peer institutions—making premium STEM and business curricula accessible to a broader segment of the emerging middle class.2 Rigorous academic partnerships and investments in campus infrastructure have led to international recognition. In 2012, FPT University earned three stars overall and five stars for teaching in the QS World University Rankings, becoming Vietnam’s first university to receive three stars.3 EdUniversal rated the FPT School of Business as the top business program in Vietnam and the only one to receive the “Excellent” designation in EdUniversal’s 2024 rankings.4
An Engine for Revenue and Profit Growth
Far from a philanthropic sideline, FPT’s education segment is a significant—and growing—profit center. In 2024, the “Education, Investment and Others” category generated revenue growth of 14.3 percent year-over-year and contributed 6,129 billion VND (approximately $235 million), or 9.8 percent of the group’s total profit. On a pre-tax basis, the segment’s 32 percent margin outpaced FPT’s telecom business (20 percent), underscoring education’s scalability and cash-flow strength.
Projected expansion and long-term value
Industry analysis anticipates that FPT’s private education revenues will compound at roughly 25 percent annually through 2029. This outlook reflects projected student-body growth of about 22 percent (reaching 450,000 learners), modest tuition increases of 2–3 percent and sustained gross margins near 35 percent.5 By continuously broadening its program offerings—particularly in emerging fields such as AI, data science and cybersecurity—FPT is seeking to develop a pipeline of “future-ready” talent and to cultivate new revenue streams.
A catalyst for national development
Beyond corporate metrics, FPT’s education initiatives are reshaping Vietnam’s socioeconomic fabric. Graduates enter the workforce with industry-aligned skills, reducing talent shortages and accelerating the country’s digital transformation. FPT Polytechnic’s vocational programs provide technicians and technologists for manufacturing, logistics and smart-city projects, while FPT University research centers collaborate with global partners to localize cutting-edge innovations. Collectively, these efforts help raise the bar for educational standards nationwide and contribute to Vietnam’s goal of becoming a knowledge-based economy.
We believe FPT’s integrated education model exemplifies how a technology firm can drive competitive advantage—and profitable growth—by investing in human capital. By making high-quality, affordable education widely available, FPT not only strengthens its talent pipeline and revenue base but also accelerates Vietnam’s evolution into a regional tech powerhouse.
Sustainable Development Goals
Sands Capital’s six investment criteria tend to lead us to businesses that are innovators or vital facilitators of change in industries undergoing significant transformation. A number of these businesses operate in high-impact spaces such as technology and life sciences. FPT is one of many portfolio businesses that have a positive impact by implementing strategic initiatives that address at least one major social and environmental challenge identified by the United Nations Sustainable Development Goals (SDGs). In particular, FPT addresses 10 SDGs: SDG 4 (quality of education), SDG 5 (gender equality), SDG 7 (affordable and clean energy), SDG 8 (decent work and economic growth), SDG 9 (industry, innovation, and infrastructure), SDG 11 (contribution to the community), SDG 12 (responsible consumption and production), SDG 13 (climate action), SDG 16 (strong organization), and SDG 17 (partnerships for the goals).
1 https://bctn2024.fpt.com/en/business-performance-analysis/education
2 Sands Capital research as of June 2025.
3 https://fpt.com/en/news/fpt-news/fpt-university-rated-three-stars?utm_source=chatgpt.com
4 https://eduniversal-ranking.com/business-school-university-ranking-in-vietnam.html
5 Sands Capital research as of June 2025.
Disclosures:
The business profiled was selected based on its reported alignment with one or more U.N. Sustainable Development Goals.
The views expressed are the opinion of Sands Capital and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. The views expressed were current as of the date indicated and are subject to change. This material may contain forward-looking statements, which are subject to uncertainty and contingencies outside of Sands Capital’s control. Readers should not place undue reliance upon these forward-looking statements. All investments are subject to market risk, including the possible loss of principal. Recent tariff announcements may add to this risk, creating additional economic uncertainty and potentially affecting the value of certain investments. Tariffs can impact various sectors differently, leading to changes in market dynamics and investment performance. There is no guarantee that Sands Capital will meet its stated goals. Past performance is not indicative of future results. A company’s fundamentals or earnings growth is no guarantee that its share price will increase.
As of June 30, 2025, FPT was held in Sands Capital strategies.
The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. There is no assurance that any security will continue to be owned by Sands Capital. You should not assume that any investment is or will be profitable.