Formis wants to be major player in Vietnam IT market


  • Business
  • Thursday, 11 Sep 2008

KUALA LUMPUR: Information technology (IT) services provider Formis Resources Bhd wants to be a formidable player in the Vietnam IT market, says chairman Tan Sri Megat Najmuddin Megat Khas.

“The Vietnam economy is booming and we want to be part of it,” he said after the company AGM yesterday.

“We have already ventured into and met with some success in that country. We hope to build on this success and become a major player in Vietnam in the years to come.”

Last November, Fromis had, via its subsidiary, signed an agreement to computerise the trading management operations of the National Securities Inc (NSI), a Vietnamese stockbroking house in Hanoi.

Formis managing director Chan Ngow said the company had set up an office in Hanoi to assist in its Vietnam operations.

“We have software developers on site to help NSI. Our presence there will help spearhead future plans in Vietnam,” he said.

Formis hoped to ink a number of IT-related deals in Vietnam before year-end, he said, adding that it had already finalised one deal.

Megat Najmuddin also said Formis was open to job offers from government and non-government organisations in Vietnam.

“If companies or even the government want us to develop software solutions for them, we will do it,” he said.

Formis also has a presence in Indonesia. Chan said the company had no plans to expand to other countries.

“Overseas contribution (to group revenue) is still small but we intend to increase it. The Vietnam market is quite competitive but we believe we have the expertise to be successful there,” he said.

On the local front, Chan said Formis hoped to leverage on the growing telecommunications industry, which was driven by rising demand for broadband and 3G services.

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