Vietnam’s largest private technology company, Rikkeisoft, whose U.S. subsidiary is in Dallas, has begun a strategic commitment to invest up to $30 million in the United States within the next three years.
Rikkeisoft, which specializes in helping customers with digitalization and innovative solutions, is the parent company of RKTech, which was established in Dallas early this year to provide high-quality, comprehensive information technology solutions and services to American businesses.
The commitment was announced by Tung Bui, senior executive vice president of Rikkeisoft and CEO of RKTech during the Vietnam and United States Business Forum - Technology and Innovation Cooperation in San Francisco. The announcement was made in front of Vietnam Prime Minister Pham Minh Chinh and delegations from both countries.
To date, RKTech has achieved initial success in growing its network of U.S. partners and establishing technological collaborations in various sectors, such as automotive and manufacturing, the company said.
“This investment is more than a financial infusion. It is a solution to the pressing talent shortage in the U.S. tech industry,” Bui said. “With Vietnam’s burgeoning highly skilled and cost-effective tech talent, we are uniquely positioned to offer value-added services to U.S. clients. Rikkeisoft’s goal is not just to reach an IPO in the U.S. in 2028. It is to fundamentally enrich the U.S. tech landscape by providing a sustainable solution to talent scarcity.”
Generating hundreds of tech jobs
Rikkeisoft said this investment is designed to develop a tech workforce, expand infrastructure, and execute well-planned mergers and acquisitions.
Bui said that RKTech primarily will focus the investment of $10 million—$30 million over the next three years—on M&A plans, expanding new offices, and developing tech talent.
Specifically, the company said the investment for 2023 is set at $2 million and is expected to increase to $30 million by 2026.
The investment is projected to generate hundreds of technology-focused job opportunities in the U.S. market, propelling Rikkeisoft into the ranks of technology companies worth billions of dollars within the next five years.
“The company envisions becoming a global technology services firm with a market capitalization of $1 billion. Consequently, a substantial market like the U.S. can significantly contribute to Rikkeisoft’s realization of this goal,” Rikkeisoft Chairman Tung Ta said in a statement.
Rikkeisoft said it is actively researching and developing AI solutions in facial and voice recognition to enhance productivity for businesses operating in sectors such as human resources, finance, and banking.
In the realm of workforce training, Rikkeisoft is expanding its subsidiary, Rikkei Academy, aimed at educating students aspiring to become Vietnamese information technology engineers.
Rikkeisoft’s new subsidiary targets North American market with Dallas office
In February, Rikkeisoft announced its new Dallas-based subsidiary, RKTech Corp.
“Rikkeisoft aims to become a billion-dollar technology company within the next five years, and the establishment of RKTech is one step towards achieving this vision,” said Chairman Tung Ta in a statement at the time. The company said Dallas, which is recognized as the fourth-largest U.S. metro area and a burgeoning technology hub, positions RKTech strategically to tap into the North American market.
Rikkeisoft says it’s built a reputation by offering services such as software development, digital transformation, and IT consulting to mid-sized and Fortune 1000 clients in the U.S., Japan, and Asia. The new subsidiary, RKTech emerges as an extension of this legacy, providing existing and potential North American customers enhanced access to Southeast Asian IT talent—presenting an alternative to hubs like India or Latin America, according to the company.
Bui, an industry leader with over 25 years of experience, was named to lead RKTech’s U.S. operation. Bui, whose past achievements include driving the expansion of Vietnam IT to international markets like Japan, Singapore, and the U.S., said the U.S. market presents a “tremendous opportunity, and I anticipate delivering top-quality IT solutions, setting RKTech on track to be a standout in the U.S.”
In the announcement, Rikkeisoft notes that businesses need enhanced system efficiency, cloud migration, and machine-learning adoption, and Southeast Asia offers a dependable tech workforce for affordable IT solutions.
Vietnam, paralleling numerous Southeast Asian nations, has established itself as a key global source for advanced economies, Rikkeisoft said, noting that Gartner ranks the country within the top five outsourcing locations.
Quincy Preston contributed to this report.
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