News & Activities 10 January 2023

Bluebik expands business in Vietnam

Bluebik expands business in Vietnam, seeing it as a main source of overseas revenue where demand surges as the Vietnamese government is seriously supporting digital transformation

Bluebik Group Public Company Limited (BBIK), a leading consultancy on end-to-end digital transformation, is expanding its business globally. At the latest development, it has established a subsidiary in Vietnam to meet demand surges for digital transformation after the Vietnamese government announced its plan to seriously support digital transformation and promote 5G networks next year. The company sees opportunities for its continuous services there while it is welcoming tech talents from the digital delivery unit of MFEC Public Company Limited or MFEC. Now it considers Vietnam as its strategic point for revenue generation in Southeast Asia. The company expects at least 50 million baht in revenue from this Southeast Asian nation in 2023.

Mr. Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited (BBIK), said that for its exponential growth, Bluebik focused on expanding its customer bases both vertically from large-scale clients to medium-sized ones and horizontally through entering international markets with a wider range of services. Over the past year, Bluebik continuously got into overseas markets including Britain, Singapore, Indonesia and lately Vietnam.

Vietnam is attracting worldwide investors. The evidence is enormous foreign direct investment in the country. The Vietnamese economy continues to grow despite global economic fluctuations. Observers predict the gross domestic product of Vietnam will rise by as much as 8.02% in 2022. Its government seriously supports digital transformation with the intention to improve all industries with digital technology application and to increase the percentage of households with internet use to 80%. This draws special attention to demand for technology in the public and private sectors of Vietnam.

“The company has studied business opportunities in Vietnam while carrying out data architecture development project for a financial institution and found that Vietnam has considerable demand for digital transformation as its public sector gives support and its economy is recovering from its COVID-19 crisis. This shows opportunities for the company to capture markets in Vietnam, especially those related to the development of software and digital platforms which is the responsibility of the Digital Excellence & Delivery unit. I believe that Bluebik (Vietnam) Company Limited that was established in November and the acquisition of the digital delivery unit of MFEC in early December can meet the demand effectively,” Mr. Pochara said.

            Bluebik has been offering services to international clients. It has expanded the team of its technology experts from 350 to 780 after acquiring two big technology companies in early December – a business unit of MFEC which is an experienced developer of software and digital platforms and Innoviz Solutions Company Limited which is a leading consultancy and implementer for a popular enterprise resource planning solution, Microsoft Dynamics 365. Consequently, Bluebik is definitely ready to introduce its services to seriously penetrate Vietnam. The company is confident that this business expansion will significantly increase its overseas revenue which can account for 10 – 20% of its total revenue in 2023.

            In the first nine months of this year, Bluebik Group generated 425 million baht in revenue, up by 115% year-on-year, and its net profit reached 100 million baht, soaring by 119%. Its overseas revenue amounted to 42 million baht, accounting for about 10% of the total revenue. The growth of Bluebik Group during the three consecutive quarters and its revenue backlog worth 431 million baht prove its strength and business achievements that result from its three-year strategic plan which foresees its continuous growth at the pace of at least 70% per annum.