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CMC of Vietnam sets billion-dollar revenue target
- 01 July, 2019 10:45
CMC Corporation has revealed a target of being a US$1 billion company by 2023, housing 10,000 employees amid digital transformation plans.
As of 2018, the Vietnamese provider's revenue stands at nearly US$260 million and most recently, the business launched CMC Open Ecosystem for Enterprises, designed to help customers digitally transform.
CMC's ambitions were revealed at its 2019 annual general meeting of shareholders to discuss performance during the fiscal year 2018, and plans for the future.
The meeting revealed the firm’s plan to pay dividends to shareholders in 2018 with a payout ratio of 15 per cent in cash and issue bonus shares at a rate of 4.088 per cent.
The firm’s international business division achieved the highest revenue growth, highlighting its continued expansion into foreign markets, such as Singapore, South Korea, Japan, Australia and Europe.
Furthermore, CMC's telecommunications sector saw the largest growth rate, up 18 per cent compared to the same period last year, in large part due to the creation and service provision of the ‘CMC Cloud ecosystem.’
Another key investment area was in technology infrastructure, which saw the development of the CMC Creative Space (CCS) in Ho Chi Minh City, Vietnam.
CMC also invested significant significant resources in 2018 in opening new points-of-presence (POPs) in Hanoi and Ho Chi Minh City as well as upgrade international POP (service provision) system in Hong Kong and Singapore.
Key infrastructure was also upgraded in Quang Ninh, as well as continued investments in its system integration solutions including cloud, security solutions, information security, and intelligent management solutions for manufacturing execution systems (MES).
The provider also sought strategic investors in 2018, ultimately choosing Samsung SDS, with an ambition to become a leading company in providing digital conversion services.