This substantial investment will support technological human resource development, infrastructure expansion, and well-planned mergers and acquisitions.

Mr. Tung Bui, Senior Executive Vice President of Rikkeisoft and CEO of RKTech (Rikkeisoft’s US subsidiary), made the pledge on September 18 (US time) during the Viet Nam and United States Business Forum – Technology and Innovation Cooperation in San Francisco. This was proclaimed in the presence of Vietnamese Prime Minister Pham Minh Chinh and both nations’ representatives.

Mr. Tung Bui claimed that RKTech will invest $10 million to $30 million over the next three years in M&A initiatives, new office expansion, and technological human resource development. The investment for 2023 is planned at $2 million and is anticipated to grow to $30 million by 2026.

This huge investment is expected to produce hundreds of technology-focused employment opportunities in the United States, driving Rikkeisoft into the ranks of billion-dollar technology corporations within the next five years.

Rikkeisoft founded RKTech in Dallas in early 2023 to deliver high-quality and comprehensive information technology solutions and services to American organizations.

RKTech has already seen early success in developing its network of US partners and forging technological partnerships in a variety of industries, including automotive and manufacturing.

The CEO of RKTech focused on the investment’s multifaceted impact and the distinct advantage that a Vietnamese technology business may provide to the United States. “This investment is more than just a cash injection. “It’s a solution to the country’s critical talent shortage in the tech industry,” he added.

“With Vietnam’s burgeoning high-skilled and low-cost tech talent, we are uniquely positioned to provide value-added services to US clients.” Rikkeisoft’s ambition isn’t merely to go public by 2028. Its goal is to substantially enrich the American IT environment by delivering a long-term solution to talent scarcity,” he continued.

Mr.Tung Ta, Chairman of Rikekisoft, stated that Rikkeisoft sees the US market as a strategic investment. “The company aspires to be a global technology services firm with a $1 billion market capitalization.” As a result, a large market like the United States may considerably help Rikkeisoft achieve this aim,” he said.

Rikkeisoft is aggressively studying and developing AI solutions for facial and speech identification in high-tech applications to improve productivity for organizations in industries like as human resources, finance, and banking. Rikkeisoft’s subsidiary, Rikkei Academy, is developing in human resource training to educate students hoping to become Vietnamese information technology engineers.

Rikkeisoft is dedicated to establishing high-impact, far-reaching collaboration initiatives. Establishing RKTech and making long-term investments in the US market would be critical in assisting Rikkeisoft in meeting its IPO aim of 2028.

Rikkeisoft, founded in 2012, is the largest private technology business in Vietnam, focusing in assisting customers with digitization and creative solutions in the United States, Europe, and Asia-Pacific. Rikkeisoft has helped its clients and partners update their technical processes, build and deploy new software solutions, and accelerate their digital transformation throughout the course of its 11-year history. 

Source: VGP

The app maker, which has more chat users than Facebook in Vietnam, “has every intention” of eventually completing an initial public offering in the U.S., a source with direct knowledge of the matter told Nikkei Asia. It filed for an IPO a week after the debut of Vietnamese electric vehicle maker VinFast, which like other newly listed companies has seen volatile trading in its first weeks on the market.

“Market conditions are still very challenging,” the source said.

VNG declined to comment when contacted by Nikkei Asia.

VNG was one of several businesses cited by the White House this month as an example of Vietnamese companies tapping “U.S. capital markets to fuel growth and innovation.”

With divisions in payments, cloud computing and music, it would be one of the few Vietnamese companies to sell stock overseas and is thus seen as a test case of investor appetite for firms in the region, as well as of regulatory scrutiny.

“Elements of our corporate structure are unprecedented and have not been tested in any court in Vietnam or elsewhere,” the company previously said in a securities filing.

The filing said it would list a Cayman Islands holding company that has a stake in VNG Corp. of 49% — Vietnam’s foreign-ownership limit for certain sectors — plus a 21% indirect interest.

Source: Nikkei Asia

He hailed the successful operation of Apple in Vietnam at the meeting with Nick Ammann, Director of Apple Global Government Operations. Apple’s export value in Vietnam reached around $30 billion in 2022.

He suggested that Apple keep putting more money into Vietnam, increase the amount of local content in its products, and help U.S. companies and Apple’s partners invest in the Southeast Asian country. He also thought that Apple would make Vietnam an important part of its line of production and supply.

During a reception for Brendan Nelson AO, the senior vice president of Boeing Company and president of Boeing Global, Pham urged Boeing to expand its manufacturing and supply chain in Vietnam and soon build its maintenance facility there.

The Prime Minister also used the event to ask Boeing to help Vietnamese partners with training their employees and sharing technology so that they can play a bigger role in Boeing’s supply chain.

Pham called upon Google to support Vietnam’s national innovation center and provide digital transformation training for Vietnamese firms while receiving Karan Bhatia, the Vice President, of Government Affairs and Public Policy at Google.

He also voiced his support for Google to expand operations in Vietnam.

On the same day, Prime Minister Pham witnessed the exchange of investment agreements between firms of the two countries in industrial park development, green growth, production and distribution of pharmaceuticals, and human resources training in semiconductors.

Source: VGP